Asia Pacific (ex-Japan) Equity

The Brandes Asia Pacific (ex-Japan) Equity Strategy seeks long-term capital appreciation by investing primarily in equity securities of Asian issuers other than Japanese issuers, as well as issuers from Australia and New Zealand.

 

Overview

Why Asia Pacific (ex-Japan) Equity?

  • Value: The strategy employs our disciplined, bottom-up investing approach to seek companies trading below our estimates of intrinsic value in the Asia Pacific ex-Japan region.
  • Experience: Having managed the Asia Pacific (ex-Japan) Strategy for over 20 years, Brandes is familiar with the intricacies of the region’s equity investment landscape.
  • Flexibility: The strategy is an all-capitalization mandate with the ability and willingness to be different than the benchmark.

Performance

As of Jun 30, 2022 | Reporting Currency: USD

Swipe to View Quarter End

Source: Brandes, MSCI. Total return – net and gross of management fees. Periods of greater than one year have been annualized. Past performance is not a guarantee of future results. The strategy primary benchmark is the MSCI AC Asia Pacific ex Japan Index. It is not possible to invest directly in an index. GIPS® Report available in Resources section below.

Portfolio

Data displayed as of Jun 30, 2022

Characteristics

Characteristic Asia Pacific (ex-Japan) Equity MSCI AC Asia Pacific ex Japan Index
Price/Book (x)
Price per share divided by book value per share.
1.1 1.6
Price/Earnings (x)
Price per share divided by earnings per share.
10.1 14.3
Price/Cash Flow (x)
Price per share divided by cash flow per share.
6.3 10.0
Dividend Yield %
Dividends per share divided by price per share.
3.4 3.1
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
83.5 --
Number of Holdings 50 --
Weighted Average Mkt. Cap ($bil) 66.7 94.4
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
22.8 --
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Top 10 Holdings (%)

Company % Country Industry
Alibaba Group Holding Ltd 5.3 China Internet & Direct Marketing Retail
Taiwan Semiconductor Manufacturing Co Ltd 4.9 Taiwan Semiconductors & Semiconductor Equipment
Samsung Electronics Co Ltd 4.3 South Korea Tech. Hardware, Storage & Perip.
TravelSky Technology Ltd 4.1 China IT Services
Galaxy Entertainment Group Ltd 3.9 China Hotels, Restaurants & Leisure
Ping An Insurance Group Co of China Ltd 2.8 China Insurance
Accton Technology Corp 2.8 Taiwan Communications Equipment
KT&G Corp 2.7 South Korea Tobacco
Indofood Sukses Makmur Tbk PT 2.7 Indonesia Food Products
Indus Towers Ltd 2.6 India Diversified Telecom Svcs.
% of Portfolio 36.1    
Portfolio holdings are subject to change at any time at the discretion of the investment manager.
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Top 10 Country Allocation (%)

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Sector Allocation (%)

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Market Weightings (%)

Market Classification Asia Pacific (ex-Japan) Equity MSCI AC Asia Pacific ex Japan Index
Developed Markets 12.8 25.1
Emerging Markets 86.3 74.9
Swipe to View Market Weightings (%)

The Brandes Asia Pacific (ex-Japan) Equity Composite seeks to achieve long-term capital appreciation by investing primarily in equity securities of Asian issuers other than Japanese issuers, as well as issuers from Australia and New Zealand. There is no limitation on the market capitalization of the issuers in which the composite may invest. Emerging markets securities pose greater liquidity risks and other risks than securities of companies located in developed countries and traded in more established markets.

As of February 1, 2013 the Brandes Asia (ex-Japan) Equity Strategy was renamed as the Brandes Asia Pacific (ex-Japan) Equity Strategy to better reflect the strategy’s investment style.

In September 2016 the strategy benchmark changed from gross of withholding tax to net of withholding tax, effective back to the inception date of the strategy. For periods where the net dividend returns are not available gross benchmark returns are used and linked to the net benchmark returns. The change was made to better reflect our expectation for an investor’s actual experience.

The MSCI AC Asia Pacific ex Japan Index with net dividends captures large and mid cap representation of developed and emerging markets in the Asia Pacific region, excluding Japan. Data prior to 2001 is gross dividend and linked to the net dividend returns. The benchmark returns are not covered by the report of independent verifiers. 

The MSCI AC Asia Pacific ex Japan Value Index with net dividends captures large and mid cap securities across developed and emerging markets in the Asia region excluding Japan. Attributes for value index construction are book value to price, 12 month forward earnings to price, and dividend yield. The index was launched on Dec 08, 1997. Data prior to the launch date is back tested data (i.e. calculations of how the index might have performed over that time period had the index existed). There are frequently material differences between back tested performance and actual results.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or retrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk or any uses made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including without limitations, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com)

The portfolio characteristics shown relate to a single account deemed by Brandes to be generally representative of the strategy as of date noted. Not every account will have these exact characteristics. The actual characteristics with respect to any particular account will vary based on a number of factors including but not limited to: (i) the size of t he account; (ii) investment restrictions applicable to the account, if any; and (iii) market exigencies at the time of investment. Data is updated on a quarterly basis.

Market Capitalization, Price/Book, Price/Earnings, Price/Cash Flow, and Dividend Yield for each security provided by Bloomberg, L.P. Please note that Bloomberg does not provide negative numbers in the data feed. Index fundamentals are calculated from holdings data as provided by the relevant index or by FactSet Fundamentals, excluding negative numbers for consistency. Thus, index fundamentals calculated by Brandes may differ from those computed and published by index providers.

The results for individual accounts and for different periods may vary. Investors should not rely on prior performance results as a reliable indication of future results. Market conditions may impact performance. The performance results presented were achieved in particular market conditions which may not be repeated. Moreover, the current market volatility and uncertain regulatory environment may have a negative impact on future performance.

Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada. This website may also contain trademarks of other companies.

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