Timothy M. Doyle is a Fixed Income Portfolio Manager and Analyst primarily responsible for strategy development, portfolio management and trading. He is a member of the Fixed Income Investment Committee. Before joining Brandes, Mr. Doyle was Assistant Vice President and Portfolio Manager with Scudder Kemper Investments (which later became Deutsche Asset Management). He earned his MBA in finance and economics from Loyola University, and BS in finance from Marquette University. Mr. Doyle’s experience began in 1985 and he joined Brandes Investment Partners in 2000.
David J. Gilson is an Associate Portfolio Manager and Analyst for the Brandes Fixed Income Group. His responsibilities include corporate bond research, strategy development, portfolio management and trading. Mr. Gilson is a member of the Fixed Income Investment Committee. Prior to joining Brandes, he was President of VALUE Restoration (consulting to corporations in turnaround situations). Mr. Gilson earned his BBA from Baylor University. His experience began in 1988, and he joined Brandes Investment Partners in 2002.
Charles S. Gramling oversees all areas of the Brandes Fixed Income Group, including strategy development, portfolio management and trading. He is a member of the Fixed Income Investment Committee. Before joining Brandes, he was a Senior Vice President and Portfolio Manager with Scudder Kemper Investments (which later became Deutsche Asset Management). Mr. Gramling earned his BS in accounting from Marquette University. His experience began in 1993 and he joined Brandes Investment Partners in 1999.
Source: Brandes, Bloomberg Indices. 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 Bloomberg U.S. Aggregate Bond Index. It is not possible to invest directly in an index. GIPS® Report available in Resources section below.
Data displayed as of Jun 30, 2023
|Characteristic||Core Plus Fixed Income||Aggregate Index|
Average Maturity (yrs)
This figure is computed by weighting the maturity of each security in the portfolio by the market value of the security, then averaging these weighted figures.
Average Yield to Maturity %
The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed as an annual rate.
Current Yield %
Annualized income from the investment (dividends, interest, etc.) divided by the current market price of the investment.
Average Coupon %
The annual rate, as a percentage of par that the issuer has agreed to pay the bondholder.
Average Duration (yrs)
Duration is a time measure of a bond's interest-rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder.
|Number of Bonds||71||--|
|United States Treasury Note||65.3|
|Prime Security Services||2.3|
|Bank of America Corp||1.9|
|Fannie Mae Pool||1.6|
|Ford Motor Credit Co LLC||1.6|
|Travel + Leisure Co||1.3|
|% of Portfolio||80.1|
|Portfolio holdings are subject to change at any time at the discretion of the investment manager.|
The Brandes Core Plus Fixed Income Composite seeks long-term returns in excess of its benchmark (the Bloomberg U.S. Aggregate Bond Index) by investing primarily in United States government and agency debt, U.S. and non-U.S. corporate debt, mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”). The composite will be invested in a total of up to 25% in each of non-dollar denominated debt instruments and non-investment grade debt obligations, with the total combination of these two categories not exceeding 35% of the composite's assets as measured at the time of purchase. A minimum of 75% of the investments must be rated investment grade by a nationally recognized rating agency at the time of purchase. The composite may invest in a mutual fund (Separately Managed Account Reserve Trust, or “SMART”) that is available only within the Brandes Income Strategies program. Generally SMART is predominantly invested in corporate debt, including non-dollar denominated and non-investment grade debt obligations, but may invest in other types of securities as well. The firm believes this fixed income composite to be aggressive with regard to certain risks, especially credit risk.
The Bloomberg U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, U.S. dollar denominated, fixed rate taxable bond market. This index is a total return index which reflects the price changes and interest of each bond in the index. The benchmark returns are not covered by the report of independent verifiers.
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.
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.
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