Emerging Markets (ex-China) Equity

The Brandes Emerging Markets (ex-China) Equity Strategy seeks to achieve long-term capital appreciation by investing primarily in equity securities of issuers located or active mainly in emerging and frontier country markets, other than those in China. 

Overview

Why Emerging Markets (ex-China) Equity?

  • Value: The strategy employs our disciplined, bottom-up investing approach to seeking emerging markets companies outside China that trade below our estimates of intrinsic value.
  • Experience: Brandes has been navigating emerging markets for over 30 years.
  • Flexibility: The strategy is an all-capitalization mandate that invests in businesses based in developing countries excluding China.  

Performance

As of Jun 30, 2022 | Reporting Currency: USD

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Source: Brandes, MSCI. Total return – net and gross of management fees. Periods greater than one year have been annualized. Past performance is not a guarantee of future results. The strategy primary benchmark is the MSCI Emerging Markets ex China 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 Emerging Markets (ex-China) Equity MSCI Emerging Markets ex China Index
Price/Book (x)
Price per share divided by book value per share.
0.9 1.7
Price/Earnings (x)
Price per share divided by earnings per share.
7.5 11.4
Price/Cash Flow (x)
Price per share divided by cash flow per share.
4.1 6.9
Dividend Yield %
Dividends per share divided by price per share.
6.0 3.6
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
85.9 --
Number of Holdings 56 --
Weighted Average Mkt. Cap ($bil) 44.1 91.9
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
24.0 --
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Top 10 Holdings (%)

Company % Country Industry
Taiwan Semiconductor Manufacturing Co Ltd 5.1 Taiwan Semiconductors & Semiconductor Equipment
Samsung Electronics Co Ltd 4.7 South Korea Tech. Hardware, Storage & Perip.
Indofood Sukses Makmur Tbk PT 3.3 Indonesia Food Products
Accton Technology Corp 3.1 Taiwan Communications Equipment
Embraer SA 2.9 Brazil Aerospace & Defense
Indus Towers Ltd 2.9 India Diversified Telecom Svcs.
Fibra Uno Administracion SA de CV 2.9 Mexico Equity Real Estate Investment Trusts (REITs)
Jasmine Broadband Internet Infrastructure Fund 2.9 Thailand Diversified Telecom Svcs.
SK Hynix Inc 2.7 South Korea Semiconductors & Semiconductor Equipment
Petroleo Brasileiro SA 2.6 Brazil Oil, Gas & Consumable Fuels
% of Portfolio 33.1    
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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Regional Allocation (%)

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Market Weightings (%)

Market Classification Emerging Markets (ex-China) Equity MSCI Emerging Markets ex China Index
Developed Markets 8.2 -
Emerging Markets 91.1 100.0
Swipe to View Market Weightings (%)

The Brandes Emerging Markets (ex-China) Equity Composite seeks to achieve long-term capital appreciation by investing primarily in equity securities of issuers located or active mainly in emerging and frontier country markets, other than those in China. Typically, no more than 5% of the value of total strategy assets will be invested in any one issuer at the time of purchase. With respect to strategy investments in any particular country or industry, the strategy may typically invest up to the greater of either (a) 20% of total strategy assets in any particular country or industry at the time of purchase or (b) 150% of the weighting of such country or industry as represented in the MSCI Emerging Markets ex China Index at the time of purchase.

The MSCI Emerging Markets ex China Index with net dividends captures large and mid cap representation of emerging market countries excluding China. The benchmark returns are not covered by the report of independent verifiers.
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.

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.

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.

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