The Brandes International Small-Mid Cap Equity Strategy seeks long-term capital appreciation by investing primarily in equity securities of non-U.S. issuers with equity market capitalizations greater than $1.5 billion but no greater than $10 billion at the time of purchase.
Chris Duncan is a Director, Investments Group, a Senior Analyst on the Basic Materials Research Team and a member of the Small-Mid Cap Investment Committee. He is a limited partner of the firm’s parent company. Before joining the firm, Mr. Duncan was as an M&A Analyst with NCR Corporation. He earned his BS in finance from the University of Dayton and his MBA (with honors) from the University of Chicago Booth School of Business. Mr. Duncan’s relevant experience began in 2001 and he joined Brandes Investment Partners in 2006.
Michael Hutchens is a Director, Investments Group and a Senior Analyst on the Financial Institutions Research Team. He is a member of the Small-Mid Cap Investment Committee and the All-Cap Investment Committee. Mr. Hutchens is a limited partner of the firm’s parent company. Before joining Brandes, he was a Bank examiner with the Federal Reserve System. Mr. Hutchens earned his MBA with a concentration in finance from Columbia Business School and his BS in business with a concentration in finance from Indiana University. His experience began in 1994 and he joined Brandes Investment Partners in 2001.
Greg Rippel is a Director, Investments Group, an Analyst on the Consumer Products Research Team and a member of the Small-Mid Cap Investment Committee. Previously, he was a member of the Emerging Markets Investment Committee. Before joining the firm, Mr. Rippel was an Underwriter with Greyrock Capital (a subsidiary of Bank of America) and a Senior Associate with Coopers & Lybrand. He holds an MBA from the McCombs School of Business at the University of Texas at Austin, a BA in business economics from the University of California, Santa Barbara and is a Certified Public Accountant (inactive). His relevant experience began in 1995 and he joined Brandes Investment Partners in 2001.
Data displayed as of Jun 30, 2023
|Characteristic||International Small-Mid Cap Equity||MSCI EAFE SMID Cap Index|
Price per share divided by book value per share.
Price per share divided by earnings per share.
Price/Cash Flow (x)
Price per share divided by cash flow per share.
Dividend Yield %
Dividends per share divided by price per share.
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
|Number of Holdings||72||--|
|Weighted Average Mkt. Cap ($bil)||4.4||7.0|
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
|Taro Pharmaceutical Industries Ltd||3.9||Israel||Pharmaceuticals|
|Embraer SA||3.4||Brazil||Aerospace & Defense|
|Medipal Holdings Corp||2.7||Japan||Health Care Providers & Services|
|Calbee Inc||2.3||Japan||Food Products|
|S-1 Corp||2.2||South Korea||Commercial Services & Supplies|
|Gudang Garam Tbk PT||2.2||Indonesia||Tobacco|
|Mitie Group PLC||2.1||United Kingdom||Commercial Services & Supplies|
|Marks & Spencer Group PLC||2.1||United Kingdom||Consumer Staples Distribution & Retail|
|Kissei Pharmaceutical Co Ltd||2.0||Japan||Pharmaceuticals|
|Linea Directa Aseguradora SA||2.0||Spain||Insurance|
|% of Portfolio||24.9|
|Portfolio holdings are subject to change at any time at the discretion of the investment manager.|
|Market Classification||International Small-Mid Cap Equity||MSCI EAFE SMID Cap Index|
The Brandes International Small-Mid Cap Equity Composite seeks to achieve long-term capital appreciation by investing primarily in equity securities of non-U.S. issuers with equity market capitalizations greater than $1.5 billion but no greater than $7.5 billion at the time of purchase. Generally, no more than 30% of the value of the composite’s total assets, measured at the time of purchase, may be invested in securities of companies located in emerging and frontier countries throughout the world. Small and mid-capitalization securities involve greater issuer risk than large capitalization securities, and the markets for such securities may be more volatile and less liquid.
The MSCI EAFE SMID Cap Index with net dividends captures mid and small cap representation across developed markets countries, excluding the U.S. and Canada. The benchmark returns are not covered by the report of independent verifiers.
The MSCI EAFE SMID Cap Value Index captures mid and small cap representation across developed market countries, excluding the U. S. and Canada, exhibiting value style characteristics, defined using 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 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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