International Small-Mid Cap Equity

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 $7.5 billion at the time of purchase.

Overview

Why International Small-Mid Cap Equity?

  • Value: The strategy employs our disciplined, bottom-up investing approach to seek non-U.S. small-/mid-cap companies trading below our estimates of intrinsic value.
  • Experience: Having managed the International Small-Mid Cap Strategy for over 20 years, Brandes is familiar with the intricacies of small-/mid-cap equity investing.
  • Flexibility: The strategy invests in small- and mid-cap businesses based in various countries, including those not listed in the benchmark, such as emerging markets.

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 EAFE SMID Cap 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 International Small-Mid Cap Equity MSCI EAFE SMID Cap Index
Price/Book (x)
Price per share divided by book value per share.
0.7 1.3
Price/Earnings (x)
Price per share divided by earnings per share.
10.9 15.3
Price/Cash Flow (x)
Price per share divided by cash flow per share.
4.9 8.4
Dividend Yield %
Dividends per share divided by price per share.
4.4 3.1
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
98.6 --
Number of Holdings 75 --
Weighted Average Mkt. Cap ($bil) 3.4 6.2
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
10.2 --
Swipe to View Characteristics

Top 10 Holdings (%)

Company % Country Industry
Taro Pharmaceutical Industries Ltd 3.1 Israel Pharmaceuticals
Calbee Inc 3.0 Japan Food Products
Medipal Holdings Corp 2.9 Japan Health Care Providers & Services
Sankyo Co Ltd 2.7 Japan Leisure Products
Mitsubishi Shokuhin Co Ltd 2.6 Japan Food & Staples Retailing
Kissei Pharmaceutical Co Ltd 2.5 Japan Pharmaceuticals
Embraer SA 2.4 Brazil Aerospace & Defense
Draegerwerk AG & Co KGaA 2.4 Germany Health Care Equipment & Supplies
KT&G Corp 2.2 South Korea Tobacco
Taisho Pharmaceutical Holdings Co Ltd 2.1 Japan Pharmaceuticals
% of Portfolio 25.9    
Portfolio holdings are subject to change at any time at the discretion of the investment manager.
Swipe to View Top 10 Holdings

Top 10 Country Allocation (%)

Swipe to View Top 10 Country Allocation (%)

Sector Allocation (%)

Swipe to View Sector Allocation (%)

Regional Allocation (%)

Swipe to View Regional Allocation (%)

Market Weightings (%)

Market Classification International Small-Mid Cap Equity MSCI EAFE SMID Cap Index
Developed Markets 74.6 100.0
Emerging Markets 20.6 -
Swipe to View Market Weightings (%)

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 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.

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.

LinkedIn, the LinkedIn logo, and the IN logo are registered trademarks or trademarks of LinkedIn Corporation and its affiliates in the United States and/or other countries.