Brandes - U.S. - Mutual Brandes U.S. Value Fund Content

Brandes U.S. Value Fund

The Fund seeks long-term capital appreciation by investing primarily in the equity securities of U.S. issuers with equity market capitalizations that exceed $5 billion at the time of purchase.

Why U.S. Value Fund

  • Value — The strategy consistently applies a disciplined investment process focused on uncovering companies with potentially attractive value attributes.
  • Flexibility — The strategy is a primarily large cap mandate with the ability and willingness to be different than the benchmark, and has the freedom to invest across the full spectrum of sectors and industries.
  • Pioneer — Brandes is a pioneer in value investing, having navigated global markets for over 40 years.

Partner with a Pioneer in Global Value Investing

  • Experienced Professionals — The Investment Committee is composed of experienced professionals who have managed extreme market cycles.
  • Commitment to Transparent, Easy to Understand Investment Process — The firm consistently applies a Graham-and-Dodd, value investing approach centered on a research-driven process of purchasing potentially undervalued companies with the goal of capturing future price appreciation.
  • Independent Point of View — Brandes Investment Partners is a 100% employee owned firm and its strategies are unhindered by sales quotas or any outside influence that may impede the firm’s pursuit of investment management excellence.

The U.S. Value Fund invests primarily in equity securities of U.S. companies. Equity securities include common and preferred stocks, warrants and rights. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes), measured at the time of purchase, in securities of companies located in the United States. The Fund may invest up to 5% of its total assets, measured at the time of purchase, in any one company. From time to time, the Fund may invest more than 20% of its assets in any market sector, such as the financial sector or health care sector. Typically, the Fund invests in issuers with a market capitalization greater than $5 billion.

Brandes Investment Partners, L.P., the U.S. Value Fund’s investment advisor (the “Advisor”), uses the principles of value investing to analyze and select equity securities for the U.S. Value Fund’s investment portfolio that, in its opinion, are undervalued. When buying equity securities, the Advisor assesses the estimated “intrinsic” value of a company based on data such as a company’s earnings, cash flow generation, and/or asset value of the underlying business. By choosing securities that are selling at a discount to the Advisor’s estimates of the underlying company’s intrinsic value, the Advisor seeks to establish an opportunity for long-term capital appreciation. The Advisor may sell a security when its price reaches the Advisor’s estimate of the underlying company’s intrinsic value, the Advisor believes that other investments are more attractive, or for other reasons.

Shareholder Fees
(fees paid directly from your investment)
   Class A    Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) -0 5.75% -0 None
Maximum Deferred Sales Charge (Load) -0 None* -0 None
Please click here for sales load break points.

*Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% on amounts of less than $4 million, 0.50% on amounts of at least $4 million but less than $10 million and 0.25% on amounts of at least $10 million, if redeemed within one year from the date of purchase.
Annual Fund Operating Expenses1
(expenses that you pay each year as a % of the value of your investment)
   Class A    Class I
Management Fees -0 0.55% -0 0.55%
Distribution (rule 12b-1) Fees -0 0.25% -0 None
Other Expenses    
Shareholder Service Fees -0 None -0 None
Other Expenses - 25.95% - 26.00%
Total Other Expenses - 25.95% - 26.00%
Total Annual Fund Operating Expenses - 26.75% - 26.55%
Less: Fee Waiver and/or Expense Reimbursement -25.80% -25.85%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement -0 0.95% -0 0.70%
1 The Advisor has contractually agreed to limit the U.S. Value Fund’s Class A, Class I and Class R6 annual operating expenses (excluding acquired fund fees and expenses, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization or extraordinary expenses such as litigation), including repayment of previous waivers, to 0.95% for Class A, 0.70% for Class I and 0.60% for Class R6, as percentages of the respective Fund classes’ average daily net assets through January 28, 2023 (the “Expense Caps”). The Expense Caps may be terminated at any time by the Board of Trustees upon 60 days’ notice to the Advisor. The Advisor is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior three years with respect to any Class of the Fund. The Advisor may request reimbursement if the aggregate amount paid by the Fund toward operating expenses for the Class for the fiscal year (taking into account the reimbursement) does not exceed the Expense Cap with respect to such Class or any lower expense cap for the Class in effect at the time of the reimbursement.

Other Expenses are based on estimated amounts. Other Expenses for Class I shares includes 0.05% of class-specific sub-transfer agency fees.

Because the values of the Fund's investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund’s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions.