MSCI Emerging Markets: Captures large- and mid-cap representation of emerging market countries. MSCI Emerging Markets Growth: Captures large- and mid-cap securities exhibiting growth style characteristics, defined using long-term forward earnings per share (EPS) growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.MSCI Emerging Markets Value: Captures large- and mid-cap securities exhibiting value style characteristics, defined using book value to price, 12-month forward earnings to price, and dividend yield. MSCI World: Captures large- and mid-cap representation of developed markets. S&P 500 Index: Measures equity performance of 500 of the top companies in leading industries of the U.S. economy. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.
Forward Price/Earnings: Price per share divided by expected earnings per share.
Price/Earnings: Price per share divided by earnings per share.
Return on Equity: Net income divided by shareholders’ equity.
The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. International and emerging markets investing is subject to certain risks such as currency fluctuation and social and political changes; such risks may result in greater share price volatility. The foregoing reflects the thoughts and opinions of Brandes Investment Partners® exclusively and is subject to change without notice.