Investment Strategies

Small Companies. Big Potential

Pioneer — Brandes has navigated global markets for over 40 years, managing a standalone International Small Cap Strategy for over 20 years.
Value — The strategy consistently applies a disciplined investment process focused on uncovering international small cap companies with potentially attractive value attributes.
Flexibility — The strategy has the ability and willingness to be different than the benchmark, with the freedom to invest wherever we can find the most value, including emerging markets.

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 Brandes International Small Cap Equity Strategy seeks long-term capital appreciation by investing primarily in equity securities of non-U.S. issuers with equity market capitalizations of $2.5 billion or less at the time of purchase.

The strategy benchmark is the S&P Developed Ex-U.S. SmallCap Index.

In September 2016 the strategy benchmark changed from gross of withholding tax to net of withholding tax, effective back to the inception date of the strategy. For periods where the net dividend returns are not available gross benchmark returns are used and linked to the net benchmark returns. The change was made to better reflect our expectation for an investor’s actual experience.

GIPS® Compliant Presentation:

Brandes International Small Cap Equity Annual Performance – December 2018

Annualized Performance (Net)

THROUGH December 31, 2019 | REPORTING CURRENCY: USD

1 Year

3 Years

5 Years

7 Years

10 Years

15 Years

20 Years

International Small Cap Equity

8.31%

-0.71%

2.79%

5.46%

7.28%

5.70%

7.59%

Primary Benchmark (a)

24.08%

9.95%

7.72%

8.34%

7.90%

6.85%

6.76%

Relative Performance

-15.77%

-10.66%

-4.93%

-2.88%

-0.62%

-1.15%

0.83%

Annualized Performance (Gross)

THROUGH December 31, 2019 | REPORTING CURRENCY: USD

1 Year

3 Years

5 Years

7 Years

10 Years

15 Years

20 Years

International Small Cap Equity

9.14%

0.16%

3.69%

6.38%

8.22%

6.64%

8.55%

Primary Benchmark (a)

24.08%

9.95%

7.72%

8.34%

7.90%

6.85%

6.76%

Relative Performance

-14.94%

-9.79%

-4.03%

-1.96%

0.32%

-0.21%

1.79%

Annual Periods (Net)

THROUGH December 31, 2019 | REPORTING CURRENCY: USD

2019

2018

2017

2016

2015

2014

2013

International Small Cap Equity

8.31%

-19.19%

11.84%

8.28%

8.25%

-1.37%

28.24%

Primary Benchmark (a)

24.08%

-18.75%

31.85%

3.36%

5.54%

-3.77%

25.56%

2012

2011

2010

2009

2008

2007

2006

International Small Cap Equity

26.99%

-16.97%

32.00%

65.14%

-40.75%

-6.69%

10.11%

Primary Benchmark (a)

18.02%

-14.85%

21.50%

44.36%

-47.91%

6.99%

28.99%

2005

2004

2003

2002

2001

2000

International Small Cap Equity

13.14%

28.86%

61.29%

-1.71%

-1.88%

-6.14%

Primary Benchmark (a)

21.70%

28.35%

53.16%

-7.57%

-15.98%

-10.33%

Quarterly Performance (Net And Gross)

THROUGH December 31, 2019 | REPORTING CURRENCY: USD

Year

YTD

2019

NET
GROSS
Primary Benchmark (a)

-00 3.69%
-00 3.90%
-0 10.28%

-00 0.45%
-00 0.66%
-00 2.40%

00 -4.17%
00 -3.97%
00 -1.61%

-00 8.51%
-00 8.68%
-0 11.68%

-00 8.31%
-00 9.14%
-0 24.08%

2018

NET
GROSS
Primary Benchmark (a)

00 -2.40%
00 -2.20%
00 -0.94%

00 -4.95%
00 -4.76%
00 -1.31%

00 -2.43%
00 -2.23%
00 -0.34%

0 -10.72%
0 -10.44%
0 -16.61%

0 -19.19%
0 -18.44%
0 -18.75%

2017

NET
GROSS
Primary Benchmark (a)

-00 6.10%
-00 6.32%
-00 7.68%

-00 2.58%
-00 2.79%
-00 7.86%

-00 1.32%
-00 1.53%
-00 6.90%

-00 1.42%
-00 1.73%
-00 6.21%

-0 11.84%
-0 12.87%
-0 31.85%

2016

NET
GROSS
Primary Benchmark (a)

-00 3.61%
-00 3.82%
-00 0.45%

00 -3.36%
00 -3.17%
00 -1.52%

-00 6.44%
-00 6.65%
-00 7.90%

-00 1.60%
-00 1.90%
00 -3.16%

-00 8.28%
-00 9.26%
-00 3.36%

2015

NET
GROSS
Primary Benchmark (a)

-00 5.83%
-00 6.04%
-00 4.35%

-00 1.44%
-00 1.65%
-00 4.42%

00 -3.94%
00 -3.74%
00 -7.91%

-00 4.97%
-00 5.25%
-00 5.17%

-00 8.25%
-00 9.21%
-00 5.54%

2014

NET
GROSS
Primary Benchmark (a)

-00 6.88%
-00 7.11%
-00 3.64%

-00 5.25%
-00 5.48%
-00 3.20%

00 -6.79%
00 -6.60%
00 -7.60%

00 -5.94%
00 -5.75%
00 -2.63%

00 -1.37%
00 -0.54%
00 -3.77%

2013

NET
GROSS
Primary Benchmark (a)

-00 5.85%
-00 6.08%
-00 6.76%

-00 1.82%
-00 2.04%
00 -2.84%

-0 13.84%
-0 14.09%
-0 14.49%

-00 4.52%
-00 4.74%
-00 5.72%

-0 28.24%
-0 29.35%
-0 25.56%

2012

NET
GROSS
Primary Benchmark (a)

-0 16.40%
-0 16.65%
-0 13.58%

00 -7.92%
00 -7.72%
00 -8.68%

-00 9.33%
-00 9.57%
-00 8.25%

-00 8.38%
-00 8.61%
-00 5.13%

-0 26.99%
-0 28.11%
-0 18.02%

2011

NET
GROSS
Primary Benchmark (a)

-00 4.88%
-00 5.11%
-00 4.42%

00 -3.07%
00 -2.86%
-00 0.84%

0 -16.21%
0 -16.02%
0 -20.05%

00 -2.54%
00 -2.33%
-00 1.14%

0 -16.97%
0 -16.25%
0 -14.85%

2010

NET
GROSS
Primary Benchmark (a)

-0 11.64%
-0 11.88%
-00 4.32%

00 -9.57%
00 -9.38%
0 -10.89%

-0 12.74%
-0 12.99%
-0 17.33%

-0 15.98%
-0 16.23%
-0 11.39%

-0 32.00%
-0 33.15%
-0 21.50%

2009

NET
GROSS
Primary Benchmark (a)

0 -12.89%
0 -12.68%
0 -10.76%

-0 43.42%
-0 43.74%
-0 31.85%

-0 32.95%
-0 33.24%
-0 22.29%

00 -0.58%
00 -0.36%
-00 0.33%

-0 65.14%
-0 66.63%
-0 44.36%

2008

NET
GROSS
Primary Benchmark (a)

00 -6.91%
00 -6.70%
00 -7.03%

00 -7.29%
00 -7.08%
00 -3.51%

0 -16.44%
0 -16.25%
0 -23.73%

0 -17.84%
0 -17.65%
0 -23.87%

0 -40.75%
0 -40.20%
0 -47.91%

2007

NET
GROSS
Primary Benchmark (a)

-00 4.99%
-00 5.24%
-00 6.61%

-00 5.16%
-00 5.40%
-00 5.72%

00 -5.32%
00 -5.11%
00 -0.46%

0 -10.73%
0 -10.53%
00 -4.64%

00 -6.69%
00 -5.83%
-00 6.99%

2006

NET
GROSS
Primary Benchmark (a)

-00 4.74%
-00 4.95%
-0 12.03%

00 -3.65%
00 -3.42%
00 -1.14%

-00 3.21%
-00 3.46%
-00 3.39%

-00 5.71%
-00 5.96%
-0 12.65%

-0 10.11%
-0 11.12%
-0 28.99%

2005

NET
GROSS
Primary Benchmark (a)

-00 6.25%
-00 6.46%
-00 3.67%

00 -1.53%
00 -1.22%
00 -0.77%

-00 5.28%
-00 5.43%
-0 10.97%

-00 2.72%
-00 2.99%
-00 6.60%

-0 13.14%
-0 14.19%
-0 21.70%

2004

NET
GROSS
Primary Benchmark (a)

-0 14.45%
-0 14.68%
-00 9.33%

00 -0.57%
00 -0.34%
-00 0.71%

00 -1.19%
00 -0.97%
-00 0.03%

-0 14.60%
-0 14.84%
-0 16.53%

-0 28.86%
-0 29.97%
-0 28.35%

2003

NET
GROSS
Primary Benchmark (a)

0 -12.23%
0 -12.10%
00 -4.69%

-0 37.46%
-0 37.71%
-0 22.95%

-0 14.50%
-0 14.69%
-0 13.11%

-0 16.76%
-0 17.01%
-0 15.55%

-0 61.29%
-0 62.44%
-0 53.16%

2002

NET
GROSS
Primary Benchmark (a)

-00 7.39%
-00 7.64%
-00 5.94%

-00 3.31%
-00 3.60%
-00 1.84%

0 -20.64%
0 -20.40%
0 -17.65%

-0 11.64%
-0 11.91%
-00 4.05%

00 -1.71%
00 -0.66%
00 -7.57%

2001

NET
GROSS
Primary Benchmark (a)

00 -1.38%
00 -1.21%
0 -10.72%

-00 7.51%
-00 7.75%
-00 2.85%

0 -11.75%
0 -11.53%
0 -15.45%

-00 4.86%
-00 5.27%
-00 8.23%

00 -1.88%
00 -0.87%
0 -15.98%

2000

NET
GROSS
Primary Benchmark (a)

00 -0.83%
00 -0.57%
-00 2.02%

00 -0.06%
-00 0.02%
00 -1.75%

00 -5.08%
00 -4.91%
00 -5.27%

00 -0.22%
00 -0.03%
00 -5.56%

00 -6.14%
00 -5.47%
0 -10.33%

1999

NET
GROSS
Primary Benchmark (a)

-0000000
-0000000
-0000000

-0 22.87%
-0 23.72%
-0 23.51%

Composite Characteristics

THROUGH December 31, 2019 | REPORTING CURRENCY: USD

Year

#Accts

Assets
(mil)

Dispersion

% of non-fee
paying assets

Total Firm
Assets (mil)

2019

-000,0 11

-000, 909

-000,

-0 21,426

2018

-000,0 18

-00 1,235

-00 0.74

-00 0

-0 22,106

2017

-000,0 29

-00 2,533

-00 0.13

-00 0

-0 25,578

2016

-000,0 33

-00 2,074

-00 1.05

-00 0

-0 22,971

2015

-000,0 29

-00 1,528

-00 0.29

-00 0

-0 20,666

2014

-000,0 37

-00 1,173

-00 0.60

-00 1

-0 20,722

2013

-000,0 15

-000, 622

-00 0.84

-00 7

-0 21,464

2012

-000,0 19

-000, 399

-00 0.24

-00 3

-0 22,171

2011

-000,0 17

-000, 266

-00 0.41

-00 2

-0 26,658

2010

-000,0 19

-000, 325

-00 0.52

-00 2

-0 38,659

2009

-000,0 22

-000, 253

-00 0.52

-00 2

-0 42,152

2008

-000,0 25

-000, 223

-00 0.69

-00 1

-0 40,591

2007

-000,0 29

-000, 484

-00 0.81

-0 <1

-0 83,242

2006

-000,0 36

-000, 603

-00 0.68

-0 <1

-0 85,974

2005

-000,0 43

-000, 268

-00 1.10

-00 1

- 101,874

2004

-000,0 52

-000, 642

-00 0.63

-0 <1

-0 98,078

2003

-000,0 51

-000, 424

-00 2.54

-0 <1

-0 75,789

2002

-000,0 55

-000,0 53

-00 1.73

-00 3

-0 51,808

2001

-000,0 50

-000,0 19

-00 1.25

-00 8

-0 61,996

2000

-000,0 65

-000,0 60

-00 1.71

-00 2

-0 50,852

THROUGH December 31, 2019 | REPORTING CURRENCY: USD

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.

The Brandes International Small 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 of $2.5 billion or less 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 markets throughout the world. Small capitalization securities involve greater issuer risk than large capitalization securities, and the markets for such securities may be more volatile and less liquid.

(a) The S&P Developed Ex U.S. SmallCap Index with net dividends measures the equity performance of small cap companies in developed markets excluding the United States. The benchmark returns are not covered by the report of independent verifiers.

Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.

Documents

Brandes International Small Cap Equity Strategy Notes – December 2019
International Small Cap Equity Fact Sheet – December 2019
Brandes International Small Cap Equity Annual Performance – December 2018

Small Companies. Big Potential

Partner with a Pioneer in Global Value Investing

Annualized Performance (Net)

Annualized Performance (Gross)

Annual Periods (Net)

Quarterly Performance (Net And Gross)

Composite Characteristics

Documents

Our Strategies