U.S. Small-Mid Cap Value Equity Strategy

Investment Strategies

In the Middle and Positioned for Opportunity

  • Capital Appreciation Potential — Historically, small-mid cap stocks have offered investors the opportunity for capital growth.
  • Pursue Potentially Mispriced U.S. Companies — Many analysts pay less attention to small and mid caps than to large-caps, providing an opportunity for Brandes to invest in what we believe to be mispriced small- and mid-cap companies.

Utilize a Bottom-Up Value Strategy to Capture Opportunities

  • Company-Focused Approach  — Brandes’ focus on company fundamentals can help identify U.S. small-/mid-cap companies that may be trading below our estimates of their true worth.
  • Team Approach to Investment Management — Investment decisions and weightings are set by a four-member Small-Mid Cap Investment Committee, which is supported by a team of seasoned analysts and research professionals.

Partner with a Specialist in Value Investing

  • Experience — The Investment Team is composed of experienced professionals who have navigated many 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.

Past performance is not a guarantee of future results.

No investment strategy can assure a profit or protect against loss. Diversification does not assure a profit or protect against a loss in a declining market.

Stocks of small-sized and mid-sized companies tend to have limited liquidity and usually experience greater price volatility than stocks of larger companies.

This material is intended for informational purposes only. 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. Portfolio holdings and allocations are subject to change at any time. Strategies discussed herein are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance.

The Brandes U.S. Small-Mid Cap Value Equity Strategy seeks long-term capital appreciation by investing primarily in the equity securities of U.S. issuers with equity market capitalizations greater than $1.5 billion but no greater than $7.5 billion at the time of purchase.

The strategy primary benchmark is the Russell 2500 Index.

Annualized Performance (Net)

THROUGH 31 March 2018 | REPORTING CURRENCY: eur
 
1 Year
3 Years
5 Years
7 Years
10 Years
15 Years
U.S. Small-Mid Cap Equity
-10.08%
5.09%
13.43%
15.59%
13.33%
9.03%
Primary Benchmark (a)
-2.49%
3.32%
12.47%
13.14%
13.04%
11.15%
Relative Performance
-7.59%
1.77%
0.96%
2.45%
0.29%
-2.12%

Annualized Performance (Gross)

THROUGH 31 March 2018 | REPORTING CURRENCY: eur
 
1 Year
3 Years
5 Years
7 Years
10 Years
15 Years
U.S. Small-Mid Cap Equity
-9.22%
6.11%
14.48%
16.68%
14.37%
9.95%
Primary Benchmark (a)
-2.49%
3.32%
12.47%
13.14%
13.04%
11.15%
Relative Performance
-6.73%
2.79%
2.01%
3.54%
1.33%
-1.20%

Annual Periods (Net)

THROUGH 31 March 2018 | REPORTING CURRENCY: eur
 
2017
2016
2015
2014
2013
2012
2011
U.S. Small-Mid Cap Equity
-5.78%
34.24%
9.17%
28.62%
29.56%
30.56%
-3.43%
Primary Benchmark (a)
2.53%
20.99%
8.23%
21.90%
30.89%
16.07%
0.75%
 
2010
2009
2008
2007
2006
2005
2004
U.S. Small-Mid Cap Equity
38.73%
71.39%
-56.28%
-33.79%
6.49%
6.41%
7.20%
Primary Benchmark (a)
35.33%
31.10%
-34.02%
-8.30%
4.23%
23.79%
9.74%
 
2003
2002
2001
2000
1999
U.S. Small-Mid Cap Equity
34.68%
-39.38%
31.11%
34.36%
14.64%
Primary Benchmark (a)
21.42%
-30.26%
7.11%
11.44%
44.51%

Quarterly Performance (Net And Gross)

THROUGH 31 March 2018 | REPORTING CURRENCY: eur
Year
 
1Q
2Q
3Q
4Q
YTD
2018
NET
GROSS
Primary Benchmark (a)
00 -4.56%
00 -4.33%
00 -2.64%
-0000000
-0000000
-0000000
-0000000
-0000000
-0000000
-0000000
-0000000
-0000000
00 -4.56%
00 -4.33%
00 -2.64%
2017
NET
GROSS
Primary Benchmark (a)
-00 0.00%
-00 0.25%
-00 2.37%
00 -3.96%
00 -3.73%
00 -4.27%
00 -2.58%
00 -2.34%
-00 1.18%
-00 0.69%
-00 0.94%
-00 3.41%
00 -5.78%
00 -4.87%
-00 2.53%
2016
NET
GROSS
Primary Benchmark (a)
-00 0.37%
-00 0.62%
00 -4.29%
-00 8.39%
-00 8.66%
-00 6.88%
-00 6.14%
-00 6.40%
-00 4.64%
-0 16.25%
-0 16.53%
-0 13.03%
-0 34.24%
-0 35.56%
-0 20.99%
2015
NET
GROSS
Primary Benchmark (a)
-0 13.56%
-0 13.84%
-0 18.50%
00 -3.83%
00 -3.60%
00 -4.03%
00 -2.97%
00 -2.73%
0 -10.35%
-00 3.03%
-00 3.29%
-00 6.17%
-00 9.17%
-0 10.25%
-00 8.23%
2014
NET
GROSS
Primary Benchmark (a)
-00 2.53%
-00 2.75%
-00 2.32%
-00 6.47%
-00 6.70%
-00 4.22%
-00 4.89%
-00 5.11%
-00 2.63%
-0 12.34%
-0 12.58%
-0 11.39%
-0 28.62%
-0 29.73%
-0 21.90%
2013
NET
GROSS
Primary Benchmark (a)
-0 16.93%
-0 17.27%
-0 15.86%
-00 1.39%
-00 1.70%
-00 0.93%
-00 4.17%
-00 4.39%
-00 4.88%
-00 4.91%
-00 4.96%
-00 6.72%
-0 29.56%
-0 30.68%
-0 30.89%
2012
NET
GROSS
Primary Benchmark (a)
-0 14.28%
-0 14.57%
-0 10.14%
-00 1.45%
-00 1.71%
-00 0.59%
-00 8.23%
-00 8.50%
-00 4.14%
-00 4.05%
-00 4.31%
-00 0.60%
-0 30.56%
-0 31.87%
-0 16.07%
2011
NET
GROSS
Primary Benchmark (a)
-00 0.43%
-00 0.64%
-00 2.76%
00 -4.20%
00 -3.99%
00 -2.70%
0 -16.08%
0 -15.90%
0 -14.87%
-0 19.62%
-0 19.90%
-0 18.36%
00 -3.43%
00 -2.56%
-00 0.75%
2010
NET
GROSS
Primary Benchmark (a)
-0 21.55%
-0 21.81%
-0 15.74%
00 -5.13%
00 -4.92%
00 -0.87%
-00 2.95%
-00 3.17%
-00 1.24%
-0 16.85%
-0 17.11%
-0 16.51%
-0 38.73%
-0 39.93%
-0 35.33%
2009
NET
GROSS
Primary Benchmark (a)
00 -4.75%
00 -4.54%
00 -6.72%
-0 27.68%
-0 27.95%
-0 13.96%
-0 31.79%
-0 32.07%
-0 15.03%
-00 6.95%
-00 7.18%
-00 7.22%
-0 71.39%
-0 72.90%
-0 31.10%
2008
NET
GROSS
Primary Benchmark (a)
0 -17.61%
0 -17.42%
0 -16.16%
0 -14.94%
0 -14.75%
-00 1.50%
-00 8.49%
-00 8.73%
-00 4.63%
0 -42.49%
0 -42.36%
0 -25.89%
0 -56.28%
0 -55.87%
0 -34.02%
2007
NET
GROSS
Primary Benchmark (a)
-00 0.97%
-00 1.13%
-00 2.32%
-00 1.87%
-00 2.03%
-00 3.50%
0 -21.75%
0 -21.63%
00 -7.49%
0 -17.74%
0 -17.57%
00 -6.40%
0 -33.79%
0 -33.34%
00 -8.30%
2006
NET
GROSS
Primary Benchmark (a)
-00 1.39%
-00 1.55%
-00 8.60%
00 -5.64%
00 -5.47%
00 -9.35%
-00 3.43%
-00 3.60%
-00 1.43%
-00 7.62%
-00 7.78%
-00 4.37%
-00 6.49%
-00 7.19%
-00 4.23%
2005
NET
GROSS
Primary Benchmark (a)
00 -4.80%
00 -4.62%
-00 1.32%
-0 11.08%
-0 11.28%
-0 11.96%
-00 4.23%
-00 4.35%
-00 5.51%
00 -3.46%
00 -3.30%
-00 3.43%
-00 6.41%
-00 7.10%
-0 23.79%
2004
NET
GROSS
Primary Benchmark (a)
-00 7.07%
-00 7.24%
-00 8.17%
-00 6.39%
-00 6.56%
-00 1.38%
0 -12.18%
0 -12.05%
00 -4.45%
-00 7.16%
-00 7.34%
-00 4.73%
-00 7.20%
-00 7.88%
-00 9.74%
2003
NET
GROSS
Primary Benchmark (a)
0 -14.80%
0 -14.66%
00 -7.82%
-0 30.81%
-0 30.96%
-0 15.67%
-00 8.77%
-00 8.95%
-00 7.39%
-0 11.10%
-0 11.28%
-00 6.05%
-0 34.68%
-0 35.51%
-0 21.42%
2002
NET
GROSS
Primary Benchmark (a)
-00 8.26%
-00 8.53%
-00 5.99%
0 -23.26%
0 -23.18%
0 -19.69%
0 -34.29%
0 -34.19%
0 -18.25%
-0 11.02%
-0 11.08%
-00 0.23%
0 -39.38%
0 -39.04%
0 -30.26%
2001
NET
GROSS
Primary Benchmark (a)
-0 14.53%
-0 14.80%
00 -1.92%
-0 11.77%
-0 12.02%
-0 17.39%
0 -13.71%
0 -13.52%
0 -24.29%
-0 18.70%
-0 19.16%
-0 22.88%
-0 31.11%
-0 32.52%
-00 7.11%
2000
NET
GROSS
Primary Benchmark (a)
00 -3.27%
00 -3.01%
-0 15.97%
-00 3.77%
-00 4.02%
00 -3.63%
-0 23.67%
-0 23.93%
-0 10.35%
-00 8.24%
-00 8.48%
00 -9.65%
-0 34.36%
-0 35.64%
-0 11.44%
1999
NET
GROSS
Primary Benchmark (a)
-00 7.91%
-00 8.18%
-00 3.73%
-0 25.56%
-0 25.82%
-0 21.04%
0 -16.01%
0 -15.76%
00 -9.34%
-00 0.74%
-00 0.99%
-0 26.95%
-0 14.64%
-0 15.79%
-0 44.51%

Composite Characteristics

THROUGH 31 March 2018 | REPORTING CURRENCY: eur
Year
#Accts
Assets
(mil)
Total Firm
Assets (mil)
2018
-000,00 2
-000,00 7
-0 20,058
2017
-000,00 1
-000,00 7
-0 21,278
2016
-000,00 2
-000,00 8
-0 21,771
2015
-000,00 2
-000,00 6
-0 19,036
2014
-000,00 4
-000,00 5
-0 17,124
2013
-000,00 4
-000,00 4
-0 15,580
2012
-000,00 3
-000,00 3
-0 16,819
2011
-000,00 3
-000,00 2
-0 20,538
2010
-000,00 4
-000,00 2
-0 28,820
2009
-000,00 6
-000,00 2
-0 29,422
2008
-000,0 10
-000,00 1
-0 29,041
2007
-000,0 11
-000,00 2
-0 57,058
2006
-000,0 18
-000, 441
-0 65,152
2005
-000,0 67
-000, 457
-0 86,042
2004
-000, 124
-000, 424
-0 72,340
2003
-000,0 18
-000, 329
-0 60,255
2002
-000,0 20
-000, 226
-0 49,360
2001
-000,00 1
-000,00 3
-0 69,627
2000
-000,00 1
-000,00 2
-0 53,972
1999
-000,00 1
-000,00 1
-0 41,249
THROUGH 31 March 2018 | REPORTING CURRENCY: eur

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.
As of September 30, 2013, Brandes Investment Partners includes the non-SMA Division of Brandes Investment Partners L.P., Brandes Investment Partners (Europe) Limited, Brandes Investment Partners (Asia) Pte Ltd and the Brandes Investment Partners & Co. assets sub-advised by Brandes Investment Partners, L.P. The firm was redefined to reflect the expansion of the organization. As of January 1, 2006, Brandes Investment Partners was divided into two separate divisions: the SMA Division of Brandes Investment Partners, which acts as a discretionary manager to SMA or “wrap fee” program clients, including those who may invest in an SMA product; and the non-SMA Division of Brandes Investment Partners (Brandes), which acts as a discretionary manager for all other types of clients which may include pooled investment vehicles, institutional accounts and high net worth clients outside of wrap fee programs. Although the divisions may share portfolio management and other personnel, each division serves a particular target market, may trade in a different manner and may offer investment advice which differs from the other depending upon the individualized needs of the clients served. The performance data presented does not contain any SMA Division accounts.
The Brandes U.S. Small-Mid Cap Equity Composite seeks to achieve long-term capital appreciation by investing primarily in equity securities of U.S. issuers with equity market capitalizations greater than $1.5 billion, but no greater than $7.5 billion, at the time of purchase. 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.
Brandes claims compliance with the Global Investment Performance Standards (GIPS®). To receive a list of composite descriptions and/or presentation that complies with GIPS standards, contact client service at 800-237-7119 or write 11988 El Camino Real, Suite 600, P.O. Box 919048, San Diego, California 92191-9048 or email ClientService@Brandes.com.
(a) The Russell 2500 with gross dividends measures the performance of the small to mid cap segment of the U.S. equity universe. 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.

Non-U.S. dollar composite and benchmark returns shown with the following strategies were calculated and converted using the exchange rate fluctuations between the two currencies of the stated U.S. dollar returns: Asia Pacific (ex-Japan) Equity, Corporate Focus Fixed Income, Emerging Markets Opportunities Equity, Global Opportunities Value, Global Small Cap Equity, Global Small-Mid Cap Equity, International Equity, International Small Cap Equity, International Small-Mid Cap Equity, U.S. Small Cap Value Equity, U.S. Small-Mid Cap Value Equity. Non-U.S. dollar composite returns shown with the following strategies were calculated and converted using the exchange rate fluctuations between the two currencies of the stated U.S. dollar returns: Emerging Markets Equity, European Equity, Global Equity, Japan Equity, U.S. Value Equity.

The information and materials in this site are not intended to and shall not constitute an offer to buy or sell shares or provide advisory management services in any jurisdiction where such activity is unlawful and must not be treated as such. Access to and use of this web site is provided on the following Terms and Conditions. Brandes Investment Partners (Europe) Limited is regulated by the Central Bank of Ireland, its offices are located at 36 Lower Baggot Street, Dublin 2, Ireland and its registration number in Ireland is 510203.