The Brandes Asia Pacific (ex-Japan) Equity Strategy seeks long-term capital appreciation by investing primarily in equity securities of Asian issuers other than Japanese issuers, as well as issuers from Australia and New Zealand.
Mauricio Abadia is the Deputy Director of Research, and Senior Analyst on the Basic Materials, Consumer Products, and Utilities Research Teams. He is a member of the Emerging Markets Investment Committee. He is a limited partner of the firm’s parent company.
Before joining Brandes, Mr. Abadia was a Senior Consultant at Deloitte. He earned his MBA with honors from the Haas School of Business at the University of California, Berkeley and his BS in systems engineering with distinction from the University of Virginia. Mr. Abadia is fluent in Spanish. His relevant experience began in 2006 and he joined Brandes Investment Partners in 2010.
Christopher Garrett is a Director with the firm’s Investments Group and a member of the firm’s Emerging Markets Investment Committee as well as the ESG Team. Additionally, Mr. Garrett is a Non-Executive Director of Brandes Investment Partners (Asia) Pte. Ltd. (“Brandes Asia”), an affiliate company of Brandes Investment Partners, L.P., headquartered in Singapore. He was previously the Chief Executive Officer and Institutional Portfolio Manager for Brandes Asia. Mr. Garrett is a limited partner of the firm’s parent company.
Before joining the firm, he was a Portfolio Manager/Analyst with DuPont Capital Management and was a Corporate Loan Officer with City National Bank and Interstate Bank of California. Mr. Garrett earned his BS in finance from Arizona State University and his MBA from Columbia Business School. His investment experience began in 1990 and he joined Brandes Investment Partners in 2000.
Louis Lau is a Director, Investments Group, a Senior Analyst on the Financial Institutions Team and a member of the Emerging Markets Investment Committee. He is also a Product Coordinator for the Emerging Markets Portfolio. Mr. Lau is a limited partner of the firm’s parent company. Before joining Brandes, he was an Analyst in investment banking and equity capital markets at Goldman Sachs. He earned his BBA in finance (with merit) from the National University of Singapore and his MBA in finance and accounting (with honors) from the Wharton School of the University of Pennsylvania. Mr. Lau is fluent in Chinese. His relevant experience began in 1998 and he joined Brandes Investment Partners in 2004.
Gerardo Zamorano is a Director, Investments Group and has analyst and team-leader responsibilities on the Telecommunications Research Team. He is a member of the Emerging Markets Investment Committee and the All-Cap Investment Committee. Mr. Zamorano is a limited partner of the firm’s parent company. Before joining the firm, he was an Assistant Investment Officer in the Latin American Department of the International Finance Corporation (part of the World Bank Group).
Mr. Zamorano earned his BSE (magna cum laude) from the Wharton School of Business of the University of Pennsylvania and MBA from the Kellogg Graduate School of Management of Northwestern University. His investment experience began in 1995 and he joined Brandes Investment Partners in 1999. Mr. Zamorano is fluent in Spanish and Portuguese.
As of 30 Sep 2024 | Reporting Currency: USD
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 AC Asia Pacific ex Japan Index. It is not possible to invest directly in an index. GIPS® Report available in Resources section below.
Data displayed as of 30 Sep 2024
| Characteristic | Asia Pacific (ex-Japan) Equity | MSCI AC Asia Pacific ex Japan Index |
|---|---|---|
|
Price/Book (x)
Price per share divided by book value per share.
|
1.4 | 1.9 |
|
Price/Earnings (x)
Price per share divided by earnings per share.
|
13.0 | 18.0 |
|
Price/Cash Flow (x)
Price per share divided by cash flow per share.
|
8.2 | 12.1 |
|
Dividend Yield %
Dividends per share divided by price per share.
|
3.3 | 2.4 |
|
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
|
80.0 | -- |
| Number of Holdings | 50 | -- |
| Weighted Average Mkt. Cap ($bil) | 130.6 | 146.6 |
|
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
|
19.3 | -- |
| Company | % | Country | Industry |
|---|---|---|---|
| Taiwan Semiconductor Manufacturing Co Ltd | 8.9 | Taiwan | Semiconductors & Semiconductor Equipment |
| Alibaba Group Holding Ltd | 5.4 | China | Broadline Retail |
| Samsung Electronics Co Ltd | 5.1 | South Korea | Technology Hardware, Storage & Peripherals |
| HDFC Bank Ltd | 3.3 | India | Banks |
| TravelSky Technology Ltd | 3.0 | China | Hotels, Restaurants & Leisure |
| Bank Rakyat Indonesia Persero Tbk PT | 2.7 | Indonesia | Banks |
| Galaxy Entertainment Group Ltd | 2.7 | China | Hotels, Restaurants & Leisure |
| Cognizant Technology Solutions Corp | 2.6 | United States | IT Services |
| China Resources Beer Holdings Co Ltd | 2.6 | China | Beverages |
| Wilmar International Ltd | 2.5 | Singapore | Food Products |
| % of Portfolio | 38.8 | ||
| Portfolio holdings are subject to change at any time at the discretion of the investment manager. | |||
| Market Classification | Asia Pacific (ex-Japan) Equity | MSCI AC Asia Pacific ex Japan Index |
|---|---|---|
| Developed Markets | 17.5 | 23.1 |
| Emerging Markets | 79.6 | 76.9 |
The Brandes Asia Pacific (ex-Japan) Equity Composite seeks to achieve long-term capital appreciation by investing primarily in equity securities of Asian issuers other than Japanese issuers, as well as issuers from Australia and New Zealand. There is no limitation on the market capitalization of the issuers in which the composite may invest. Emerging markets securities pose greater liquidity risks and other risks than securities of companies located in developed countries and traded in more established markets.
As of February 1, 2013 the Brandes Asia (ex-Japan) Equity Strategy was renamed as the Brandes Asia Pacific (ex-Japan) Equity Strategy to better reflect the strategy’s investment style.
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.
The MSCI AC Asia Pacific ex Japan Index with net dividends captures large and mid cap representation of developed and emerging markets in the Asia Pacific region, excluding Japan. Data prior to 2001 is gross dividend and linked to the net dividend returns. The benchmark returns are not covered by the report of independent verifiers.
The MSCI AC Asia Pacific ex Japan Value Index with net dividends captures large and mid cap securities across developed and emerging markets in the Asia region excluding Japan. Attributes for value index construction are 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 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.
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.
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.
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