Brandes Separately Managed Account Reserve Trust

The Fund’s investment objective is to maximize long-term total return. The Fund’s investment objective is fundamental and may only be changed with shareholder approval.

  • Ticker Symbol SMARX
  • Cusip 238210686
  • Fund Inception Date October 3, 2005
  • Dividend Frequency Monthly
  • Number of Holdings 57
  • Total Net Assets $169.8 million (As of Sep 30, 2024)
  • Share Price (USD) 7.84 (As of Dec 27, 2024)

Overview

Brandes Separately Managed Account Reserve Trust

The Brandes Separately Managed Account Reserve Trust may be used as a component within various Brandes SMA strategies. As such, shares of the Fund may only be purchased by or on behalf of clients of “wrap account” programs sponsored by broker-dealers which have an agreement with the Advisor for such strategies.

    Fixed Income Investment Committee

    • Tim Doyle Photo

      Timothy M. Doyle, CFA

      • Fixed Income Portfolio Manager
      Years with Brandes: 24 Years of Industry Experience: 29

      Timothy M. Doyle is a Fixed Income Portfolio Manager and Analyst primarily responsible for strategy development, portfolio management and trading. He is a member of the Fixed Income Investment Committee. Before joining Brandes, Mr. Doyle was Assistant Vice President and Portfolio Manager with Scudder Kemper Investments (which later became Deutsche Asset Management). He earned his MBA in finance and economics from Loyola University, and BS in finance from Marquette University. Mr. Doyle’s experience began in 1985 and he joined Brandes Investment Partners in 2000.

    • David Gilson Photo

      David J. Gilson, CFA

      • Senior Fixed Income Analyst
      Years with Brandes: 22 Years of Industry Experience: 36

      David J. Gilson is an Associate Portfolio Manager and Analyst for the Brandes Fixed Income Group. His responsibilities include corporate bond research, strategy development, portfolio management and trading. Mr. Gilson is a member of the Fixed Income Investment Committee. Prior to joining Brandes, he was President of VALUE Restoration (consulting to corporations in turnaround situations). Mr. Gilson earned his BBA from Baylor University. His experience began in 1988, and he joined Brandes Investment Partners in 2002.

    • Charles Gramling Photo

      Charles S. Gramling, CFA

      • Director, Fixed Income
      Years with Brandes: 25 Years of Industry Experience: 31

      Charles S. Gramling oversees all areas of the Brandes Fixed Income Group, including strategy development, portfolio management and trading. He is a member of the Fixed Income Investment Committee. Before joining Brandes, he was a Senior Vice President and Portfolio Manager with Scudder Kemper Investments (which later became Deutsche Asset Management). Mr. Gramling earned his BS in accounting from Marquette University. His experience began in 1993 and he joined Brandes Investment Partners in 1999.

    Performance

    Average Annual Total Returns (%)

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    Data displayed as of Nov 30, 2024

    Swipe to View Month End
    Source: Brandes. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Funds may be lower or higher than the performance quoted. All performance is historical and includes reinvestment of dividends and capital gains. Performance data current to the most recent month end may be obtained by calling 800.395.3807.

    Expenses

    Expenses Class N/A
    Total Annual Fund Operating Expenses †
    Expenses that you pay each year as a percentage of the value of your investment.
    		0.00%
    Less: Fee Waiver and/or Expense Reimbursement 0.00%
    Net Expense Ratio 0.00%
    Swipe to View Expenses

    Portfolio

    Data displayed as of Sep 30, 2024

    Top 10 Corporate Holdings (%)

    Issuer % Coupon Maturity
    Prime Security Services 5.1 5.750 Apr 15, 2026
    USB Capital IX 4.2 6.583 Apr 15, 2049
    Bank of America Corp 3.6 4.450 Mar 03, 2026
    Citigroup Inc 3.2 4.400 Jun 10, 2025
    VMware LLC 3.0 3.900 May 15, 2025
    Range Resources Corp 2.9 4.875 May 15, 2025
    Travel + Leisure Co 2.8 6.625 Jul 31, 2026
    Ford Motor Credit Co LLC 2.6 3.375 Nov 13, 2025
    Charles Schwab Corp 2.4 5.375 Sep 01, 2170
    Goldman Sachs Group Inc 2.4 3.800 Nov 10, 2169
    % of Fund 32.2    
    Portfolio holdings are subject to change at any time at the discretion of the investment manager.
    Swipe to View Top 10 Holdings

    Distributions

    Type Record Date
    Date on which a shareholder must officially own shares in order to be entitled to a dividend. After the date of record, the stock is said to be ex-dividend.
    		Ex-Date
    Date on which a fund begins trading without the benefit of the dividend. Typically, a fund's price moves up by the dollar amount of the dividend as the ex-dividend date approaches, then falls by the amount of the dividend after that date.
    		Payable Date
    Date on which a declared fund dividend or a bond interest payment is scheduled to be paid.
    		Amount
    Income Dividend
    Payout to shareholders of interest, dividends, or other income received by the Fund, net of operating expenses. By law, all such income must be distributed to shareholders, who may choose to take the money in cash or reinvest it in more shares of the Fund.
    		Daily Daily Nov 29, 2024 $0.031187
    Swipe to View Monthly Distributions

    Fees/Expenses

    Annual Fund Operating Expenses Class N/A
    Net Expense Ratio 0.00%
    Annual Management 0.00%
    Other Expenses 0.00%
    Redemption Fee None
    Shareholder Servicing None
    Expenses that you pay each year as a percentage of the value of your investment.

    Resources

    Fund Report

    Brandes Separately Managed Account Reserve Trust (SMARX) Annual Report
    Brandes SMART Annual Financial Statements and Other Information
    Brandes SMART Semi-Annual Report

    Prospectus

    Brandes Funds Statement of Additional Information
    Brandes SMART Fund Prospectus
    Brandes SMART Fund Summary Prospectus

    Other Resources

    Brandes Dividend Calendar
    Brandes Mutual Funds Capital Gains Distribution Estimates
    Daily Prices
    Regulatory Literature
    The Fund invests primarily in a diversified portfolio of debt securities. These include debt obligations issued or guaranteed by the U.S. Government and foreign governments and their agencies and instrumentalities, debt securities issued by U.S. and foreign companies, collateralized mortgage obligations, and U.S. and foreign mortgage-backed and asset-backed debt securities. The Fund may invest up to 60% of its total assets in non-U.S. dollar securities, and may engage in currency hedging. Brandes Investment Partners, L.P., the investment advisor to the Fund (the “Advisor”), generally uses the principles of value investing to analyze and select debt securities for the Fund’s investment portfolio. As part of this process, the Advisor reviews such measures as the issuer’s free cash flow, debt-to-equity ratio, earnings before interest, taxes, depreciation and amortization (“EBITDA”)-to-interest ratio, debt-to-EBITDA ratio, or other measures of credit worthiness in evaluating the securities of a particular issuer.

    The Fund may invest in debt instruments of any maturity or with no maturity and it may invest in both investment-grade securities and non-investment grade securities (also known as “high-yield bonds” or “junk bonds”). (Up to 60% of the Fund’s total debt securities may be in junk bonds.) The Fund invests in debt securities that can be purchased at prices or yield premiums over U.S. Treasury securities (or other relatively risk free securities) which the Advisor believes to be attractive based on the Advisor’s assessment of each security’s intrinsic value. The Advisor will typically sell a security from the Fund’s portfolio when the Advisor’s research process identifies a significantly better investment opportunity. The Advisor may also sell certain portfolio securities from time to time in order to adjust the average maturity, duration or yield of the Fund’s portfolio or to meet requirements for redemption of Fund shares.

    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. As with most fixed income funds, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase. Generally, the longer the Fund's average portfolio maturity and the lower the average quality of its portfolio, the greater the price fluctuation. The price of any security owned by the Fund may also fall in response to events affecting the issuer of the security, such as its ability to continue to make principal and interest payments or its credit rating. Below investment grade debt securities are speculative and involve a greater risk of default and price change due to changes in the issuer's creditworthiness. The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty. The Fund may hold illiquid securities which may reduce the return of the Fund because it may be unable to sell such illiquid securities at an advantageous time or price. Illiquid securities may also be difficult to value. The Fund is actively managed, and may frequently buy and sell securities. Frequent trading increases a Fund’s portfolio turnover rate and may increase transaction costs, such as brokerage commissions and taxes, which in turn could detract from the Fund’s performance.
    Investing in foreign securities poses additional risks. The performance of foreign securities can be adversely affected by the different political, regulatory and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies may experience substantial fluctuations or steady devaluation relative to the U.S. dollar. Mortgage-related securities are subject to certain additional risks. Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, when holding mortgage-related securities in a period of rising interest rates, a Fund may exhibit additional volatility. In addition, mortgage-related securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a Fund because it will have to reinvest that money at the lower prevailing interest rates.
    † Shareholders pay any management fees, advisory fees or expenses at the wrap account level. The Fund does not pay any management fees, advisory fees or expenses to the Advisor or affiliates of the Advisor.  Shareholders pay any ordinary expenses at the wrap account level. The Fund does not pay any ordinary expenses. 

    Investors in the Fund must be clients of “wrap account” programs sponsored by broker-dealers which have agreements with the Advisor, or certain other persons or entities. Investors pay management fees and other expenses at the wrap account level. See the “Shareholder Information” section of the SMART Prospectus. The Advisor has contractually agreed to indefinitely pay or reimburse all expenses of the Fund.
    The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. This index is a total return index which reflects the price changes and interest of each bond in the index. 
    It is not possible to invest directly in an index.
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    The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings for other share classes may differ. For current performance, please view the Performance page of the web site or call 800.395.3807.