The Brandes International Equity Strategy seeks long-term capital appreciation by investing primarily in the equity securities of non-U.S. issuers whose equity market capitalizations exceed $5 billion at the time of purchase.
Jeff Germain is a Director, Investments Group and Team Leader and Senior Analyst on the Basic Materials and Utilities Research Teams. He is a member of the International Large-Cap Investment Committee and a limited partner of the firm’s parent company. Before joining Brandes, Mr. Germain was a Financial Analyst with Harcourt and the chief financial officer of Golf Destinations. He earned his BS in business administration with a concentration in finance from the University of North Carolina at Chapel Hill. Mr. Germain’s relevant experience began in 2001 when he joined Brandes Investment Partners.
Amelia Morris is a Director, Investments Group. She oversees and directs equity research activities in the consumer sector. Additionally, Ms. Morris covers the European retail and telecommunications services industries and is a member of the International Large-Cap Investment Committee. Previously, Ms. Morris was a member of the Emerging Markets Investment Committee, the firm’s Investment Oversight Committee and the Brandes Institute Advisory Board. She is a limited partner of the firm’s parent company.
Ms. Morris earned her AB in economics (Phi Beta Kappa and cum laude) from the University of California, Davis and her MBA from the University of Chicago Booth School of Business. Her relevant experience began in 1986 and she joined Brandes Investment Partners in 1998.
Shingo Omura is a Director, Investments Group and is a Senior Analyst and leader of the Health Care Research Team, with a primary emphasis on pharmaceutical companies. Additionally, he is a member of the International Large-Cap Investment Committee, the primary Product Coordinator for the Japan Equity strategy and a member of the Corporate Governance and Proxy Voting Committee. Mr. Omura is a limited partner of the firm’s parent company.
Before joining the firm, he was a sell-side Research Analyst in Japan, where he covered basic materials and utilities companies. Mr. Omura earned his BA in economics from Keio University in Tokyo, Japan and his MBA from the Haas School of Business at the University of California, Berkeley. His relevant experience began in 2001 and he joined Brandes Investment Partners in 2005.
Luiz Sauerbronn is a Director, Investments Group, a Senior Analyst on the Industrials Research Team and a member of the International Large-Cap and Small-Cap Investment Committees. Additionally, he is a member of the Corporate Governance and Proxy Voting Committee and a limited partner of the firm’s parent company.
Before joining the firm, Mr. Sauerbronn was a Summer Associate with J.P. Morgan and Manager of the Mergers and Acquisitions Advisory Team of Brazil-based Banco Brascan (part of Brookfield Asset Management). He also worked with Royal Dutch Shell. Mr. Sauerbronn earned his BS in economics from the Federal University of Rio de Janeiro and his MBA from the Haas School of Business at the University of California, Berkeley. His relevant experience began in 1995 and he joined Brandes Investment Partners in 2001.
Brent Woods is a limited partner of the firm’s parent company. He is a member of the International Large-Cap Investment Committee, a member of the Investment Oversight Committee, which monitors the processes and activities of the firm’s investment committees, and an officer of the firm’s general partner. Mr. Woods is also a member of the ESG Steering Committee, which is responsible for guiding the firm’s long-term ESG strategy and initiatives. Previously, he was the firm’s Chief Executive Officer and prior to that he was a Managing Director, Investments Group, responsible for Brandes’ securities research efforts and oversight of the product investment committees. He earned his AB (Phi Beta Kappa) from Princeton University, his master in international studies from St. John’s College at Cambridge University, England, and his JD (cum laude) from Harvard Law School. His relevant experience began in 1995 when he joined Brandes Investment Partners.
As of Sep 30, 2024 | Reporting Currency: USD
Data displayed as of Sep 30, 2024
| Characteristic | International Equity | MSCI EAFE Index |
|---|---|---|
|
Price/Book (x)
Price per share divided by book value per share.
|
1.2 | 1.9 |
|
Price/Earnings (x)
Price per share divided by earnings per share.
|
14.5 | 15.5 |
|
Price/Cash Flow (x)
Price per share divided by cash flow per share.
|
6.2 | 10.0 |
|
Dividend Yield %
Dividends per share divided by price per share.
|
3.7 | 3.0 |
|
Active Share %
A measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.
|
87.4 | -- |
| Number of Holdings | 67 | -- |
| Weighted Average Mkt. Cap ($bil) | 70.8 | 94.7 |
|
Portfolio Turnover (TTM) %
(Trailing Twelve Months)
|
28.0 | -- |
| Company | % | Country | Industry |
|---|---|---|---|
| Alibaba Group Holding Ltd | 3.8 | China | Broadline Retail |
| Takeda Pharmaceutical Co Ltd | 3.0 | Japan | Pharmaceuticals |
| Sanofi SA | 2.7 | France | Pharmaceuticals |
| Heineken Holding NV | 2.5 | Netherlands | Beverages |
| Swatch Group AG | 2.3 | Switzerland | Textiles, Apparel & Luxury Goods |
| Henkel AG & Co KGaA | 2.1 | Germany | Household Products |
| UBS Group AG | 2.1 | Switzerland | Capital Markets |
| Carrefour SA | 2.1 | France | Consumer Staples Distribution & Retail |
| SAP SE | 2.1 | Germany | Software |
| Rolls-Royce Holdings PLC | 2.1 | United Kingdom | Aerospace & Defense |
| % of Portfolio | 24.8 | ||
| Portfolio holdings are subject to change at any time at the discretion of the investment manager. | |||
| Market Classification | International Equity | MSCI EAFE Index |
|---|---|---|
| Developed Markets | 78.5 | 100.0 |
| Emerging Markets | 20.5 | - |
The Brandes International Equity Composite seeks to achieve long-term capital appreciation by investing primarily in the equity securities of non-U.S. issuers whose equity market capitalizations exceed $5 billion at the time of purchase. Generally, no more than 30% of the composite total assets, measured at the time of purchase, may be invested in securities of companies located in emerging and frontier countries throughout the world.
The MSCI EAFE Index with net dividends captures large and mid cap representation of developed market countries excluding the U.S. and Canada. The benchmark returns are not covered by the report of independent verifiers.
The MSCI EAFE Value Index with net dividends captures large and mid cap securities across developed market countries, excluding the United States and Canada, exhibiting value style characteristics, defined using 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.
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.
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.
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