Brandes - U.S. Individuals - International Equity Strategy

Investment Strategies

Put the World’s Potential in Your Portfolio

  • Expanded Opportunity Set — As the world becomes more interconnected, international companies offer a wide range of opportunities for value investors.
  • Value Has Led the Pack — Value stocks (i.e., those with low price-to-book ratios) have outperformed growth stocks (i.e., those with higher price-to-book ratios) in international equity over the long term.1
  • Attractive Prices — International markets have experienced many setbacks in the past several years, contributing to lower prices for stocks of select, high-quality companies.

Seize the Performance Potential in Value

  • Brandes is Value — Since it was founded in 1974, Brandes has been solely focused on Graham-and-Dodd value investing philosophy. 
  • Differentiated Portfolios — Built from the bottom up employing active stock selection, our portfolios reflect our willingness to think independently from the crowd.
  • Team Approach — Focused on long-term results through a team of dedicated investment professionals who engage in rigorous debates that encourage diverse perspectives.

Brandes Investment Partners—Experts in Finding Value Worldwide

  • Experienced Professionals — The strategy is managed by a team of experienced professionals who have navigated many market cycles.
  • Independent, Employee-Owned — 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.
  • Disciplined, Consistent Bottom-up Investment Process — The firm consistently applies a research-driven process centered on purchasing potentially undervalued companies with the goal of capturing future price appreciation.

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.

1 Sources: Worldscope via FactSet, The Brandes Institute, as of 6/30/2016. Using data from 1980 to 2016, the study showed that over the long term, a value premium was evident across regions. The non-U.S. sample consisted of publicly traded companies domiciled in 22 developed markets outside the United States (excluding the smallest 50% of companies). Stocks were first divided into 10 deciles based on price-to-book. Aggregate performance of each decile was tracked over the next five years. This process was then repeated each year. Within the non-U.S. segment, decile 10 value stocks outperformed decile 1 glamour stocks by an average annualized rolling five-year return of 7.49%. Past performance is not a guarantee of future results.

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.

The strategy benchmark is the MSCI EAFE Index. 

GIPS® Compliant Presentation:

Annualized Performance (Net)

THROUGH September 30, 2018 | REPORTING CURRENCY: USD
 
1 Year
3 Years
5 Years
7 Years
10 Years
15 Years
20 Years
International Equity
4.04%
9.28%
4.67%
8.18%
4.90%
7.00%
8.06%
Primary Benchmark (a)
2.74%
9.23%
4.42%
8.30%
5.38%
6.80%
5.20%
Relative Performance
1.30%
0.05%
0.25%
-0.12%
-0.48%
0.20%
2.86%

Annualized Performance (Gross)

THROUGH September 30, 2018 | REPORTING CURRENCY: USD
 
1 Year
3 Years
5 Years
7 Years
10 Years
15 Years
20 Years
International Equity
4.56%
9.85%
5.23%
8.78%
5.49%
7.59%
8.68%
Primary Benchmark (a)
2.74%
9.23%
4.42%
8.30%
5.38%
6.80%
5.20%
Relative Performance
1.82%
0.62%
0.81%
0.48%
0.11%
0.79%
3.48%

Annual Periods (Net)

THROUGH September 30, 2018 | REPORTING CURRENCY: USD
 
2017
2016
2015
2014
2013
2012
2011
International Equity
16.02%
7.65%
-1.70%
-4.59%
27.95%
10.59%
-10.63%
Primary Benchmark (a)
25.03%
1.00%
-0.81%
-4.90%
22.78%
17.32%
-12.14%
 
2010
2009
2008
2007
2006
2005
2004
International Equity
5.00%
22.14%
-37.53%
8.01%
28.35%
10.96%
25.08%
Primary Benchmark (a)
7.75%
31.78%
-43.38%
11.17%
26.34%
13.54%
20.25%
 
2003
2002
2001
2000
1999
1998
International Equity
50.26%
-16.67%
-14.14%
2.92%
53.67%
15.03%
Primary Benchmark (a)
38.59%
-15.94%
-21.44%
-14.17%
26.96%
20.00%

Quarterly Performance (Net And Gross)

THROUGH September 30, 2018 | REPORTING CURRENCY: USD
Year
 
1Q
2Q
3Q
4Q
YTD
2018
NET
GROSS
Primary Benchmark (a)
-00 2.16%
-00 2.29%
00 -1.53%
00 -1.25%
00 -1.13%
00 -1.24%
-00 0.70%
-00 0.83%
-00 1.35%
-0000000
-0000000
-0000000
-00 1.59%
-00 1.97%
00 -1.43%
2017
NET
GROSS
Primary Benchmark (a)
-00 5.05%
-00 5.18%
-00 7.25%
-00 3.04%
-00 3.17%
-00 6.12%
-00 4.65%
-00 4.78%
-00 5.40%
-00 2.42%
-00 2.55%
-00 4.23%
-0 16.02%
-0 16.60%
-0 25.03%
2016
NET
GROSS
Primary Benchmark (a)
-00 0.80%
-00 0.93%
00 -3.01%
00 -2.95%
00 -2.82%
00 -1.46%
-00 7.40%
-00 7.53%
-00 6.43%
-00 2.46%
-00 2.59%
00 -0.71%
-00 7.65%
-00 8.20%
-00 1.00%
2015
NET
GROSS
Primary Benchmark (a)
-00 6.03%
-00 6.17%
-00 4.88%
-00 2.67%
-00 2.81%
-00 0.62%
0 -12.23%
0 -12.11%
0 -10.23%
-00 2.87%
-00 3.03%
-00 4.71%
00 -1.70%
00 -1.17%
00 -0.81%
2014
NET
GROSS
Primary Benchmark (a)
-00 2.54%
-00 2.70%
-00 0.66%
-00 4.36%
-00 4.51%
-00 4.09%
00 -6.11%
00 -5.97%
00 -5.88%
00 -5.05%
00 -4.91%
00 -3.57%
00 -4.59%
00 -4.03%
00 -4.90%
2013
NET
GROSS
Primary Benchmark (a)
-00 4.93%
-00 5.08%
-00 5.13%
-00 2.21%
-00 2.36%
00 -0.98%
-0 12.98%
-0 13.15%
-0 11.56%
-00 5.59%
-00 5.74%
-00 5.71%
-0 27.95%
-0 28.70%
-0 22.78%
2012
NET
GROSS
Primary Benchmark (a)
-0 10.16%
-0 10.32%
-0 10.86%
00 -8.43%
00 -8.29%
00 -7.13%
-00 4.86%
-00 5.01%
-00 6.92%
-00 4.55%
-00 4.70%
-00 6.57%
-0 10.59%
-0 11.25%
-0 17.32%
2011
NET
GROSS
Primary Benchmark (a)
-00 3.44%
-00 3.58%
-00 3.36%
-00 0.97%
-00 1.12%
-00 1.56%
0 -16.92%
0 -16.79%
0 -19.01%
-00 2.99%
-00 3.14%
-00 3.33%
0 -10.63%
0 -10.10%
0 -12.14%
2010
NET
GROSS
Primary Benchmark (a)
-00 1.16%
-00 1.31%
-00 0.87%
0 -12.24%
0 -12.11%
0 -13.97%
-0 13.21%
-0 13.37%
-0 16.48%
-00 4.47%
-00 4.62%
-00 6.61%
-00 5.00%
-00 5.62%
-00 7.75%
2009
NET
GROSS
Primary Benchmark (a)
0 -15.63%
0 -15.50%
0 -13.94%
-0 24.14%
-0 24.32%
-0 25.43%
-0 16.74%
-0 16.91%
-0 19.47%
00 -0.11%
-00 0.03%
-00 2.18%
-0 22.14%
-0 22.86%
-0 31.78%
2008
NET
GROSS
Primary Benchmark (a)
0 -12.47%
0 -12.34%
00 -8.91%
00 -1.09%
00 -0.94%
00 -2.25%
0 -13.68%
0 -13.55%
0 -20.56%
0 -16.41%
0 -16.28%
0 -19.95%
0 -37.53%
0 -37.15%
0 -43.38%
2007
NET
GROSS
Primary Benchmark (a)
-00 4.74%
-00 4.90%
-00 4.08%
-00 4.84%
-00 4.99%
-00 6.40%
00 -0.40%
00 -0.26%
-00 2.18%
00 -1.25%
00 -1.11%
00 -1.75%
-00 8.01%
-00 8.64%
-0 11.17%
2006
NET
GROSS
Primary Benchmark (a)
-00 9.83%
-00 9.95%
-00 9.40%
-00 0.72%
-00 0.86%
-00 0.70%
-00 5.38%
-00 5.52%
-00 3.93%
-0 10.11%
-0 10.26%
-0 10.35%
-0 28.35%
-0 29.01%
-0 26.34%
2005
NET
GROSS
Primary Benchmark (a)
00 -1.40%
00 -1.29%
00 -0.17%
00 -1.85%
00 -1.74%
00 -1.01%
-0 10.44%
-0 10.53%
-0 10.38%
-00 3.83%
-00 4.05%
-00 4.08%
-0 10.96%
-0 11.55%
-0 13.54%
2004
NET
GROSS
Primary Benchmark (a)
-00 7.46%
-00 7.62%
-00 4.34%
-00 1.13%
-00 1.27%
-00 0.22%
00 -0.97%
00 -0.84%
00 -0.28%
-0 16.23%
-0 16.40%
-0 15.32%
-0 25.08%
-0 25.80%
-0 20.25%
2003
NET
GROSS
Primary Benchmark (a)
0 -11.15%
0 -11.00%
00 -8.21%
-0 26.80%
-0 26.96%
-0 19.27%
-0 12.17%
-0 12.33%
-00 8.13%
-0 18.91%
-0 19.02%
-0 17.08%
-0 50.26%
-0 51.07%
-0 38.59%
2002
NET
GROSS
Primary Benchmark (a)
-00 3.84%
-00 3.97%
-00 0.51%
00 -4.80%
00 -4.63%
00 -2.12%
0 -21.65%
0 -21.51%
0 -19.73%
-00 7.59%
-00 7.72%
-00 6.45%
0 -16.67%
0 -16.17%
0 -15.94%
2001
NET
GROSS
Primary Benchmark (a)
00 -9.83%
00 -9.66%
0 -13.71%
-00 1.72%
-00 1.87%
00 -1.04%
0 -14.80%
0 -14.65%
0 -14.00%
-00 9.87%
-0 10.02%
-00 6.97%
0 -14.14%
0 -13.59%
0 -21.44%
2000
NET
GROSS
Primary Benchmark (a)
00 -4.32%
00 -4.14%
00 -0.11%
-00 6.92%
-00 7.06%
00 -3.96%
00 -3.78%
00 -3.61%
00 -8.07%
-00 4.55%
-00 4.73%
00 -2.68%
-00 2.92%
-00 3.61%
0 -14.17%
1999
NET
GROSS
Primary Benchmark (a)
-00 8.66%
-00 8.85%
-00 1.39%
-0 12.16%
-0 12.36%
-00 2.54%
-00 1.46%
-00 1.65%
-00 4.39%
-0 24.27%
-0 24.33%
-0 16.99%
-0 53.67%
-0 54.58%
-0 26.96%
1998
NET
GROSS
Primary Benchmark (a)
-0 17.37%
-0 17.58%
-0 14.71%
00 -3.82%
00 -3.62%
-00 1.06%
0 -14.76%
0 -14.60%
0 -14.21%
-0 19.54%
-0 19.77%
-0 20.66%
-0 15.03%
-0 15.90%
-0 20.00%

Composite Characteristics

THROUGH September 30, 2018 | REPORTING CURRENCY: USD
Year
#Accts
Assets
(mil)
Dispersion
% of non-fee
paying assets
Total Firm
Assets (mil)
2018
-000, 385
-00 5,994
-000,
-000,
-0 22,449
2017
-000, 386
-00 6,331
-00 0.52
-0 <1
-0 25,578
2016
-000, 406
-00 5,599
-00 0.75
-0 <1
-0 22,971
2015
-000, 461
-00 5,121
-00 0.46
-0 <1
-0 20,666
2014
-000, 543
-00 5,458
-00 0.56
-0 <1
-0 20,722
2013
-000, 599
-00 6,654
-00 0.73
-0 <1
-0 21,464
2012
-000, 746
-00 7,695
-00 0.64
-0 <1
-0 22,171
2011
-00 1,043
-00 9,649
-00 0.92
-0 <1
-0 26,658
2010
-00 1,272
-0 14,820
-00 0.97
-0 <1
-0 38,659
2009
-00 1,604
-0 16,785
-00 1.91
-0 <1
-0 42,152
2008
-00 1,765
-0 15,038
-00 1.24
-0 <1
-0 40,591
2007
-00 2,020
-0 29,222
-00 1.03
-0 <1
-0 83,242
2006
-00 2,172
-0 30,154
-00 1.06
-0 <1
-0 85,974
2005
-00 2,233
-0 26,404
-00 0.87
-0 <1
- 101,874
2004
-00 2,392
-0 26,113
-00 1.38
-0 <1
-0 98,078
2003
-00 2,757
-0 21,934
-00 2.13
-0 <1
-0 75,789
2002
-00 3,166
-0 15,826
-00 1.73
-0 <1
-0 51,808
2001
-00 3,970
-0 16,715
-00 1.30
-0 <1
-0 61,996
2000
-00 4,660
-0 16,884
-00 2.03
-0 <1
-0 50,852
1999
-00 5,161
-0 14,103
-00 3.12
-0 <1
-0 41,538
1998
-00 5,617
-00 7,774
-00 4.13
-0 <1
-0 25,125
THROUGH September 30, 2018 | 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.
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 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.
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 MSCI EAFE Index with net dividends captures large and mid cap representation of developed market countries excluding the U.S. and Canada. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. 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.

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