Investment Strategies

Participate in the Excitement and Economic Optimism

Pioneer — Brandes has been navigating global markets for over 40 years and managing a standalone Asia Pacific (ex-Japan) Strategy for nearly 20 years.
Value — The strategy consistently applies a disciplined investment process focused on uncovering Asia Pacific companies with potentially attractive value attributes.
Flexibility — The strategy is an all-capitalization mandate with the ability and willingness to be different than the benchmark.

Partner with a Pioneer in Global Value Investing

Experienced Professionals — The Investment Committee is composed of experienced professionals who have managed extreme 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.

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. There is no limitation on the market capitalization of the issuers in which the strategy may invest.

The strategy benchmark is the MSCI AC Asia ex Japan Index.

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.

*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.

GIPS® Compliant Presentation:

Brandes Asia Pacific (ex-Japan) Equity Annual Performance – June 2018

Annualized Performance (Net)

THROUGH June 30, 2019 | REPORTING CURRENCY: USD

1 Year

3 Years

5 Years

7 Years

10 Years

15 Years

20 Years

Asia Pacific (ex-Japan) Equity

0.95%

8.46%

3.70%

9.14%

12.63%

10.50%

11.84%

Primary Benchmark (a)

0.81%

11.34%

4.22%

6.77%

8.02%

9.16%

7.00%

Relative Performance

0.14%

-2.88%

-0.52%

2.37%

4.61%

1.34%

4.84%

Annualized Performance (Gross)

THROUGH June 30, 2019 | REPORTING CURRENCY: USD

1 Year

3 Years

5 Years

7 Years

10 Years

15 Years

20 Years

Asia Pacific (ex-Japan) Equity

1.91%

9.49%

4.70%

10.23%

13.79%

11.70%

13.06%

Primary Benchmark (a)

0.81%

11.34%

4.22%

6.77%

8.02%

9.16%

7.00%

Relative Performance

1.10%

-1.85%

0.48%

3.46%

5.77%

2.54%

6.06%

Annual Periods (Net)

THROUGH June 30, 2019 | REPORTING CURRENCY: USD

2018

2017

2016

2015

2014

2013

2012

Asia Pacific (ex-Japan) Equity

-8.69%

26.77%

11.02%

-9.82%

8.45%

17.68%

24.22%

Primary Benchmark (a)

-13.92%

36.99%

6.75%

-9.37%

2.82%

3.41%

22.31%

2011

2010

2009

2008

2007

2006

2005

Asia Pacific (ex-Japan) Equity

-14.80%

30.84%

121.65%

-56.89%

13.20%

35.64%

14.67%

Primary Benchmark (a)

-15.60%

18.13%

73.22%

-51.93%

36.46%

32.39%

20.15%

2004

2003

2002

2001

2000

1999

Asia Pacific (ex-Japan) Equity

24.81%

63.78%

5.44%

-1.01%

8.32%

55.84%

Primary Benchmark (a)

22.20%

47.67%

-5.57%

-2.79%

-29.97%

49.83%

Quarterly Performance (Net And Gross)

THROUGH June 30, 2019 | REPORTING CURRENCY: USD

Year

YTD

2019

NET
GROSS
Primary Benchmark (a)

-00 8.72%
-00 8.97%
-0 11.46%

00 -1.41%
00 -1.18%
-00 0.71%

-0000000
-0000000
-0000000

-00 7.18%
-00 7.69%
-0 12.25%

2018

NET
GROSS
Primary Benchmark (a)

00 -0.32%
00 -0.09%
00 -0.59%

00 -2.74%
00 -2.51%
00 -3.60%

-00 1.06%
-00 1.30%
00 -1.44%

00 -6.80%
00 -6.58%
00 -8.88%

00 -8.69%
00 -7.82%
0 -13.92%

2017

NET
GROSS
Primary Benchmark (a)

-0 12.40%
-0 12.67%
-0 12.82%

-00 4.08%
-00 4.33%
-00 6.21%

-00 1.31%
-00 1.55%
-00 5.93%

-00 6.95%
-00 7.21%
-00 7.93%

-0 26.77%
-0 27.98%
-0 36.99%

2016

NET
GROSS
Primary Benchmark (a)

-00 4.60%
-00 4.85%
-00 1.90%

-00 3.21%
-00 3.46%
-00 0.46%

-00 5.87%
-00 6.12%
-00 9.69%

00 -2.87%
00 -2.64%
00 -4.92%

-0 11.02%
-0 12.08%
-00 6.75%

2015

NET
GROSS
Primary Benchmark (a)

00 -1.47%
00 -1.24%
-00 4.44%

-00 1.46%
-00 1.70%
00 -1.02%

0 -12.95%
0 -12.74%
0 -16.63%

-00 3.63%
-00 3.87%
-00 5.16%

00 -9.82%
00 -8.96%
00 -9.37%

2014

NET
GROSS
Primary Benchmark (a)

00 -0.15%
-00 0.11%
-00 0.99%

-0 12.48%
-0 12.77%
-00 6.04%

-00 1.88%
-00 2.15%
00 -3.26%

00 -5.21%
00 -4.96%
00 -0.75%

-00 8.45%
-00 9.59%
-00 2.82%

2013

NET
GROSS
Primary Benchmark (a)

-00 4.50%
-00 4.77%
-00 1.97%

00 -5.52%
00 -5.25%
00 -7.61%

-0 10.48%
-0 10.77%
-00 7.32%

-00 7.89%
-00 8.17%
-00 2.28%

-0 17.68%
-0 18.95%
-00 3.41%

2012

NET
GROSS
Primary Benchmark (a)

-0 15.00%
-0 15.30%
-0 12.49%

00 -7.18%
00 -6.94%
00 -6.39%

-00 8.30%
-00 8.58%
-00 9.60%

-00 7.45%
-00 7.80%
-00 5.98%

-0 24.22%
-0 25.60%
-0 22.31%

2011

NET
GROSS
Primary Benchmark (a)

00 -1.08%
00 -0.81%
-00 2.03%

-00 1.71%
-00 1.99%
00 -0.11%

0 -16.80%
0 -16.57%
0 -20.64%

-00 1.79%
-00 2.07%
-00 4.35%

0 -14.80%
0 -13.85%
0 -15.60%

2010

NET
GROSS
Primary Benchmark (a)

-00 7.82%
-00 8.12%
-00 2.05%

00 -5.44%
00 -5.18%
00 -8.91%

-0 16.57%
-0 16.89%
-0 18.20%

-0 10.09%
-0 10.40%
-00 7.50%

-0 30.84%
-0 32.30%
-0 18.13%

2009

NET
GROSS
Primary Benchmark (a)

-00 3.43%
-00 3.73%
00 -0.04%

-0 43.21%
-0 43.62%
-0 33.07%

-0 34.22%
-0 34.61%
-0 22.76%

-0 11.49%
-0 11.80%
-00 6.09%

- 121.65%
- 124.20%
-0 73.22%

2008

NET
GROSS
Primary Benchmark (a)

00 -5.94%
00 -5.68%
0 -13.72%

0 -13.29%
0 -13.05%
00 -4.73%

0 -26.95%
0 -26.75%
0 -24.03%

0 -27.63%
0 -27.42%
0 -23.02%

0 -56.89%
0 -56.40%
0 -51.93%

2007

NET
GROSS
Primary Benchmark (a)

-00 6.28%
-00 6.58%
-00 3.44%

-0 15.64%
-0 15.96%
-0 14.19%

00 -0.74%
00 -0.47%
-0 16.22%

00 -7.21%
00 -6.96%
00 -0.59%

-0 13.20%
-0 14.45%
-0 36.46%

2006

NET
GROSS
Primary Benchmark (a)

-00 7.68%
-00 8.02%
-00 8.03%

00 -1.82%
00 -1.52%
00 -0.02%

-00 9.05%
-00 9.39%
-00 5.77%

-0 17.65%
-0 18.02%
-0 15.89%

-0 35.64%
-0 37.33%
-0 32.39%

2005

NET
GROSS
Primary Benchmark (a)

-00 2.52%
-00 2.84%
-00 1.48%

-00 1.96%
-00 2.28%
-00 4.05%

-00 2.95%
-00 3.27%
-00 9.43%

-00 6.55%
-00 6.88%
-00 3.98%

-0 14.67%
-0 16.11%
-0 20.15%

2004

NET
GROSS
Primary Benchmark (a)

-00 6.37%
-00 6.71%
-00 7.04%

00 -3.10%
00 -2.80%
00 -7.96%

-00 6.08%
-00 6.41%
-00 7.44%

-0 14.14%
-0 14.50%
-0 15.45%

-0 24.81%
-0 26.37%
-0 22.20%

2003

NET
GROSS
Primary Benchmark (a)

00 -3.55%
00 -3.25%
00 -3.41%

-0 24.70%
-0 25.08%
-0 17.83%

-0 17.65%
-0 18.02%
-0 12.87%

-0 15.75%
-0 16.11%
-0 14.96%

-0 63.78%
-0 65.83%
-0 47.67%

2002

NET
GROSS
Primary Benchmark (a)

-0 15.14%
-0 15.50%
-00 9.46%

-00 1.21%
-00 1.52%
00 -4.37%

0 -11.20%
0 -10.92%
0 -13.93%

-00 1.88%
-00 2.23%
-00 4.81%

-00 5.44%
-00 6.78%
00 -5.57%

2001

NET
GROSS
Primary Benchmark (a)

00 -2.84%
00 -2.60%
00 -6.21%

-00 8.25%
-00 8.52%
-00 1.86%

0 -21.40%
0 -21.21%
0 -19.19%

-0 19.75%
-0 20.04%
-0 25.93%

00 -1.01%
00 -0.02%
00 -2.79%

2000

NET
GROSS
Primary Benchmark (a)

-0 18.26%
-0 18.51%
00 -1.92%

00 -0.35%
00 -0.10%
00 -8.33%

00 -8.72%
00 -8.47%
0 -14.40%

-00 0.70%
-00 0.95%
00 -9.01%

-00 8.32%
-00 9.39%
0 -29.97%

1999

NET
GROSS
Primary Benchmark (a)

-00 3.45%
-00 3.70%
-00 7.95%

-0 37.21%
-0 37.46%
-0 24.92%

00 -5.76%
00 -5.51%
00 -6.39%

-0 16.50%
-0 16.74%
-0 18.70%

-0 55.84%
-0 57.24%
-0 49.83%

Composite Characteristics

THROUGH June 30, 2019 | REPORTING CURRENCY: USD

Year

#Accts

Assets
(mil)

Dispersion

% of non-fee
paying assets

Total Firm
Assets (mil)

2019

-000,00 1

-000,0 27

-000,

-0 23,157

2018

-000,00 1

-000,0 25

-00, N/A

-00 0

-0 22,106

2017

-000,00 1

-000,0 27

-00, N/A

-00 0

-0 25,578

2016

-000,00 1

-000,0 21

-00, N/A

-00 0

-0 22,971

2015

-000,00 1

-000,0 19

-00, N/A

-00 0

-0 20,666

2014

-000,00 1

-000,0 21

-00, N/A

-0 88

-0 20,722

2013

-000,00 1

-000,0 24

-00, N/A

-0 68

-0 21,464

2012

-000,00 1

-000,0 16

-00, N/A

-0 88

-0 22,171

2011

-000,00 1

-000,0 13

-00, N/A

-0 88

-0 26,658

2010

-000,00 1

-000,0 15

-00, N/A

-0 88

-0 38,659

2009

-000,00 1

-000,0 12

-00, N/A

-0 88

-0 42,152

2008

-000,00 1

-000,00 5

-00, N/A

-0 88

-0 40,591

2007

-000,00 1

-000,0 16

-00, N/A

-0 63

-0 83,242

2006

-000,00 1

-000,0 13

-00, N/A

-0 67

-0 85,974

2005

-000,00 1

-000,00 8

-00, N/A

-0 79

- 101,874

2004

-000,00 1

-000,00 5

-00, N/A

- 100

-0 98,078

2003

-000,00 1

-000,00 4

-00, N/A

- 100

-0 75,789

2002

-000,00 1

-000,00 2

-00, N/A

- 100

-0 51,808

2001

-000,00 1

-000,00 2

-00, N/A

- 100

-0 61,996

2000

-000,00 1

-000,00 2

-00, N/A

- 100

-0 50,852

1999

-000,00 1

-000,00 2

-00, N/A

- 100

-0 41,538

THROUGH June 30, 2019 | 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 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.

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 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. 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.

Documents

Asia Pacific (ex Japan) Equity Fact Sheet – June 2019
Brandes Asia Pacific (ex-Japan) Equity Annual Performance – June 2018

Participate in the Excitement and Economic Optimism

Partner with a Pioneer in Global Value Investing

Annualized Performance (Net)

Annualized Performance (Gross)

Annual Periods (Net)

Quarterly Performance (Net And Gross)

Composite Characteristics

Documents

Our Strategies