Investment Strategies

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.