U.S. Value Equity Strategy

Investment Strategies

Why U.S. Equities

  • Still the Biggest — The United States offers the greatest number of investment opportunities of any single country.
  • Attractive Valuation Potential — There continue to be many opportunities to invest in potentially undervalued U.S. companies of all sizes and industries.
  • Pockets of Profitability —  Investors can seize the opportunity offered by select U.S. companies that show promise for long-term competitiveness and profitability.
  • Global Leaders — Many U.S. multinational companies are global leaders in specific industries, and participate in economic activity abroad, such as in emerging markets.

Brandes U.S. Value Equity: Pursuing Opportunities at Attractive Prices

  • Diversification — Brandes’ value process identifies opportunities across the full spectrum of sectors and industries.
  • Different than the Index — With our flexibility to invest wherever we see value potential among U.S. companies, our portfolio composition tends to look different than the benchmark’s. 
  • Company-Focused Approach — Brandes’ extensive evaluation of company fundamentals helps identify U.S. businesses that may be trading below our estimates of their true worth.

Partner with a Pioneer in Value Investing

  • Experience — The Investment Team is composed of experienced professionals who have managed extreme market cycles.
  • Trailblazer in Global Equity Markets — Brandes Investment Partners has a long history of exploring markets worldwide in search of fundamentally solid companies selling at deep discounts to estimates of their true worth.
  • Disciplined and Easy to Understand Investment Process — The firm consistently applies a research-driven process centered on purchasing potentially undervalued companies with the goal of capturing future price appreciation.
  • Flexible Approach — The strategy is unconstrained by any market index and can invest anywhere value opportunities are most compelling, including those in emerging markets.
  • 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.

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.

This material is intended for informational purposes only. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. Portfolio holdings and allocations are subject to change at any time. Strategies discussed herein are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. Market conditions may impact performance.

The Brandes U.S. Value Equity Strategy seeks long-term capital appreciation by investing primarily in the equity securities of U.S. issuers with equity market capitalizations that exceed $1 billion at the time of purchase.

The strategy primary benchmark is the S&P 500 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
U.S. Value Equity
10.06%
14.38%
10.88%
16.43%
10.42%
5.99%
6.55%
Primary Benchmark (a)
17.91%
17.31%
13.95%
16.91%
11.97%
9.65%
7.42%
Relative Performance
-7.85%
-2.93%
-3.07%
-0.48%
-1.55%
-3.66%
-0.87%

Annualized Performance (Gross)

THROUGH September 30, 2018 | REPORTING CURRENCY: USD
 
1 Year
3 Years
5 Years
7 Years
10 Years
15 Years
20 Years
U.S. Value Equity
10.73%
15.06%
11.56%
17.17%
11.17%
6.76%
7.36%
Primary Benchmark (a)
17.91%
17.31%
13.95%
16.91%
11.97%
9.65%
7.42%
Relative Performance
-7.18%
-2.25%
-2.39%
0.26%
-0.80%
-2.89%
-0.06%

Annual Periods (Net)

THROUGH September 30, 2018 | REPORTING CURRENCY: USD
 
2017
2016
2015
2014
2013
2012
2011
U.S. Value Equity
14.92%
18.63%
-4.36%
13.45%
37.60%
18.54%
-1.04%
Primary Benchmark (a)
21.83%
11.96%
1.38%
13.69%
32.39%
16.00%
2.11%
 
2010
2009
2008
2007
2006
2005
2004
U.S. Value Equity
15.95%
35.00%
-55.44%
-15.26%
26.67%
-4.59%
13.61%
Primary Benchmark (a)
15.06%
26.46%
-37.00%
5.49%
15.79%
4.91%
10.88%
 
2003
2002
2001
2000
1999
1998
U.S. Value Equity
42.78%
-22.08%
16.06%
34.04%
-12.45%
1.69%
Primary Benchmark (a)
28.68%
-22.10%
-11.89%
-9.10%
21.04%
28.58%

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 -1.87%
00 -1.73%
00 -0.76%
-00 1.55%
-00 1.70%
-00 3.43%
-00 5.77%
-00 5.92%
-00 7.71%
-0000000
-0000000
-0000000
-00 5.40%
-00 5.86%
-0 10.56%
2017
NET
GROSS
Primary Benchmark (a)
-00 3.81%
-00 3.96%
-00 6.07%
-00 3.90%
-00 4.05%
-00 3.09%
-00 2.04%
-00 2.18%
-00 4.48%
-00 4.42%
-00 4.60%
-00 6.64%
-0 14.92%
-0 15.60%
-0 21.83%
2016
NET
GROSS
Primary Benchmark (a)
-00 0.61%
-00 0.75%
-00 1.35%
-00 2.25%
-00 2.40%
-00 2.46%
-00 5.92%
-00 6.07%
-00 3.85%
-00 8.87%
-00 9.06%
-00 3.82%
-0 18.63%
-0 19.35%
-0 11.96%
2015
NET
GROSS
Primary Benchmark (a)
00 -1.54%
00 -1.41%
-00 0.95%
00 -0.10%
-00 0.03%
-00 0.28%
00 -6.62%
00 -6.49%
00 -6.44%
-00 4.13%
-00 4.30%
-00 7.04%
00 -4.36%
00 -3.82%
-00 1.38%
2014
NET
GROSS
Primary Benchmark (a)
-00 3.77%
-00 3.94%
-00 1.81%
-00 4.04%
-00 4.22%
-00 5.23%
00 -0.15%
-00 0.01%
-00 1.13%
-00 5.25%
-00 5.41%
-00 4.93%
-0 13.45%
-0 14.19%
-0 13.69%
2013
NET
GROSS
Primary Benchmark (a)
-0 15.74%
-0 15.95%
-0 10.61%
-00 4.71%
-00 4.89%
-00 2.91%
-00 5.61%
-00 5.79%
-00 5.24%
-00 7.51%
-00 7.70%
-0 10.51%
-0 37.60%
-0 38.56%
-0 32.39%
2012
NET
GROSS
Primary Benchmark (a)
-0 12.80%
-0 13.00%
-0 12.59%
00 -3.94%
00 -3.76%
00 -2.75%
-00 5.79%
-00 5.98%
-00 6.35%
-00 3.41%
-00 3.59%
00 -0.38%
-0 18.54%
-0 19.40%
-0 16.00%
2011
NET
GROSS
Primary Benchmark (a)
-00 6.97%
-00 7.17%
-00 5.92%
00 -2.40%
00 -2.22%
-00 0.10%
0 -16.88%
0 -16.72%
0 -13.87%
-0 14.03%
-0 14.25%
-0 11.82%
00 -1.04%
00 -0.29%
-00 2.11%
2010
NET
GROSS
Primary Benchmark (a)
-00 7.12%
-00 7.32%
-00 5.39%
0 -12.55%
0 -12.38%
0 -11.43%
-0 11.50%
-0 11.71%
-0 11.29%
-0 11.01%
-0 11.22%
-0 10.76%
-0 15.95%
-0 16.84%
-0 15.06%
2009
NET
GROSS
Primary Benchmark (a)
0 -14.69%
0 -14.51%
0 -11.01%
-0 21.68%
-0 21.91%
-0 15.93%
-0 25.63%
-0 25.87%
-0 15.61%
-00 3.52%
-00 3.72%
-00 6.04%
-0 35.00%
-0 36.07%
-0 26.46%
2008
NET
GROSS
Primary Benchmark (a)
0 -12.53%
0 -12.35%
00 -9.44%
0 -14.00%
0 -13.82%
00 -2.73%
0 -13.39%
0 -13.21%
00 -8.37%
0 -31.61%
0 -31.46%
0 -21.94%
0 -55.44%
0 -55.07%
0 -37.00%
2007
NET
GROSS
Primary Benchmark (a)
00 -0.16%
-00 0.04%
-00 0.64%
-00 8.70%
-00 8.91%
-00 6.28%
00 -9.52%
00 -9.33%
-00 2.03%
0 -13.70%
0 -13.53%
00 -3.33%
0 -15.26%
0 -14.57%
-00 5.49%
2006
NET
GROSS
Primary Benchmark (a)
-00 7.65%
-00 7.90%
-00 4.21%
-00 0.49%
-00 0.68%
00 -1.44%
-00 8.41%
-00 8.67%
-00 5.67%
-00 8.01%
-00 8.30%
-00 6.70%
-0 26.67%
-0 27.85%
-0 15.79%
2005
NET
GROSS
Primary Benchmark (a)
00 -8.13%
00 -7.91%
00 -2.15%
-00 4.07%
-00 4.25%
-00 1.37%
-00 3.62%
-00 3.80%
-00 3.60%
00 -3.69%
00 -3.47%
-00 2.09%
00 -4.59%
00 -3.80%
-00 4.91%
2004
NET
GROSS
Primary Benchmark (a)
-00 1.56%
-00 1.71%
-00 1.69%
-00 3.53%
-00 3.71%
-00 1.72%
00 -3.93%
00 -3.77%
00 -1.87%
-0 12.47%
-0 12.82%
-00 9.23%
-0 13.61%
-0 14.53%
-0 10.88%
2003
NET
GROSS
Primary Benchmark (a)
0 -10.40%
0 -10.28%
00 -3.15%
-0 29.49%
-0 29.64%
-0 15.39%
-00 5.08%
-00 5.27%
-00 2.65%
-0 17.11%
-0 17.33%
-0 12.18%
-0 42.78%
-0 43.66%
-0 28.68%
2002
NET
GROSS
Primary Benchmark (a)
-00 5.15%
-00 5.29%
-00 0.27%
0 -10.31%
0 -10.19%
0 -13.40%
0 -28.26%
0 -28.15%
0 -17.28%
-0 15.16%
-0 15.28%
-00 8.44%
0 -22.08%
0 -21.68%
0 -22.10%
2001
NET
GROSS
Primary Benchmark (a)
-00 0.48%
-00 0.67%
0 -11.86%
-00 7.78%
-00 7.93%
-00 5.85%
00 -3.49%
00 -3.35%
0 -14.68%
-0 11.03%
-0 11.24%
-0 10.69%
-0 16.06%
-0 16.81%
0 -11.89%
2000
NET
GROSS
Primary Benchmark (a)
00 -8.70%
00 -8.46%
-00 2.29%
-00 7.42%
-00 7.80%
00 -2.66%
-0 16.96%
-0 17.01%
00 -0.97%
-0 16.86%
-0 17.14%
00 -7.82%
-0 34.04%
-0 35.25%
00 -9.10%
1999
NET
GROSS
Primary Benchmark (a)
00 -3.52%
00 -3.34%
-00 4.98%
-0 18.61%
-0 18.92%
-00 7.05%
0 -15.43%
0 -15.20%
00 -6.24%
00 -9.53%
00 -9.05%
-0 14.88%
0 -12.45%
0 -11.34%
-0 21.04%
1998
NET
GROSS
Primary Benchmark (a)
-00 6.65%
-00 6.89%
-0 13.95%
00 -2.53%
00 -2.29%
-00 3.30%
0 -14.95%
0 -14.86%
00 -9.95%
-0 15.02%
-0 15.47%
-0 21.30%
-00 1.69%
-00 2.67%
-0 28.58%

Composite Characteristics

THROUGH September 30, 2018 | REPORTING CURRENCY: USD
Year
#Accts
Assets
(mil)
Dispersion
% of non-fee
paying assets
Total Firm
Assets (mil)
2018
-000,0 54
-000, 228
-000,
-000,
-0 22,449
2017
-000,0 55
-000, 238
-00 0.41
-0 14
-0 25,578
2016
-000,0 69
-000, 260
-00 0.79
-0 11
-0 22,971
2015
-000,0 64
-000, 259
-00 0.34
-0 10
-0 20,666
2014
-000,0 76
-000, 352
-00 0.47
-00 8
-0 20,722
2013
-000,0 75
-000, 199
-00 0.99
-0 13
-0 21,464
2012
-000,0 67
-000, 115
-00 0.46
-0 18
-0 22,171
2011
-000, 126
-000, 107
-00 0.54
-0 21
-0 26,658
2010
-000, 201
-000, 129
-00 0.78
-0 14
-0 38,659
2009
-000, 284
-000, 134
-00 1.49
-0 12
-0 42,152
2008
-000, 378
-000, 119
-00 1.23
-0 10
-0 40,591
2007
-000, 442
-000, 239
-00 0.89
-0 10
-0 83,242
2006
-000, 506
-000, 320
-00 1.01
-00 7
-0 85,974
2005
-000, 557
-000, 248
-00 0.89
-00 6
- 101,874
2004
-000, 796
-000, 381
-00 1.08
-00 4
-0 98,078
2003
-000, 527
-000, 426
-00 1.94
-00 3
-0 75,789
2002
-000, 456
-000, 844
-00 0.65
-00 1
-0 51,808
2001
-000, 176
-000, 770
-00 1.00
-00 1
-0 61,996
2000
-000,0 74
-000, 385
-00 1.81
-0 92
-0 50,852
1999
-000,0 26
-000,0 10
-00 1.27
-0 10
-0 41,538
1998
-000,0 34
-000,0 24
-00 0.76
-00 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 U.S. Value Equity Composite seeks to provide long-term capital appreciation by investing primarily in the equity securities of U.S. issuers with equity market capitalizations that exceed $1 billion at the time of purchase.
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 S&P 500 Index with gross dividends measures equity performance of 500 of the top companies in leading industries of the U.S. economy. 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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