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Name

As of 12/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BRANDES INTERNATIONAL SMALL CAP EQUITY FUND

BISAX | Fund

$18.69

$449 M

1.01%

$0.19

1.37%

Vitals

YTD Return

24.5%

1 yr return

23.1%

3 Yr Avg Return

16.4%

5 Yr Avg Return

14.1%

Net Assets

$449 M

Holdings in Top 10

28.4%

52 WEEK LOW AND HIGH

$18.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.37%

SALES FEES

Front Load 5.75%

Deferred Load N/A

TRADING FEES

Turnover 26.16%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$2,500

IRA

$1,000

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BRANDES INTERNATIONAL SMALL CAP EQUITY FUND

BISAX | Fund

$18.69

$449 M

1.01%

$0.19

1.37%

BISAX - Profile

Distributions

  • YTD Total Return 24.5%
  • 3 Yr Annualized Total Return 16.4%
  • 5 Yr Annualized Total Return 14.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.10%
DIVIDENDS
  • Dividend Yield 1.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    BRANDES INTERNATIONAL SMALL CAP EQUITY FUND
  • Fund Family Name
    Brandes Funds
  • Inception Date
    Feb 01, 2012
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Luiz Sauerbronn

Fund Description

The International Small Cap Equity Fund invests primarily in equity securities of foreign companies with small market capitalizations (market value of publicly traded equity securities). A foreign company is determined to be “foreign” on the basis of its domicile, its principal place of business,
its primary stock exchange listing, and/or the source of its revenues. Under normal market conditions, the Fund will invest at least 80% of its net assets measured at the time of purchase in equity securities of small market capitalization companies located in at least three countries outside the United States. The Fund considers a company to be a small capitalization company if it has a market capitalization of $5 billion or less at the time of purchase. Equity securities include common and preferred stocks, real estate investment trusts (“REITs”), warrants and rights. The Fund may invest up to 30% of its total assets, measured at the time of purchase, in securities of companies located in emerging markets (including frontier markets). The Adviser considers an emerging market country to be any country which is in the MSCI EM Index or MSCI Frontier Markets Index or that, in the opinion of the Adviser, is generally considered to be an emerging market country by the international financial community. With respect to 20% of the Fund’s net assets, the Fund may invest in equity securities of companies with market capitalizations of any size. The Fund may invest up to 5% of its total assets, measured at the time of purchase, in any one company. From time to time, the Fund may invest more than 20% of its assets in any market sector, such as the industrials sector or financial sector.
The International Small Cap Equity Fund may invest in issuers located around the world. With respect to Fund investments in any particular country, the Fund may invest up to the greater of either (a) 20% of its total assets measured at the time of purchase or (b) 150% of the weighting of such country as represented in the MSCI ACWI ex USA Small Cap Index, measured at the time of purchase. As a result, the Fund may have significant exposure to any particular country.
The International Small Cap Equity Fund may invest from time to time in cash or short-term cash equivalent securities either as part of its overall investment strategy or for temporary defensive purposes in response to adverse market, economic, political or other conditions. The amount of such holdings will vary and will depend on the Adviser’s assessment of the quantity and quality of investment opportunities that exist at any given time, and may at times be relatively high.
Brandes Investment Partners, L.P., the investment adviser (the “Adviser”), uses the principles of value investing to analyze and select equity securities for the International Small Cap Equity Fund’s investment portfolio. When buying equity securities, the Adviser assesses the estimated “intrinsic” value of a company based on data such as a company’s earnings, cash flow generation, and/or asset value of the underlying business. By choosing securities that are selling at a discount to the Adviser’s estimates of the underlying company’s intrinsic value, the Adviser seeks to establish an opportunity for long-term capital appreciation. The Adviser may sell a security when its price reaches the Adviser’s estimate of the underlying company’s intrinsic value, the Adviser believes that other investments are more attractive, or for other reasons.
Read More

BISAX - Performance

Return Ranking - Trailing

Period BISAX Return Category Return Low Category Return High Rank in Category (%)
YTD 24.5% -3.2% 24.9% 5.56%
1 Yr 23.1% -2.4% 23.8% 5.56%
3 Yr 16.4%* -1.6% 16.9% 5.88%
5 Yr 14.1%* 1.8% 19.7% 10.20%
10 Yr 7.8%* 4.1% 9.0% 16.00%

* Annualized

Return Ranking - Calendar

Period BISAX Return Category Return Low Category Return High Rank in Category (%)
2023 35.0% -5.4% 35.2% 5.66%
2022 -12.2% -22.7% 5.8% 23.53%
2021 14.5% -5.7% 19.7% 21.57%
2020 3.6% -10.7% 30.9% 53.06%
2019 6.1% 2.1% 31.6% 93.33%

Total Return Ranking - Trailing

Period BISAX Return Category Return Low Category Return High Rank in Category (%)
YTD 24.5% -3.2% 24.9% 5.56%
1 Yr 23.1% -2.4% 23.8% 5.56%
3 Yr 16.4%* -1.6% 16.9% 5.88%
5 Yr 14.1%* 1.8% 19.7% 10.20%
10 Yr 7.8%* 4.1% 9.0% 16.00%

* Annualized

Total Return Ranking - Calendar

Period BISAX Return Category Return Low Category Return High Rank in Category (%)
2023 39.4% 3.2% 40.0% 5.66%
2022 -6.3% -22.3% 6.4% 15.69%
2021 18.8% 9.0% 77.0% 23.53%
2020 4.8% -10.3% 37.2% 65.31%
2019 9.3% 8.6% 31.9% 97.78%

NAV & Total Return History

BISAX - Holdings

Concentration Analysis

BISAX Category Low Category High BISAX % Rank
Net Assets 449 M 6.24 M 10.9 B 46.30%
Number of Holdings 75 10 5165 53.70%
Net Assets in Top 10 189 M 569 K 3.34 B 25.93%
Weighting of Top 10 28.42% 2.7% 104.2% 33.33%

Top 10 Holdings

  1. Embraer S.A. COM NPV 4.86%
  2. CC Group ORD EUR0.01 (CDI) 3.21%
  3. Montana Aerospace AG CHF1.00 2.68%
  4. S-1 Corporation KRW500 2.67%
  5. Millicom International Cellular SA COM USD1.50 2.62%
  6. Linea Directa Aseguradora S.A. EUR0.04 2.57%
  7. Grifols S.A. SPON ADR EA REPR 1 ORD 2.53%
  8. Rolls-Royce Holdings PLC ORD GBP0.20 2.50%
  9. PAX Global Technology Ltd. HKD0.10 2.40%
  10. CAE Inc COM NPV 2.36%

Asset Allocation

Weighting Return Low Return High BISAX % Rank
Stocks 		96.28% 83.96% 101.26% 61.11%
Preferred Stocks 		2.01% 0.00% 4.76% 7.41%
Cash 		1.71% 0.00% 17.59% 57.41%
Other 		0.00% -0.32% 5.79% 53.70%
Convertible Bonds 		0.00% 0.00% 0.41% 50.00%
Bonds 		0.00% 0.00% 11.41% 46.30%

Stock Sector Breakdown

Weighting Return Low Return High BISAX % Rank
Industrials 		18.47% 5.36% 31.52% 69.23%
Consumer Defense 		18.05% 3.45% 18.05% 1.92%
Financial Services 		12.76% 3.05% 32.74% 61.54%
Consumer Cyclical 		11.18% 4.00% 24.14% 48.08%
Healthcare 		9.89% 0.00% 9.89% 1.92%
Real Estate 		8.83% 0.00% 16.01% 28.85%
Energy 		7.03% 0.00% 19.25% 40.38%
Communication Services 		5.49% 0.00% 8.94% 19.23%
Basic Materials 		4.80% 1.74% 28.84% 84.62%
Utilities 		2.84% 0.00% 15.19% 19.23%
Technology 		0.67% 0.00% 18.01% 90.38%

Stock Geographic Breakdown

Weighting Return Low Return High BISAX % Rank
Non US 		86.55% 0.00% 99.47% 70.37%
US 		9.73% 0.00% 99.94% 24.07%

BISAX - Expenses

Operational Fees

BISAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.37% 0.34% 4.26% 27.78%
Management Fee 0.95% 0.30% 1.05% 74.07%
12b-1 Fee 0.25% 0.00% 0.75% 86.67%
Administrative Fee 0.03% 0.01% 0.15% 45.45%

Sales Fees

BISAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 5.75% 5.75% 5.75% 100.00%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

BISAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BISAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 26.16% 2.00% 119.00% 22.92%

BISAX - Distributions

Dividend Yield Analysis

BISAX Category Low Category High BISAX % Rank
Dividend Yield 1.01% 0.00% 8.78% 72.22%

Dividend Distribution Analysis

BISAX Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Quarterly

Net Income Ratio Analysis

BISAX Category Low Category High BISAX % Rank
Net Income Ratio 1.10% -0.10% 4.33% 82.69%

Capital Gain Distribution Analysis

BISAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

BISAX - Fund Manager Analysis

Managers

Luiz Sauerbronn

Start Date

Tenure

Tenure Rank

Jan 31, 2012

10.34

10.3%

Luiz Sauerbronn is a Senior Analyst on the Industrials Research Team and a member of the International Large-Cap and Small-Cap Investment Committees. He is also a member of the ESG Oversight Committee as well as a limited partner of the firm’s parent company. Prior to Brandes, he worked at J.P. Morgan, Banco Brascan (part of Brookfield) in Brazil, and Royal Dutch Shell. Earned his BS in economics from the Federal University of Rio de Janeiro and his MBA from Haas (UC Berkeley). His relevant experience began in 1995, and he joined Brandes in 2001.

Yingbin Chen

Start Date

Tenure

Tenure Rank

Jan 31, 2012

10.34

10.3%

Yingbin Chen, a limited partner of the firm’s parent company, is a Senior Analyst on the Technology Research Team and a member of the Small-Cap and All-Cap Investment Committees. Before Brandes, She worked for a major U.S. money center bank as a Technology Officer and a major U.S. technology company as a Technology Consultant. She earned her IMBA with high honors at University of Chicago Booth School of Business and MS in electrical engineering from Johns Hopkins University. Her experience began in 2001 when she joined Brandes

Mark Costa

Start Date

Tenure

Tenure Rank

Jan 31, 2012

10.34

10.3%

Mark Costa, a limited partner of the firm’s parent company, is a Senior Analyst on the Industrials Team covering aerospace & defense, industrial conglomerates, and industrial machinery/engineering. He is a member of the Small-Cap Investment Committee, where he also serves as a Product Coordinator. He graduated with a BS in finance with distinction from San Diego State University. His relevant experience began in 2000 when he joined Brandes.

Bryan Barrett

Start Date

Tenure

Tenure Rank

Feb 10, 2021

1.3

1.3%

Bryan Barrett, a limited partner of the firm’s parent company, is a Senior Analyst on the Industrials and Financial Institutions Research Teams covering global capital goods and commercial services companies, as well as global banks, insurance, holding companies and capital markets firms. He is also a member of the Small-Cap Investment Committee, the Brandes Institute Advisory Board, and the ESG Oversight Committee. He earned a BA in economics and a BA in philosophy (with honors) from USC. His relevant experience began in 2008 when he joined Brandes.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.06 26.6 7.22 10.34

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