BISSX — Brandes International Small Cap Equity Fund
Data updated: 2024-08-27
BISSX — Brandes International Small Cap Equity Fund. Developed ex-US Mid Cap Blend / Core Materials Equity. Holdings, fees, performance and SEC filings.
BISSX Fund Overview
BISSX — Brandes International Small Cap Equity Fund is a US mutual fund managed by Brandes Investment Trust, categorised as Developed ex-US Mid Cap Blend / Core Materials Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Brandes Investment Trust
- Category: Developed ex-US Mid Cap Blend / Core Materials Equity
- Assets under management: $571.72M
- 1-year return: 35.5%
- Ticker: BISSX
- SEC CIK: 0000926678
- SEC series ID: S000035894
- Share class ID: C000110025
BISSX Investment Objective and Strategy
Brandes International Small Cap Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Brandes Investment Trust.
Investment objective
The Brandes International Small Cap Equity Fund (the International Small Cap Fund or Fund), seeks long term capital appreciation.
Principal investment strategy
Under normal market conditions, the International Small Cap Fund invests at least 80% of its net assets measured at the time of purchase in equity securities issued by small capitalization companies located in at least three countries outside of the United States. The Fund considers a company to be a small capitalization company if it has a market capitalization (market value of publicly traded equity securities) 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. An issuer is determined to be located outside the United States on the basis of the issuers domicile, principal place of business, primary stock exchange listing, and/or the source of its revenues. Up to 30% of the Funds total assets, measured at the time of purchase, may be invested in securities of companies located in emerging market countries (including frontier market countries).
With respect to 20% of the Funds net assets, the Fund may invest in stocks of companies of any capitalization size. Brandes Investment Partners, L.P., the investment advisor (the Advisor), uses the principles of value investing to analyze and select equity securities for the International Small Cap Funds investment portfolio. When buying equity securities, the Advisor assesses the estimated intrinsic value of a company based on data such as a companys earnings, cash flow generation, and/or asset value of the underlying business. By choosing securities that are selling at a discount to the Advisors estimates of their share of the companys intrinsic business value, the Advisor seeks to establish an opportunity for long-term capital appreciation. The Advisor may sell a security when its price reaches a target set by the Advisor, the Advisor believes that other investments are more attractive, or for other reasons.
BISSX Holdings
Top 10 holdings of Brandes International Small Cap Equity Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Embraer S.A. | 4.54% |
| C&C Group | 3.15% |
| Greencore Group PLC | 2.92% |
| Millicom International Cellular SA | 2.86% |
| PAX Global Technology Ltd. | 2.75% |
| Linea Directa Aseguradora S.A. | 2.72% |
| Rolls-Royce Holdings PLC | 2.57% |
| Montana Aerospace AG | 2.44% |
| S-1 Corporation | 2.28% |
| Itv PLC | 2.19% |
BISSX Portfolio Allocation
Asset-class allocation of Brandes International Small Cap Equity Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.7% |
| Cash & Equivalents | 1.4% |
BISSX Performance
Total returns for BISSX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 35.5% |
| 3 years (annualised) | 12.3% |
| 5 years (annualised) | 13.5% |
BISSX Risk Information
Risk metrics for BISSX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 17.5%
BISSX Costs and Fees
BISSX costs about $137 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.37%
- Gross expense ratio: 1.37%
- Portfolio turnover: 33%
- Brokerage commissions: 7.48 bps of average net assets (SEC N-CEN)
BISSX Cashflows
Over the 12 months to 2024-06, Brandes International Small Cap Equity Fund had net inflows of $223.14M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-06 | $24.74M |
| 2024-05 | $19.92M |
| 2024-04 | −$5.23K |
| 2024-03 | $11.98M |
| 2024-02 | $12.88M |
| 2024-01 | $20.87M |
BISSX Debt Constituents
No individual debt constituents are reported in Brandes International Small Cap Equity Fund's latest SEC N-PORT filing.
BISSX Prospectus and SEC Filings
Official Brandes International Small Cap Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-01-25
- Prospectus (485BPOS) — filed 2023-01-27
- Prospectus (485BPOS) — filed 2022-01-28
- Portfolio holdings (N-PORT) — filed 2024-08-27
- Portfolio holdings (N-PORT) — filed 2024-05-28
- Portfolio holdings (N-PORT) — filed 2024-02-26
- Annual census (N-CEN) — filed 2023-12-14
- Annual census (N-CEN) — filed 2022-12-14
Related Funds
Other Developed ex-US Mid Cap Blend / Core Materials Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.