From Brandes Funds Q3 letter to shareholders
Dear Shareholder:
Amid a banner period for international equities, the net asset value of the Brandes International Equity Fund (Class A Shares without sales charge) increased 26.06% during the 12 months ended September 30, 2013. For the same period, the Fund’s benchmark, the MSCIEAFE Index, rose 23.77%. In this letter, I will discuss sector-, country- and stock-specific factors that affected the Fund’s performance and describe changes in its composition during the fiscal year.
In addition, I will share insight into how the Fund is currently positioned for the future.
The Markets
A number of investor concerns continued to drive volatility in various equity markets. Political turmoil in the Middle East and slowing economic growth in China and India were among the featured headlines that weighed on market sentiment. The specter of rising U.S. interest rates, amid worries the Federal Reserve would be tapering its quantitative easing program, also contributed to market anxiety.
