Is Your Portfolio Exposed to Blind Spots in Emerging Markets?
weightingsbrandes EM ValueValue Approach, EM SpecialistsPotential Investor Blind SpotOverconcentrationPotential Investor Blind SpotHigh Valuations
1 Source: MSCI via FactSet as of 3/31/18. MSCI EM Index: MSCI Emerging Markets Index. Past performance is not a guarantee of future results. One cannot invest directly in an index.
2 Source: MSCI via FactSet. EM growth: MSCI EM Growth Index; EM value: MSCI EM Value Index. Past performance is not a guarantee of future results. One cannot invest directly in an index.
3 Source: UBS, EPFR; includes both ETF and long only fund flows.
4 Source: FactSet as of 3/31/18. China IT: Chinese IT companies within the MSCI EM Index. P/E: Price/Earnings. Past performance is not a guarantee of future results. One cannot invest directly in an index.
5 Source: CBOE China ETF Volatility Index via St. Louis Federal Reserve as of 3/15/18.
6 Source: Brandes, MSCI via FactSet. Fund holdings subject to change.
7 Source: Brandes, MSCI via FactSet.
8 Source: Brandes, MSCI via FactSet as of 3/31/18. P/E: Price/Earnings. P/B: Price/Book. Past performance is not a guarantee of future results. One cannot invest directly in an index.
Active Share: The percentage of holdings in a portfolio that differs from its benchmark.
Forward Price/Earnings: Price per share divided by expected earnings per share.
Price/Book: Price per share divided by book value per share.
Price/Earnings: Price per share divided by earnings per share.
Standard Deviation: A measure of the dispersion of a set of data from its mean.
MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.
MSCI Emerging Markets: Large, mid cap emerging markets equities.
MSCI Emerging Markets Growth: Large, mid cap emerging markets growth equities, defined by long-term forward earnings per share (EPS) growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.
MSCI Emerging Markets Value: Captures large- and mid-cap securities exhibiting value style characteristics, defined using book value to price, 12-month forward earnings to price, and dividend yield.
CBOE China ETF Volatility Index: Reflects implied volatility of the iShares China Large-Cap ETF. Designed to measure market expectations of volatility for the ETF as implied by options prices.
Bridgehouse Asset Managers® is a trade name of Brandes Investment Partners & Co. (Bridgehouse). Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. (Brandes LP), which is an affiliate of Bridgehouse. The foregoing reflects the thoughts, opinions and/or investment strategies of Bridgehouse and/or Brandes LP and are subject to change at their discretion and without prior notice, based on changing market dynamics or other considerations. Bridgehouse and Brandes LP have taken reasonable steps to provide accurate and current data. The data has been gathered from sources believed to be reliable, however Bridgehouse and/or Brandes LP are not responsible for any errors or omissions contained herein. As the manager of the Bridgehouse Funds, Bridgehouse has hired Brandes LP as portfolio sub-advisor in respect of certain of the Bridgehouse Funds.
Provided for illustrative purposes only. FOR DISTRIBUTION TO INVESTORS BY REGISTERED DEALERS ONLY. Units and shares of the Bridgehouse Funds are available through registered dealers only and are not available through Bridgehouse. Published June 2018. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report.