Fund Evaluator:
Brandes International Equity I (BIIEX)
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Best Performing in Foreign Large Value Over the Last Year
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Fund Details
Brandes International Equity I Overview
Brandes International Equity I (BIIEX) is an actively managed International Equity Foreign Large Value fund. Brandes launched the fund in 1997.
The investment seeks long-term capital appreciation. The fund invests primarily in equity securities of foreign companies. It typically invests in foreign companies with market capitalizations greater than $5 billion at the time of purchase. 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 companies located in at least three countries outside the United States.
About Brandes International Equity I (BIIEX)
There are 5 members of the management team with an average tenure of 19.96 years: Luiz Sauerbronn (2013), Amelia Morris (1998), Shingo Omura (2013), Jeffrey Germain (2009), Brent Woods (1997). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI EAFE NR USD index with a weighting of 100% and MSCI EAFE Value NR USD index with a weighting of 100%. Brandes International Equity I has 70 securities in its portfolio. The top 10 holdings constitute 23.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Brandes International Equity I is part of the Equity global asset class and is within the International Equity fund group. Brandes International Equity I has 95.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.0%. There is 95.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Brandes International Equity I has 2.8% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $976 million average for the Foreign Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BIIEX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Brandes International Equity I expense ratio is high compared to funds in the Foreign Large Value category. Brandes International Equity I has an expense ratio of 0.86%, which is 18% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Brandes International Equity I has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Value category.
Recently, in the month of July 2026, Brandes International Equity I returned 7.2%, which earned it a grade of A, as the Foreign Large Value category had an average return of 3.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Brandes International Equity I has a trailing yield of 2.40%, which is below the 2.78% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Brandes International Equity I Grades
Year to date, the fund has returned 13.9%, 1.0 percentage points worse than the category, which translates into a grade of C. The fund has returned 29.1% over the past year (grade of C), 21.8% over the past three years (grade of B) and 15.1% per year over the past five years (grade of A) and 10.9% per year over the past 10 years (grade of B).
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BIIEX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BIIEX Return (NAV) | 7.2% | 7.3% | 29.1% | 21.8% | 15.1% | 10.9% |
| BIIEX Grade | A | B | C | B | A | B |
| +/- Category | 3.3% | 1.4% | -1.8% | 2.5% | 2.8% | 1.1% |
| Foreign Large Value Avg | 3.8% | 5.9% | 30.9% | 19.3% | 12.2% | 9.8% |
| BIIEX Tax Cost Ratio | na | na | 1.9% | 1.4% | 1.4% | 1.3% |
BIIEX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BIIEX Return (NAV) | 13.9% | 38.8% | 7.2% | 30.4% | -8.4% | 12.9% | -1.8% | 14.5% | -9.5% | 15.1% | 8.1% |
| BIIEX Grade | C | C | B | A | B | C | F | F | A | F | A |
| +/- Category | -1.0% | 0.1% | 2.8% | 12.6% | 1.0% | 0.5% | -4.4% | -4.6% | 6.9% | -7.9% | 5.1% |
| Foreign Large Value Avg | 14.9% | 38.6% | 4.4% | 17.8% | -9.5% | 12.4% | 2.6% | 19.0% | -16.4% | 23.0% | 3.0% |
| Risk Measures | |
| Standard Deviation: | 12.8% |
| Total Risk Index: | 1.04 - Above Average |
| Category Risk Index: | 0.98 - Average |
| Category Risk Grade: | C (48% Rank) |
| Beta: | 0.77 |
| R-Squared: | 69% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 2.4% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2810 Mil |
| Fund Total Assets: | $2,336 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 30% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 28.6 years | |||
| Average Tenure: 20.0 years | |||
| Managers (Year): Woods Brent (1997), Morris Amelia (1998), Germain Jeffrey (2009), Sauerbronn Luiz (2013), Omura Shingo (2013) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 70 |
| % in Top 10 Holdings: | 23.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 95.2% |
Portfolio Allocation |
|
| Domestic Stock: | 2.0% |
| Foreign Stock: | 95.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.8% |
Purchase Information
| Fund Family: | Brandes |
| Phone Number: | 800-395-3807 |
| Website: |
| Status: | Open |
| Inception Date: | January 2, 1997 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.86% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Brandes International Equity I |
| Min. Subsequent Purchase: | $ 500 |
| Min. Subsequent IRA Purchase: | $ 0 |
