Fund Evaluator:

Brandes Separately Managed Acct Rsrv Tr Overview

Brandes Separately Managed Acct Rsrv Tr (SMARX) is an actively managed Taxable Bond Miscellaneous Fixed Income fund. Brandes launched the fund in 2005.

The investment seeks to maximize long-term total return. The fund invests primarily in a diversified portfolio of debt securities. These include debt obligations issued or guaranteed by the U.S. government and foreign governments and their agencies and instrumentalities, debt securities issued by U.S. and foreign companies, collateralized mortgage obligations, and U.S. and foreign mortgage-backed and asset-backed debt securities. The fund may invest in debt instruments of any maturity or with no maturity and it may invest in both investment-grade securities and non-investment grade securities (also known as "high-yield bonds" or "junk bonds").

About Brandes Separately Managed Acct Rsrv Tr (SMARX)

There are 3 members of the management team with an average tenure of 17.77 years: Charles Gramling (2007), Timothy Doyle (2012), David Gilson (2007). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Interm Credit TR USD index with a weighting of 100%. Brandes Separately Managed Acct Rsrv Tr has 54 securities in its portfolio. The top 10 holdings constitute 49.1% 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 Separately Managed Acct Rsrv Tr is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Brandes Separately Managed Acct Rsrv Tr has 4.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 5.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 90.8% (86.8% domestic bond, 4.0% foreign bond and 0.0% convertible bond). Brandes Separately Managed Acct Rsrv Tr has 3.9% of the portfolio in cash.

Assets Under Management

The fund has $196 million in total assets, which is below the $734 million average for the Miscellaneous Fixed Income 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.

SMARX 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 Separately Managed Acct Rsrv Tr expense ratio is low compared to funds in the Miscellaneous Fixed Income category. Brandes Separately Managed Acct Rsrv Tr has an expense ratio of 0.00%, which is 100% lower than its category average, making the fund expense ratio grade a A. 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 Separately Managed Acct Rsrv Tr has a portfolio turnover rate of 50%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 115% for the Miscellaneous Fixed Income category.

Recently, in the month of July 2026, Brandes Separately Managed Acct Rsrv Tr returned -1.1%, which earned it a grade of D, as the Miscellaneous Fixed Income category had an average return of -0.7%. 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 Separately Managed Acct Rsrv Tr has a trailing yield of 4.80%, which is below the 5.98% category average. The fund normally distributes its income monthly 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 Separately Managed Acct Rsrv Tr Grades

Year to date, the fund has returned 0.7%, 0.8 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.5% over the past year (grade of F), 5.8% over the past three years (grade of C) and 1.9% per year over the past five years (grade of B) and 3.0% per year over the past 10 years (grade of C).

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