Launched in June 2012, this go anywhere global equity fund is managed identically to the way that other Brandes funds are. The focus is on companies that are trading at a significant discount to what Brandes believes it is really worth. Additionally, there must be the potential to close that valuation gap and realize price gains within a reasonable period. It has a true go anywhere mandate and can invest in any company of any size, in any industry sector, in any country around the world. Country and sector allocations are the byproduct of their bottom up stock selection process. I am a believer in Brandes’ deep value process, but it can lead to periods of higher volatility and periods of underperformance. Fortunately for investors in this fund, performance has been strong since its launch, gaining an annualized 28%. There are two drawbacks to this fund. First is the track record, which at just over two years is a bit short on which to conduct a thorough analysis, and second, is its cost. It carries an MER of 2.78%, which is above average in the category.