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Importance of a Long-Term Perspective Importance of a Long-Term Perspective Brandes Investment Partners believes when others see only risk... Dow Jones Industrial Average Daily Price Level, 1987 2800 Closing Price 2600 2400 2200 2000 1800 Dow Jones Industrial Average Closing Price 1600 Jan-87 Feb-87 Mar-87 Apr-87 May-87 Jun-87 Jul-87 Aug-87 Sep-87 Oct-87 Nov-87 Dec-87 Source: Brandes Institute via Yahoo Finance, 3/31/2011. The Dow Jones Industrial Average is an unmanaged, price-weighted index of 30 blue chip U.S. stocks. The DJIA was created by Charles Dow in 1896 as a general measure of the stock market, and today is compiled by editors of The Wall Street Journal. With over a hundred years of data behind it, the DJIA still serves as a reliable U.S. market’s measure. This index captures price movements of the securities. VALUE SPECIALISTS SINCE 1974 Brandes Investment Partners, L.P. 11988 El Camino Real, Suite 500, P.O. Box 919048, San Diego, CA 92191-9048 858.755.0239 Importance of a Long-Term Perspective ...investors may find opportunity. Keeping a long-term perspective during short-term adversity can help an investor to make rational, and not impulsive, investment decisions. Dow Jones Industrial Average Closing Price, Monthly – March 1981 through March 2011 16000 “The investor who permits himself Closing Price Price to be stampeded or unduly worried 14000 by unjustified market declines in Closing 12000 his holdings is perversely trans- forming his basic advantage into a verage 10000 A basic disadvantage.” - Benjamin Graham1 8000 Industrial 6000 1987 Jones 4000 Dow 2000 Mar-81 Mar-83 Mar-85 Mar-87 Mar-89 Mar-91 Mar-93 Mar-95 Mar-97 Mar-99 Mar-01 Mar-03 Mar-05 Mar-07 Mar-09 Mar-11 Source: Brandes Institute via Yahoo Finance, 3/31/2011. 1Graham, Benjamin. The Intelligent Investor: A Book of Practical Counsel, 4th rev. ed., New York: Harper Row, 1973. Mutual fund investing involves risk. Principal loss is possible. Past performance is not a guarantee of future results. No investment strategy can assure a profit or protect against loss. Index performance is not indicative of fund performance. Current fund performance can be obtained by calling 800.395.3807 or by visiting www.brandesinstitutionalfunds.com. It is not possible to invest directly in an index. A mutual fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and may be obtained by calling 800.395.3807 or visiting www.brandesinstitutionalfunds.com. Read carefully before investing. The information provided in this material should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any security transactions, holdings, or sectors discussed were or will be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance discussed herein. International and emerging markets investing is subject to certain risks such as currency fluctuation and social and political changes; such risks may result in greater share price volatility. Strategies discussed herein are subject to change at any time by the investment manager in its discretion due to market conditions or opportunities. The foregoing reflects the thoughts and opinions of Brandes Investment Partners® exclusively and is subject to change without notice. Brandes Investment Partners® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada. Brandes Investment Partners, L.P. is the Advisor to mutual funds distributed by Quasar Distributors, LLC. VALUE SPECIALISTS SINCE 1974 Brandes Investment Partners, L.P. 11988 El Camino Real, Suite 500, P.O. Box 919048, San Diego, CA 92191-9048 858.755.0239 30022 PUB 0511.
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