Brandes International Small Cap Equity Fund (BISMX) is a mutual fund managed by Brandes Investment Partners, L.P., that seeks long-term capital appreciation by investing primarily in equity securities of small-cap companies located outside the United States. The fund focuses on issuers with market capitalizations generally between $100 million and $2 billion, employing a value-oriented investment philosophy to identify undervalued international small-cap stocks across diverse sectors including industrials, consumer discretionary, materials, financials, and information technology; it maintains a diversified portfolio typically comprising 60 to 100 holdings with no single position exceeding 5% at the time of purchase. Brandes Investment Partners, founded in 1974 and headquartered in San Diego, California, with additional offices in Vancouver, Toronto, Milwaukee, Singapore, Tokyo, and London, manages the fund as part of its global and international equity strategies serving institutional and retail investors worldwide. Recent developments include Brandes Investment Partners' strategic enhancements to its small-cap offerings, such as the launch of extended capacity share classes for certain international small-cap strategies in late 2024 to accommodate increased investor demand, alongside ongoing portfolio optimizations amid volatile global markets; no major acquisitions, partnerships, or name changes specific to BISMX were reported in the past two years.