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Brandes Global Equity Fund 2Q15 Commentary

Brandes Global Equity Fund commentary for the second quarter ended June 30, 2015.

Brandes Global Equity Fund Commentary

Equity markets worldwide posted mixed results for the second quarter of 2015, as investors continued to navigate the strong cross currents prevalent among economies and markets. In the United States, the S&P 500 Index finished the quarter nearly flat, as investors grappled with growing expectations of an interest rate hike by the Federal Reserve. In Europe, all eyes were on Greece as the country went through tough negotiations over a debt-bailout deal with its troika of creditors, comprised of the European Commission, the European Central Bank (ECB) and the International Monetary Fund. Despite this turbulent environment, investors appeared to have remained relatively calm amid expectations that the Greek crisis may have a limited impact on global markets over the long term. Meanwhile, the ECB raised its forecast for inflation this year, reflecting improving economic conditions, but held its key interest rate steady during the quarter. Elsewhere across the globe, China’s equity markets resumed their upward, yet volatile, trajectory. Investors seemed to welcome the Chinese government’s efforts to boost liquidity and promote stability within the country’s equity markets. Over the past three months, China’s central bank has lowered the amount of cash that banks must hold as reserves and also cut interest rates. After a few difficult quarters, Brazilian equities began to rebound over the last three months. Despite the...