Dreyfus Brazil Equity Fund

  • Ticker: DBZIX
  • Product Code: 6267
  • CUSIP: 26201H880
Share Class:

Portfolio Manager/Sub-Investment Adviser

The funds investment adviser is The Dreyfus Corporation (Dreyfus). Dreyfus has engaged its affiliate, ARX Investimentos Ltda., to serve as the funds sub-investment adviser. ARX is a wholly-owned subsidiary of BNY Mellon. ARX, subject to Dreyfus supervision and approval, provides investment advisory assistance and research and the day-today management of the funds investments. Rogerio Poppe, CFA, and Bruno de Godoy Garcia, CFA, serve as the funds co-primary portfolio managers, positions they have held since the fund┐s inception. Mr. Poppe joined ARX as a portfolio manager in 2005. Mr. Garcia has been a partner at ARX since 2001 and coordinates a team of equity analysts.

The Case For ARX:

--Based in Rio de Janeiro, with over 12 years local asset management experience

--Investment process combines fundamental bottom-up analysis with a detailed macro top-down overview

--Team of 39 professionals managing a range of Brazilian multi-strategy; long/short; equity and fixed income strategies.

Top Holdings 2

Itausa-Investimentos Ita 7.98%
Suzano Papel E Celulo-Pr 7.22%
Cia Paranaense De Energia, Adr, Cl. P 6.41%
Petroleo Brasileiro, Adr 6.35%
Bm&fbovespa Sa 5.20%
Gerdau Sa-Pref 5.16%
Banco Bradesco, Adr 5.04%
Telefonica Brasil, Adr 4.97%
Ultrapar Participacoes, Adr 4.82%
Bb Seguridade Participac 4.74%

Portfolio Statistics

Benchmark 3 MSCI Brazil 10/40 Index
Number of Holdings 32
as of 03/31/14
Portfolio Turnover Rate 31.53%
as of fiscal year end 08/31/13
P/E Ratio 4 9.91
as of 02/28/14

Risk Measures

as of 03/31/14
R Squared 5 72.32
Beta 6 1.24
Standard Deviation 7 24.66

Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.

Notes & Disclosures
  1. Portfolio composition and allocation is as of 03/31/14 and is subject to change at any time. Totals may not be exact due to rounding. Negative exposures may represent short positions through derivatives.
  2. The holdings listed should not be considered recommendations to buy or sell a security. Large concentrations can increase share price volatility.
  3. Source: Morningstar, Inc. All rights reserved. The Morgan Stanley Capital International (MSCI) 10/40 Brazil NR Index, an unmanaged index designed to track the performance of stocks traded primarily on the BM&FBOVESPA.
  4. Price/earnings for a stock is the ratio of the company's most recent month-end share price to the company's estimated earnings per share (EPS) for the current fiscal year. If a third-party estimate for the current year EPS is not available, Morningstar will calculate an internal estimate based on the most recently reported EPS and average historical earnings growth rates. Price/ earnings is one of the five value factors used to calculate the Morningstar Style Box. For portfolios, this historical P/E data point is calculated by taking an asset-weighted average of the earnings yields (E/P) of all the stocks in the portfolio and then taking the reciprocal of the result. Source: Morningstar
  5. Reflects the percentage of a fund's movements that can be explained by movements in a particular benchmark. An R-squared of 100 indicates fund movements that are perfectly correlated to those of the benchmark. In order to compare funds across general asset classes, Morningstar calculates R-squared values relative to a "standard" broad-based market index. For example, the R-squared of both a small cap, domestic equity fund and a domestic technology fund would be determined against the S&P 500 Index. Thus, the "standard" broad-based market index used by Morningstar may differ from the fund's actual benchmark stated in this factsheet. Source: Morningstar
  6. Beta is a measure of the systematic risk of a stock or a portfolio and is an indicator of expected return. A beta higher than 1.0 has higher risk than the overall market has and thus the stock or portfolio can be expected to perform in relation to the overall market in that way.
  7. A statistical measurement of dispersion around an average which depicts how widely fund returns varied over a certain period of time. Source: Morningstar
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