Brandes Investment Partners is a leading investment advisory firm, managing assets for institutional and private clients worldwide. Since our inception in 1974, we have applied the value investing approach to security selection pioneered by Benjamin Graham in the 1930s. Among the first investment firms to bring a global perspective to value investing, we offer a variety of investment strategies. We have approximately $85.7 billion under management as of June 30, 2004, and employees total about 514 individuals.