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International Opportunities Fund

Combining our proven abilities in developed and emerging international markets

NAV (as of 15 Dec 2017)

$14.26, -0.09

YTD

+25.64%

INCEPTION

31 Dec 2009

TICKER/CUSIP

CIOVX/14949Q206

Fact Sheet Prospectus

Fund Profile

The Fund invests primarily in companies located both in developed markets — excluding the United States (the “international value portfolio”) — and in emerging markets (the “emerging markets portfolio”). The Investment Adviser allocates substantially all of the Fund’s assets between the international value portfolio and the emerging markets portfolio using a proprietary asset allocation model. Normally, the Fund will invest in companies located in at least ten foreign countries.

International Value Portfolio: The international value portfolio consists primarily of common stocks of companies located in developed countries outside the U.S. Normally, the majority of this portfolio invests in companies that pay dividends or repurchase their shares. The international value portfolio may also invest in companies located in emerging (less developed) markets.

Emerging Markets Portfolio: The emerging markets portfolio is normally invested in equity securities of companies located in emerging (less developed) markets and other investments that are tied economically to emerging markets. Generally, these investments include common stock, preferred and preference stock, American Depositary Receipts, European Depositary Receipts, Global Depositary Receipts, and exchange-traded funds that invest in emerging markets securities.

Minimum Investment$5,000
Sales ChargeNone
Net Expense Ratio1.32%
Gross Expense Ratio1.37%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
Benchmark MSCI ACWI ex US

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CIOVX 3.1%26.3%29.2%4.9%7.2%6.9%
MSCI ACWI ex US 2.7%24.9%28.2%6.2%7.5%5.9%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CIOVX 7.1%22.5%22.5%3.9%7.2%6.6%
MSCI ACWI ex US 6.3%21.6%20.2%5.2%7.5%5.7%

Portfolio

Asset Allocation as of 30 Nov 2017

Stocks 98.5%
Cash 1.5%

Characteristics as of 30 Nov 2017

Causeway MSCI ACWI ex US
No. of Holdings 222 1858
Wtd. Avg. Market Cap (Mn $US)$59,847$52,780
FY2 Price/Earnings12.214.0
Price/Book Value1.51.7

A “Weighted Average” measures a characteristic by the market capitalization of each stock. Price/Book Ratio is the weighted average of the price/book ratios of all the stocks in a portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company’s per-share book value. The Price/Earnings Ratio is the weighted average of the price/earnings ratios of the stocks in a portfolio. The FY2 P/E ratio is a forward P/E ratio using a next-twenty four months EPS estimate in the denominator.

SECTOR WEIGHTS as of 30 Nov 2017

Financials19.64%
Industrials15.45%
Information Technology10.29%
Consumer Discretionary10.28%
Health Care9.58%
Materials8.86%
Energy8.58%
Telecommunication Services5.00%
Consumer Staples4.96%
Utilities2.82%
Equity Funds1.67%
Real Estate1.36%

(VS. Benchmark)

Financials23.08%
Industrials11.81%
Information Technology11.59%
Consumer Discretionary11.37%
Health Care7.63%
Materials7.90%
Energy6.66%
Telecommunication Services4.16%
Consumer Staples9.59%
Utilities3.03%
Equity Funds0.00%
Real Estate3.17%
Financials
Industrials
Information Technology
Consumer Discretionary
Health Care
Materials
Energy
Telecommunication Services
Consumer Staples
Utilities
Equity Funds
Real Estate
Other

TOP 10 COUNTRIES as of 30 Nov 2017

United Kingdom26.14%
Japan11.65%
Germany10.40%
Switzerland9.71%
China7.11%
Canada6.08%
France4.76%
South Korea4.06%
Taiwan2.99%
India2.08%
Netherlands1.92%
Italy1.67%
Multi-National Emerging (ETF)1.67%
Russia1.22%
Brazil1.09%
Thailand0.99%
Sweden0.78%
South Africa0.73%
Turkey0.70%
Australia0.69%
Spain0.64%
Malaysia0.44%
Poland0.27%
United Arab Emirates0.20%
Mexico0.15%
Indonesia0.15%
Hungary0.07%
Qatar0.06%
Czech Republic0.04%
Philippines0.02%
Pakistan0.00%
New Zealand0.00%
Singapore0.00%
Egypt0.00%
Greece0.00%
Norway0.00%
Portugal0.00%
Hong Kong0.00%
Ireland0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Chile0.00%
Colombia0.00%
Peru0.00%

(VS. Benchmark)

United Kingdom12.05%
Japan16.79%
Germany6.77%
Switzerland5.58%
China7.33%
Canada6.52%
France7.39%
South Korea3.81%
Taiwan2.78%
India2.10%
Netherlands2.51%
Italy1.66%
Multi-National Emerging (ETF)0.00%
Russia0.82%
Brazil1.67%
Thailand0.54%
Sweden1.90%
South Africa1.67%
Turkey0.24%
Australia4.67%
Spain2.32%
Malaysia0.52%
Poland0.31%
United Arab Emirates0.16%
Mexico0.75%
Indonesia0.53%
Hungary0.08%
Qatar0.12%
Czech Republic0.04%
Philippines0.27%
Pakistan0.02%
New Zealand0.10%
Singapore0.93%
Egypt0.03%
Greece0.07%
Norway0.46%
Portugal0.11%
Hong Kong2.41%
Ireland0.30%
Israel0.31%
Austria0.18%
Belgium0.78%
Denmark1.26%
Finland0.66%
Chile0.27%
Colombia0.10%
Peru0.10%
United Kingdom
Japan
Germany
Switzerland
China
Canada
France
South Korea
Taiwan
India
Netherlands
Italy
Multi-National Emerging (ETF)
Russia
Brazil
Thailand
Sweden
South Africa
Turkey
Australia
Spain
Malaysia
Poland
United Arab Emirates
Mexico
Indonesia
Hungary
Qatar
Czech Republic
Philippines
Pakistan
New Zealand
Singapore
Egypt
Greece
Norway
Portugal
Hong Kong
Ireland
Israel
Austria
Belgium
Denmark
Finland
Chile
Colombia
Peru
Other

TOP 10 HOLDINGS as of 30 Nov 2017

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.5
Barclays Plc United Kingdom Banks 3.0
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.8
Schneider Electric SE France Capital Goods 2.6
KDDI Corp. Japan Telecommunication Services 2.6
Royal Dutch Shell Plc United Kingdom Energy 2.4
BP Plc United Kingdom Energy 2.3
BASF SE Germany Materials 2.3
ABB Ltd. Switzerland Capital Goods 2.2
Linde AG Germany Materials 2.2

Holdings are subject to change.

Approach

Causeway International Opportunities Fund is a blend of Causeway’s best skills, combining our bottom-up, fundamental research with our quantitatively managed, emerging markets, research. Our quantitative research team has developed a multi-factor model that gauges the relative attractiveness of emerging markets, and guides the portfolio managers in tactically allocating between developed and emerging market countries.

Our developed markets exposure aims to add value through intensive fundamental research implemented via a disciplined value approach. Our emerging markets exposure is the result of a quantitative strategy tailored to the unique growth, momentum, and risk characteristics of developing markets. Our proprietary tactical allocation model is designed to add additional value.

The Causeway International Opportunities Fund is a fully invested portfolio, typically with 150-220 underlying holdings. Allocation between developed and emerging markets can range from 0-2x the allocation of the MSCI All Country World Index ex-US.

Commentary

PERFORMANCE REVIEW for the month ended 30 Nov 2017


Hopes for corporate tax reform boosted US equities in November, though other developed markets were little changed in local currency terms. Emerging markets equities slowed their pace of appreciation to post slightly positive returns for the month. The top performing markets in our investable universe included South Africa, Singapore, Russia, Hong Kong, and Japan. The worst performing markets included Chile, Turkey,Qatar, the United Arab Emirates, and Taiwan. The best performing sectors in the MSCI ACWI ex US Index (“Index”) were consumer staples, telecommunication services, and consumer discretionary. The worst performing sectors were industrials, utilities, and information technology. Every major currency except the Australian dollar appreciated versus the US dollar during the period, thus amplifying overall returns on overseas assets for US dollar-based investors.

Causeway International Opportunities Fund (“Fund”) outperformed the Index during the month, due primarily to stock selection. Fund holdings in the automobiles & components, banks, telecommunication services, materials, and transportation industry groups contributed to relative performance. Holdings in the capital goods, technology hardware & equipment, diversified financials, consumer durables & apparel, and consumer services industry groups offset a portion of the outperformance. The top contributor to return was automobile manufacturer, Volkswagen AG (Germany). Other notable contributors included telecommunication services provider, KDDI Corp. (Japan), banking & financial services company, Barclays Plc (United Kingdom), pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland), and industrial gas company, Linde AG (Germany). The largest detractor was luxury goods manufacturer & retailer, Compagnie Financiere Richemont (Switzerland). Additional detractors included electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), electronics contract manufacturer, Hon Hai Precision Industry Co., Ltd. (Taiwan), electrical & electronic equipment manufacturer, Hitachi Ltd. (Japan), and pharmaceutical company, AstraZeneca Plc (United Kingdom).

Equity Allocation Model Update


We use a proprietary quantitative equity allocation model that assists the portfolio managers in determining the weight of emerging versus developed markets in the Fund. Our allocation relative to the weight of emerging markets in the Index is currently neutral. We identify five primary factors as most indicative of the ideal allocation target: valuation, quality, earnings growth, macroeconomic, and risk aversion. Valuation is currently neutral for emerging markets in our model. Our quality metrics, which include such measures as profit margins and return on equity, are positive. Our earnings growth factor is positive for emerging markets. Our macroeconomic factor is negative on emerging markets. Lastly, our risk aversion factor concludes that investors’ appetite for risk has increased, a negative indicator for our model.

The market commentary expresses the portfolio managers’ views as of the date of this report and should not be relied on as research or investment advice regarding any stock. These views and the fund holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Any securities identified and described in this report do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. Diversification does not protect against market loss.

Dividends

2016$0.4245
2015$0.1357
2014$0.0000
2013$0.0958
2012$0.2215
2011$0.2487
2010$0.1712
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Short-term Capital Gains

2016$0.0000
2015$0.0107
2014$0.0000
2013$0.0001
2012$0.0000
2011$0.0000
2010$0.0000
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Long-term Capital Gains

2016$0.0000
2015$0.0199
2014$0.4943
2013$0.0739
2012$0.0190
2011$0.0303
2010$0.1712
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Distributions are per share. Distribution amounts are based on gains and losses realized and income earned by the Fund through October 31 (or earlier under certain circumstances). During 2014, the Fund restructured from a “fund of funds” to a fund making direct investments in securities.

Documents

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