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International Opportunities Fund

Combining our proven abilities in developed and emerging international markets

NAV (as of 19 Oct 2017)

$14.09, -0.04

YTD

+24.14%

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
BenchmarkMSCI ACWI ex US

Performance

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%
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 Sep 2017

Stocks 97.2%
Cash 2.8%

Characteristics as of 30 Sep 2017

Causeway MSCI ACWI ex US
No. of Holdings 217 1859
Wtd. Avg. Market Cap (Mn $US)$58,081$50,864
FY2 Price/Earnings12.113.9
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 Sep 2017

Financials18.76%
Industrials16.30%
Consumer Discretionary9.58%
Health Care9.53%
Information Technology9.49%
Energy9.18%
Materials8.34%
Consumer Staples5.14%
Telecommunication Services4.41%
Utilities3.28%
Equity Funds1.72%
Real Estate1.52%

(VS. Benchmark)

Financials23.30%
Industrials11.79%
Consumer Discretionary11.28%
Health Care7.89%
Information Technology11.21%
Energy6.64%
Materials7.85%
Consumer Staples9.59%
Telecommunication Services4.20%
Utilities3.08%
Equity Funds0.00%
Real Estate3.19%
Financials
Industrials
Consumer Discretionary
Health Care
Information Technology
Energy
Materials
Consumer Staples
Telecommunication Services
Utilities
Equity Funds
Real Estate
Other

TOP 10 COUNTRIES as of 30 Sep 2017

United Kingdom25.98%
Japan10.89%
Switzerland10.18%
Germany9.29%
China6.29%
Canada6.23%
France5.70%
South Korea3.82%
Taiwan2.43%
Netherlands2.32%
India1.99%
Italy1.84%
Multi-National Emerging (ETF)1.72%
Brazil1.34%
Russia1.17%
Thailand0.97%
Sweden0.84%
Australia0.70%
Spain0.64%
South Africa0.61%
Malaysia0.56%
Turkey0.53%
Poland0.28%
United Arab Emirates0.22%
Mexico0.18%
Indonesia0.17%
Ireland0.15%
Qatar0.08%
Hungary0.07%
Czech Republic0.04%
Philippines0.03%
Pakistan0.00%
New Zealand0.00%
Singapore0.00%
Egypt0.00%
Greece0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Norway0.00%
Portugal0.00%
Hong Kong0.00%
Peru0.00%
Chile0.00%
Colombia0.00%

(VS. Benchmark)

United Kingdom12.33%
Japan15.94%
Switzerland5.71%
Germany6.75%
China7.12%
Canada6.69%
France7.45%
South Korea3.61%
Taiwan2.77%
Netherlands2.57%
India2.03%
Italy1.71%
Multi-National Emerging (ETF)0.00%
Brazil1.82%
Russia0.82%
Thailand0.54%
Sweden2.03%
Australia4.73%
Spain2.40%
South Africa1.54%
Malaysia0.55%
Turkey0.27%
Poland0.32%
United Arab Emirates0.17%
Mexico0.83%
Indonesia0.55%
Ireland0.32%
Qatar0.14%
Hungary0.08%
Czech Republic0.04%
Philippines0.27%
Pakistan0.02%
New Zealand0.11%
Singapore0.88%
Egypt0.03%
Greece0.08%
Israel0.33%
Austria0.18%
Belgium0.82%
Denmark1.29%
Finland0.69%
Norway0.48%
Portugal0.11%
Hong Kong2.39%
Peru0.09%
Chile0.30%
Colombia0.11%
United Kingdom
Japan
Switzerland
Germany
China
Canada
France
South Korea
Taiwan
Netherlands
India
Italy
Multi-National Emerging (ETF)
Brazil
Russia
Thailand
Sweden
Australia
Spain
South Africa
Malaysia
Turkey
Poland
United Arab Emirates
Mexico
Indonesia
Ireland
Qatar
Hungary
Czech Republic
Philippines
Pakistan
New Zealand
Singapore
Egypt
Greece
Israel
Austria
Belgium
Denmark
Finland
Norway
Portugal
Hong Kong
Peru
Chile
Colombia
Other

TOP 10 HOLDINGS as of 30 Sep 2017

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 3.7
Schneider Electric SE France Capital Goods 2.9
Royal Dutch Shell Plc United Kingdom Energy 2.9
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.9
Barclays Plc United Kingdom Banks 2.6
BASF SE Germany Materials 2.6
ABB Ltd. Switzerland Capital Goods 2.3
BP Plc United Kingdom Energy 2.3
AstraZeneca Plc United Kingdom Pharmaceuticals & Biotechnology 2.1
Encana Canada Energy 2.1

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 Sep 2017


Developed equity markets rose during the month as rising employment and improving consumer confidence data indicated a healthy global economy. Emerging markets equities retreated in late-September, following the US Federal Reserve’s (“Fed’s”) announcement that it intends to slim its balance sheet. The top performing markets in our investable universe included Ireland, Germany, Russia, France, and Brazil. The worst performing markets included Greece, Turkey, South Africa, Qatar, and Hungary. The best performing sectors in the MSCI ACWI ex US Index (“Index”) were energy, consumer discretionary, and industrials. The worst performing sectors were utilities, telecommunication services, and consumer staples.

Causeway International Opportunities Fund (“Fund”) outperformed the Index during the month, due primarily to stock selection. Fund holdings in the energy, materials, capital goods, banks, and pharmaceuticals & biotechnology industry groups contributed to relative performance. Holdings in the consumer services, technology hardware & equipment, and diversified financials industry groups, along with an overweight position in the telecommunication services industry group and an underweight position in the commercial & professional services industry group, offset a portion of the outperformance. The top contributor to return was oil & natural gas producer, Encana (Canada). Other notable contributors included automobile manufacturer, Volkswagen AG (Germany), energy supermajor, Royal Dutch Shell Plc (United Kingdom), pharmaceutical company, AstraZeneca Plc (United Kingdom), and crude oil & natural gas company, BP Plc (United Kingdom). The largest detractor was cruise ship operator, Carnival Plc (United Kingdom). Additional detractors included electronics contract manufacturer, Hon Hai Precision Industry Co., Ltd. (Taiwan), electronic component manufacturing company, Catcher Technology Co. Ltd. (Taiwan), technology design & manufacturing company, Pegatron Corp. (Taiwan), and bank, China Construction Bank Corp. (China).

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 underweight. 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 also positive for emerging markets. Our macroeconomic factor is negative on emerging markets. Lastly, our risk aversion factor concludes that investors’ appetite for risk is high, 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
Load More

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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