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International Value Fund

A fundamentally different approach to international value investing

NAV (as of 23 Jun 2017)

$15.72, +0.01

YTD

+13.34%

INCEPTION

26 Oct 2001

TICKER/CUSIP

CIVIX/14949P208

Fact Sheet Prospectus

Fund Profile

The Fund invests primarily in common stocks of companies located in developed countries outside the U.S. Normally, the Fund invests at least 80% of its total assets in stocks of companies located in at least ten foreign countries and invests the majority of its total assets in companies that pay dividends or repurchase their shares. There is no limit on investments in any one country. The Fund may invest up to 10% of its total assets in companies in emerging (less developed) markets.

Minimum Investment$1,000,000
Sales ChargeNone
Net Expense Ratio0.91%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
BenchmarkMSCI EAFE

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CIVIX 5.2%13.4%15.7%0.5%9.9%1.9%7.7%
MSCI EAFE 6.5%14.4%17.0%2.0%10.7%1.5%6.6%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CIVIX 7.8%7.8%13.6%-0.5%5.7%2.1%7.5%
MSCI EAFE 7.4%7.4%12.2%1.0%6.3%1.5%6.2%

Portfolio

Asset Allocation as of 31 May 2017

Stocks 97.5%
Cash 2.5%

Characteristics as of 31 May 2017

Causeway MSCI EAFE
No. of Holdings 54 928
Wtd. Avg. Market Cap (Mn $US)$55,853$49,390
FY2 Price/Earnings12.514.3
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 31 May 2017

Industrials17.87%
Financials17.37%
Consumer Discretionary10.42%
Telecommunication Services9.90%
Health Care9.18%
Energy8.49%
Information Technology7.47%
Materials7.04%
Consumer Staples5.17%
Utilities3.75%
Real Estate0.80%

(VS. Benchmark)

Industrials14.40%
Financials20.77%
Consumer Discretionary12.20%
Telecommunication Services4.45%
Health Care10.95%
Energy4.84%
Information Technology5.92%
Materials7.58%
Consumer Staples11.77%
Utilities3.44%
Real Estate3.69%
Industrials
Financials
Consumer Discretionary
Telecommunication Services
Health Care
Energy
Information Technology
Materials
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 31 May 2017

United Kingdom28.91%
Switzerland13.40%
Japan13.17%
Germany9.16%
France6.90%
Canada5.76%
Hong Kong4.97%
Netherlands4.08%
South Korea4.03%
Italy2.51%
China1.86%
Sweden0.95%
Spain0.95%
Australia0.80%
Norway0.00%
Portugal0.00%
Ireland0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
New Zealand0.00%
Singapore0.00%

(VS. Benchmark)

United Kingdom17.90%
Switzerland8.95%
Japan23.06%
Germany9.56%
France10.58%
Canada0.00%
Hong Kong3.51%
Netherlands3.54%
South Korea0.00%
Italy2.18%
China0.00%
Sweden2.92%
Spain3.49%
Australia6.80%
Norway0.62%
Portugal0.16%
Ireland0.46%
Israel0.64%
Austria0.23%
Belgium1.17%
Denmark1.77%
Finland1.02%
New Zealand0.16%
Singapore1.29%
United Kingdom
Switzerland
Japan
Germany
France
Canada
Hong Kong
Netherlands
South Korea
Italy
China
Sweden
Spain
Australia
Norway
Portugal
Ireland
Israel
Austria
Belgium
Denmark
Finland
New Zealand
Singapore
Other

TOP 10 HOLDINGS as of 31 May 2017

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.2
Royal Dutch Shell Plc United Kingdom Energy 3.3
British American Tobacco Plc United Kingdom Food Beverage & Tobacco 3.1
ABB Ltd. Switzerland Capital Goods 3.0
KDDI Corp. Japan Telecommunication Services 3.0
Schneider Electric SE France Capital Goods 2.9
Novartis AG Switzerland Pharmaceuticals & Biotechnology 2.7
China Mobile Ltd. Hong Kong Telecommunication Services 2.7
Akzo Nobel NV Netherlands Materials 2.6
East Japan Railway Co. Japan Transportation 2.6

Holdings are subject to change.

Approach

Causeway International Value Fund is constructed from an equity universe spanning primarily developed international markets. Emerging markets investments may also be included. Eligible companies have market capitalizations generally greater than $1 billion. The investment process is comprised of three stages: quantitative screening and initial analysis, fundamental research, and portfolio construction.

Our international investment philosophy is value-driven with a fundamentally based, bottom-up approach to stock selection. We believe that companies derive their value from the contribution of yield and profitable re-investment of earnings back into the company.

Our philosophy on risk management is simple. We believe risk is best measured by the volatility of a portfolio's returns, not its dispersion from a benchmark. In our view, investors are rewarded over the long term by a reduction in volatility. Our goal is to construct a portfolio that provides consistent long-term, risk-adjusted returns.

Causeway International Value Fund is a fully invested, typically 50-80 stock portfolio, typically with a value bias. Sector and regional weights are by-products of our bottom-up approach to stock selection.

Commentary

PERFORMANCE REVIEW for the month ended 31 May 2017


Global equities continued their ascent in May, buoyed by demand for growth stocks and by evidence of a recovery in European economies. The top performing markets in our investable universe included Portugal, Austria, South Korea, Finland, and Denmark. The worst performing markets included Australia, Israel, Canada, New Zealand, and Ireland. The best performing sectors in the MSCI EAFE Index (“Index”) were utilities, telecommunication services, and information technology. The worst performing sectors were materials, financials, and consumer discretionary. Every major currency except the Australian dollar and British pound appreciated versus the US dollar during the period, thus amplifying overall returns on overseas assets for US dollar-based investors.

Causeway International Value Fund (“Fund”) underperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, food beverage & tobacco, energy, transportation, and materials industry groups detracted from relative performance. Holdings in the banks, pharmaceuticals & biotechnology, and utilities industry groups, as well as an overweight position in the telecommunication services industry group and an underweight position in the diversified financials industry group, offset some of the underperformance versus the Index. The largest detractor was construction & mining equipment manufacturer, Komatsu Ltd. (Japan). Additional detractors included oil & natural gas producer, Encana (Canada), automobile manufacturer, Volkswagen AG (Germany), Japan Airlines Co., Ltd.(Japan), and paints & coatings producer, Akzo Nobel NV (Netherlands). The top contributor to performance was multinational electric utility company, ENGIE SA (France). Other notable contributors included telecommunication services provider, Vodafone Group (United Kingdom), pharmaceutical company, AstraZeneca Plc (United Kingdom), electrical & electronic equipment manufacturer, Hitachi Ltd. (Japan), and banking & financial services company, UniCredit S.p.A. (Italy).

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$0.2901
2015$0.2750
2014$0.3788
2013$0.1645
2012$0.2757
2011$0.3813
2010$0.1939
2009$0.1875
2008$0.5135
2007$0.4536
2006$0.2289
2005$0.3718
2004$0.2647
2003$0.1813
2002$0.1196
2001$0.0000
Load More

Short-term Capital Gains

2016$0.0000
2015$0.0000
2014$0.0000
2013$0.0000
2012$0.0000
2011$0.0000
2010$0.0000
2009$0.0000
2008$0.0000
2007$0.6606
2006$0.0222
2005$0.1962
2004$0.1379
2003$0.0037
2002$0.0000
2001$0.0000
Load More

Long-term Capital Gains

2016$0.0000
2015$0.0000
2014$0.0000
2013$0.0000
2012$0.0000
2011$0.0000
2010$0.0000
2009$0.0000
2008$0.4558
2007$3.3443
2006$0.8650
2005$0.3833
2004$0.3093
2003$0.0550
2002$0.0000
2001$0.0000
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).

Documents

Consent to Electronic Delivery

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Access to Online Documents

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Duration of Election and Consent

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Costs and Risks

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