Global Value Fund

Portfolio Attribution

The Causeway Global Value Fund (“Fund”), on a net asset value basis, underperformed the Index during the month, due primarily to stock selection. On a gross return basis, Fund holdings in the technology hardware & equipment and capital goods industry groups, along with an underweight position in the semiconductors & semi equipment industry group, detracted from relative performance. An overweight position in the media & entertainment industry group and underweight positions in the financial services and materials industry groups, offset some of the underperformance relative to the Index. The largest detractor was multinational luxury conglomerate, Kering SA (France). Additional notable detractors included Sea Ltd. – ADR (Singapore), and CDW Corp. (United States). The top contributor to return was social media giant, Meta Platforms, Inc. (United States). Other notable contributors included integrated circuit manufacturer, Analog Devices, Inc. (United States), and semiconductor company, Renesas Electronics Corp. (Japan).

Investment Outlook

Company-specific operational improvements remain the principal driver of our return expectations for the portfolio. We favor businesses where management-led restructuring, stronger execution, and disciplined capital allocation can improve revenues, margins, and cash flow in ways we believe current valuations do not fully reflect. Lower crude prices and greater geopolitical stability should amplify these gains, but our investment cases rest primarily on actions companies can take to improve their earnings power.

Several spending and economic trends could provide additional support for portfolio holdings. Continued investment in AI should support revenues across a range of portfolio holdings, including the portfolio’s analog semiconductor manufacturers, electrical equipment providers, industrial suppliers, power generators, and electricity network operators. However, investment returns appear increasingly dependent on evidence that AI spending can generate sufficient returns. Improving purchasing managers’ indices in the US and Europe, increased defense spending, and accelerating industrial production in Japan should also support the portfolio’s cyclical holdings. Deep fundamental research remains essential to determining which companies can translate stronger demand into profitable growth and create upside from current valuations.

Inflation, large sovereign refinancing needs and rising debt-servicing costs could constrain the availability of private-sector capital, particularly for mid-sized companies, leveraged loan borrowers, and issuers rated below investment grade. These pressures warrant careful stock selection, especially in financials, where funding conditions and borrowers’ financial health can materially affect earnings. Many financial sector stocks currently trade at historically high valuations. We scrutinize balance sheets, cash flow, and credit exposures as part of our assessment of potential returns and downside risk. Across the portfolio, our focus remains on identifying undervalued companies with credible paths to earnings improvement, supported by detailed company research and valuation discipline.

International Small Cap Fund

Portfolio Attribution

The Causeway International Small Cap Fund (“Fund”), on a net asset value basis, outperformed the Index during the month. To evaluate stocks in our investible universe, our multi-factor quantitative model employs five bottom-up factor categories –valuation, sentiment, technical indicators, quality, and corporate events – and two top-down factor categories assessing macroeconomic and country aggregate characteristics. All of our alpha factor categories posted positive returns in September. Among the strategy’s bottom-up factors, our technical, sentiment, and corporate events categories delivered the most positive monthly returns, and they have also led returns on a year-to-date basis. Our macroeconomic and country aggregate factors posted positive monthly returns as countries exhibiting stronger metrics (such as Japan and Taiwan) outperformed those with relatively weaker characteristics (such as Australia and India). All factor groups remain positive on an inception-to-date basis.

Investment Outlook

The latest action by the US Fed during its September meeting was to raise the Fed funds rate by 25 bps to 3.75-4%. In his remarks, Fed Chair Kevin Warsh stated that the Fed’s main focus is on price stability and that the Fed action should speed the return to the target of 2% inflation. He also stated that financial conditions weren’t restrictive enough, although it’s not clear what indicators are driving this conclusion.

The AI capex trade seems to have gotten its legs again, as the Taiwan market surpassed its peak from June and the Korean market re-traced more than half of its selloff from the June peak to the July low. AI capex numbers from hyperscalers have continued to stay strong and earnings from the Taiwan and Korean AI supply chain companies reflect that strength, resulting in valuations that remain, in our view, reasonable even though stock performance has been strong year to date. Also, volatility in Korea, which was elevated during June and July, has subsided as leverage has been reduced, both due to regulatory actions as well as the exit of some levered market participants.

The ongoing conflict in the Middle East bolstered crude oil prices during the quarter as a credible path to resolution remains murky. Rising oil prices pose a headwind for many oil-importing Asian countries, which represent a large portion of the Fund’s portfolio. However, the Fund is also overweight multiple refining companies, which should be benefiting from increasing crack spreads.

Causeway’s International Small Cap portfolio continues to trade at a substantial discount to the Index while simultaneously exhibiting more favorable growth, quality, momentum, and positive estimate revisions than the Index. We believe that this highly attractive combination of characteristics better insulates our portfolio from future volatility.

International Opportunities Fund

Portfolio Attribution

The Causeway International Opportunities Fund (“Fund”) on a net asset value basis, underperformed the Index during the month. On a gross return basis, Fund holdings in the consumer durables & apparel, capital goods, and banks industry groups detracted from relative performance. Positioning in the materials, consumer services, and insurance industry groups contributed to relative performance. The largest stock-level detractors from absolute returns included multinational luxury conglomerate, Kering SA (France), industrial manufacturing company, Compagnie de Saint-Gobain SA (France), and rolling stock, signaling, and services provider for the rail industry, Alstom SA (France). The greatest stock-level contributors to absolute returns included integrated circuit manufacturer, Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan), electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), and semiconductor company, SK hynix, Inc. (South Korea).

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 significantly overweight. We identify five primary factors as most indicative of the ideal allocation target: valuation, quality, earnings growth, macroeconomic, and risk aversion. Our valuation factor is positive for emerging markets. Our quality metric, which includes such measures as profit margins and return on equity, is also positive. Our earnings growth, macroeconomic, and risk aversion factors are negative indicators.

Investment Outlook

Geopolitical tensions — including ongoing conflicts in the Middle East and Ukraine — remain important factors affecting oil prices and the global economy. Rising oil prices pose a headwind for many oil-importing Asian countries, which represent a large portion of the EM benchmark. While the Fund is overweight emerging Asia relative to the Index, we also own several refining and integrated energy companies, which, in our view, helps to balance the Fund’s overall energy exposure. Continued AI capital expenditures are bolstering many large Asian technocology companies. AI supply chain companies in Taiwan and South Korea have been growing earnings, reflecting the robust capital expenditures by hyperscalers. Therefore, we believe that valuations remain reasonable for select Asian technology companies despite strong year-to-date performance. The Fund is overweight South Korean and Taiwanese stocks, and our multi-factor EM model is identifying attractive investment opportunities in these countries through a combination of valuation, growth, and price momentum considerations.

Within developed markets, improving purchasing managers’ indices in the US and Europe, increased defense spending, and accelerating industrial production in Japan should also support the portfolio’s cyclical holdings. Deep fundamental research remains essential to determining which companies can translate stronger demand into profitable growth and create upside from current valuations. At the same time, inflation, large sovereign refinancing needs and rising debt-servicing costs could constrain the availability of private-sector capital, particularly for mid-sized companies, leveraged loan borrowers, and issuers rated below investment grade. These pressures warrant careful stock selection, especially in financials, where funding conditions and borrowers’ financial health can materially affect earnings. Many financial sector stocks currently trade at historically high valuations. We scrutinize balance sheets, cash flow, and credit exposures as part of our assessment of potential returns and downside risk. Across the developed markets portion of the portfolio, our focus remains on identifying undervalued companies with credible paths to earnings improvement, supported by detailed company research and valuation discipline.

Emerging Markets Fund

Portfolio Attribution

The Causeway Emerging Markets Fund (“Fund”), on a net asset value basis, underperformed the Index in September 2026. We use both bottom-up “stock-specific” and top-down factor categories to forecast alpha for the stocks in the Fund’s investable universe. Our bottom-up valuation, competitive strength, and corporate events factors were negative indicators in September. Our growth and technical (price momentum) were positive indicators. Our top-down macroeconomic, currency, and country/sector aggregate factors were positive indicators during the month.

Investment Outlook

In its September meeting, the US Federal Reserve (“Fed”) raised its target interest rate to 3.75-4%. Fed Chair Kevin Warsh noted that the financial conditions were not restrictive enough, but the US Treasury market, especially at longer-dated maturities, has certainly become more restrictive. Most EM currencies fell during the period amid a backdrop of rising US interest rates. Additionally, the ongoing conflict in the Middle East bolstered crude oil prices during the quarter as a credible path to resolution remains murky. Rising oil prices pose a headwind for many oil-importing Asian countries, which represent a large portion of the EM benchmark. While the Fund is overweight emerging Asia relative to the Index, we also own several refining and integrated energy companies, which, in our view, helps to balance the Fund’s overall energy exposure.

Continued AI capital expenditures are bolstering many large Asian technology companies. AI supply chain companies in Taiwan and South Korea have been growing earnings, reflecting the robust capital expenditures by hyperscalers. Therefore, we believe that valuations remain reasonable for select Asian technology companies despite strong year-to-date performance. Additionally, stock market volatility in South Korea moderated late in the quarter as leverage declined due to regulatory actions and sales by levered market participants. The factors contributing to the lower volatility should persist in the Korean market. The Fund is overweight South Korean and Taiwanese stocks, and our multi-factor EM model is identifying attractive investment opportunities in these countries through a combination of valuation, growth, and price momentum considerations.

International Value Fund

Portfolio Attribution

The Fund underperformed the Index during the month, due primarily to stock selection. Fund holdings in the consumer durables & apparel and capital goods industry groups, along with an underweight position in the semiconductors & semi equipment industry group, detracted from relative performance. Underweight positions in materials, financial services, and automobiles & components industry groups offset some of the underperformance relative to the Index. The largest detractor was multinational luxury conglomerate, Kering SA (France). Additional notable detractors included industrial manufacturing company, Compagnie de Saint-Gobain SA (France), and rolling stock, signaling, and services provider for the rail industry, Alstom SA (France). The top contributor to return was semiconductor company, Renesas Electronics Corp. (Japan). Other notable contributors included electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), and control systems manufacturer, Smiths Group Plc (United Kingdom).

Investment Outlook

Company-specific operational improvements remain the principal driver of our return expectations for the portfolio. We favor businesses where management-led restructuring, stronger execution, and disciplined capital allocation can improve revenues, margins, and cash flow in ways we believe current valuations do not fully reflect. Lower crude prices and greater geopolitical stability should amplify these gains, but our investment cases rest primarily on actions companies can take to improve their earnings power.

Several spending and economic trends could provide additional support for portfolio holdings. Continued investment in AI should support revenues across a range of portfolio holdings, including the portfolio’s analog semiconductor manufacturers, electrical equipment providers, industrial suppliers, power generators, and electricity network operators. However, investment returns appear increasingly dependent on evidence that AI spnding can generate sufficient returns. Improving purchasing managers’ indices in the US and Europe, increased defense spedning, and accelerating industrial production in Japan should also support the portfolio’s cyclical holdings. Deep fundamental research remains essential to determining which companies can translate stronger demand into profitable growth and create upside from current valuations.

Inflation, large sovereign refinancing needs and rising debt-servicing costs could constrain the availability of private-sector capital, particularly for mid-sized companies, leveraged loan borrowers, and issuers rated below investment grade. These pressures warrant careful stock selection, especially in financials, where funding conditions and borrowers’ financial health can materially affect earnings. Many financial sector stocks currently trade at historically high valuations. We scrutinize balance sheets, cash flow, and credit exposures as part of our assessment of potential returns and downside risk. Across the portfolio, our focus remains on identifying undervalued companies with credible paths to earnings improvement, supported by detailed company research and valuation discipline.