Global Value Fund

Portfolio Attribution

The Causeway Global Value Fund (“Fund”), on a net asset value basis, outperformed the Index during the month, due primarily to stock selection. On a gross return basis, Fund holdings in the pharmaceuticals & biotechnology, semiconductors & semi equipment, and software & services industry groups contributed to relative performance. Holdings in the technology hardware & equipment, consumer services, and media & entertainment industry groups offset some of the outperformance compared to the Index. The top contributor to return was diversified pharmaceutical company, Merck & Co., Inc. (United States). Other notable contributors included technology conglomerate, Alphabet, Inc. (United States), and global biotechnology company, Biogen, Inc. (United States). The largest detractor was cruise ship operator, Carnival Corp. (United States). Additional notable detractors included electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), and enterprise management software provider, Oracle Corp. (United States).

Investment Outlook

Market trends in 2025 year-to-date point to a notable shift in investor sentiment and capital rotation toward non-US equity markets. European fund inflows accelerated in the first half of the year, helping fuel the 12% appreciation of the euro versus the US dollar through the end of November. Strong developed international equity outperformance relative to the US market has likely renewed investor interest in undervalued European, UK, and Japanese equities.

The current rise of international value indices over growth provides a constructive backdrop for our value-oriented investment style. Among the leading non-US sectors in 2025, we see continued upside potential in financials, industrials, information technology, and consumer staples. Several of the portfolio’s lagging stocks this year appear well-positioned to outperform in 2026 as management teams execute on earnings and cash-flow improvements, inspiring market confidence.

Tariffs continue to weigh on China; despite a recent slowdown in overall fixed-asset investment, we currently expect resilient capital investment for high-tech and advanced manufacturing, including electronics, new energy vehicles, pneumatics and automation, batteries, grid electrification, data centers, and aerospace. Several portfolio companies in Japan and Europe appear positioned to benefit from this structural investment trend.

We are investing in companies with, in our view, durable pricing power, strong brands, and resilient product pipelines, and we view periods of temporary underperformance as opportunities to build positions at compelling valuations. We aim to hold management teams accountable for accelerating operational restructuring and improving shareholder returns. We remain confident that active management and disciplined stock selection should continue to uncover attractive opportunities across global markets.

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 alpha factor categories delivered positive returns in November. Among our bottom-up factor groups, our technical, corporate events, valuation, and sentiment factors posted the most positive monthly returns, and technical is the best-performing bottom-up factor group year-to-date and over the last twelve months. Quality, which is the only factor group that has negative returns year-to-date, also posted positive returns in November. Returns to our macroeconomic and country aggregate factors were positive in November as countries exhibiting more attractive characteristics (such as Japan and Canada) outperformed those with relatively weaker characteristics (such as India and Saudi Arabia). All factor groups remain positive on an inception-to-date basis.

Investment Outlook

On balance, we continue to see positive developments on the corporate governance front in Korea, which is our largest overweight. In early July, the Korean parliament passed an amendment to the Korea Commercial Act, which included important changes including requiring company boards to now consider the interests of minority shareholders and mandating access to remote participation/electronic voting at shareholder meetings. Moreover, multiple bills are now under consideration to encourage companies to cancel treasury shares. Typically, share buybacks by a company are positive for all shareholders. However, Korean companies have historically exploited share buybacks by making them a tool to increase controlling shareholder control by reducing the number of shares owned by minority shareholders. Meanwhile, minority shareholders do not enjoy the earnings accretion benefit of a buyback since the purchased shares still exist in the company’s treasury. The proposed amendment would, once again, make share buybacks positive for minority shareholders.

International small caps (ACWI ex USA Small Cap Index) continue to trade at a rare discount to their larger-cap (ACWI ex USA Index) peers on a forward P/E basis. In addition to the attractive relative valuation of the asset class overall, Causeway’s International Small Cap portfolio also trades 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, outperformed the Index during the month. On a gross return basis, Fund holdings in the capital goods, banks, and pharmaceuticals & biotechnology industry groups contributed to relative performance. Holdings in the materials, consumer durables & apparel, and consumer services industry groups detracted from relative performance. The greatest contributors to absolute returns included pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland), pharmaceutical company, AstraZeneca PLC (United Kingdom), and banking & financial services company, BNP Paribas SA (France). The largest detractors from absolute returns included semiconductor manufacturer, Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan), multinational luxury conglomerate, Kering SA (France), and cruise ship operator, Carnival Corp. (United States).

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

Investment Outlook

Market trends in 2025 year-to-date point to a notable shift in investor sentiment and capital rotation toward non-US equity markets. European fund inflows accelerated in the first half of the year, helping fuel the 12% appreciation of the euro versus the US dollar through the end of November. Year-to-date, US dollar weakness accounts for much of the outperformance of international markets. This strong developed international equity outperformance in US-dollar terms has likely renewed investor interest in undervalued European, UK, and Japanese equities. The current rise of international value indices over growth provides a constructive backdrop for our value-oriented investment style. Among the leading non-US sectors in 2025, we see continued upside potential in financials, industrials, information technology, and consumer staples. Several of the portfolio’s lagging stocks this year appear well-positioned to outperform in 2026 as management teams execute on earnings and cash-flow improvements, inspiring market confidence. In the developed markets portion of the portfolio, we are investing in companies with, in our view, durable pricing power, strong brands, and resilient product pipelines, and we view periods of temporary underperformance as opportunities to build positions at compelling valuations. We aim to hold management teams accountable for accelerating operational restructuring and improving shareholder returns. We remain confident that active management and disciplined stock selection should continue to uncover attractive opportunities across global markets.

In emerging markets, the tariff outlook for EM exports has generally improved, which has also bolstered EM assets. Reciprocal tariff rates in South Korea and Taiwan have been reduced and many goods, notably semiconductors, are excluded from the reciprocal tariffs currently. US tariff negotiations with China are ongoing and the situation is complex – the average effective tariff rate far exceeds the reciprocal tariff rate due to various other tariffs on specific goods. We are overweight Chinese stocks in the Fund due in part to compelling valuation and growth characteristics. In South Korea, corporate governance continues to improve. The Korean parliament passed an amendment to the Korean Commercial Act, which expands companies’ boards of directors’ fiduciary duties to also consider the interests of minority shareholders. We are overweight South Korean stocks in the Fund due in part to favorable valuation, growth, price momentum, and top-down characteristics.

Emerging Markets Fund

Portfolio Attribution

The Causeway Emerging Markets Fund (“Fund”), on a net asset value basis, outperformed the Index in November 2025. 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 technical (price momentum), valuation, growth, competitive strength, and corporate events factors were positive indicators during the month. Our top-down currency, macroeconomic, and country/sector aggregate were negative indicators.

Investment Outlook

With the core Consumer Price Index (CPI) above the US Federal Reserve’s two percent target, the path to achieving the central bank’s dual mandate of maximum employment and stable prices appears difficult. The Fed has reduced its target interest rate in recent meetings. Stable to falling US interest rates coupled with US dollar weakness has historically provided a positive backdrop for EM assets. The tariff outlook for EM exports has generally improved, which has also bolstered EM assets year-to-date. Reciprocal tariff rates in South Korea and Taiwan have been reduced and many goods, notably semiconductors, are excluded from the reciprocal tariffs currently. US tariff negotiations with China are ongoing and the situation is complex – the average effective tariff rate far exceeds the reciprocal tariff rate due to various other tariffs on specific goods. We are overweight Chinese stocks in the Fund due in part to compelling valuation and growth characteristics. Tariff rates levied on India remain elevated, primarily attributable to a punitive tariff for buying Russian oil. We are underweight Indian stocks in the Fund due in part to unfavorable valuation, growth, and price momentum characteristics.

In South Korea, corporate governance continues to improve. The Korean parliament passed an amendment to the Korean Commercial Act, which expands companies’ boards of directors’ fiduciary duties to also consider the interests of minority shareholders. Additionally, multiple bills are being considered that would require or strongly encourage companies to cancel treasury shares, which would benefit minority shareholders. Typically, share buybacks by a company are positive for all shareholders. However, Korean companies have historically used share buybacks as a tool to increase controlling shareholder control by reducing the number of shares owned by minority shareholders. Meanwhile, minority shareholders do not enjoy the typical benefit of a buyback since the purchased shares still exist in the company’s treasury. The proposed amendment would, once again, make share buybacks positive for minority shareholders. We are overweight South Korean stocks in the Fund due in part to favorable valuation, growth, price momentum, and top-down characteristics.

International Value Fund

Portfolio Attribution

The Causeway International Value Fund (“Fund”), on a net asset value basis, outperformed the Index during the month due primarily to stock selection. On a gross return basis, Fund holdings in the capital goods, telecommunication services, and banks industry groups contributed to relative performance. Holdings in the consumer durables & apparel and consumer services industry groups, along with an overweight position in the technology hardware & equipment industry group, offset some of the outperformance compared to the Index. The top contributor to return was pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland). Other notable contributors included pharmaceutical company, AstraZeneca PLC (United Kingdom), and banking & financial services company, BNP Paribas SA (France). The largest detractor was electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea). Additional notable detractors included multinational luxury conglomerate, Kering SA (France), and cruise ship operator, Carnival Corp. (United States).

Investment Outlook

Market trends in 2025 year-to-date point to a notable shift in investor sentiment and capital rotation toward non-US equity markets. European fund inflows accelerated in the first half of the year, helping fuel the 12% appreciation of the euro versus the US dollar through the end of November. Strong developed international equity outperformance relative to the US market has likely renewed investor interest in undervalued European, UK, and Japanese equities.

The current rise of international value indices over growth provides a constructive backdrop for our value-oriented investment style. Among the leading non-US sectors in 2025, we see continued upside potential in financials, industrials, information technology, and consumer staples. Several of the portfolio’s lagging stocks this year appear well-positioned to outperform in 2026 as management teams execute on earnings and cash-flow improvements, inspiring market confidence.

Tariffs continue to weigh on China; despite a recent slowdown in overall fixed-asset investment, we currently expect resilient capital investment for high-tech and advanced manufacturing, including electronics, new energy vehicles, pneumatics and automation, batteries, grid electrification, data centers, and aerospace. Several portfolio companies in Japan and Europe appear positioned to benefit from this structural investment trend.

We are investing in companies with, in our view, durable pricing power, strong brands, and resilient product pipelines, and we view periods of temporary underperformance as opportunities to build positions at compelling valuations. We aim to hold management teams accountable for accelerating operational restructuring and improving shareholder returns. We remain confident that active management and disciplined stock selection should continue to uncover attractive opportunities across global markets.