Seeking value throughout worldwide developed and emerging markets

Investment Objective

The Fund’s investment objective is to seek long-term growth of capital.

Investment Process

The Fund invests at least 80% of its total assets in equity securities of companies in the U.S and in developed and emerging countries outside the U.S. The Fund will typically hold between 25 and 35 investments. Equity securities include common stock, preferred and preference stock, depositary receipts and other similar securities.

YTD Return*
-10.60%
Nav*
$9.78, +0.27
Inception
December 15, 2020
Cusip
14951G104
Benchmark
MSCI ACWI
Minimum Investment
$1,000,000
Sales Charge
None
Net Expense Ratio
0.85%
Gross Expense Ratio
3.47%
*As of May 17, 2022
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Contact Us

Research overview

Portfolio managers Joe Gubler and Steve Nguyen discuss fundamental and quantitative research at Causeway.

Portfolio managers

Fundamental Portfolio Manager
Fundamental Portfolio Manager
President
Head of Fundamental Research
Fundamental Portfolio Manager
Chief Executive Officer
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Quantitative Portfolio Manager

Performance

QTD YTD 1 year Since inception
Fund -5.3%-11.2%-6.8%3.2%
MSCI ACWI -8.0%-12.8%-5.0%4.3%
QTD YTD 1 year Since inception
Fund -5.3%-11.2%-6.8%3.2%
MSCI ACWI -8.0%-12.8%-5.0%4.3%
QTD YTD 1 year Since inception
Fund -6.2%-6.2%2.0%7.8%
MSCI ACWI -5.3%-5.3%7.7%11.5%
QTD YTD 1 year Since inception
Fund -6.2%-6.2%2.0%7.8%
MSCI ACWI -5.3%-5.3%7.7%11.5%
20212020
Fund N/AN/A
MSCI ACWI N/AN/A
Fund
MSCI ACWI
20212020
N/AN/A
N/AN/A

Portfolio (as of April 30, 2022)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 97.0%
Cash 3.0%
Fund Characteristics
Fund Benchmark
No. of holdings 26 2937
Weighted avg. market cap (US $MM) $97,077 $316,251
FY2 price/earnings 11.4 14.6
Price/book value 1.8 2.8
Net assets $3,574,472 -
TOP 10 HOLDINGS
Security Country Percent
Novartis AG Switzerland 5.4%
Fiserv, Inc. United States 5.3%
Alstom SA France 4.9%
Ashland Global Holdings, Inc. United States 4.9%
Samsung Electronics Co., Ltd. South Korea 4.8%
UniCredit S.p.A. Italy 4.8%
SAP SE Germany 4.8%
Genpact Ltd. United States 4.8%
Essent Group Ltd. United States 4.7%
Berry Global Group United States 4.7%

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.

Holdings are subject to change.

SECTOR WEIGHTS
Sector Fund Benchmark
Information Technology 22.4% 21.5%
Health Care 15.4% 12.3%
Financials 14.9% 14.5%
Materials 14.3% 5.1%
Industrials 12.6% 9.5%
Consumer Discretionary 7.3% 11.3%
Utilities 5.4% 3.0%
Communication Services 4.6% 7.7%
Consumer Staples 0.0% 7.5%
Energy 0.0% 4.6%
Real Estate 0.0% 2.8%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 49.4% 60.7%
Switzerland 12.7% 2.6%
Italy 9.0% 0.6%
France 7.6% 2.8%
Germany 6.0% 2.0%
South Korea 4.8% 1.4%
United Kingdom 3.4% 3.9%
Japan 2.1% 5.4%
Netherlands 2.0% 1.0%
New Zealand 0.0% 0.0%
Regional Allocation
  • North America 49.4%
  • Europe – other 40.7%
  • Emerging Asia 4.8%
  • Pacific 2.1%

Commentary (As of April 30, 2022)

Highlights

  • Global equities fell in April as the prospect of tighter global monetary policy, the war in Ukraine, and additional Covid-related lockdowns in China all weighed on sentiment. As market participants anticipate higher interest rates, growth stocks—those with the loftiest valuations—have seen greater losses relative to value peers in the year-to-date period.
  • Except for China, central banks globally are aiming to tighten monetary policy amid inflation that’s substantially above-target without tipping their respective economies into recession. However, continuing supply chain bottlenecks, energy and labor shortages, and elevated consumer demand may make inflation difficult to contain in the short term.
  • We seek to add, in our view, high-quality, competitively well-positioned, cash-generative companies to our client portfolios; including those that we believe will benefit from a complete re-opening of the global economy, investment in energy independence in Europe, and the building of onshore manufacturing in many developed markets to mitigate supply chain vulnerabilities.

Portfolio attribution

The Causeway Concentrated Equity Fund ("Fund") outperformed the Index during the month, due primarily to stock selection. Fund holdings in the materials, pharmaceuticals & biotechnology, software & services, and insurance industry groups, as well as an underweight position in the semiconductors & semi equipment industry group, contributed to relative performance. Holdings in the capital goods industry group, along with an underweight position in the food beverage & tobacco, energy, household & personal products, and real estate industry groups, offset some of the outperformance compared to the Index. The top contributor to return was specialty chemicals manufacturer, Ashland Global Holdings, Inc. (United States). Other notable contributors included pharmaceutical giant, Sanofi (France), paper & packaging solutions company, WestRock Co.(United States), paints & coatings producer, Akzo Nobel (Netherlands), and pharmaceutical producer, Novartis AG (Switzerland). The largest detractor was technology conglomerate, Alphabet, Inc. (United States). Additional notable detractors included jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom), banking & financial services company, UniCredit S.p.A. (Italy), HVAC manufacturer, Carrier Global Corp. (United States), and casino & resort company, Las Vegas Sands Corp. (United States).

Investment outlook

More than a decade of intense global central bank quantitative easing (culminating in an explosion of monetary stimulus during Covid) pushed asset prices higher as too much money chased too few opportunities. That 10-year money geyser resulted in very low, and in some regions, negative, interest rates and equity valuation multiples that rose sharply, often outpacing earnings (or the prospect of earnings at some future date). We believe a new monetary policy regime has begun—one that will likely lead to the opposite result with earnings and multiples under pressure as investors once again focus on valuation. We are most interested in identifying companies with strong balance sheets and pricing power combined with effective cost-cutting measures that can protect their profit margins. We seek to add, in our view, high-quality, competitively well-positioned, cash-generative companies to our client portfolios, including those that we believe will benefit from a complete re-opening of the global economy, investment in energy independence in Europe, and the building of onshore manufacturing in many developed markets to mitigate supply chain vulnerabilities. We typically look for dividend income and share buybacks as an indication of management’s resolve to reward shareholders and maintain efficient capital structures. We want that dividend income compounding, providing an important component of total return for our clients.

Distributions

Dividends Short-term capital gains Long-term capital gains
2021 $0.1201 $0.6756 $0.0000
2020 $0.0007 $0.0000 $0.0000

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

Fund information:

Forms: