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*
+8.76%
Nav*
$10.43, -0.15
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
3.09%
*As of March 09, 2023
Download Profile Sheet Download Prospectus
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 9.7%9.7%3.0%6.0%
MSCI ACWI 4.2%4.2%-7.8%1.7%
QTD YTD 1 year Since inception
Fund 9.7%9.7%3.0%6.0%
MSCI ACWI 4.2%4.2%-7.8%1.7%
QTD YTD 1 year Since inception
Fund 19.6%-11.7%-11.7%1.8%
MSCI ACWI 9.9%-18.0%-18.0%-0.2%
QTD YTD 1 year Since inception
Fund 19.6%-11.7%-11.7%1.8%
MSCI ACWI 9.9%-18.0%-18.0%-0.2%
202220212020
Fund -11.7%15.8%N/A
MSCI ACWI -18.0%19.0%N/A
Fund
MSCI ACWI
202220212020
-11.7%15.8%N/A
-18.0%19.0%N/A

Portfolio (as of February 28, 2023)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 97.5%
Cash 2.5%
Fund Characteristics
Fund Benchmark
No. of holdings 26 2882
Weighted avg. market cap (US $MM) $83,067 $273,905
FY2 price/earnings 11.9 14.3
Price/book value 1.8 2.6
Net assets $3,838,966 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 5.5%
Fiserv, Inc. United States 5.3%
Carrefour SA France 5.2%
Citigroup, Inc. United States 4.9%
Alphabet, Inc. United States 4.8%
UniCredit S.p.A. Italy 4.8%
Berry Global Group United States 4.7%
SAP SE Germany 4.7%
Leidos Holdings, Inc. United States 4.6%
Murata Manufacturing Co. Ltd. Japan 4.6%

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 33.2% 21.1%
Financials 14.9% 15.4%
Industrials 13.1% 10.2%
Health Care 8.9% 12.3%
Materials 7.6% 5.0%
Communication Services 7.5% 7.0%
Consumer Staples 5.2% 7.4%
Utilities 4.4% 2.9%
Consumer Discretionary 2.7% 11.0%
Energy 0.0% 5.2%
Real Estate 0.0% 2.6%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 45.0% 60.3%
Italy 9.2% 0.6%
Switzerland 8.6% 2.5%
United Kingdom 8.3% 3.9%
South Korea 6.7% 1.3%
Japan 6.7% 5.5%
France 5.2% 3.2%
Germany 4.7% 2.2%
Ireland 3.1% 0.2%
Israel 0.0% 0.2%
Regional Allocation
  • North America 45.0%
  • Europe – other 39.1%
  • Emerging Asia 6.7%
  • Pacific 6.7%

Commentary (As of February 28, 2023)

Highlights

  • January’s optimism for global equity markets appeared to wane in February, as stubborn inflation led investors to anticipate greater interest rate hikes.
  • February inflation measures for Europe exceeded estimates, prompting markets to discount a more forceful policy response from the European Central Bank (“ECB”). Euro area core inflation, which excludes volatile price categories including energy and food, rose a record 5.6% year-over-year.
  • Capital markets may be bracing for additional policy rate pressures, but our research continues to identify individual stocks with attractive return prospects. We continue to uncover companies with the potential for higher earnings and cash flow. As long-term investors, we believe that valuation invariably recognizes fundamentals. Shifting macro sentiments may cast ripples across equity markets, but company fundamentals form the bedrock of portfolio returns.

Portfolio attribution

The Causeway Concentrated Equity Fund ("Fund") outperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, software & services, and banks industry groups contributed to relative performance. Holdings in the technology hardware & equipment, semiconductors & semi equipment, and media & entertainment industry groups offset some of the outperformance compared to the Index. The top contributor to return was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Other notable contributors included financial services technology company, Fiserv, Inc. (United States), and banking & financial services company, UniCredit S.p.A. (Italy). The largest detractor was paper & packaging solutions company, WestRock (United States). Additional notable detractors included technology conglomerate, Alphabet, Inc. (United States), and products & services provider for the electronic components industry, SK hynix, Inc. (South Korea).

Investment outlook

As long-term investors, we believe that valuation invariably recognizes fundamentals. Shifting macro sentiments may cast ripples across equity markets, but company fundamentals form the bedrock of portfolio returns. Through diligent research we analyze industry dynamics, assess financial strength, and forecast cash flows to identify companies that we believe can create value for shareholders and generate excess returns for client portfolios across market cycles.

Distributions

Dividends Short-term capital gains Long-term capital gains
2022 $0.0716 $0.0000 $0.0000
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: