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*
+14.19%
Nav*
$11.59, +0.05
Inception
December 15, 2020
Cusip
14951G203
Benchmark
MSCI ACWI
Minimum Investment
$5,000
Sales Charge
None
Net Expense Ratio
1.10%
Gross Expense Ratio
1.95%
*As of October 15, 2021
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 Since inception
Fund 0.6%11.1%12.8%
MSCI ACWI -1.0%11.5%13.8%
QTD YTD Since inception
Fund 0.6%11.1%12.8%
MSCI ACWI -1.0%11.5%13.8%
Since inception
Fund 12.8%
MSCI ACWI 13.8%
Since inception
Fund 12.8%
MSCI ACWI 13.8%
2020
Fund N/A
MSCI ACWI N/A
Fund
MSCI ACWI
2020
N/A
N/A

Portfolio (as of September 30, 2021)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 97.7%
Cash 2.3%
Fund Characteristics
Fund Benchmark
No. of holdings 27 2979
Weighted avg. market cap (US $MM) $105,798 $310,004
FY2 price/earnings 13.5 17.0
Price/book value 2.0 3.0
Net assets $1,217,394 -
TOP 10 HOLDINGS
Security Country Percent
Alphabet, Inc. United States 5.2%
Takeda Pharmaceutical Co., Ltd. Japan 4.9%
Ashland Global Holdings, Inc. United States 4.8%
Essent Group United States 4.8%
Fiserv, Inc. United States 4.8%
Sanofi France 4.7%
Genpact Ltd. United States 4.6%
Roche Holding AG Switzerland 4.4%
AXA SA France 4.3%
Samsung Electronics Co., Ltd. South Korea 4.3%

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 20.5% 22.3%
Health Care 20.3% 11.7%
Financials 17.6% 14.4%
Materials 13.5% 4.7%
Consumer Discretionary 7.0% 12.4%
Industrials 6.9% 9.7%
Utilities 6.7% 2.6%
Communication Services 5.2% 9.3%
Consumer Staples 0.0% 6.8%
Energy 0.0% 3.5%
Real Estate 0.0% 2.6%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 49.6% 59.6%
Switzerland 10.4% 2.4%
France 9.1% 2.9%
Italy 5.2% 0.6%
Germany 5.0% 2.3%
Japan 4.9% 6.2%
South Korea 4.3% 1.5%
United Kingdom 4.0% 3.7%
Spain 2.9% 0.6%
Netherlands 2.3% 1.2%
Regional Allocation
  • North America 49.6%
  • Europe – other 38.9%
  • Pacific 4.9%
  • Emerging Asia 4.3%

Commentary (As of September 30, 2021)

Highlights

  • Equities declined in September amid concerns over a moderation in economic growth rates, supply chain disruptions, and rising inflation.
  • Global economic data in September revealed a modest loss of momentum in the recovery, including headwinds from China. Virtually all companies we queried reported rising input costs across geographies as supply chain disruptions exacerbated inflationary pressures.
  • We believe that many of the, in our view, world class companies in aviation, travel, leisure, and hospitality that we added to our clients’ portfolios in prior months should continue to outperform markets. With a turnaround in cash flows, many of these companies should be well positioned for a return to normalcy.

Portfolio attribution

The Causeway Concentrated Equity Fund underperformed the Index during the month, due primarily to industry group allocation (a byproduct of our bottom-up stock selection process). Fund holdings in the capital goods, banks, and materials industry groups, as well as an underweight position in the technology hardware & equipment and retailing industry groups, contributed to relative performance. Holdings in the consumer services industry group, along with an overweight position in the pharmaceuticals & biotechnology and utilities industry groups and an underweight position in the energy and automobiles & components 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 banking & financial services company, UniCredit S.p.A. (Italy), travel & tourism technology company, Sabre Corp. (United States), online travel agency, Booking Holdings, Inc. (United States), and Takeda Pharmaceutical Co., Ltd. (Japan). The largest detractor was casino & resort company, Las Vegas Sands Corp. (United States). Additional notable detractors included technology conglomerate, Alphabet, Inc. (United States), pharmaceutical producer, Novartis AG (Switzerland), pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland), and business process outsourcing services provider, Genpact Ltd. (United States).

Investment outlook

As the global economy recovers from the pandemic, stocks in Covid-impacted industries performed well in September. We believe that many of the, in our view, world class companies in aviation, travel, leisure, and hospitality that we added to our clients’ portfolios in prior months should continue to outperform markets. With a turnaround in cash flows, many of these companies should be well positioned for a return to normalcy. We believe improvements to their cost structures, balance sheets, and competitive position (as weaker competitors lost market share) suggest that future levels of profitability should exceed pre-pandemic levels, even at lower volumes. After pausing dividends and share buybacks for much of the Covid era, key regulators in our investable universe have approved banks to resume capital returns in the fourth quarter. Many of these companies held in our client portfolios have accrued dividends throughout the pandemic, which we believe should result in not only normal dividend payments but also the return of excess capital. With dividend income constituting an important component of total return, we eagerly anticipate the normalization of dividend policy for portfolio companies that have maintained strong capital positions over the last year and a half. Finally, the prospect of global bond yields rising further—even to levels that are still low versus historical yields—should favor undervaluation and exposure to economic recovery.

Distributions

Dividends Short-term capital gains Long-term capital gains
2020 $0.0000 $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: