PERFORMANCE REVIEW for the month ended 31 Jan 2019

Emerging market (“EM”) equities rebounded in January, gaining in every region and outpacing most developed markets. The MSCI Emerging Markets Index (“Index”) returned 7.18% in local currency terms during the month. US-China trade negotiations progressed in January, supporting Chinese equities and the broader emerging Asia region. Led by Brazil, emerging Latin America was the top performing region group within the Index in local currency terms. The emerging Europe, Middle East, and Africa (“EMEA”) region also posted positive returns in January. Consumer discretionary, information technology, and real estate were the top performing sectors within the Index in local currency terms. While all sectors were in positive territory during the month, materials, consumer staples, and utilities were the weakest performers.

Causeway Emerging Markets Fund (“Fund”) performed in line with the Index in January 2019. We use both bottom-up and top-down factor categories to forecast alpha (return in excess of the Index) for the stocks in the Fund’s investable universe. Our bottom-up value factor category was a positive indicator in January. Our price momentum and earnings growth factor categories were both negative indicators during the month. Of our top-down factors, country, currency, and sector were positive in January. The macroeconomic factor was negative during the month.

Over the month, Fund positioning in the EMEA region contributed to performance versus the Index, primarily driven by holdings in Russia and Turkey. Within the emerging Asia region, holdings in South Korea, Taiwan, and Thailand added to relative performance but this positive effect was more than offset by negative stock selection in India. Positioning in the emerging Latin America region was neutral for relative performance. From a sector perspective, the largest contributors to relative performance were information technology, consumer staples, and energy. Positioning in the industrials, consumer discretionary, and materials sectors detracted from relative performance. The greatest stock-level contributors to relative performance included overweight positions in financial & industrial holdings company, Investimentos Itau S.A. (Brazil), multinational food processing company, JBS SA (Brazil), and electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea). The largest stock-level detractors from relative performance included overweight positions in mortgage lender, Indiabulls Housing Finance Ltd. (India), and integrated aluminum producer & copper manufacturer, Hindalco Industries (India), as well as an underweight position in bank, Banco Bradesco SA (Brazil).

The market commentary expresses the portfolio managers’ views as of the date of this report and should not be relied on as research or investment advice regarding any stock. These views and the Fund holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Any securities identified and described in this report do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. Diversification does not protect against market loss.