Seeking value primarily in developed markets worldwide

The Fund invests primarily in common stocks of companies in developed countries located outside the US and of companies in the US. Normally, the Fund invests the majority of its total assets in companies that pay dividends or repurchase their shares. The Fund may invest up to 20% of its total assets in companies located in emerging (less developed) markets. Under normal circumstances, the Fund will invest at least 40% of its total assets in companies located in a number of countries outside the US. The Fund’s investment objective is to seek long-term growth of capital and income.

YTD Return*
$11.20, +0.06
April 29, 2008
Minimum Investment
Sales Charge
Net Expense Ratio
Gross Expense Ratio
*As of December 01, 2022
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Strategy overview

The portfolio managers discuss our Global Value strategy.

Portfolio managers

Fundamental Portfolio Manager
Fundamental Portfolio Manager
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


QTD YTD 1 year3 years5 years10 years Since inception
Fund 9.0%-20.4%-19.9%2.1%2.1%6.1%4.1%
MSCI ACWI 6.1%-20.8%-19.6%5.3%5.8%8.5%5.6%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 9.0%-20.4%-19.9%2.1%2.1%6.1%4.1%
MSCI ACWI 6.1%-20.8%-19.6%5.3%5.8%8.5%5.6%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -10.3%-27.0%-25.7%0.4%0.6%5.1%3.5%
MSCI ACWI -6.7%-25.3%-20.3%4.2%5.0%7.8%5.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -10.3%-27.0%-25.7%0.4%0.6%5.1%3.5%
MSCI ACWI -6.7%-25.3%-20.3%4.2%5.0%7.8%5.2%
Fund 16.3%7.4%21.2%-11.1%17.9%7.7%-6.3%5.4%29.2%16.5%-1.3%18.5%40.1%
MSCI ACWI 19.0%16.8%27.3%-8.9%24.6%8.5%-1.8%4.7%23.4%16.8%-6.9%13.2%35.4%

Portfolio (as of October 31, 2022)

Benchmark: MSCI ACWI
Asset Allocation
Stocks 97.0%
Cash 3.0%
Fund Characteristics
Fund Benchmark
No. of holdings 54 2897
Weighted avg. market cap (US $MM) $66,005 $287,241
FY2 price/earnings 11.7 14.0
Price/book value 1.8 2.5
Net assets $37,205,560 -
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 3.6%
Prudential Plc United Kingdom 3.3%
Samsung Electronics Co., Ltd. South Korea 3.1%
UniCredit S.p.A. Italy 3.0%
SAP SE Germany 3.0%
Enel SpA Italy 2.8%
Concentrix Corp. United States 2.7%
Genpact Ltd. United States 2.7%
Booking Holdings, Inc. United States 2.6%
The Walt Disney Co. United States 2.5%

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 Fund Benchmark
Information Technology 22.8% 20.9%
Industrials 16.8% 9.8%
Financials 14.0% 14.8%
Health Care 10.8% 13.2%
Consumer Discretionary 8.9% 10.8%
Materials 8.2% 4.6%
Consumer Staples 5.9% 7.6%
Communication Services 4.9% 6.9%
Utilities 3.9% 3.0%
Real Estate 0.7% 2.5%
Energy 0.0% 5.8%
Equity Funds 0.0% 0.0%
Country Fund Benchmark
United States 39.7% 63.0%
United Kingdom 16.7% 3.7%
France 8.8% 2.8%
Japan 6.1% 5.2%
Italy 5.8% 0.6%
South Korea 4.4% 1.2%
Germany 4.1% 1.9%
Switzerland 3.8% 2.5%
Netherlands 3.4% 1.0%
Canada 1.5% 3.1%
Regional Allocation
  • Europe – other 45.2%
  • North America 41.2%
  • Pacific 6.1%
  • Emerging Asia 4.5%

Commentary (As of October 31, 2022)


  • Despite ongoing geopolitical tensions, persistently high inflation, lingering global supply chain constraints (China continues to pursue a zero-Covid policy), and an effort by European governments to shore up natural gas supplies before the onset of winter, global equity markets appreciated in October – likely reflecting rising expectations of a moderation in the pace of interest rate increases by developed market central banks.
  • Strong labor markets and the aforementioned high inflation compelled further interest rate increases from many developed market central banks. We expect the Fed, ECB, and BoE will likely continue to raise interest rates –even though the result of such tightening will likely not be fully reflected in economic data for at least 12 months.
  • We believe valuations for international equities, regardless of region, are increasingly promising for investors with a multi-year investment horizon. We expect meaningful alpha potential from cyclical European equities that incurred waves of selling after Russia’s invasion of Ukraine and from stocks in developed markets afflicted by China’s zero-Covid policy.

Portfolio attribution

The Causeway Global Value Fund ("Fund") outperformed the Index during the month, due primarily to stock selection. Fund holdings in the software & services, banks, capital goods, and media & entertainment industry groups, as well as an underweight position in the retailing industry group, contributed to relative performance. Holdings in the insurance, health care equipment & services, and pharmaceuticals & biotechnology industry groups, along with an underweight position in the energy and technology hardware & equipment industry groups, offset some of the outperformance compared to the Index. The top contributor to return was banking & financial services company, UniCredit S.p.A. (Italy). Other notable contributors included jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom), rolling stock, signaling, & services provider for the rail industry, Alstom SA (France), business software & services provider, SAP SE (Germany), and power & healthcare conglomerate, General Electric Co. (United States). The largest detractor was life insurer, Prudential Plc (United Kingdom). Additional notable detractors included healthcare equipment & services provider, Koninklijke Philips NV (Netherlands), robotics manufacturer, FANUC Corp. (Japan), online services company, Tencent Holdings Ltd. (China), and metals & mining company, Rio Tinto Plc (United Kingdom).

Investment outlook

We believe that valuations for international equities, regardless of region, are increasingly promising for investors with a multi-year investment horizon. Currency slippage versus the US dollar should reverse, at least in part, as the interest rate differential between the US and Europe (for example) closes over the upcoming 12-18 months. Cyclical European equities incurred waves of selling after Russia’s invasion of Ukraine in February. That investor exodus has brought some, in our view, world-class companies, in sectors such as materials, industrials, and consumer discretionary, into our buying range. We expect another area of meaningful alpha potential to come from developed markets stocks afflicted by China’s zero-Covid policy. We used the pessimism from delayed China reopening to gain exposure to, in our view, a broad array of competitively well-positioned companies that generate 10% or more of their respective revenues from the Chinese market. Typical of what Causeway seeks for its holdings, these companies have not wasted time while their China sales are weak; they have implemented operational restructuring to improve efficiency and lower costs in anticipation of a return to revenue expansion. Reopening, albeit gradual and without a precise timeframe, is inevitable in our view. Governments that asphyxiate their economies and cause social instability typically do not remain in power. We are convinced that China is no exception.

Effective October 1, 2018, the Global Value Fund’s benchmark changed from the MSCI World Index (Gross) to the MSCI ACWI Index (Gross). Causeway believes that the MSCI ACWI Index (Gross), which includes emerging as well as developed markets, better represents the types of securities in which the strategy invests. 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. Current and future holdings are subject to risk. A company may reduce or eliminate its dividend, causing losses to a fund. International and emerging markets investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Emerging markets and smaller companies involve additional risks and higher volatility.


Dividends Short-term capital gains Long-term capital gains
2021 $0.0865 $0.1541 $0.1704
2020 $0.1510 $0.0000 $0.0000
2019 $0.3324 $0.1359 $0.0305
2018 $0.1956 $0.2508 $1.2062
2017 $0.2363 $0.4167 $0.1330
2016 $0.1493 $0.0000 $0.0000
2015 $0.1251 $0.0000 $0.2089
2014 $0.2232 $0.3781 $0.5989
2013 $0.1162 $0.2969 $0.1573
2012 $0.0968 $0.0094 $0.0380
2011 $0.0959 $0.0000 $0.0000
2010 $0.0800 $0.0000 $0.0000
2009 $0.0793 $0.0000 $0.0000
2008 $0.1306 $0.0500 $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).


Fund information: