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*
+14.72%
Nav*
$12.47, +0.15
Inception
April 29, 2008
Cusip
14949P307
Benchmark
MSCI ACWI
Minimum Investment
$1,000,000
Sales Charge
None
Net Expense Ratio
0.85%
Gross Expense Ratio
1.23%
*As of February 02, 2023
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Strategy overview

The portfolio managers discuss our Global Value strategy.

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

Performance

QTD YTD 1 year3 years5 years10 years Since inception
Fund 12.3%12.3%-1.5%8.8%4.9%7.6%5.6%
MSCI ACWI 7.2%7.2%-7.5%7.3%6.1%8.8%6.3%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 12.3%12.3%-1.5%8.8%4.9%7.6%5.6%
MSCI ACWI 7.2%7.2%-7.5%7.3%6.1%8.8%6.3%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 20.5%-12.1%-12.1%3.2%3.4%6.7%4.8%
MSCI ACWI 9.9%-18.0%-18.0%4.5%5.8%8.5%5.8%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 20.5%-12.1%-12.1%3.2%3.4%6.7%4.8%
MSCI ACWI 9.9%-18.0%-18.0%4.5%5.8%8.5%5.8%
20222021202020192018201720162015201420132012201120102009
Fund -12.1%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 -18.0%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%
Fund
MSCI ACWI
20222021202020192018201720162015201420132012201120102009
-12.1%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%
-18.0%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 December 31, 2022)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 98.2%
Cash 1.8%
Fund Characteristics
Fund Benchmark
No. of holdings 55 2885
Weighted avg. market cap (US $MM) $68,377 $246,816
FY2 price/earnings 12.5 14.2
Price/book value 1.9 2.5
Net assets $41,310,450 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 3.9%
Prudential Plc United Kingdom 3.8%
UniCredit S.p.A. Italy 3.0%
Enel SpA Italy 3.0%
Samsung Electronics Co., Ltd. South Korea 3.0%
SAP SE Germany 2.9%
Concentrix Corp. United States 2.8%
Reckitt Benckiser Group United Kingdom 2.5%
Alstom SA France 2.5%
The Walt Disney Co. United States 2.4%

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 21.3% 20.0%
Industrials 17.4% 10.2%
Financials 13.7% 15.2%
Health Care 11.4% 13.4%
Materials 8.2% 5.0%
Consumer Discretionary 8.1% 10.4%
Consumer Staples 7.2% 7.7%
Communication Services 6.1% 6.8%
Utilities 4.0% 3.2%
Real Estate 0.7% 2.6%
Energy 0.0% 5.6%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 38.7% 60.4%
United Kingdom 17.9% 3.9%
France 10.3% 3.0%
Italy 6.0% 0.6%
Japan 5.7% 5.6%
South Korea 4.2% 1.3%
Germany 3.9% 2.1%
Switzerland 3.8% 2.6%
Netherlands 3.1% 1.1%
Ireland 1.6% 0.2%
Regional Allocation
  • Europe – other 47.9%
  • North America 40.1%
  • Pacific 5.7%
  • Emerging Asia 4.5%

Commentary (As of December 31, 2022)

Highlights

  • International equity markets rose sharply in the fourth quarter, on easing inflation concerns and optimism for China’s continued reopening. Boosted by a weaker dollar, December’s returns were positive, although comparatively modest, tempered by disappointing economic data and rising bond yields.
  • Recession in major world economies is emerging as a top concern for the coming year. Inflationary pressures should abate in the next few quarters, responding to the delayed impact of rising interest rates in most major economies globally. Re-opening of the Chinese economy should offset some of the global growth headwinds.
  • Lower valuations and relatively greater cyclicality in non-US equity markets should give non-US markets a chance to again outperform the US. As economies slow, we expect to reduce the portfolio’s lower-ranked defensive stocks to add more, in our view, competitively well-placed cyclical companies with the potential to improve free cash flow and return more capital to shareholders. We remain focused on identifying management teams able to increase free cash flow, boost dividends and reward shareholders with cash or share buybacks.

Portfolio attribution

The Causeway Global Value Fund (“Fund”), on a net asset value basis, outperformed the Index during the month. On a gross return basis, Fund holdings in the software & services, insurance, and consumer services industry groups contributed to relative performance. Holdings in the media & entertainment and household & personal products industry groups, along with an underweight position in the food beverage & tobacco industry group, offset some of the outperformance compared to the Index. The top contributor to return was life insurer, Prudential Plc (United Kingdom). Other notable contributors included business services provider, Concentrix Corp. (United States), and banking & financial services company, UniCredit S.p.A. (Italy). The largest detractor was technology conglomerate, Alphabet, Inc. (United States). Additional notable detractors included media & entertainment conglomerate, The Walt Disney Co. (United States), and electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea).

Investment outlook

Weak earnings and a drain of global liquidity – the opposite of the post-GFC bull market - do not bode well for equity markets in the next several months. We anticipate margins coming under pressures as higher costs flow through income statements. Nominal revenue growth may remain elevated, but real earnings growth in certain sectors appears vulnerable in our view. Lower valuations and relatively greater cyclicality in non-US equity markets should give non-US markets a chance to again outperform the US. Attractively valued cyclical stocks may deliver relatively good returns in the second half of 2023 as global markets discount post-recession recovery. Further monetary tightening should favor stocks with reasonable valuations and abundant financial strength over those where earnings expectations and multiples still appear too high. Barring another oil supply shock, we believe energy is unlikely to lead the markets to the same extent as in 2022 as global oil & gas demand –besides China – wanes. The end of the era of free money combined with sharply rising short-term interest rates may expose weaknesses in the global financial system. We have reduced our bank weighting and added to economically defensive stocks, which should reduce portfolio risk at the margin. As economies slow, we expect to reduce the portfolio’s lower-ranked defensive stocks to add more, in our view, competitively well-placed cyclical companies with the potential to improve free cash flow and return more capital to shareholders. We remain focused on identifying management teams able to increase free cash flow, boost dividends and reward shareholders with cash or share buybacks.

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.

Distributions

Dividends Short-term capital gains Long-term capital gains
2022 $0.0960 $0.0000 $0.0000
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).

Documents

Fund information:

Forms: