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*
-17.48%
Nav*
$10.29, -0.10
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 June 29, 2022
Download Profile Sheet Download Prospectus
Contact Us

Contact Us

Contact us to learn more about our capabilities

    * Required information

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

    ‬

    Strategy overview

    The portfolio managers discuss our Global Value strategy.

    Portfolio managers

    Brian Cho

    Fundamental Portfolio Manager

    Mr. Cho is a fundamental portfolio manager at Causeway. He joined the firm in September 2013 and has been a portfolio manager since January 2021. His current responsibilities include coverage of companies in the technology and communication services sectors.
     
    From 2011 to 2013, Mr. Cho was a vice president at BofA-ML Equity Research, covering the IT hardware and supply chain sector. From 2007 to 2011, he worked as an associate at Goldman Sachs Equity Research covering the same sector. From 2006 to 2007, he worked as an analyst at Morgan Stanley Equity Research covering the internet and interactive software sector. Prior to that, he worked as an analyst at PA Consulting Group in the financial services practice.

    Mr. Cho earned a BSc in management science from Massachusetts Institute of Technology.

    Read our interview with Brian about value investing in the technology sector.

    Jonathan Eng

    Fundamental Portfolio Manager

    Mr. Eng is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global consumer discretionary, industrials, and energy sectors. He joined the firm in July 2001 and has been a portfolio manager since February 2002.
     
    From 1997 to 2001, Mr. Eng was an equity research associate for the Hotchkis and Wiley division of Merrill Lynch Investment Managers (HW-MLIM). In 1996, Mr. Eng worked as a summer research associate for Hotchkis and Wiley, performing U.K. and European equity research. From 1993 to 1995, Mr. Eng analyzed merger and acquisition candidates at Slusser Associates. From 1990 to 1993, Mr. Eng worked as a middle market corporate lender for Bank of Boston.

    Mr. Eng earned a BA in history and economics from Brandeis University and an MBA from the UCLA Anderson Graduate School of Management

    Harry Hartford

    President
    Head of Fundamental Research
    Fundamental Portfolio Manager

    Mr. Hartford is the president at Causeway, fundamental portfolio manager, and head of fundamental research. Mr. Hartford co-founded the firm in June 2001 and is a member of the operating committee. 
     
    From 1996 to June 2001, Mr. Hartford was a managing director for the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM) and co-head of the firm's HW-MLIM international and global value team. From 1994 to 1996, Mr. Hartford was a portfolio manager for Hotchkis and Wiley. From 1984 to 1994, Mr. Hartford was with The Investment Bank of Ireland, where he gained ten years’ experience in both international and global equity management. During this time, Mr. Hartford also managed the Irish Investment Fund, a closed-end country fund quoted on the NYSE. Before entering the investment business, Mr. Hartford lectured in micro and macroeconomics at Oklahoma State University.

    Mr. Hartford earned a BA, with honors, in economics from the University of Dublin, Trinity College, an MSc in economics from Oklahoma State University, and is a Phi Kappa Phi member. Mr. Hartford is a member of The Ireland Funds America Board of Directors and serves as chair of the Los Angeles Regional Board.

    Sarah Ketterer

    Chief Executive Officer
    Fundamental Portfolio Manager

    Ms. Ketterer is the chief executive officer at Causeway, fundamental portfolio manager, and is responsible for investment research across all sectors. Ms. Ketterer co-founded the firm in June 2001 and is a member of the operating committee. 

    From 1996 to 2001, Ms. Ketterer worked for the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM). At HW-MLIM, she was a managing director and co-head of the firm's HW-MLIM International and Global Value team. From 1990 to 1996, Ms. Ketterer was a portfolio manager at Hotchkis & Wiley, where she founded the International Equity product.

    Ms. Ketterer earned a BA in economics and political science from Stanford University and an MBA from the Tuck School, Dartmouth College. Ms. Ketterer serves on the Stanford University Board of Trustees and the Girls Who Invest President’s Council and is on the advisory board of Portal Schools. She previously served as a board member and chair of the Los Angeles World Affairs Council and Town Hall and chair of the investment committee of the Music Center Foundation.

    Ellen Lee

    Fundamental Portfolio Manager

    Ms. Lee is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global consumer and utilities sectors. Prior to the current role, she also covered transportation and autos. She joined the firm in August 2007 and has been a portfolio manager since January 2015.
     
    During the summer of 2006, Ms. Lee interned at Tiger Asia, a long short equity hedge fund focused on China, Japan, and Korea. From 2001 to 2004, Ms. Lee was an associate in the mergers and acquisitions division of Credit Suisse First Boston in Seoul, where she advised Korean corporates and multinational corporations. From 1999 to 2000, she was an analyst in the mergers and acquisitions division of Credit Suisse First Boston in Hong Kong.

    Ms. Lee earned a BA in business administration from Seoul National University and an MBA from the Stanford Graduate School of Business. She currently serves on the audit and investment committee at the Center for Early Education in West Hollywood.

    Conor Muldoon, CFA

    Fundamental Portfolio Manager

    Mr. Muldoon is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global financials and materials sectors. He joined the firm in August 2003 and has been a portfolio manager since September 2010. He is also a member of the operating committee.
     
    From 1995 to 2003, Mr. Muldoon was an investment consultant for Fidelity Investments where he served as a liaison between institutional clients and investment managers within Fidelity. He was responsible for communicating current information on the financial markets, the economy and investment performance.

    Mr. Muldoon earned a BSc and an MA from the University of Dublin, Trinity College and an MBA, with high honors, from the University of Chicago. Mr. Muldoon was inducted into the Beta Gamma Sigma honors society and is also a CFA charterholder.

    Steven Nguyen, CFA

    Fundamental Portfolio Manager

    Mr. Nguyen is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the industrials, energy, utilities, and healthcare sectors. He joined the firm in April 2012 and has been a portfolio manager since January 2019.
     
    From 2006 to 2012, Mr. Nguyen was a senior credit analyst at Bradford & Marzec covering high yield and investment grade companies in the telecommunication services, cable, media, gaming, insurance, and REIT industries. From 2003 to 2006, Mr. Nguyen was a credit analyst/portfolio manager in the corporate bond department of Allegiance Capital.

    Mr. Nguyen earned a BA in business economics from Brown University and an MBA, with honors, from the UCLA Anderson School of Management. Mr. Nguyen was the president of the Anderson Student Asset Management association. Mr. Nguyen is a CFA charterholder.

    Alessandro Valentini, CFA

    Fundamental Portfolio Manager

    Mr. Valentini is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global healthcare, financials, and materials sectors. He joined the firm in July 2006 and has been a portfolio manager since April 2013.
     
    During the summer of 2005, Mr. Valentini worked as a research analyst at Thornburg Investment Management, where he conducted fundamental research for the International Value Fund and the Value Fund, focusing on the European telecommunication and Canadian oil sectors. From 2000 to 2004, Mr. Valentini worked as a financial analyst at Goldman Sachs in the European equities research-sales division in New York.

    Mr. Valentini earned an MBA from Columbia Business School, with honors, an MA in economics from Georgetown University and a BS, magna cum laude, from Georgetown University. Mr. Valentini was inducted into the Beta Gamma Sigma honors society, is a Phi Beta Kappa member, and is a CFA charterholder.

    Performance

    QTD YTD 1 year3 years5 years10 years Since inception
    Fund -3.0%-8.6%-8.4%10.1%6.1%8.7%5.3%
    MSCI ACWI -7.8%-12.6%-6.4%12.2%9.5%10.8%6.5%
    QTD YTD 1 year3 years5 years10 years Since inception
    Fund -3.0%-8.6%-8.4%10.1%6.1%8.7%5.3%
    MSCI ACWI -7.8%-12.6%-6.4%12.2%9.5%10.8%6.5%
    QTD YTD 1 year3 years5 years10 years Since inception
    Fund -5.8%-5.8%-0.8%8.9%7.2%7.6%5.6%
    MSCI ACWI -5.3%-5.3%7.7%14.3%12.2%10.6%7.2%
    QTD YTD 1 year3 years5 years10 years Since inception
    Fund -5.8%-5.8%-0.8%8.9%7.2%7.6%5.6%
    MSCI ACWI -5.3%-5.3%7.7%14.3%12.2%10.6%7.2%
    2021202020192018201720162015201420132012201120102009
    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%
    Fund
    MSCI ACWI
    2021202020192018201720162015201420132012201120102009
    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%
    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%

    The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted. Returns greater than one year are average annual total returns. Total returns assume reinvestment of dividends and capital gains distributions at net asset value when paid. All information is as of the date shown. Investment performance reflects fee waivers in effect. In the absence of such fee waivers, total return would be reduced. Contractual fee waivers are in effect until 1/31/21. The net expense ratio for Institutional Class shares is 1.05%. The net expense ratio for Investor Class shares is 1.30%. 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.

    Portfolio (as of May 31, 2022)

    Benchmark: MSCI ACWI
    Asset Allocation
    Fund
    Stocks 97.9%
    Cash 2.1%
    Fund Characteristics
    Fund Benchmark
    No. of holdings 53 2933
    Weighted avg. market cap (US $MM) $89,211 $298,733
    FY2 price/earnings 11.4 14.5
    Price/book value 2.0 2.7
    Net assets $34,605,401 -
    TOP 10 HOLDINGS
    Security Country Percent
    UniCredit S.p.A. Italy 3.6%
    Rolls-Royce Holdings Plc United Kingdom 3.4%
    Genpact Ltd. United States 3.3%
    Fiserv, Inc. United States 3.3%
    TotalEnergies SE France 3.2%
    Samsung Electronics Co., Ltd. South Korea 3.1%
    Booking Holdings, Inc. United States 3.1%
    Concentrix Corp. United States 2.9%
    Prudential Plc United Kingdom 2.9%
    Leidos Holdings, Inc. United States 2.7%

    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 23.2% 21.3%
    Financials 15.5% 14.8%
    Industrials 15.2% 9.4%
    Health Care 9.7% 12.3%
    Consumer Discretionary 9.2% 11.0%
    Communication Services 6.6% 7.8%
    Materials 5.6% 5.2%
    Consumer Staples 4.7% 7.3%
    Energy 4.3% 5.2%
    Utilities 3.7% 3.1%
    Real Estate 0.2% 2.8%
    TOP 10 COUNTRIES
    Country Fund Benchmark
    United States 45.6% 60.6%
    United Kingdom 15.5% 3.9%
    France 9.1% 2.8%
    Italy 6.0% 0.6%
    Switzerland 4.5% 2.5%
    Japan 4.2% 5.5%
    South Korea 3.8% 1.4%
    Germany 3.7% 2.0%
    Netherlands 2.9% 1.0%
    Spain 1.1% 0.6%
    Regional Allocation
    • North America 45.6%
    • Europe – other 44.0%
    • Pacific 4.2%
    • Emerging Asia 4.0%

    Commentary (As of May 31, 2022)

    Highlights

    • Belying significant intramonth volatility, global equities finished the month of May largely flat as investors continued to weigh the risks to economic growth from tighter global monetary policy, the war in Ukraine, and ongoing Covid restrictions in China. Growth stocks continued to struggle with valuation compression during the month, with many value stocks meaningfully outperforming growth peers.
    • Historically tight labor markets and high single-digit inflation in many developed market economies are forcing central banks to raise interest rates, but they face a narrow corridor to raise interest rates without sparking a recession. In contrast to many developed and emerging economies, the People’s Bank of China cut its mortgage reference rate in May, furthering the bifurcation between Chinese monetary policy and that of other central banks.
    • As economies slow in response to tighter monetary policy, the most efficient and best competitively positioned companies should fare relatively better than overall markets. We are interested in buying, in our view, well-managed businesses supported by improving valuations, thereby increasing potential upside for share prices as economic conditions improve.
    Download Flash Report

    Portfolio attribution

    The Causeway Global Value Fund ("Fund") outperformed the Index during the month, due primarily to stock selection. Fund holdings in the banks, capital goods, consumer services, technology hardware & equipment, and energy industry groups contributed to relative performance. Holdings in the media & entertainment, pharmaceuticals & biotechnology, and commercial & professional services industry groups, along with an underweight position in the semiconductors & semi equipment and telecommunication services 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 integrated oil & gas company, TotalEnergies SE (France), rolling stock, signaling, & services provider for the rail industry, Alstom SA (France), business process outsourcing services provider, Genpact Ltd. (United States), and airport & rail station concessionaire, SSP Group Plc (United Kingdom). The largest detractor was travel & tourism technology company, Sabre Corp. (United States). Additional notable detractors included pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland), social media giant, Meta Platforms, Inc. (United States), Waste Management, Inc. (United States), and business services provider, Concentrix Corp. (United States).

    Investment outlook

    As signs emerge that inflation is becoming embedded globally, we expect central banks to continue tightening monetary policy. Earnings and margins have come under pressure amid rising interest rates, and valuation multiples have generally returned to more accurately reflect growth in profitability and cash flow. We welcome renewed investor focus on valuation and continue seeking to identify companies engaged in operational restructuring (“self-help”) to generate robust cash flows. As economies slow in response to tight monetary policy, the most efficient and best competitively positioned companies should fare relatively better than overall markets. We are interested in buying, in our view, well-managed businesses supported by improving valuations, thereby increasing potential upside for share prices as economic conditions improve. Year-to date, energy has led global markets, followed by defensive sectors such as healthcare, utilities, and consumer staples. Information technology has been one of the worst performers, a stark contrast from recent years. Within technology, we prefer companies with sticky revenues as their customers hesitate to incur the costs of switching software or hardware providers. Companies providing mission-critical technology to their customers should be considerably less susceptible to a significant erosion in profitability than others. Within tech, valuation multiples have declined, often before earnings downgrades, which we believe will soon follow. If past cycles are any indication, a bear market reflecting the prospect of recession in the developed world sets the stage globally for a recovery that typically favors the most cyclical companies across all sectors whose fortunes are tied to economic recovery. Our investment research, guided by Causeway’s risk-adjusted return ranking of stocks, allows us to build portfolios from the bottom up, embedding diversification, a key component in all equity market regimes. Risk control is likely to be especially important in the next several quarters as financial liquidity contracts.

    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
    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
    Load more

    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:

    Download all Download selected

    Consent to electronic delivery

    By clicking Submit, you consent to the electronic delivery, via download from this website, of the Causeway Fund's prospectuses, privacy policies, account applications, IRA Disclosure Statement(s), IRA Custodial Agreement(s) and any other materials that may be required in connection with the information you requested, on the terms set forth below. You also agree to read these documents before investing, and agree to the terms contained in these documents, particularly the prospectus.

    Access to online documents

    To view and print the documents, you will need Adobe Acrobat Reader. If you do not have Acrobat Reader, you can download it for free at www.adobe.com. If you are unable to download, view, or print the documents, contact Causeway Funds at 866-947-7000 for assistance or to request a free paper copy of any of these documents.

    SEI Investments Distribution Co. (1 Freedom Valley Drive, Oaks, PA, 19456) is the distributor for the Causeway Funds. Check the background of SIDCO on FINRA’s BrokerCheck.

    Terms and Conditions of Use:

    Please read the following before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which Causeway Funds plc is authorised for sale.

    Causeway Funds plc (the "Fund") is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352 of 2011) of Ireland, as amended.

    The Fund and its sub-funds are only authorised in certain jurisdictions.

    This website is not aimed at any US person (as defined by Regulations S of the US Securities Act of 1933) and is not for distribution and does not constitute an offer to or solicitation to buy any securities in the United States. Purchase orders from US investors or other ineligible investors will not be accepted. This site is not intended for US persons. If you are trying to find information about the Causeway Funds registered for sale in the United States, please go to our Funds page . Restrictions may also apply to residents of other countries.

    Subscriptions will only be received and shares issued on the basis of the current prospectus for the Fund and relevant supplement for a sub-fund. It is your responsibility to use such prospectus and supplement, and by making an application you will be deemed to represent that you have read such prospectus and supplement and agree to be bound by its contents. Copies of the prospectus, supplements and, when available, other reports can be obtained from this website. The Fund prices contained in this website are indicative only and should not be relied upon for dealing. No warranty or representation is made with respect to the information contained in this website, including, without limitation, that the information is accurate, complete or timely. None of the information, whether in part or full, should be copied, reproduced or redistributed in any form. Past performance is not indicative of future results.

    The information on this website is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced on or through this website. Unless otherwise specified, it is not intended to be directed to any person(s) in particular. Information from this website must not be used in any jurisdiction where prohibited by law and must not be used in a way that would be contrary to local law or legislation. You should not access this site or information on this site if you know that your access would contravene applicable local, national or international laws. No investment advice, tax advice, or legal advice is provided through this website, and you agree that this website will not be used by you for these purposes. No representation is given that shares, products, or services identified on, or accessible through, this website are suitable for any particular investor.

    By clicking the box below, you confirm and represent that you are from an eligible jurisdiction to review material relating to the Fund, or that you are authorised to conduct investment business in the jurisdiction within which you are resident and, under the law of that jurisdiction, you are authorised to view material relating to collective investment schemes). It is critical that the information you provide is accurate and a failure to provide accurate information will be a material breach of these terms and conditions.

    If you are a resident of any other country please view our strategies.