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Global Value Fund
Seeking value primarily in developed markets worldwide
NAV (as of 19 Sep 2017)
$12.09, +0.01
YTD
+11.12%
INCEPTION
29 Apr 2008
TICKER/CUSIP
CGVIX/14949P307
Global Value Fund
Fund Profile
The Fund invests primarily in common stocks of companies in developed countries located outside the U.S. and of companies in the U.S. 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 U.S.
| Minimum Investment | $1,000,000 |
| Sales Charge | None |
| Net Expense Ratio | 1.04% |
| Gross Expense Ratio | 1.05% |
| Dividend Frequency | Annual |
| Capital Gain Frequency | Annual |
| Benchmark | MSCI World |
Performance
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 1/31/18. The expense ratios for Institutional Class shares are 1.05% and 1.04% after adviser fee waiver. The expense ratios for Investor Class shares are 1.30% and 1.29% after adviser fee waiver. There is a 2% redemption fee on shares held less than 60 days to protect shareholders from short-term investors. If your account incurred a redemption fee, your performance will be lower than the performance quoted. If you invest through a financial intermediary, it may apply the Fund’s redemption fee or other frequent trading restrictions.
Portfolio
Asset Allocation as of 31 Aug 2017
| Stocks | 99.5% |
| Cash | 0.5% |
Characteristics as of 31 Aug 2017
| Causeway | MSCI World | |
|---|---|---|
| No. of Holdings | 49 | 1652 |
| Wtd. Avg. Market Cap (Mn $US) | $81,140 | $110,605 |
| FY2 Price/Earnings | 12.6 | 15.8 |
| Price/Book Value | 1.6 | 2.3 |
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.
SECTOR WEIGHTS as of 31 Aug 2017
| Information Technology | 20.01% |
| Health Care | 15.05% |
| Industrials | 14.20% |
| Financials | 13.76% |
| Energy | 11.71% |
| Telecommunication Services | 9.32% |
| Consumer Discretionary | 9.05% |
| Consumer Staples | 2.38% |
| Materials | 2.16% |
| Real Estate | 1.34% |
| Utilities | 0.50% |
(VS. Benchmark)
| Information Technology | 16.38% |
| Health Care | 12.40% |
| Industrials | 11.42% |
| Financials | 17.83% |
| Energy | 5.89% |
| Telecommunication Services | 2.96% |
| Consumer Discretionary | 12.15% |
| Consumer Staples | 9.36% |
| Materials | 5.11% |
| Real Estate | 3.23% |
| Utilities | 3.27% |
Information Technology
Health Care
Industrials
Financials
Energy
Telecommunication Services
Consumer Discretionary
Consumer Staples
Materials
Real Estate
Utilities
Other
TOP 10 COUNTRIES as of 31 Aug 2017
| United States | 37.55% |
| United Kingdom | 19.82% |
| Japan | 9.62% |
| Switzerland | 6.38% |
| Hong Kong | 5.52% |
| South Korea | 4.00% |
| Germany | 3.89% |
| France | 3.15% |
| China | 2.40% |
| Netherlands | 2.16% |
| Canada | 2.10% |
| Italy | 1.54% |
| Spain | 1.34% |
| Sweden | 0.00% |
| Ireland | 0.00% |
| Israel | 0.00% |
| Austria | 0.00% |
| Belgium | 0.00% |
| Denmark | 0.00% |
| Finland | 0.00% |
| Australia | 0.00% |
| New Zealand | 0.00% |
| Singapore | 0.00% |
| Norway | 0.00% |
| Portugal | 0.00% |
(VS. Benchmark)
| United States | 59.07% |
| United Kingdom | 6.57% |
| Japan | 8.70% |
| Switzerland | 3.09% |
| Hong Kong | 1.33% |
| South Korea | 0.00% |
| Germany | 3.53% |
| France | 3.95% |
| China | 0.00% |
| Netherlands | 1.37% |
| Canada | 3.58% |
| Italy | 0.91% |
| Spain | 1.32% |
| Sweden | 1.09% |
| Ireland | 0.16% |
| Israel | 0.18% |
| Austria | 0.10% |
| Belgium | 0.44% |
| Denmark | 0.71% |
| Finland | 0.38% |
| Australia | 2.66% |
| New Zealand | 0.06% |
| Singapore | 0.49% |
| Norway | 0.26% |
| Portugal | 0.06% |
United States
United Kingdom
Japan
Switzerland
Hong Kong
South Korea
Germany
France
China
Netherlands
Canada
Italy
Spain
Sweden
Ireland
Israel
Austria
Belgium
Denmark
Finland
Australia
New Zealand
Singapore
Norway
Portugal
Other
TOP 10 HOLDINGS as of 31 Aug 2017
| Security | Country | Industry | % of Total |
|---|---|---|---|
| Citigroup, Inc. | United States | Banks | 4.3 |
| Volkswagen AG | Germany | Automobiles & Components | 3.9 |
| Royal Dutch Shell Plc | United Kingdom | Energy | 3.5 |
| China Mobile Ltd. | Hong Kong | Telecommunication Services | 3.1 |
| Microsoft Corp. | United States | Software & Services | 3.0 |
| Oracle Corp. | United States | Software & Services | 3.0 |
| KDDI Corp. | Japan | Telecommunication Services | 2.8 |
| Eli Lilly & Co. | United States | Pharmaceuticals & Biotechnology | 2.7 |
| Schneider Electric SE | France | Capital Goods | 2.7 |
| East Japan Railway Co. | Japan | Transportation | 2.6 |
Holdings are subject to change.
Approach
Causeway Global Value Fund is constructed from an equity universe spanning primarily developed markets, including the United States. Emerging markets investments may also be included. Eligible companies have market capitalizations generally greater than $1 billion. The investment process is comprised of three stages: quantitative screening and initial analysis, fundamental research, and portfolio construction.
Our global investment philosophy is value-driven with a fundamentally based, bottom-up approach to stock selection. We believe that companies derive their value from the contribution of yield and profitable re-investment of earnings back into the company.
Our philosophy on risk management is simple. We believe risk is best measured by the volatility of a portfolio's returns, not its dispersion from a benchmark. In our view, investors are rewarded over the long term by a reduction in volatility. Our goal is to construct a portfolio that provides consistent long-term, risk-adjusted returns.
Causeway Global Value Fund is a fully invested, typically 35-55 stock portfolio, typically with a value bias. Sector and regional weights are by-products of our bottom-up approach to stock selection.
Commentary
PERFORMANCE REVIEW for the month ended 31 Aug 2017
Strengthening economic data in developed markets was offset by an upsurge in geopolitical risk, resulting in largely unchanged equity market performance for the month. The top performing markets in our investable universe included Portugal, China, Denmark, Norway, and Italy. The worst performing markets included Israel, South Korea, New Zealand, Belgium, and Spain. The best performing sectors in the MSCI World Index (“Index”) were utilities, information technology, and materials. The worst performing sectors were energy, financials, and telecommunication services.
Causeway Global Value Fund ("Fund") underperformed the Index during the month. Fund holdings in the energy, software & services, technology hardware & equipment, pharmaceuticals & biotechnology, and automobiles & components industry groups detracted from relative performance. Holdings in the health care equipment & services and food beverage & tobacco industry groups, as well as an underweight position in the diversified financials, food & staples retailing, and consumer durables & apparel industry groups, offset some of the underperformance. The largest detractor was energy exploration & production company, SM Energy Co. (United States). Additional detractors included oil exploration & production company, PDC Energy, Inc. (United States), travel & tourism technology company, Sabre Corp.(United States), automobile components retailer,Advance Auto Parts, Inc. (United States), and wireless communications operator, SK Telecom Co., Ltd. (South Korea). The top contributor to performance was mobile telecommunications operator, China Mobile Ltd. (Hong Kong). Other notable contributors included Japan Airlines Co., Ltd. (Japan), oil & gas exploration company, CNOOC Ltd. (Hong Kong), software giant, Microsoft Corp. (United States), and banking & financial services company, UniCredit S.p.A. (Italy).
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.
Dividends
| 2016 | $0.1493 |
| 2015 | $0.1251 |
| 2014 | $0.2232 |
| 2013 | $0.1162 |
| 2012 | $0.0968 |
| 2011 | $0.0959 |
| 2010 | $0.0800 |
| 2009 | $0.0793 |
| 2008 | $0.1306 |
Short-term Capital Gains
| 2016 | $0.0000 |
| 2015 | $0.0000 |
| 2014 | $0.3781 |
| 2013 | $0.2969 |
| 2012 | $0.0094 |
| 2011 | $0.0000 |
| 2010 | $0.0000 |
| 2009 | $0.0000 |
| 2008 | $0.0000 |
Long-term Capital Gains
| 2016 | $0.0000 |
| 2015 | $0.2089 |
| 2014 | $0.5989 |
| 2013 | $0.1573 |
| 2012 | $0.0380 |
| 2011 | $0.0000 |
| 2010 | $0.0000 |
| 2009 | $0.0000 |
| 2008 | $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).
