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*
+13.09%
Nav*
$12.53, -0.06
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
1.25%
*As of April 12, 2021
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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 10.5%10.5%82.5%9.7%10.6%8.1%6.1%
MSCI ACWI 4.7%4.7%55.3%12.7%13.8%9.7%7.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.5%10.5%82.5%9.7%10.6%8.1%6.1%
MSCI ACWI 4.7%4.7%55.3%12.7%13.8%9.7%7.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.5%10.5%82.5%9.7%10.6%8.1%6.1%
MSCI ACWI 4.7%4.7%55.3%12.7%13.8%9.7%7.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.5%10.5%82.5%9.7%10.6%8.1%6.1%
MSCI ACWI 4.7%4.7%55.3%12.7%13.8%9.7%7.2%
202020192018201720162015201420132012201120102009
Fund 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 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
202020192018201720162015201420132012201120102009
7.4%21.2%-11.1%17.9%7.7%-6.3%5.4%29.2%16.5%-1.3%18.5%40.1%
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 February 28, 2021)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 99.1%
Cash 0.9%
Fund Characteristics
Fund Benchmark
No. of holdings 53 2963
Weighted avg. market cap (US $MM) $92,931 $262,058
FY2 price/earnings 13.7 17.4
Price/book value 1.9 2.8
Net assets $56,047,897 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 3.6%
Samsung Electronics Co., Ltd. South Korea 3.6%
Alphabet, Inc. United States 3.5%
Volkswagen AG Germany 3.4%
ConocoPhillips United States 3.1%
Sabre Corp. United States 2.8%
Ashland Global Holdings, Inc. United States 2.8%
The Walt Disney Co. United States 2.7%
Novartis AG Switzerland 2.7%
UniCredit S.p.A. Italy 2.6%

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 22.2% 21.8%
Industrials 18.0% 9.7%
Financials 15.6% 14.1%
Health Care 11.2% 11.4%
Consumer Discretionary 9.9% 12.9%
Communication Services 6.2% 9.6%
Materials 5.2% 5.0%
Energy 4.3% 3.4%
Utilities 3.8% 2.7%
Real Estate 2.7% 2.6%
Consumer Staples 0.0% 6.8%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 50.2% 57.2%
Germany 10.9% 2.5%
France 7.6% 2.9%
Switzerland 7.4% 2.4%
South Korea 5.9% 1.8%
Japan 5.0% 6.7%
United Kingdom 4.8% 3.8%
Italy 2.6% 0.7%
Canada 1.9% 2.8%
Spain 1.6% 0.6%
Regional Allocation
  • North America 52.1%
  • Europe – other 36.1%
  • Emerging Asia 5.9%
  • Pacific 5.0%

Commentary (As of February 28, 2021)

Highlights

  • New Covid-19 infections dropped in February and the vaccination rollout improved, supporting investor optimism for an eventual end to the pandemic and driving equity markets higher.
  • Bond yields rose as market participants price in higher future growth and inflation expectations. With the lagged effect of sizable global monetary and fiscal spending, this upward pressure on long-term bond yields will likely persist.
  • We focus our fundamental research efforts on well-managed companies that have utilized this crisis to their advantage by removing significant amounts of fixed costs within operating expenses. As revenues recover, we anticipate many of these companies will achieve historically high operating margins, and this should translate into higher growth rates in earnings and cash flows.

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, capital goods, transportation, and retailing industry groups, as well as an overweight position in the banks industry group, contributed to relative performance. Holdings in the utilities and consumer durables & apparel industry groups, along with an overweight position in the pharmaceuticals & biotechnology industry group and an underweight position in the diversified financials industry group, offset some of the outperformance compared to the Index. The top contributor to return was travel & tourism technology company, Sabre Corp. (United States). Other notable contributors included ConocoPhillips (United States), jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom), casino & resort company, Las Vegas Sands Corp. (United States), and airline, AIR Canada (Canada). The largest detractor was defense & information technology services provider, Leidos Holdings, Inc. (United States). Additional notable detractors included electronic components manufacturer, Murata Manufacturing Co. Ltd. (Japan), electric utility provider, RWE AG (Germany), pharmaceutical producer, Novartis AG (Switzerland), and Takeda Pharmaceutical Co., Ltd. (Japan).

Investment outlook

The emphasis we have placed on high-quality cyclical stocks continued to be beneficial in February. The reopening of economies globally will likely be supported, on a multi-year basis, by the greatest amount of government spending incurred since WWII. Rising bond yields should further support undervalued stocks in lieu of long-duration stocks with modest or negligible current cash flows. We focus our fundamental research efforts on well-managed companies that have utilized this crisis to their advantage by removing significant amounts of fixed costs within operating expenses. In our view, these improvements in efficiency will lead to a permanently lower cost base and thereby, improved operating leverage. As revenues recover, we anticipate many of these companies will achieve historically high operating margins, and this should translate into higher growth rates in earnings and cash flows. In particular, we expect companies experiencing the biggest drags on revenues from the pandemic—such as air travel and travel or hotel booking software—to transition from loss-making to generating substantial free cash flows. As the global population becomes vaccinated, this should stoke demand for travel and hospitality. In addition, we anticipate a resumption in dividends and share buybacks from many of our portfolio companies as free cash flow rises, an important component of total return.

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
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: