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*
-20.08%
Nav*
$8.36, -0.01
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
1.08%
*As of September 22, 2020
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Strategy overview

The portfolio managers discuss our Global Value strategy.

Portfolio managers

Chief Executive Officer
Fundamental Portfolio Manager
President
Head of Fundamental Research
Fundamental Portfolio Manager
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 5.4%-16.5%-2.7%-0.6%2.2%7.3%3.4%
MSCI ACWI 11.8%5.1%17.1%9.6%10.8%10.5%6.3%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 5.4%-16.5%-2.7%-0.6%2.2%7.3%3.4%
MSCI ACWI 11.8%5.1%17.1%9.6%10.8%10.5%6.3%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 21.8%-20.8%-13.6%-2.4%0.2%7.3%3.0%
MSCI ACWI 19.4%-6.0%2.6%6.7%7.0%9.7%5.4%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 21.8%-20.8%-13.6%-2.4%0.2%7.3%3.0%
MSCI ACWI 19.4%-6.0%2.6%6.7%7.0%9.7%5.4%
20192018201720162015201420132012201120102009
Fund 21.2%-11.1%17.9%7.7%-6.3%5.4%29.2%16.5%-1.3%18.5%40.1%
MSCI ACWI 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
20192018201720162015201420132012201120102009
21.2%-11.1%17.9%7.7%-6.3%5.4%29.2%16.5%-1.3%18.5%40.1%
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 August 31, 2020)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 98.3%
Cash 1.7%
Fund Characteristics
Fund Benchmark
No. of holdings 53 2983
Weighted avg. market cap (US $MM) $66,946 $293,688
FY2 price/earnings 12.7 18.3
Price/book value 1.2 2.5
Net assets $42,414,951 -
TOP 10 HOLDINGS
Security Country Percent
Volkswagen AG Germany 3.9%
UniCredit S.p.A. Italy 3.7%
FedEx Corp. United States 3.1%
SYNNEX Corp. United States 3.1%
Takeda Pharmaceutical Co., Ltd. Japan 3.0%
Samsung Electronics Co., Ltd. South Korea 3.0%
BASF SE Germany 2.9%
Novartis AG Switzerland 2.9%
Ashland United States 2.7%
Google 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
Industrials 20.2% 9.4%
Financials 20.0% 12.8%
Information Technology 18.5% 21.7%
Consumer Discretionary 10.3% 12.8%
Health Care 8.2% 12.3%
Communication Services 6.9% 9.5%
Materials 5.6% 4.7%
Real Estate 2.7% 2.7%
Energy 2.3% 3.1%
Consumer Staples 2.3% 7.8%
Utilities 1.2% 3.0%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 47.7% 58.7%
Germany 12.0% 2.6%
United Kingdom 8.5% 3.6%
Switzerland 6.6% 2.7%
Japan 6.2% 6.6%
Italy 3.7% 0.6%
France 3.4% 2.9%
South Korea 3.0% 1.4%
China 2.4% 5.1%
Netherlands 2.2% 1.1%
Regional Allocation
  • North America 48.6%
  • Europe – other 38.2%
  • Pacific 6.2%
  • Emerging Asia 5.4%

Commentary (As of August 31, 2020)

Highlights

  • Global equity markets continued to rally in August, as improving economic data in some geographies combined with highly accommodative monetary policy globally and renewed optimism for a COVID-19 vaccine appeared to bolster investor sentiment.
  • The Eurozone seasonally adjusted unemployment rate ticked up marginally in July (from 7.7% in June to 7.9%), suggesting that social safety nets and early action by fiscal authorities at the onset of the pandemic staved off major job losses. We believe this and other indicators are constructive for Europe’s economy to emerge from the pandemic-induced recession in a strong position.
  • Though our investment horizon remains long-term, heightened stock price volatility translates to prices moving faster in this market dislocation. Valuation matters. We remain disciplined on the price we are willing to pay for stocks in the fund that provide, in our view, the best risk-adjusted return potential.

Portfolio attribution

Causeway Global Value Fund ("Fund") modestly underperformed the Index during the month. Fund holdings in the technology hardware & equipment, software & services, capital goods, consumer durables & apparel, and media & entertainment industry groups detracted from performance relative to the Index. Holdings in the transportation, banks, semiconductors & semi equipment, and pharmaceuticals & biotechnology industry groups, as well as an underweight position in the health care equipment & services industry group, offset some of the underperformance versus the Index. The largest detractor was electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea). Additional notable detractors included defense & information technology services provider, Leidos Holdings, Inc. (United States), travel & tourism technology company, Sabre Corp. (United States), bank, BBVA SA (Spain), and electronic components manufacturer, Murata Manufacturing Co. Ltd. (Japan). The top contributor to return was parcel transportation & delivery company, FedEx Corp.(United States). Other notable contributors included automobile manufacturer, Volkswagen AG (Germany), financial services provider, ING Groep NV (Netherlands), banking & financial services company, UniCredit S.p.A. (Italy), and multinational airline holding company, International Consolidated Airlines Group SA (United Kingdom).

Investment outlook

The COVID-19 pandemic continues to upend normal routines, and for longer than initially anticipated. Yet strong equity returns in August—notably in economically cyclical stocks—appeared to reflect investors’ exuberance for a potential COVID-19 vaccine. We are convinced that with a safe and widely available vaccine, many of the changed behaviors due to the virus will revert and provide a significant revenue boost to companies in the epicenter of COVID-19 restrictions, such as companies in the travel and leisure, aviation, and aerospace industries. We believe a vaccine (and in the meantime, effective therapies) could catalyze an unwinding of the massive premium afforded to growth stocks—particularly high-flying technology companies—that benefit from COVID-19 trends. Despite the prolonged market environment favoring growth stocks, we continue to identify companies that are taking advantage of the crisis to cut costs and improve efficiency. We remain focused on thoroughly assessing the balance sheet strength of our portfolio companies to ensure they can withstand the drop in revenues until the recovery firmly takes hold. Given the uncertainty on the timing of a viable COVID-19 vaccine, we recognize the diminished visibility on near-term earnings. We anticipate some of the greatest upside potential in companies in oligopolistic industry structures (offering pricing power) with strong moats against competition. Finally, though our investment horizon remains long-term, heightened stock price volatility translates to prices moving faster in this market dislocation. Valuation matters. We remain disciplined on the price we are willing to pay for stocks in the fund that provide, in our view, the best risk-adjusted return potential.

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
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: