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*
+16.13%
Nav*
$14.47, +0.14
Inception
April 29, 2008
Cusip
14949P307
Benchmark
MSCI ACWI
Minimum Investment
$1,000,000
Sales Charge
None
Gross Expense Ratio
1.19%
Net Expense Ratio
0.85%
*As of July 17, 2025
**Contractual fee waivers are in effect until 1/31/2026.

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

Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.6%14.3%20.2%21.8%18.3%8.9%7.2%
MSCI ACWI 11.5%10.0%16.2%17.3%13.7%10.0%7.3%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.6%14.3%20.2%21.8%18.3%8.9%7.2%
MSCI ACWI 11.5%10.0%16.2%17.3%13.7%10.0%7.3%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.6%14.3%20.2%21.8%18.3%8.9%7.2%
MSCI ACWI 11.5%10.0%16.2%17.3%13.7%10.0%7.3%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.6%14.3%20.2%21.8%18.3%8.9%7.2%
MSCI ACWI 11.5%10.0%16.2%17.3%13.7%10.0%7.3%
Table Header 2024202320222021202020192018201720162015201420132012201120102009
Fund 12.7%29.8%-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 17.5%22.2%-18.4%18.5%16.3%26.6%-9.4%24.0%7.9%-2.4%4.2%22.8%16.1%-7.2%12.7%34.6%
Table Header
Fund
MSCI ACWI
2024202320222021202020192018201720162015201420132012201120102009
12.7%29.8%-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%
17.5%22.2%-18.4%18.5%16.3%26.6%-9.4%24.0%7.9%-2.4%4.2%22.8%16.1%-7.2%12.7%34.6%

Portfolio (as of June 30, 2025)

Benchmark: MSCI ACWI
Asset Allocation
Table Header Fund
Stocks 97.3%
Cash 2.7%
Fund Characteristics
Table Header Fund Benchmark
No. of holdings 53 2528
Weighted avg. market cap (US $MM) $149,036 $689,920
FY2 price/earnings 12.6 17.5
Price/book value 1.9 3.3
Net assets $48,589,896 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 4.1%
Samsung Electronics Co., Ltd. South Korea 4.1%
Kering SA France 3.9%
Alphabet, Inc. United States 3.7%
Alstom SA France 3.5%
Reckitt Benckiser Group Plc United Kingdom 3.2%
Citigroup, Inc. United States 3.2%
Renesas Electronics Corp. Japan 3.1%
Infineon Technologies AG Germany 3.0%
Carnival Corp. United States 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 22.4% 25.9%
Financials 15.0% 17.8%
Industrials 12.3% 10.9%
Consumer Discretionary 11.5% 10.4%
Communication Services 10.6% 8.6%
Health Care 10.5% 8.9%
Consumer Staples 6.6% 5.8%
Materials 4.7% 3.5%
Real Estate 1.6% 2.0%
Utilities 1.1% 2.6%
Energy 0.9% 3.6%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 42.7% 64.4%
United Kingdom 19.0% 3.3%
France 8.1% 2.5%
Japan 7.8% 4.9%
Germany 5.2% 2.3%
Netherlands 4.8% 1.1%
South Korea 4.1% 1.1%
Canada 2.3% 2.9%
China 1.6% 3.0%
Sweden 0.9% 0.8%
Regional Allocation
  • North America 45.1%
  • Europe - Other 20.0%
  • Euro 18.9%
  • Pacific 7.8%
  • Emerging Asia 5.7%

Commentary (As of June 30, 2025)

Highlights

  • Global equity markets continued their upward trajectory in June.
  • Causeway’s global and international value portfolios focus on identifying undervalued stocks rather than positioning around macroeconomic trends. Despite the narrowing valuation gap between U.S. and non-U.S. markets, we continue to see compelling investment opportunities across international markets.
  • Our focus remains on identifying companies that offer durable value, characterized by pricing power, iconic brands, or robust product pipelines.

Portfolio Attribution

The Causeway Global Value Fund ("Fund"), on a net asset value basis, outperformed the Index during the month, due primarily to stock selection. On a gross return basis, Fund holdings in the consumer durables & apparel, consumer services, and banks industry groups contributed to relative performance. Holdings in the semiconductors & semi equipment, utilities, and pharmaceuticals & biotechnology industry groups offset some of the outperformance compared to the Index. The top contributor to return was enterprise management software provider, Oracle Corp. (United States). Other notable contributors included jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom), and cruise ship operator, Carnival Corp. (United States). The largest detractor was power utility, PG&E Corp. (United States). Additional notable detractors included alcoholic beverage distributor, Diageo Plc (United Kingdom), and pharmaceutical company, AstraZeneca PLC (United Kingdom).

Investment Outlook

The de-escalation of tariff threats has been instrumental in alleviating global trade tensions. Additionally, the removal of Section 899 from the U.S. federal budget, along with other nations’ decision to refrain from imposing extraterritorial taxes on U.S. firms, has further eased tensions. Combined with stable crude oil prices and the absence of significant domestic labor shortages, U.S. inflationary pressures have remained stable.

In Europe, we anticipate substantial economic benefits to begin materializing in 2026, as both the public and private sectors intensify investments in defense, security, energy, and infrastructure. The region’s initiatives to harmonize regulations and establish a unified, liquid capital market have the potential to significantly accelerate innovation and drive sustained economic growth. Moreover, the trade-weighted U.S. dollar has declined to early 2022 levels, erasing its late 2024 gains. Continued depreciation could provide even more currency boost to dollar-based investors’ foreign holdings.

Causeway’s global and international value portfolios focus on identifying undervalued stocks rather than positioning around macroeconomic trends. Despite the narrowing valuation gap between U.S. and non-U.S. markets, we continue to see compelling investment opportunities across international markets. Our focus remains on identifying companies that offer durable value, characterized by pricing power, iconic brands, or robust product pipelines. Even the highest quality businesses can encounter temporary dislocations, which we view as opportunities to increase positions at attractive valuations. Recent external shocks have created such opportunities among select-high quality companies. The pharmaceutical industry faces a considerable list of challenges including US pricing, global trade restrictions, China’s economic slowdown, and uncertainties in drug pipelines. These challenges have created, in our view, value opportunities in some of the world’s top pharmaceutical firms where we remain confident in their ability to sustain cash flow, profit margins, and innovation over time. If European leaders implement the competitiveness reforms proposed by Mario Draghi last year, our existing two-year price targets could prove conservative, particularly for portfolio holdings most sensitive to European economic growth. We continue to take a disciplined approach, favoring investments at current valuations rather than paying a premium for potential future positive developments. Across sectors, Causeway targets companies we believe are improving efficiency, driving earnings, and boosting cash flows.

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

Table Header Dividends Short-term capital gains Long-term capital gains
2024 $0.2044 $1.0338 $1.8282
2023 $0.1405 $0.1241 $0.0609
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: