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*
+14.44%
Nav*
$12.68, -0.08
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 September 17, 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 3.6%17.7%51.4%9.7%10.6%9.8%6.4%
MSCI ACWI 3.3%16.2%29.2%14.9%14.9%11.9%7.8%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 3.6%17.7%51.4%9.7%10.6%9.8%6.4%
MSCI ACWI 3.3%16.2%29.2%14.9%14.9%11.9%7.8%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 2.9%13.6%54.1%9.9%11.1%8.3%6.2%
MSCI ACWI 7.5%12.6%39.9%15.1%15.2%10.5%7.7%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 2.9%13.6%54.1%9.9%11.1%8.3%6.2%
MSCI ACWI 7.5%12.6%39.9%15.1%15.2%10.5%7.7%
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 August 31, 2021)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 97.0%
Cash 3.0%
Fund Characteristics
Fund Benchmark
No. of holdings 53 2964
Weighted avg. market cap (US $MM) $129,137 $333,319
FY2 price/earnings 14.9 17.7
Price/book value 2.4 3.1
Net assets $61,165,631 -
TOP 10 HOLDINGS
Security Country Percent
Alphabet, Inc. United States 4.0%
Rolls-Royce Holdings Plc United Kingdom 3.3%
Ashland Global Holdings, Inc. United States 3.2%
Novartis AG Switzerland 3.1%
Fiserv, Inc. United States 3.0%
Concentrix Corp. United States 2.9%
Samsung Electronics Co., Ltd. South Korea 2.9%
Genpact Ltd. United States 2.8%
Booking Holdings, Inc. United States 2.8%
Sanofi France 2.8%

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 22.5% 22.6%
Industrials 13.9% 9.8%
Financials 13.4% 14.1%
Health Care 12.2% 11.8%
Materials 8.9% 4.9%
Communication Services 8.9% 9.4%
Consumer Discretionary 7.9% 12.2%
Utilities 6.1% 2.7%
Energy 2.2% 3.1%
Consumer Staples 1.0% 6.8%
Real Estate 0.0% 2.6%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 53.1% 59.8%
Switzerland 7.6% 2.5%
France 7.6% 2.9%
United Kingdom 5.6% 3.6%
Japan 5.5% 5.8%
Germany 5.0% 2.4%
Italy 3.8% 0.6%
South Korea 3.8% 1.6%
Spain 2.5% 0.6%
Canada 1.7% 2.8%
Regional Allocation
  • North America 54.9%
  • Europe – other 32.2%
  • Pacific 5.5%
  • Emerging Asia 3.8%
  • Emerging Latin America 0.6%

Commentary (As of August 31, 2021)

Highlights

  • Equities marched higher again in August, spurred by continuing ultra-loose monetary conditions, a likely multi-trillion-dollar US fiscal spending boost, and evidence of global economic recovery. Despite the increase in Covid cases linked to the spread of the Delta variant, investors appear optimistic that any impact will likely disrupt supply chains rather than spur the reinstatement of economically devastating lockdowns.
  • Strong global economic data in August confirmed a further normalization of activity in the wake of Covid lockdowns. In China, regulatory actions continued to dominate headlines. In our view, increased regulations in certain industries are long overdue. As long as they remain well-established, consistent, and transparent, our belief is that stronger standards in the country should ultimately benefit stakeholders.
  • We believe undervalued stocks will attract more buyers as the cost of money (aka interest rates) rise to more normal levels in most developed countries, reflecting economic recovery and fiscal stimulus. Companies generating solid cash flow and margins, with excellent competitive positioning, attract our attention in this environment.

Portfolio attribution

The Causeway Global Value Fund outperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, materials, insurance, consumer services, and media & entertainment industry groups contributed to relative performance. Holdings in the semiconductors & semi equipment, pharmaceuticals & biotechnology, software & services, technology hardware & equipment, and consumer durables & apparel industry groups offset some of the outperformance compared to the Index. The top contributor to return was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Other notable contributors included technology conglomerate, Alphabet, Inc. (United States), specialty chemicals manufacturer, Ashland Global Holdings, Inc. (United States), business services provider, Concentrix Corp. (United States), and casino & resort company, Las Vegas Sands Corp. (United States). The largest detractor was luxury goods manufacturer & retailer, Compagnie Financiere Richemont (Switzerland). Additional notable detractors included products & services provider for the electronic components industry, SK hynix, Inc. (South Korea), travel & tourism technology company, Sabre Corp. (United States), defense & information technology services provider, Leidos Holdings, Inc. (United States), and electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea).

Investment outlook

The rise of the Delta variant portends enduring uncertainty on the timing to reach full normalization. As a result, we are interested in economically cyclical companies with, in our view, strong balance sheets focused on cutting costs. As it relates to companies exposed to travel, leisure, and hospitality, in particular, we find meaningful differentiation amongst companies. Several are exhibiting high cash burn rates, while others are approaching breakeven. We are most interested in the latter, and we engage in rigorous fundamental research to scrutinize which firms may be underappreciated in the market yet poised for, based on our analysis, greater profitability when revenues recover. Furthermore, we believe the rapid pace of change in the economy—for example, from long-dated green initiatives or supplier shifts—could lead to structurally higher earnings in this economic cycle for certain industries. The premium for growth stocks over value stocks narrowed in the wake of vaccine announcements in the fourth quarter of 2020, but overall, it remains significantly higher relative to history in a market awash with liquidity. We believe undervalued stocks will attract more buyers as the cost of money (aka interest rates) rise to more normal levels in most developed countries, reflecting economic recovery and fiscal stimulus. Companies generating solid cash flow and margins, with excellent competitive positioning, attract our attention in this environment.

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: