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Global Value Fund

Seeking value primarily in developed markets worldwide

NAV (as of 17 May 2019)

$9.78, -0.11

YTD

+8.19%

INCEPTION

29 Apr 2008

TICKER/CUSIP

CGVIX/14949P307

Fact Sheet Prospectus

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 ChargeNone
Net Expense Ratio1.05%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
BenchmarkMSCI ACWI

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CGVIX 2.3%13.2%1.0%8.3%4.1%11.8%4.9%
MSCI ACWI 3.4%16.2%5.6%12.0%7.5%11.7%5.7%
MSCI World 3.6%16.7%7.1%12.0%7.9%12.2%6.2%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CGVIX 10.6%10.6%1.4%8.4%3.7%13.5%4.7%
MSCI ACWI 12.3%12.3%3.2%11.3%7.0%12.6%5.4%
MSCI World 12.6%12.6%4.6%11.3%7.4%13.0%5.9%

Portfolio

Asset Allocation as of 30 Apr 2019

Stocks 97%
Cash 3%

Characteristics as of 30 Apr 2019

Causeway MSCI ACWI
No. of Holdings 50 2773
Wtd. Avg. Market Cap (Mn $US) $72,671 $138,699
FY2 Price/Earnings 11.0 14.4
Price/Book Value 1.4 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 30 Apr 2019

Financials17.50%
Industrials14.48%
Information Technology13.18%
Communication Services12.03%
Health Care10.11%
Energy9.54%
Materials7.68%
Consumer Discretionary4.40%
Consumer Staples4.27%
Utilities3.81%
Real Estate0.00%

(VS. Benchmark)

Financials17.04%
Industrials10.52%
Information Technology16.14%
Communication Services8.90%
Health Care11.00%
Energy6.10%
Materials4.80%
Consumer Discretionary10.95%
Consumer Staples8.23%
Utilities3.18%
Real Estate3.14%
Financials
Industrials
Information Technology
Communication Services
Health Care
Energy
Materials
Consumer Discretionary
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 30 Apr 2019

United States36.45%
United Kingdom19.04%
Japan10.32%
Germany7.54%
China5.77%
Switzerland4.49%
Italy3.45%
Canada3.45%
Netherlands2.13%
South Korea2.10%
France1.99%
Turkey0.30%
United Arab Emirates0.00%
Taiwan0.00%
Thailand0.00%
Chile0.00%
Spain0.00%
Sweden0.00%
Malaysia0.00%
Mexico0.00%
New Zealand0.00%
Norway0.00%
Pakistan0.00%
Peru0.00%
Philippines0.00%
Poland0.00%
Portugal0.00%
Qatar0.00%
Russia0.00%
Singapore0.00%
South Africa0.00%
Colombia0.00%
Czech Republic0.00%
Denmark0.00%
Egypt0.00%
Finland0.00%
Australia0.00%
Austria0.00%
Belgium0.00%
Brazil0.00%
Greece0.00%
Hong Kong0.00%
Hungary0.00%
India0.00%
Indonesia0.00%
Ireland0.00%
Israel0.00%
0.00%
0.00%

(VS. Benchmark)

United States55.43%
United Kingdom5.08%
Japan7.10%
Germany2.67%
China3.84%
Switzerland2.62%
Italy0.70%
Canada3.01%
Netherlands1.09%
South Korea1.49%
France3.43%
Turkey0.06%
United Arab Emirates0.09%
Taiwan1.34%
Thailand0.27%
Chile0.11%
Spain0.90%
Sweden0.81%
Malaysia0.25%
Mexico0.32%
New Zealand0.07%
Norway0.21%
Pakistan0.00%
Peru0.05%
Philippines0.13%
Poland0.13%
Portugal0.05%
Qatar0.11%
Russia0.44%
Singapore0.41%
South Africa0.72%
Colombia0.05%
Czech Republic0.02%
Denmark0.52%
Egypt0.02%
Finland0.29%
Australia2.05%
Austria0.07%
Belgium0.30%
Brazil0.81%
Greece0.03%
Hong Kong1.22%
Hungary0.04%
India1.06%
Indonesia0.25%
Ireland0.17%
Israel0.16%
0.00%
0.00%
United States
United Kingdom
Japan
Germany
China
Switzerland
Italy
Canada
Netherlands
South Korea
France
Turkey
United Arab Emirates
Taiwan
Thailand
Chile
Spain
Sweden
Malaysia
Mexico
New Zealand
Norway
Pakistan
Peru
Philippines
Poland
Portugal
Qatar
Russia
Singapore
South Africa
Colombia
Czech Republic
Denmark
Egypt
Finland
Australia
Austria
Belgium
Brazil
Greece
Hong Kong
Hungary
India
Indonesia
Ireland
Israel
Other

TOP 10 HOLDINGS as of 30 Apr 2019

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 3.8
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 3.6
UniCredit S.p.A. Italy Banks 3.4
BASF SE Germany Materials 3.0
ABB Ltd. Switzerland Capital Goods 2.9
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.8
Alaska Air Group, Inc. United States Transportation 2.8
Micro Focus International Plc United Kingdom Software & Services 2.8
Prudential Plc United Kingdom Insurance 2.7
Halliburton Co. United States Energy 2.7

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 30 Apr 2019


After a first quarter recovery rally, equity markets continued to rise in April as monetary policy remained accommodative in most regions globally, especially in the US and China. The top performing markets in our investable universe were Egypt, South Africa, Germany, Austria, and Ireland. The worst performing markets were Turkey, Pakistan, Colombia, Chile, and the Czech Republic. The best performing sectors in the MSCI ACWI Index (“Index”) were financials, information technology, and communication services. The worst performing sectors were health care, real estate, and utilities.

Causeway Global Value Fund ("Fund") underperformed the Index during the month, due primarily to stock selection. Fund holdings in the pharmaceuticals & biotechnology, energy, media & entertainment, and software & services industry groups, along with an overweight position in the telecommunication services industry group, detracted from relative performance. Holdings in the banks, capital goods, insurance, and automobiles & components industry groups, as well as an underweight position in the real estate industry group, offset some of the underperformance. The largest detractor was Takeda Pharmaceutical Co., Ltd. (Japan). Additional notable detractors included mobile telecommunications operator,China Mobile Ltd. (China), British American Tobaccoplc (United Kingdom), pharmaceutical company, AstraZeneca Plc (United Kingdom), and specialty retail jeweler, Signet Group (United States). The top contributor to return was automobile manufacturer, Volkswagen AG (Germany). Other notable contributors included global financial services giant, Citigroup, Inc. (United States), life insurer, Prudential Plc (United Kingdom), banking & financial services company, UniCredit S.p.A. (Italy), and diversified chemicals manufacturer, BASF SE (Germany).

*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.

Dividends

2018$0.1956
2017$0.2363
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
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Short-term Capital Gains

2018$0.2508
2017$0.41672
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
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Long-term Capital Gains

2018$1.2062
2017$0.13304
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
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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

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