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*
-17.48%
Nav*
$10.29, -0.10
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
1.23%
*As of June 29, 2022
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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 -3.0%-8.6%-8.4%10.1%6.1%8.7%5.3%
MSCI ACWI -7.8%-12.6%-6.4%12.2%9.5%10.8%6.5%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -3.0%-8.6%-8.4%10.1%6.1%8.7%5.3%
MSCI ACWI -7.8%-12.6%-6.4%12.2%9.5%10.8%6.5%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -5.8%-5.8%-0.8%8.9%7.2%7.6%5.6%
MSCI ACWI -5.3%-5.3%7.7%14.3%12.2%10.6%7.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -5.8%-5.8%-0.8%8.9%7.2%7.6%5.6%
MSCI ACWI -5.3%-5.3%7.7%14.3%12.2%10.6%7.2%
2021202020192018201720162015201420132012201120102009
Fund 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 19.0%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
2021202020192018201720162015201420132012201120102009
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%
19.0%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 May 31, 2022)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 97.9%
Cash 2.1%
Fund Characteristics
Fund Benchmark
No. of holdings 53 2933
Weighted avg. market cap (US $MM) $89,211 $298,733
FY2 price/earnings 11.4 14.5
Price/book value 2.0 2.7
Net assets $34,605,401 -
TOP 10 HOLDINGS
Security Country Percent
UniCredit S.p.A. Italy 3.6%
Rolls-Royce Holdings Plc United Kingdom 3.4%
Genpact Ltd. United States 3.3%
Fiserv, Inc. United States 3.3%
TotalEnergies SE France 3.2%
Samsung Electronics Co., Ltd. South Korea 3.1%
Booking Holdings, Inc. United States 3.1%
Concentrix Corp. United States 2.9%
Prudential Plc United Kingdom 2.9%
Leidos Holdings, Inc. 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
Information Technology 23.2% 21.3%
Financials 15.5% 14.8%
Industrials 15.2% 9.4%
Health Care 9.7% 12.3%
Consumer Discretionary 9.2% 11.0%
Communication Services 6.6% 7.8%
Materials 5.6% 5.2%
Consumer Staples 4.7% 7.3%
Energy 4.3% 5.2%
Utilities 3.7% 3.1%
Real Estate 0.2% 2.8%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 45.6% 60.6%
United Kingdom 15.5% 3.9%
France 9.1% 2.8%
Italy 6.0% 0.6%
Switzerland 4.5% 2.5%
Japan 4.2% 5.5%
South Korea 3.8% 1.4%
Germany 3.7% 2.0%
Netherlands 2.9% 1.0%
Spain 1.1% 0.6%
Regional Allocation
  • North America 45.6%
  • Europe – other 44.0%
  • Pacific 4.2%
  • Emerging Asia 4.0%

Commentary (As of May 31, 2022)

Highlights

  • Belying significant intramonth volatility, global equities finished the month of May largely flat as investors continued to weigh the risks to economic growth from tighter global monetary policy, the war in Ukraine, and ongoing Covid restrictions in China. Growth stocks continued to struggle with valuation compression during the month, with many value stocks meaningfully outperforming growth peers.
  • Historically tight labor markets and high single-digit inflation in many developed market economies are forcing central banks to raise interest rates, but they face a narrow corridor to raise interest rates without sparking a recession. In contrast to many developed and emerging economies, the People’s Bank of China cut its mortgage reference rate in May, furthering the bifurcation between Chinese monetary policy and that of other central banks.
  • As economies slow in response to tighter monetary policy, the most efficient and best competitively positioned companies should fare relatively better than overall markets. We are interested in buying, in our view, well-managed businesses supported by improving valuations, thereby increasing potential upside for share prices as economic conditions improve.

Portfolio attribution

The Causeway Global Value Fund ("Fund") outperformed the Index during the month, due primarily to stock selection. Fund holdings in the banks, capital goods, consumer services, technology hardware & equipment, and energy industry groups contributed to relative performance. Holdings in the media & entertainment, pharmaceuticals & biotechnology, and commercial & professional services industry groups, along with an underweight position in the semiconductors & semi equipment and telecommunication services industry groups, offset some of the outperformance compared to the Index. The top contributor to return was banking & financial services company, UniCredit S.p.A. (Italy). Other notable contributors included integrated oil & gas company, TotalEnergies SE (France), rolling stock, signaling, & services provider for the rail industry, Alstom SA (France), business process outsourcing services provider, Genpact Ltd. (United States), and airport & rail station concessionaire, SSP Group Plc (United Kingdom). The largest detractor was travel & tourism technology company, Sabre Corp. (United States). Additional notable detractors included pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland), social media giant, Meta Platforms, Inc. (United States), Waste Management, Inc. (United States), and business services provider, Concentrix Corp. (United States).

Investment outlook

As signs emerge that inflation is becoming embedded globally, we expect central banks to continue tightening monetary policy. Earnings and margins have come under pressure amid rising interest rates, and valuation multiples have generally returned to more accurately reflect growth in profitability and cash flow. We welcome renewed investor focus on valuation and continue seeking to identify companies engaged in operational restructuring (“self-help”) to generate robust cash flows. As economies slow in response to tight monetary policy, the most efficient and best competitively positioned companies should fare relatively better than overall markets. We are interested in buying, in our view, well-managed businesses supported by improving valuations, thereby increasing potential upside for share prices as economic conditions improve. Year-to date, energy has led global markets, followed by defensive sectors such as healthcare, utilities, and consumer staples. Information technology has been one of the worst performers, a stark contrast from recent years. Within technology, we prefer companies with sticky revenues as their customers hesitate to incur the costs of switching software or hardware providers. Companies providing mission-critical technology to their customers should be considerably less susceptible to a significant erosion in profitability than others. Within tech, valuation multiples have declined, often before earnings downgrades, which we believe will soon follow. If past cycles are any indication, a bear market reflecting the prospect of recession in the developed world sets the stage globally for a recovery that typically favors the most cyclical companies across all sectors whose fortunes are tied to economic recovery. Our investment research, guided by Causeway’s risk-adjusted return ranking of stocks, allows us to build portfolios from the bottom up, embedding diversification, a key component in all equity market regimes. Risk control is likely to be especially important in the next several quarters as financial liquidity contracts.

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
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: