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*
-0.96%
Nav*
$12.35, -0.22
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 January 21, 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 1.8%16.3%16.3%14.8%9.7%9.8%6.1%
MSCI ACWI 6.8%19.0%19.0%21.0%15.0%12.4%7.8%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 1.8%16.3%16.3%14.8%9.7%9.8%6.1%
MSCI ACWI 6.8%19.0%19.0%21.0%15.0%12.4%7.8%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 1.8%16.3%16.3%14.8%9.7%9.8%6.1%
MSCI ACWI 6.8%19.0%19.0%21.0%15.0%12.4%7.8%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 1.8%16.3%16.3%14.8%9.7%9.8%6.1%
MSCI ACWI 6.8%19.0%19.0%21.0%15.0%12.4%7.8%
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 December 31, 2021)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 99.0%
Cash 1.0%
Fund Characteristics
Fund Benchmark
No. of holdings 51 2966
Weighted avg. market cap (US $MM) $129,505 $383,091
FY2 price/earnings 14.1 17.7
Price/book value 2.3 3.1
Net assets $60,461,544 -
TOP 10 HOLDINGS
Security Country Percent
Alphabet, Inc. United States 3.6%
Rolls-Royce Holdings Plc United Kingdom 3.6%
Samsung Electronics Co., Ltd. South Korea 3.6%
General Electric Co. United States 3.4%
FANUC Corp. Japan 3.2%
Booking Holdings, Inc. United States 3.0%
Novartis AG Switzerland 3.0%
Genpact Ltd. United States 2.9%
Fiserv, Inc. United States 2.8%
Royal Dutch Shell Plc United Kingdom 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 23.7% 23.6%
Industrials 16.0% 9.6%
Financials 12.4% 13.9%
Health Care 9.7% 11.7%
Consumer Discretionary 9.5% 12.4%
Communication Services 8.6% 8.6%
Materials 7.9% 4.7%
Energy 5.0% 3.4%
Utilities 4.6% 2.7%
Consumer Staples 1.6% 6.8%
Real Estate 0.0% 2.7%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 49.8% 61.3%
United Kingdom 10.4% 3.6%
Switzerland 7.3% 2.6%
France 6.1% 2.9%
Japan 5.8% 5.5%
South Korea 5.2% 1.4%
Germany 5.2% 2.2%
Italy 4.2% 0.6%
Spain 2.9% 0.6%
Canada 1.5% 2.9%
Regional Allocation
  • North America 51.3%
  • Europe – other 36.2%
  • Pacific 5.8%
  • Emerging Asia 5.2%
  • Emerging Latin America 0.5%

Commentary (As of December 31, 2021)

Highlights

  • Global equities rallied in December, capping off the third consecutive calendar year of strong positive returns.
  • Concurrent with the easing of Covid-related restrictions, we anticipate the pressures from tangled supply chains and tight labor markets to lessen in 2022. As developed market central banks attempt to combat inflationary trends stoked by supply bottlenecks and massive amounts of stimulus, we await gradual increases in policy rates in most regions.
  • As borders reopen, we anticipate pent-up demand from consumers to translate into revenue recovery for companies in aerospace, aviation, travel, and leisure-related industries. In our view, some of the best positioned companies in these industries operate in oligopolies with management teams who have used the pandemic crisis to meaningfully cut costs. We expect this to result in high levels of profitability as revenues recover.

Portfolio attribution

The Causeway Global Value Fund ("Fund") outperformed the Index during the month due primarily to stock selection. Fund holdings in the software & services, semiconductors & semi equipment, banks, and consumer services industry groups, as well as an underweight position in the retailing industry group, contributed to relative performance. Holdings in the capital goods industry group, along with an underweight position in the health care equipment & services, real estate, household & personal products, and food beverage & tobacco 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). Additional top contributors included semiconductor manufacturer, Broadcom Corp. (United States), online travel agency, Booking Holdings, Inc. (United States), electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), and pharmaceutical producer, Novartis AG (Switzerland). The largest detractor from absolute performance was global financial services giant, Citigroup, Inc.(United States). Additional detractors included enterprise management software provider, Oracle Corp. (United States), and power & healthcare conglomerate, General Electric Co. (United States). Other weak performers, though still delivering positive returns, included HVAC manufacturer, Carrier Global Corp. (United States), and defense & information technology services provider, Leidos Holdings, Inc. (United States).

Investment outlook

With policymakers on track to tighten monetary conditions, we expect a compression of the highest valuation multiples for speculative growth stocks. The sobering effect on equity markets as liquidity is removed should favor a disciplined valuation-based investing approach. As geographic borders reopen, we anticipate this pent-up demand from consumers to translate to revenue recovery for companies in aerospace, aviation, travel, and leisure-related industries. In our view, the best positioned companies in these industries operate in oligopolies with management teams who have used the pandemic crisis to meaningfully cut costs. We expect this to result in high profitability as revenues return to pre-Covid era levels. In all regions, we are most interested in companies undergoing operational restructuring; we routinely push management teams to focus on self-help to improve free cash flow generation and reward shareholders. Longer term, we believe one of the most enduring investment theme over the next several years will be decarbonization and climate amelioration. We believe companies in traditionally carbon-intensive industries that demonstrate the wherewithal to transition their operations to low or zero greenhouse gas emissions, without sacrificing returns, stand to benefit most from increased investor attention. Finally, while we expect some normalization of interest rates, we continue to emphasize companies rewarding shareholders via dividends and share buybacks. Though government bond yields may increase from current levels, capital returned to shareholders via dividends and share buybacks remain the most certain portion of total return.

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: