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*
+7.18%
Nav*
$14.77, +0.09
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
1.29%
*As of June 17, 2024
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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 2.4%8.4%24.5%7.5%12.6%7.1%6.6%
MSCI ACWI 0.7%9.1%24.1%5.6%12.2%9.0%7.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 2.4%8.4%24.5%7.5%12.6%7.1%6.6%
MSCI ACWI 0.7%9.1%24.1%5.6%12.2%9.0%7.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 5.9%5.9%21.4%8.4%10.6%7.1%6.5%
MSCI ACWI 8.3%8.3%23.8%7.5%11.5%9.2%7.3%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 5.9%5.9%21.4%8.4%10.6%7.1%6.5%
MSCI ACWI 8.3%8.3%23.8%7.5%11.5%9.2%7.3%
202320222021202020192018201720162015201420132012201120102009
Fund 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 22.8%-18.0%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
202320222021202020192018201720162015201420132012201120102009
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%
22.8%-18.0%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, 2024)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 97.1%
Cash 2.9%
Fund Characteristics
Fund Benchmark
No. of holdings 51 2837
Weighted avg. market cap (US $MM) $126,461 $521,532
FY2 price/earnings 12.2 16.2
Price/book value 1.9 3.0
Net assets $55,464,727 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 4.9%
Samsung Electronics Co., Ltd. South Korea 3.8%
Shell United Kingdom 3.5%
Barclays PLC United Kingdom 3.4%
The Walt Disney Co. United States 3.1%
Alphabet, Inc. United States 2.7%
Alstom SA France 2.7%
TD SYNNEX Corp. United States 2.5%
Kering SA France 2.4%
PG&E Corp. United States 2.4%

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 27.2% 24.1%
Industrials 11.8% 10.7%
Financials 10.4% 16.0%
Communication Services 9.7% 7.8%
Health Care 9.3% 10.9%
Energy 5.7% 4.5%
Materials 5.5% 4.2%
Consumer Staples 5.3% 6.5%
Consumer Discretionary 5.2% 10.5%
Utilities 4.8% 2.7%
Real Estate 2.2% 2.1%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 41.5% 63.8%
United Kingdom 22.1% 3.6%
Japan 7.5% 5.3%
France 6.1% 2.8%
Germany 4.5% 2.0%
South Korea 3.8% 1.2%
Italy 2.7% 0.6%
Netherlands 2.6% 1.2%
Canada 2.1% 2.7%
Switzerland 2.0% 2.2%
Regional Allocation
  • North America 43.6%
  • Europe – other 40.1%
  • Pacific 8.0%
  • Emerging Asia 5.5%
  • Emerging Latin America 0.0%

Commentary (As of May 31, 2024)

Highlights

  • Global equity markets posted a month of gains for May.
  • European equities, on a sector-neutral basis, are trading at valuation discounts to the US not seen since sovereign debt concerns roiled the region in 2011. We are increasing exposure to well-vetted European-listed stocks across various sectors, including information technology, materials, industrials, and consumer discretionary.
  • We continue to identify companies we believe are creating value in their businesses through operational restructuring. Conservative assumptions and our interactions with company managements build our conviction in the share price upside from strengthening underearning businesses, generating more cash flow, and increasing profitability.

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 capital goods, pharmaceuticals & biotechnology, and automobiles & components industry groups contributed to relative performance. Holdings in the technology hardware & equipment, media & entertainment, and consumer services industry groups offset some of the outperformance compared to the Index. The top contributor to return was rolling stock, signaling, & services provider for the rail industry, Alstom SA (France). Other notable contributors included jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom), and Analog Devices, Inc. (United States). The largest detractor was airport & rail station concessionaire, SSP Group Plc (United Kingdom). Additional notable detractors included electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), and media & entertainment conglomerate, The Walt Disney Co. (United States).

Quarterly Investment Outlook

European equities, on a sector-neutral basis, are trading at valuation discounts to the US not seen since sovereign debt concerns roiled the region in 2011. We are increasing exposure to well-vetted European-listed stocks across various sectors, including information technology, materials, industrials, and consumer discretionary. Valuations in Japan have risen, catalyzed by earnings upgrades in certain export-related industries, capital inflows redirected away from Chinese markets, and optimism for improving corporate governance. Causeway’s investment team remains focused on identifying long-term winners in Japan’s efforts to improve shareholder returns, conducting more than ten research trips there over the past three quarters. However, the long-term challenges persist, namely, delivering consistently improving returns on capital.

We continue to identify companies we believe are creating value in their businesses through operational restructuring. Conservative assumptions and our interactions with company managements build our conviction in the share price upside from strengthening underearning businesses, generating more cash flow, and increasing profitability. In our clients’ fundamental portfolios, we aim to balance these restructuring holdings with competitively positioned companies, such as those operating in oligopolistic markets with sustaine pricing power, trading at reasonable valuations. Given positive real interest rates in most regions, dividends and buybacks currently are an especially meaningful component of total return. Though we have been net sellers of banks year-to-date, we hold those with the highest risk-adjusted returns and anticipate portfolios should continue to benefit from their capital return programs. Positive real interest rates should continue to support our value investment style underpinned by our rigorous fundamental research.

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
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: