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*
$9.93, -0.08
April 29, 2008
Minimum Investment
Sales Charge
Net Expense Ratio
*As of July 17, 2019

Strategy overview

The portfolio managers discuss our Global Value strategy.

Portfolio managers

Chief Executive Officer
Fundamental Portfolio Manager
Head of Fundamental Research
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager


QTD YTD 1 year3 years5 years10 years Since inception
Fund 0.4%11.1%-0.3%8.3%3.1%11.0%4.6%
MSCI ACWI 3.8%16.6%6.3%12.2%6.7%10.7%5.6%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 0.4%11.1%-0.3%8.3%3.1%11.0%4.6%
MSCI ACWI 3.8%16.6%6.3%12.2%6.7%10.7%5.6%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 0.4%11.1%-0.3%8.3%3.1%11.0%4.6%
MSCI ACWI 3.8%16.6%6.3%12.2%6.7%10.7%5.6%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 0.4%11.1%-0.3%8.3%3.1%11.0%4.6%
MSCI ACWI 3.8%16.6%6.3%12.2%6.7%10.7%5.6%
Fund -11.1%17.9%7.7%-6.3%5.4%29.2%16.5%-1.3%18.5%40.1%
MSCI ACWI -8.2%23.1%8.2%-0.3%5.5%27.4%16.5%-5.0%12.3%30.8%

Portfolio (as of June 30, 2019)

Benchmark: MSCI ACWI
Asset Allocation
Stocks 97.9%
Cash 2.1%
Fund Characteristics
Fund Benchmark
No. of holdings 49 2848
Weighted avg. market cap (US $MM) $76,660 $136,599
FY2 price/earnings 10.8 14.4
Price/book value 1.4 2.3
Net assets $83,522,977 -
Security Country Percent
Volkswagen AG Germany 3.8%
Takeda Pharmaceutical Co., Ltd. Japan 3.5%
UniCredit S.p.A. Italy 3.3%
China Mobile Ltd. China 3.1%
BASF SE Germany 3.0%
Sabre Corp. United States 3.0%
Micro Focus International Plc United Kingdom 2.9%
Alaska Air Group, Inc. United States 2.9%
ABB Ltd. Switzerland 2.8%
Prudential 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 Fund Benchmark
Information Technology 16.8% 16.0%
Industrials 15.4% 10.5%
Financials 15.3% 16.9%
Communication Services 11.8% 8.7%
Health Care 10.6% 11.4%
Energy 8.7% 5.9%
Materials 7.0% 4.9%
Consumer Discretionary 4.3% 10.8%
Consumer Staples 4.1% 8.3%
Utilities 3.8% 3.3%
Real Estate 0.0% 3.2%
Country Fund Benchmark
United States 37.7% 55.3%
United Kingdom 19.3% 5.0%
Japan 11.0% 7.1%
Germany 6.8% 2.6%
China 5.4% 3.7%
South Korea 4.5% 1.5%
Switzerland 4.4% 2.8%
Italy 3.3% 0.7%
France 2.0% 3.4%
Netherlands 1.8% 1.1%
Regional Allocation
  • North America 39.2%
  • Europe – other 37.4%
  • Pacific 11.0%
  • Emerging Asia 9.9%
  • Emerging Europe, Middle East, Africa 0.4%

Commentary (As of June 30, 2019)


  • Bolstered by central bank dovishness, developed equity markets rallied in June and furthered year-to-date gains.

Portfolio attribution

Causeway Global Value Fund ("Fund") outperformed the Index during the month, due primarily to stock selection. Fund holdings in the software & services, materials, banks, and energy industry groups, as well as an underweight position in the real estate industry group, contributed to relative performance. Holdings in the telecommunication services, retailing, and health care equipment & services industry groups, along with an underweight position in the semiconductors & semi equipment and consumer durables & apparel industry groups, detracted from relative performance. The top contributor to return was oil refiner, Marathon Petroleum Corp. (United States). Other notable contributors included automobile manufacturer, Volkswagen AG (Germany), electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), industrial gas company, Linde Plc (United States), and global financial services giant, Citigroup, Inc. (United States). The largest detractor was oil & natural gas producer, Encana (Canada). Additional notable detractors included jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom), specialty retail jeweler, Signet Group (United States), major passenger railway operator, East Japan Railway Co. (Japan), and telecommunication services provider, KDDI Corp. (Japan).

Investment outlook

The 2019 G20 summit struck a tone of geopolitical fragmentation as major relationships worldwide shift and nationalistic sentiment increases. Though we do not believe globalization will reverse, global equity markets appear to disagree with us. Economically defensive stocks have generally reached, in our view, extreme valuation highs, and economically sensitive cyclical stocks have lagged. The decline in bond yields in major economies globally has also dampened investor enthusiasm for cyclicality, and favored long duration growth stocks. When the price of money (aka borrowing) falls to such low levels, investors typically get more desperate to buy growth at increasingly higher valuations. Can central banks, especially the Fed, prolong the post-2008 economic expansion by ultra-accommodative monetary policy? And if they cannot, how deep a recession would the US and other economies endure? Rather than wait for an economic cycle turn that may or may not occur, we seek to build an “all weather” portfolio not entirely dependent on a return of value's dominance over growth. Our research focuses on companies with managements implementing operational improvements that translate to greater efficiency and expansion potential. We believe this operational “self-help” should deliver an improvement in earnings and free cash flow growth. We seek companies returning excess capital to shareholders so that we can reinvest those proceeds. Income (via dividends and share buybacks) has historically been an important component of total return in any interest rate 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.


Dividends Short-term capital gains Long-term capital gains
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).


Fund information: