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*
+10.76%
Nav*
$12.04, -0.11
Inception
April 29, 2008
Cusip
14949P307
Benchmark
MSCI ACWI
Minimum Investment
$1,000,000
Sales Charge
None
Net Expense Ratio
0.89%
Gross Expense Ratio
1.25%
*As of March 09, 2023
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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 10.9%10.9%1.4%12.3%5.6%7.5%5.5%
MSCI ACWI 4.2%4.2%-7.8%9.3%6.3%8.5%6.0%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.9%10.9%1.4%12.3%5.6%7.5%5.5%
MSCI ACWI 4.2%4.2%-7.8%9.3%6.3%8.5%6.0%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 20.5%-12.1%-12.1%3.2%3.4%6.7%4.8%
MSCI ACWI 9.9%-18.0%-18.0%4.5%5.8%8.5%5.8%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 20.5%-12.1%-12.1%3.2%3.4%6.7%4.8%
MSCI ACWI 9.9%-18.0%-18.0%4.5%5.8%8.5%5.8%
20222021202020192018201720162015201420132012201120102009
Fund -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 -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
20222021202020192018201720162015201420132012201120102009
-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%
-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 February 28, 2023)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 98.2%
Cash 1.8%
Fund Characteristics
Fund Benchmark
No. of holdings 57 2882
Weighted avg. market cap (US $MM) $74,021 $273,905
FY2 price/earnings 12.6 14.3
Price/book value 2.0 2.6
Net assets $40,018,979 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 5.2%
UniCredit S.p.A. Italy 3.4%
Samsung Electronics Co., Ltd. South Korea 3.0%
Enel SpA Italy 2.9%
SAP SE Germany 2.9%
Prudential Plc United Kingdom 2.8%
Alstom SA France 2.6%
Fiserv, Inc. United States 2.5%
The Walt Disney Co. United States 2.4%
Alphabet, Inc. 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 21.4% 21.1%
Industrials 20.3% 10.2%
Financials 13.2% 15.4%
Health Care 10.5% 12.3%
Consumer Staples 7.6% 7.4%
Materials 7.0% 5.0%
Communication Services 6.9% 7.0%
Consumer Discretionary 5.7% 11.0%
Utilities 4.9% 2.9%
Real Estate 0.6% 2.6%
Energy 0.0% 5.2%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 35.7% 60.3%
United Kingdom 16.0% 3.9%
France 11.9% 3.2%
Japan 6.9% 5.5%
Italy 6.3% 0.6%
South Korea 4.5% 1.3%
Germany 3.9% 2.2%
Switzerland 3.5% 2.5%
Netherlands 3.3% 1.2%
Ireland 2.4% 0.2%
Regional Allocation
  • Europe – other 48.8%
  • North America 37.2%
  • Pacific 6.9%
  • Emerging Asia 4.7%
  • Emerging Latin America 0.4%

Commentary (As of February 28, 2023)

Highlights

  • January’s optimism for global equity markets appeared to wane in February, as stubborn inflation led investors to anticipate greater interest rate hikes.
  • February inflation measures for Europe exceeded estimates, prompting markets to discount a more forceful policy response from the European Central Bank (“ECB”). Euro area core inflation, which excludes volatile price categories including energy and food, rose a record 5.6% year-over-year.
  • Capital markets may be bracing for additional policy rate pressures, but our research continues to identify individual stocks with attractive return prospects. We continue to uncover companies with the potential for higher earnings and cash flow. As long-term investors, we believe that valuation invariably recognizes fundamentals. Shifting macro sentiments may cast ripples across equity markets, but company fundamentals form the bedrock of portfolio returns.

Portfolio attribution

The Causeway Global Value Fund ("Fund") outperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods and banks industry groups, as well as an underweight position in the retailing industry group, contributed to relative performance. Holdings in the technology hardware & equipment and semiconductors & semi equipment industry groups, along with an underweight position in the automobiles & components industry group, offset some of the outperformance compared to the Index. The top contributor to return was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Other notable contributors included social media giant, Meta Platforms, Inc. (United States), and banking & financial services company, UniCredit S.p.A. (Italy). The largest detractor was paper & packaging solutions company, WestRock (United States). Additional notable detractors included electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), and technology conglomerate, Alphabet, Inc. (United States).

Investment outlook

Capital markets may be bracing for additional policy rate pressures, but our research continues to identify individual stocks with attractive return prospects. Our two-year annualized expected total return for Causeway global value portfolios, which we use as part of our internal research process, is above its long-term average, even under our generally conservative valuation assumptions. We continue to identify companies with prospects for higher earnings and cash flow.

As long-term investors, we believe that valuation invariably recognizes fundamentals. Shifting macro sentiments may cast ripples across equity markets, but company fundamentals form the bedrock of portfolio returns. Through diligent research we analyze industry dynamics, assess financial strength, and forecast cash flows to identify companies that we believe can create value for shareholders and generate excess returns for client portfolios across market cycles.

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
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: