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*
+6.86%
Nav*
$11.84, +0.02
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 February 23, 2021
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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 -2.9%-2.9%8.9%2.4%9.0%7.0%5.1%
MSCI ACWI -0.4%-0.4%17.6%8.5%14.2%9.5%6.9%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -2.9%-2.9%8.9%2.4%9.0%7.0%5.1%
MSCI ACWI -0.4%-0.4%17.6%8.5%14.2%9.5%6.9%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 34.0%7.4%7.4%5.0%8.0%8.0%5.4%
MSCI ACWI 14.8%16.8%16.8%10.6%12.9%9.7%7.0%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 34.0%7.4%7.4%5.0%8.0%8.0%5.4%
MSCI ACWI 14.8%16.8%16.8%10.6%12.9%9.7%7.0%
202020192018201720162015201420132012201120102009
Fund 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 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
202020192018201720162015201420132012201120102009
7.4%21.2%-11.1%17.9%7.7%-6.3%5.4%29.2%16.5%-1.3%18.5%40.1%
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 January 31, 2021)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 98.0%
Cash 2.0%
Fund Characteristics
Fund Benchmark
No. of holdings 53 2961
Weighted avg. market cap (US $MM) $88,115 $278,608
FY2 price/earnings 13.4 18.1
Price/book value 1.7 2.8
Net assets $52,363,598 -
TOP 10 HOLDINGS
Security Country Percent
Volkswagen AG Germany 3.5%
Alphabet, Inc. United States 3.4%
Samsung Electronics Co., Ltd. South Korea 3.4%
Rolls-Royce Holdings Plc United Kingdom 3.1%
Ashland Global Holdings, Inc. United States 2.9%
Novartis AG Switzerland 2.8%
Takeda Pharmaceutical Co., Ltd. Japan 2.6%
The Walt Disney Co. United States 2.6%
UniCredit S.p.A. Italy 2.5%
BASF SE Germany 2.5%

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 23.5% 22.0%
Financials 17.6% 13.3%
Industrials 16.0% 9.5%
Health Care 10.9% 12.1%
Consumer Discretionary 9.5% 13.2%
Communication Services 6.0% 9.3%
Materials 5.4% 4.9%
Utilities 3.8% 3.0%
Real Estate 2.8% 2.6%
Energy 2.5% 3.1%
Consumer Staples 0.0% 7.1%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 49.2% 57.1%
Germany 11.9% 2.5%
Switzerland 8.2% 2.5%
France 5.8% 2.9%
South Korea 5.5% 1.8%
Japan 5.2% 6.7%
United Kingdom 4.8% 3.8%
Italy 2.5% 0.6%
Spain 1.8% 0.6%
Canada 1.7% 2.7%
Regional Allocation
  • North America 50.8%
  • Europe – other 36.4%
  • Emerging Asia 5.5%
  • Pacific 5.2%

Commentary (As of January 31, 2021)

Highlights

  • After a strong start, developed equity markets gave up gains in the latter half of January as investor sentiment was dampened by a slower-than-expected global rollout of vaccines, concerns over new variants of the virus, and renewed lockdowns.
  • We currently expect additional vaccines to receive broad-based emergency use authorization in the first quarter of 2021, such as those from AstraZeneca/Oxford, Novavax and Johnson & Johnson—all of which reported high levels of efficacy. A rebound in global gross domestic product (“GDP”) growth should accelerate as the pace of vaccinations ramp up.
  • The recovery from the global healthcare crisis has proceeded with fits and starts, with short-term news flow drowning out other investment considerations such as talented managements, favorable competitive positioning, strong balance sheets, and prospects for a sharp upturn in profitability. While we believe vaccine campaigns should succeed in allowing a full reopening of global economies, we have taken advantage of investor pessimism for economically sensitive stocks.

Portfolio attribution

The Causeway Global Value Fund ("Fund") underperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, retailing, banks, pharmaceuticals & biotechnology, and consumer services industry groups detracted from performance relative to the Index. Holdings in the consumer durables & apparel and utilities industry groups, as well as an underweight position in the food beverage & tobacco, household & personal products, and commercial & professional services industry groups, offset some of the underperformance versus the Index. The largest detractor was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Additional notable detractors included Las Vegas Sands Corp. (United States), online travel agency, Booking Holdings, Inc. (United States), travel & tourism technology company, Sabre Corp. (United States), and financial services technology company, Fiserv, Inc. (United States). The top contributor to return was Concentrix Corp. (United States). Other notable contributors included technology conglomerate, Alphabet, Inc. (United States), industrial conglomerate, Siemens AG (Germany), internet services provider, Baidu - ADR (China), and semiconductor company, Infineon Technologies AG (Germany).

Investment outlook

January’s slump in share prices for some of the stocks hardest hit by the pandemic does not dent our conviction. We believe some of the largest future returns should come from stocks most affected by coronavirus lockdowns like travel, travel software, leisure, and aerospace. The recovery from the global healthcare crisis has proceeded with fits and starts, with short-term news flow drowning out other investment considerations such as talented managements, favorable competitive positioning, strong balance sheets, and prospects for a sharp upturn in profitability. We believe vaccine campaigns should succeed in allowing a full reopening of global economies and have taken advantage of investor pessimism for economically sensitive stocks. Some of these company management teams have engaged in meaningful cost-cutting and efficiency improvements over the last year, positioning their firms to generate higher cash flows and earnings as revenues recover. We also focus our research efforts on areas of the market that were largely left out of the late-2020 rally boasting attractive defensive characteristics and growth. These potential risk reducers include high-quality pharmaceutical and consumer companies. We remain confident that many of our portfolio companies should return capital to shareholders in the form of dividends and share buybacks as vaccination efforts speed up and economies return to normality.

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
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: