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*
+14.72%
Nav*
$12.47, +0.15
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
1.23%
*As of February 02, 2023
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    Strategy overview

    The portfolio managers discuss our Global Value strategy.

    Portfolio managers

    Brian Cho

    Fundamental Portfolio Manager

    Mr. Cho is a fundamental portfolio manager at Causeway. He joined the firm in September 2013 and has been a portfolio manager since January 2021. His current responsibilities include coverage of companies in the technology and communication services sectors.
     
    From 2011 to 2013, Mr. Cho was a vice president at BofA-ML Equity Research, covering the IT hardware and supply chain sector. From 2007 to 2011, he worked as an associate at Goldman Sachs Equity Research covering the same sector. From 2006 to 2007, he worked as an analyst at Morgan Stanley Equity Research covering the internet and interactive software sector. Prior to that, he worked as an analyst at PA Consulting Group in the financial services practice.

    Mr. Cho earned a BSc in management science from Massachusetts Institute of Technology.

    Read our interview with Brian about value investing in the technology sector.

    Jonathan Eng

    Fundamental Portfolio Manager

    Mr. Eng is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global consumer discretionary, industrials, and energy sectors. He joined the firm in July 2001 and has been a portfolio manager since February 2002.
     
    From 1997 to 2001, Mr. Eng was an equity research associate for the Hotchkis and Wiley division of Merrill Lynch Investment Managers (HW-MLIM). In 1996, Mr. Eng worked as a summer research associate for Hotchkis and Wiley, performing U.K. and European equity research. From 1993 to 1995, Mr. Eng analyzed merger and acquisition candidates at Slusser Associates. From 1990 to 1993, Mr. Eng worked as a middle market corporate lender for Bank of Boston.

    Mr. Eng earned a BA in history and economics from Brandeis University and an MBA from the UCLA Anderson Graduate School of Management

    Harry Hartford

    President
    Head of Fundamental Research
    Fundamental Portfolio Manager

    Mr. Hartford is the president at Causeway, fundamental portfolio manager, and head of fundamental research. Mr. Hartford co-founded the firm in June 2001 and is a member of the operating committee. 
     
    From 1996 to June 2001, Mr. Hartford was a managing director for the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM) and co-head of the firm's HW-MLIM international and global value team. From 1994 to 1996, Mr. Hartford was a portfolio manager for Hotchkis and Wiley. From 1984 to 1994, Mr. Hartford was with The Investment Bank of Ireland, where he gained ten years’ experience in both international and global equity management. During this time, Mr. Hartford also managed the Irish Investment Fund, a closed-end country fund quoted on the NYSE. Before entering the investment business, Mr. Hartford lectured in micro and macroeconomics at Oklahoma State University.

    Mr. Hartford earned a BA, with honors, in economics from the University of Dublin, Trinity College, an MSc in economics from Oklahoma State University, and is a Phi Kappa Phi member. Mr. Hartford is a member of The Ireland Funds America Board of Directors and serves as chair of the Los Angeles Regional Board.

    Sarah Ketterer

    Chief Executive Officer
    Fundamental Portfolio Manager

    Ms. Ketterer is the chief executive officer at Causeway, fundamental portfolio manager, and is responsible for investment research across all sectors. Ms. Ketterer co-founded the firm in June 2001 and is a member of the operating committee. 

    From 1996 to 2001, Ms. Ketterer worked for the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM). At HW-MLIM, she was a managing director and co-head of the firm's HW-MLIM International and Global Value team. From 1990 to 1996, Ms. Ketterer was a portfolio manager at Hotchkis & Wiley, where she founded the International Equity product.

    Ms. Ketterer earned a BA in economics and political science from Stanford University and an MBA from the Tuck School, Dartmouth College. Ms. Ketterer serves on the Stanford University Board of Trustees, is a member of UT Southwestern President’s Advisory Board, is on the advisory board of Portal Schools, and is a supporter of Girls Who Invest. She previously served as a board member and chair of the Los Angeles World Affairs Council and Town Hall and chair of the investment committee of the Music Center Foundation.

    Ellen Lee

    Fundamental Portfolio Manager

    Ms. Lee is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global consumer and utilities sectors. Prior to the current role, she also covered transportation and autos. She joined the firm in August 2007 and has been a portfolio manager since January 2015.
     
    During the summer of 2006, Ms. Lee interned at Tiger Asia, a long short equity hedge fund focused on China, Japan, and Korea. From 2001 to 2004, Ms. Lee was an associate in the mergers and acquisitions division of Credit Suisse First Boston in Seoul, where she advised Korean corporates and multinational corporations. From 1999 to 2000, she was an analyst in the mergers and acquisitions division of Credit Suisse First Boston in Hong Kong.

    Ms. Lee earned a BA in business administration from Seoul National University and an MBA from the Stanford Graduate School of Business. She currently serves on the audit and investment committee at the Center for Early Education in West Hollywood.

    Read our profile of Ellen .

    Conor Muldoon, CFA

    Fundamental Portfolio Manager

    Mr. Muldoon is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global financials and materials sectors. He joined the firm in August 2003 and has been a portfolio manager since September 2010. He is also a member of the operating committee.
     
    From 1995 to 2003, Mr. Muldoon was an investment consultant for Fidelity Investments where he served as a liaison between institutional clients and investment managers within Fidelity. He was responsible for communicating current information on the financial markets, the economy and investment performance.

    Mr. Muldoon earned a BSc and an MA from the University of Dublin, Trinity College and an MBA, with high honors, from the University of Chicago. Mr. Muldoon was inducted into the Beta Gamma Sigma honors society and is also a CFA charterholder.

    Steven Nguyen, CFA

    Fundamental Portfolio Manager

    Mr. Nguyen is a director and fundamental portfolio manager at Causeway and is responsible for investment research in utilities & renewables, healthcare, and business services. He joined the firm in April 2012 and has been a portfolio manager since January 2019.
     
    From 2006 to 2012, Mr. Nguyen was a senior credit analyst at Bradford & Marzec covering high yield and investment grade companies in the telecommunication services, cable, media, gaming, insurance, and REIT industries. From 2003 to 2006, Mr. Nguyen was a credit analyst/portfolio manager in the corporate bond department of Allegiance Capital.

     

    Mr. Nguyen earned a BA in business economics from Brown University and an MBA, with honors, from the UCLA Anderson School of Management. Mr. Nguyen was the president of the Anderson Student Asset Management association. Mr. Nguyen is a CFA charterholder and has completed the CFA Institute Certificate in ESG Investing program.

     

    Alessandro Valentini, CFA

    Fundamental Portfolio Manager

    Mr. Valentini is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global healthcare, financials, and materials sectors. He joined the firm in July 2006 and has been a portfolio manager since April 2013.
     
    During the summer of 2005, Mr. Valentini worked as a research analyst at Thornburg Investment Management, where he conducted fundamental research for the International Value Fund and the Value Fund, focusing on the European telecommunication and Canadian oil sectors. From 2000 to 2004, Mr. Valentini worked as a financial analyst at Goldman Sachs in the European equities research-sales division in New York.

    Mr. Valentini earned an MBA from Columbia Business School, with honors, an MA in economics from Georgetown University and a BS, magna cum laude, from Georgetown University. Mr. Valentini was inducted into the Beta Gamma Sigma honors society, is a Phi Beta Kappa member, and is a CFA charterholder.

    Performance

    QTD YTD 1 year3 years5 years10 years Since inception
    Fund 12.3%12.3%-1.5%8.8%4.9%7.6%5.6%
    MSCI ACWI 7.2%7.2%-7.5%7.3%6.1%8.8%6.3%
    QTD YTD 1 year3 years5 years10 years Since inception
    Fund 12.3%12.3%-1.5%8.8%4.9%7.6%5.6%
    MSCI ACWI 7.2%7.2%-7.5%7.3%6.1%8.8%6.3%
    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%

    The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted. Returns greater than one year are average annual total returns. Total returns assume reinvestment of dividends and capital gains distributions at net asset value when paid. All information is as of the date shown. Investment performance reflects fee waivers. In the absence of such fee waivers, total return would be reduced. Gross expenses before investment adviser fee waivers are 1.23% for Institutional Class shares and 1.47% for Investor Class shares. The waivers are contractual and in effect until 1/31/2024. Investor Class shares charge up to a 0.25% annual shareholder service fee.

    Portfolio (as of December 31, 2022)

    Benchmark: MSCI ACWI
    Asset Allocation
    Fund
    Stocks 98.2%
    Cash 1.8%
    Fund Characteristics
    Fund Benchmark
    No. of holdings 55 2885
    Weighted avg. market cap (US $MM) $68,377 $246,816
    FY2 price/earnings 12.5 14.2
    Price/book value 1.9 2.5
    Net assets $41,310,450 -
    TOP 10 HOLDINGS
    Security Country Percent
    Rolls-Royce Holdings Plc United Kingdom 3.9%
    Prudential Plc United Kingdom 3.8%
    UniCredit S.p.A. Italy 3.0%
    Enel SpA Italy 3.0%
    Samsung Electronics Co., Ltd. South Korea 3.0%
    SAP SE Germany 2.9%
    Concentrix Corp. United States 2.8%
    Reckitt Benckiser Group United Kingdom 2.5%
    Alstom SA France 2.5%
    The Walt Disney Co. 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 21.3% 20.0%
    Industrials 17.4% 10.2%
    Financials 13.7% 15.2%
    Health Care 11.4% 13.4%
    Materials 8.2% 5.0%
    Consumer Discretionary 8.1% 10.4%
    Consumer Staples 7.2% 7.7%
    Communication Services 6.1% 6.8%
    Utilities 4.0% 3.2%
    Real Estate 0.7% 2.6%
    Energy 0.0% 5.6%
    TOP 10 COUNTRIES
    Country Fund Benchmark
    United States 38.7% 60.4%
    United Kingdom 17.9% 3.9%
    France 10.3% 3.0%
    Italy 6.0% 0.6%
    Japan 5.7% 5.6%
    South Korea 4.2% 1.3%
    Germany 3.9% 2.1%
    Switzerland 3.8% 2.6%
    Netherlands 3.1% 1.1%
    Ireland 1.6% 0.2%
    Regional Allocation
    • Europe – other 47.9%
    • North America 40.1%
    • Pacific 5.7%
    • Emerging Asia 4.5%

    Commentary (As of December 31, 2022)

    Highlights

    • International equity markets rose sharply in the fourth quarter, on easing inflation concerns and optimism for China’s continued reopening. Boosted by a weaker dollar, December’s returns were positive, although comparatively modest, tempered by disappointing economic data and rising bond yields.
    • Recession in major world economies is emerging as a top concern for the coming year. Inflationary pressures should abate in the next few quarters, responding to the delayed impact of rising interest rates in most major economies globally. Re-opening of the Chinese economy should offset some of the global growth headwinds.
    • Lower valuations and relatively greater cyclicality in non-US equity markets should give non-US markets a chance to again outperform the US. As economies slow, we expect to reduce the portfolio’s lower-ranked defensive stocks to add more, in our view, competitively well-placed cyclical companies with the potential to improve free cash flow and return more capital to shareholders. We remain focused on identifying management teams able to increase free cash flow, boost dividends and reward shareholders with cash or share buybacks.
    Download Flash Report

    Portfolio attribution

    The Causeway Global Value Fund (“Fund”), on a net asset value basis, outperformed the Index during the month. On a gross return basis, Fund holdings in the software & services, insurance, and consumer services industry groups contributed to relative performance. Holdings in the media & entertainment and household & personal products industry groups, along with an underweight position in the food beverage & tobacco industry group, offset some of the outperformance compared to the Index. The top contributor to return was life insurer, Prudential Plc (United Kingdom). Other notable contributors included business services provider, Concentrix Corp. (United States), and banking & financial services company, UniCredit S.p.A. (Italy). The largest detractor was technology conglomerate, Alphabet, Inc. (United States). Additional notable detractors included media & entertainment conglomerate, The Walt Disney Co. (United States), and electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea).

    Investment outlook

    Weak earnings and a drain of global liquidity – the opposite of the post-GFC bull market - do not bode well for equity markets in the next several months. We anticipate margins coming under pressures as higher costs flow through income statements. Nominal revenue growth may remain elevated, but real earnings growth in certain sectors appears vulnerable in our view. Lower valuations and relatively greater cyclicality in non-US equity markets should give non-US markets a chance to again outperform the US. Attractively valued cyclical stocks may deliver relatively good returns in the second half of 2023 as global markets discount post-recession recovery. Further monetary tightening should favor stocks with reasonable valuations and abundant financial strength over those where earnings expectations and multiples still appear too high. Barring another oil supply shock, we believe energy is unlikely to lead the markets to the same extent as in 2022 as global oil & gas demand –besides China – wanes. The end of the era of free money combined with sharply rising short-term interest rates may expose weaknesses in the global financial system. We have reduced our bank weighting and added to economically defensive stocks, which should reduce portfolio risk at the margin. As economies slow, we expect to reduce the portfolio’s lower-ranked defensive stocks to add more, in our view, competitively well-placed cyclical companies with the potential to improve free cash flow and return more capital to shareholders. We remain focused on identifying management teams able to increase free cash flow, boost dividends and reward shareholders with cash or share buybacks.

    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
    Load more

    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:

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    Causeway Funds plc (the "Fund") is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352 of 2011) of Ireland, as amended.

    The Fund and its sub-funds are only authorised in certain jurisdictions.

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    Subscriptions will only be received and shares issued on the basis of the current prospectus for the Fund and relevant supplement for a sub-fund. It is your responsibility to use such prospectus and supplement, and by making an application you will be deemed to represent that you have read such prospectus and supplement and agree to be bound by its contents. Copies of the prospectus, supplements and, when available, other reports can be obtained from this website. The Fund prices contained in this website are indicative only and should not be relied upon for dealing. No warranty or representation is made with respect to the information contained in this website, including, without limitation, that the information is accurate, complete or timely. None of the information, whether in part or full, should be copied, reproduced or redistributed in any form. Past performance is not indicative of future results.

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