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*
+17.24%
Nav*
$12.92, +0.08
Inception
January 31, 2011
Cusip
14949P604
Benchmark
MSCI ACWI
Minimum Investment
$5,000
Sales Charge
None
Net Expense Ratio
1.10%
Gross Expense Ratio
1.50%
*As of October 15, 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 0.6%14.1%52.9%7.7%9.7%10.5%8.0%
MSCI ACWI -1.0%11.5%28.0%13.1%13.8%12.5%10.0%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 0.6%14.1%52.9%7.7%9.7%10.5%8.0%
MSCI ACWI -1.0%11.5%28.0%13.1%13.8%12.5%10.0%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 0.6%14.1%52.9%7.7%9.7%10.5%8.0%
MSCI ACWI -1.0%11.5%28.0%13.1%13.8%12.5%10.0%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 0.6%14.1%52.9%7.7%9.7%10.5%8.0%
MSCI ACWI -1.0%11.5%28.0%13.1%13.8%12.5%10.0%
202020192018201720162015201420132012
Fund 7.2%21.1%-11.2%17.6%7.4%-6.6%5.2%29.0%16.2%
MSCI ACWI 16.8%27.3%-8.9%24.6%8.5%-1.8%4.7%23.4%16.8%
Fund
MSCI ACWI
202020192018201720162015201420132012
7.2%21.1%-11.2%17.6%7.4%-6.6%5.2%29.0%16.2%
16.8%27.3%-8.9%24.6%8.5%-1.8%4.7%23.4%16.8%

Portfolio (as of September 30, 2021)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 99.2%
Cash 0.8%
Fund Characteristics
Fund Benchmark
No. of holdings 53 2979
Weighted avg. market cap (US $MM) $117,977 $310,004
FY2 price/earnings 14.4 17.0
Price/book value 2.3 3.0
Net assets $2,964,849 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 4.1%
Alphabet, Inc. United States 3.7%
Booking Holdings, Inc. United States 3.1%
Ashland Global Holdings, Inc. United States 3.1%
Fiserv, Inc. United States 3.0%
General Electric Co. United States 2.9%
Novartis AG Switzerland 2.9%
Samsung Electronics Co., Ltd. South Korea 2.9%
Concentrix Corp. United States 2.8%
Genpact Ltd. United States 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 WEIGHTS
Sector Fund Benchmark
Information Technology 22.0% 22.3%
Industrials 16.5% 9.7%
Financials 13.3% 14.4%
Health Care 9.9% 11.7%
Materials 9.7% 4.7%
Consumer Discretionary 9.2% 12.4%
Communication Services 8.4% 9.3%
Utilities 5.2% 2.6%
Energy 3.9% 3.5%
Consumer Staples 1.0% 6.8%
Real Estate 0.0% 2.6%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 51.9% 59.6%
France 8.2% 2.9%
United Kingdom 7.8% 3.7%
Switzerland 7.2% 2.4%
Japan 5.8% 6.2%
Germany 5.4% 2.3%
Italy 3.9% 0.6%
South Korea 3.8% 1.5%
Spain 2.9% 0.6%
Canada 1.7% 2.9%
Regional Allocation
  • North America 53.6%
  • Europe – other 35.3%
  • Pacific 5.8%
  • Emerging Asia 3.8%
  • Emerging Latin America 0.7%

Commentary (As of September 30, 2021)

Highlights

  • Equities declined in September amid concerns over a moderation in economic growth rates, supply chain disruptions, and rising inflation.
  • Global economic data in September revealed a modest loss of momentum in the recovery, including headwinds from China. Virtually all companies we queried reported rising input costs across geographies as supply chain disruptions exacerbated inflationary pressures.
  • We believe that many of the, in our view, world class companies in aviation, travel, leisure, and hospitality that we added to our clients’ portfolios in prior months should continue to outperform markets. With a turnaround in cash flows, many of these companies should be well positioned for a return to normalcy.

Portfolio attribution

The Causeway Global Value Fund outperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, technology hardware & equipment, software & services, retailing, and materials industry groups contributed to relative performance. Holdings in the media & entertainment, pharmaceuticals & biotechnology, utilities, and consumer services 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 oil exploration & production company, ConocoPhillips (United States), integrated oil & gas company, Total (France), banking & financial services company, UniCredit S.p.A. (Italy), and travel & tourism technology company, Sabre Corp. (United States). The largest detractor was casino & resort company, Las Vegas Sands Corp. (United States). Additional notable detractors included pharmaceutical producer, Novartis AG (Switzerland), technology conglomerate, Alphabet, Inc. (United States), Facebook, Inc. (United States), and electric, gas & renewables power generation & distribution company, Enel SpA (Italy).

Investment outlook

As the global economy recovers from the pandemic, stocks in Covid-impacted industries performed well in September. We believe that many of the, in our view, world class companies in aviation, travel, leisure, and hospitality that we added to our clients’ portfolios in prior months should continue to outperform markets. With a turnaround in cash flows, many of these companies should be well positioned for a return to normalcy. We believe improvements to their cost structures, balance sheets, and competitive position (as weaker competitors lost market share) suggest that future levels of profitability should exceed pre-pandemic levels, even at lower volumes. After pausing dividends and share buybacks for much of the Covid era, key regulators in our investable universe have approved banks to resume capital returns in the fourth quarter. Many of these companies held in our client portfolios have accrued dividends throughout the pandemic, which we believe should result in not only normal dividend payments but also the return of excess capital. With dividend income constituting an important component of total return, we eagerly anticipate the normalization of dividend policy for portfolio companies that have maintained strong capital positions over the last year and a half. Finally, the prospect of global bond yields rising further—even to levels that are still low versus historical yields—should favor undervaluation and exposure to economic recovery.

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 $0.1352 $0.0000 $0.0000
2019 $0.3207 $0.1359 $0.0305
2018 $0.1809 $0.2508 $1.2062
2017 $0.2082 $0.4167 $0.1330
2016 $0.1309 $0.0000 $0.0000
2015 $0.0931 $0.0000 $0.2089
2014 $0.1985 $0.3781 $0.5989
2013 $0.0921 $0.2969 $0.1573
2012 $0.0874 $0.0094 $0.0380
2011 $0.8360 $0.0000 $0.0000
2010 $0.0000 $0.0000 $0.0000
2009 $0.0000 $0.0000 $0.0000
2008 $0.0000 $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: