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*
+1.81%
Nav*
$11.22, -0.21
Inception
January 31, 2011
Cusip
14949P604
Benchmark
MSCI ACWI
Minimum Investment
$5,000
Sales Charge
None
Net Expense Ratio
1.10%
Gross Expense Ratio
1.33%
*As of January 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 34.1%7.2%7.2%4.8%7.8%0.0%7.2%
MSCI ACWI 14.8%16.8%16.8%10.6%12.9%9.7%9.6%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 34.1%7.2%7.2%4.8%7.8%0.0%7.2%
MSCI ACWI 14.8%16.8%16.8%10.6%12.9%9.7%9.6%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 34.1%7.2%7.2%4.8%7.8%0.0%7.2%
MSCI ACWI 14.8%16.8%16.8%10.6%12.9%9.7%9.6%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 34.1%7.2%7.2%4.8%7.8%0.0%7.2%
MSCI ACWI 14.8%16.8%16.8%10.6%12.9%9.7%9.6%
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 December 31, 2020)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 99.0%
Cash 1.0%
Fund Characteristics
Fund Benchmark
No. of holdings 55 2981
Weighted avg. market cap (US $MM) $84,661 $273,312
FY2 price/earnings 14.6 19.1
Price/book value 1.6 2.8
Net assets $2,252,180 -
TOP 10 HOLDINGS
Security Country Percent
Samsung Electronics Co., Ltd. South Korea 3.9%
Rolls-Royce Holdings Plc United Kingdom 3.5%
Volkswagen AG Germany 3.3%
Novartis AG Switzerland 2.8%
Ashland Global Holdings, Inc. United States 2.8%
The Walt Disney Co. United States 2.7%
Leidos Holdings, Inc. United States 2.6%
Alphabet Inc. United States 2.5%
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 23.6% 21.9%
Financials 20.5% 13.5%
Industrials 17.1% 9.7%
Health Care 9.8% 11.9%
Consumer Discretionary 9.0% 13.0%
Communication Services 6.8% 9.3%
Materials 5.3% 4.9%
Utilities 2.7% 3.0%
Real Estate 2.5% 2.6%
Energy 1.6% 3.0%
Consumer Staples 0.0% 7.4%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 48.2% 57.3%
Germany 11.3% 2.5%
Switzerland 7.5% 2.6%
South Korea 5.9% 1.8%
United Kingdom 5.8% 3.8%
France 5.5% 3.0%
Japan 4.9% 6.8%
Italy 2.5% 0.6%
Spain 2.0% 0.7%
Netherlands 2.0% 1.0%
Regional Allocation
  • North America 50.0%
  • Europe – other 36.7%
  • Emerging Asia 7.5%
  • Pacific 4.9%

Commentary (As of December 31, 2020)

Highlights

  • Bolstered by optimism for an end to the COVID-19 pandemic as several countries began rolling out vaccines, global equity markets rose in December to close out the year.
  • We believe that as vaccine rollout efforts ramp up, beleaguered economies will begin to return to normality before year end. In order to bridge the economic gap, central banks and governments have continued to provide monetary and fiscal support, creating demand.
  • We believe the consequences of record high levels of fiscal and monetary stimulus will, at some stage, feed into the real economy. A value-focused portfolio remains, in our view, one of the few ways to hedge higher interest rates and/or inflation.

Portfolio attribution

The Causeway Global Value Fund ("Fund") outperformed the Index during the month, due primarily to stock selection. Fund holdings in the media & entertainment, capital goods, semiconductors & semi equipment, software & services, and retailing industry groups contributed to relative performance. Holdings in the banks, insurance, pharmaceuticals & biotechnology, transportation, and energy industry groups offset some of the outperformance compared to the Index. The top contributor to return was electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea). Other notable contributors included internet services provider, Baidu - ADR (China), media & entertainment conglomerate, The Walt Disney Co. (United States), products & services provider for the electronic components industry, SK hynix, Inc. (South Korea), and automobile manufacturer, Volkswagen AG (Germany). The largest detractor was banking & financial services company, UniCredit S.p.A.(Italy). Additional notable detractors included airline, AIR Canada (Canada), financial services provider, ING Groep NV (Netherlands), pharmaceutical giant, Sanofi (France), and mortgage insurance provider, Essent Group (United States).

Investment outlook

As economies return to normal in 2021, we expect the narrow concentration of performance in global indices—as well as the value-growth spread—to reverse. We believe that the rally in economically sensitive stocks should continue in 2021, amplified by those companies who have used this crisis to eliminate excess cost and boost efficiency, resulting in increased profitability as revenues recover. We have deliberately emphasized these companies engaging in operational restructuring. As profitability recovers, so should free cash flow. We are optimistic that companies will return surplus cash to shareholders in the form of dividends and share buybacks in 2021, an important component of total return. We believe the consequences of record high levels of fiscal and monetary stimulus will, at some stage, feed into the real economy.A value-focused portfolio remains, in our view, one of the few ways to hedge higher interest rates and/or inflation.

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: