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*
-11.45%
Nav*
$10.98, +0.28
Inception
January 31, 2011
Cusip
14949P604
Benchmark
MSCI ACWI
Minimum Investment
$5,000
Sales Charge
None
Net Expense Ratio
1.10%
Gross Expense Ratio
1.47%
*As of May 17, 2022
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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 -6.8%-12.3%-10.1%5.3%5.3%7.1%6.5%
MSCI ACWI -8.0%-12.8%-5.0%9.9%10.0%9.8%8.8%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -6.8%-12.3%-10.1%5.3%5.3%7.1%6.5%
MSCI ACWI -8.0%-12.8%-5.0%9.9%10.0%9.8%8.8%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -5.9%-5.9%-1.0%8.6%7.0%7.4%7.2%
MSCI ACWI -5.3%-5.3%7.7%14.3%12.2%10.6%9.7%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -5.9%-5.9%-1.0%8.6%7.0%7.4%7.2%
MSCI ACWI -5.3%-5.3%7.7%14.3%12.2%10.6%9.7%
2021202020192018201720162015201420132012
Fund 16.1%7.2%21.1%-11.2%17.6%7.4%-6.6%5.2%29.0%16.2%
MSCI ACWI 19.0%16.8%27.3%-8.9%24.6%8.5%-1.8%4.7%23.4%16.8%
Fund
MSCI ACWI
2021202020192018201720162015201420132012
16.1%7.2%21.1%-11.2%17.6%7.4%-6.6%5.2%29.0%16.2%
19.0%16.8%27.3%-8.9%24.6%8.5%-1.8%4.7%23.4%16.8%

Portfolio (as of April 30, 2022)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 98.0%
Cash 2.0%
Fund Characteristics
Fund Benchmark
No. of holdings 49 2937
Weighted avg. market cap (US $MM) $91,919 $316,251
FY2 price/earnings 11.1 14.6
Price/book value 1.9 2.8
Net assets $2,393,107 -
TOP 10 HOLDINGS
Security Country Percent
TotalEnergies SE France 3.4%
Novartis AG Switzerland 3.4%
Samsung Electronics Co., Ltd. South Korea 3.2%
Booking Holdings, Inc. United States 3.1%
Fiserv, Inc. United States 3.1%
Genpact Ltd. United States 3.0%
Rolls-Royce Holdings Plc United Kingdom 3.0%
Shell United Kingdom 2.9%
Concentrix Corp. United States 2.9%
UniCredit S.p.A. Italy 2.8%

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% 21.5%
Financials 13.5% 14.5%
Industrials 13.4% 9.5%
Health Care 10.6% 12.3%
Consumer Discretionary 9.0% 11.3%
Materials 6.5% 5.1%
Communication Services 6.4% 7.7%
Energy 6.3% 4.6%
Consumer Staples 5.0% 7.5%
Utilities 3.8% 3.0%
Real Estate 0.0% 2.8%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 45.8% 60.7%
United Kingdom 15.3% 3.9%
France 9.0% 2.8%
Italy 5.3% 0.6%
Switzerland 5.1% 2.6%
Japan 4.4% 5.4%
South Korea 4.2% 1.4%
Germany 3.9% 2.0%
Netherlands 2.8% 1.0%
Ireland 1.1% 0.1%
Regional Allocation
  • North America 45.8%
  • Europe – other 43.6%
  • Pacific 4.4%
  • Emerging Asia 4.2%

Commentary (As of April 30, 2022)

Highlights

  • Global equities fell in April as the prospect of tighter global monetary policy, the war in Ukraine, and additional Covid-related lockdowns in China all weighed on sentiment. As market participants anticipate higher interest rates, growth stocks—those with the loftiest valuations—have seen greater losses relative to value peers in the year-to-date period.
  • Except for China, central banks globally are aiming to tighten monetary policy amid inflation that’s substantially above-target without tipping their respective economies into recession. However, continuing supply chain bottlenecks, energy and labor shortages, and elevated consumer demand may make inflation difficult to contain in the short term.
  • We seek to add, in our view, high-quality, competitively well-positioned, cash-generative companies to our client portfolios; including those that we believe will benefit from a complete re-opening of the global economy, investment in energy independence in Europe, and the building of onshore manufacturing in many developed markets to mitigate supply chain vulnerabilities.

Portfolio attribution

The Causeway Global Value Fund ("Fund") outperformed the Index during the month, due primarily to country allocation (a byproduct of our bottom-up stock selection process). Fund holdings in the software & services, materials, and pharmaceuticals & biotechnology industry groups, as well as an underweight position in the semiconductors & semi equipment and retailing industry groups, contributed to relative performance. Holdings in the capital goods and insurance industry groups, along with an underweight position in the food beverage & tobacco, real estate, and telecommunication services industry groups, offset some of the outperformance compared to the Index. The top contributor to return was paper & packaging solutions company, WestRock Co. (United States). Other notable contributors included pharmaceutical giant, Sanofi (France), Waste Management, Inc. (United States), household & personal care products company, Reckitt Benckiser Group (United Kingdom), and snack & confectionary producer, Mondelez International, Inc. (United States). The largest detractor was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Additional notable detractors included technology conglomerate, Alphabet, Inc. (United States), media & entertainment conglomerate, The Walt Disney Co. (United States), life insurer, Prudential Plc (United Kingdom), and power & healthcare conglomerate, General Electric Co. (United States).

Investment outlook

More than a decade of intense global central bank quantitative easing (culminating in an explosion of monetary stimulus during Covid) pushed asset prices higher as too much money chased too few opportunities. That 10-year money geyser resulted in very low, and in some regions, negative, interest rates and equity valuation multiples that rose sharply, often outpacing earnings (or the prospect of earnings at some future date). We believe a new monetary policy regime has begun—one that will likely lead to the opposite result with earnings and multiples under pressure as investors once again focus on valuation. We are most interested in identifying companies with strong balance sheets and pricing power combined with effective cost-cutting measures that can protect their profit margins. We seek to add, in our view, high-quality, competitively well-positioned, cash-generative companies to our client portfolios, including those that we believe will benefit from a complete re-opening of the global economy, investment in energy independence in Europe, and the building of onshore manufacturing in many developed markets to mitigate supply chain vulnerabilities. We typically look for dividend income and share buybacks as an indication of management’s resolve to reward shareholders and maintain efficient capital structures. We want that dividend income compounding, providing an important component of total return for our clients.

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
2021 $0.0596 $0.1541 $0.1704
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: