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*
-16.04%
Nav*
$8.74, -0.04
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 August 14, 2020
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Strategy overview

The portfolio managers discuss our Global Value strategy.

Portfolio managers

Chief Executive Officer
Fundamental Portfolio Manager
President
Head of Fundamental Research
Fundamental Portfolio Manager
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 -0.7%-21.3%-12.5%-3.3%-0.3%0.0%4.1%
MSCI ACWI 5.3%-1.0%7.8%7.6%8.0%9.4%8.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -0.7%-21.3%-12.5%-3.3%-0.3%0.0%4.1%
MSCI ACWI 5.3%-1.0%7.8%7.6%8.0%9.4%8.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 22.0%-20.7%-13.5%-2.4%0.1%0.0%4.2%
MSCI ACWI 19.4%-6.0%2.6%6.7%7.0%9.7%7.7%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 22.0%-20.7%-13.5%-2.4%0.1%0.0%4.2%
MSCI ACWI 19.4%-6.0%2.6%6.7%7.0%9.7%7.7%
20192018201720162015201420132012
Fund 21.1%-11.2%17.6%7.4%-6.6%5.2%29.0%16.2%
MSCI ACWI 27.3%-8.9%24.6%8.5%-1.8%4.7%23.4%16.8%
Fund
MSCI ACWI
20192018201720162015201420132012
21.1%-11.2%17.6%7.4%-6.6%5.2%29.0%16.2%
27.3%-8.9%24.6%8.5%-1.8%4.7%23.4%16.8%

Portfolio (as of July 31, 2020)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 98.9%
Cash 1.1%
Fund Characteristics
Fund Benchmark
No. of holdings 53 2985
Weighted avg. market cap (US $MM) $83,869 $246,427
FY2 price/earnings 11.7 17.4
Price/book value 1.1 2.4
Net assets $1,178,202 -
TOP 10 HOLDINGS
Security Country Percent
Volkswagen AG Germany 3.7%
UniCredit S.p.A. Italy 3.6%
SYNNEX Corp. United States 3.3%
ABB Ltd. Switzerland 3.2%
Samsung Electronics Co., Ltd. South Korea 3.1%
BASF SE Germany 3.1%
Baidu - ADR China 3.0%
Leidos Holdings, Inc. United States 3.0%
Novartis AG Switzerland 3.0%
Takeda Pharmaceutical Co., Ltd. Japan 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 22.8% 21.1%
Industrials 19.7% 9.3%
Financials 18.6% 13.1%
Consumer Discretionary 9.9% 12.1%
Health Care 8.3% 12.8%
Materials 7.9% 4.8%
Communication Services 5.2% 9.4%
Consumer Staples 2.5% 8.1%
Real Estate 1.5% 2.8%
Energy 1.3% 3.3%
Utilities 1.0% 3.2%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 47.3% 57.9%
Germany 12.8% 2.5%
United Kingdom 9.4% 3.7%
Switzerland 8.2% 2.8%
Japan 6.2% 6.5%
Italy 3.6% 0.6%
South Korea 3.1% 1.4%
China 3.0% 5.2%
Netherlands 2.1% 1.2%
France 1.9% 2.9%
Regional Allocation
  • North America 47.3%
  • Europe – other 39.2%
  • Pacific 6.2%
  • Emerging Asia 6.2%

Commentary (As of July 31, 2020)

Highlights

  • Global equities rose again in July, although the uneven pandemic recovery across regions may have weighed on investors’ expectations for economic recovery. Many undervalued cyclical stocks struggled in the month, and the return gap between growth and value stocks continued to expand.
  • The European Union (“EU”) approved a €750 billion recovery fund, supported by common bond issuance by the European Commission. We believe this is an important step toward fiscal integration across the EU and should encourage a faster recovery in the region.
  • While the recovery from the COVID-19 crisis is unlikely to be linear, we have taken advantage of the market dislocation to add well-managed and competitively well-positioned companies to the portfolio. We expect many of our portfolio companies’ management teams to cut costs, implement greater efficiency, and improve profit margins when demand improves and revenues return to growth.

Portfolio attribution

Causeway Global Value Fund ("Fund") underperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, banks, software & services, and food beverage & tobacco industry groups, along with an underweight position in the retailing industry group, detracted from relative performance. Holdings in the insurance, transportation, and materials industry groups, as well as an underweight position in the energy and commercial & professional services industry groups, offset some of the underperformance compared to the Index. The largest detractor was aerostructure supplier, Spirit AeroSystems Holdings, Inc. (United States). Additional notable detractors included British American Tobacco plc (United Kingdom), power & healthcare conglomerate, General Electric Co. (United States), jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom), and multinational airline holding company, International Consolidated Airlines Group SA (United Kingdom). The top contributor to return was FedEx Corp. (United States). Other notable contributors included power & automation technology company, ABB Ltd. (Switzerland), electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), industrial conglomerate, Siemens AG (Germany), and specialty chemicals manufacturer, Ashland (United States).

Investment outlook

While the recovery from the COVID-19 crisis is unlikely to be linear, we have taken advantage of the market dislocation to add well-managed and competitively well-positioned companies to the portfolio. We believe the greatest upside potential can be found in the stocks that have typically fared the worst in the market from February and March of this year. Companies exposed to the aerospace, aviation, and travel and leisure industries are some of the hardest hit. When demand for air travel returns, either with widely available vaccines or other means of controlling the virus, many of the best-positioned of these companies should experience rapid and sharp increases in their share prices. We expect many of our portfolio companies’ management teams to cut costs, implement greater efficiency, and improve profit margins when demand improves and revenues return to growth. Bank stocks were also hit hard in the crisis with falling interest rates and rising provisions for anticipated loan losses. Though banks’ profitability is under pressure this year (and may be in 2021 as well), we believe the capital positions of our bank holdings are strong, the equity dilution risk of these holdings is low, and these companies should be in a position to return capital to shareholders coming out of the crisis. We believe the re-rating potential could be significant as income-starved market participants recognize the strength of these financial services franchises. Some of our holdings with the most attractive upside potential—such as those in aerospace—are “coiled springs,” ready to rebound quickly with an uptick in travel demand. Others, like our portfolio companies engaged in factory automation services, are already benefitting from companies seeking digital transformation amid labor disruptions caused by the COVID-19 lockdowns. We will continue to take advantage of equity market skepticism and position our clients’ portfolios with stocks that we expect have the largest potential for market-beating returns.

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
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: