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*
+15.25%
Nav*
$12.70, +0.07
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 July 29, 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 2.8%13.4%53.4%9.7%10.9%8.0%8.1%
MSCI ACWI 7.5%12.6%39.9%15.1%15.2%10.5%10.4%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 2.8%13.4%53.4%9.7%10.9%8.0%8.1%
MSCI ACWI 7.5%12.6%39.9%15.1%15.2%10.5%10.4%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 2.8%13.4%53.4%9.7%10.9%8.0%8.1%
MSCI ACWI 7.5%12.6%39.9%15.1%15.2%10.5%10.4%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 2.8%13.4%53.4%9.7%10.9%8.0%8.1%
MSCI ACWI 7.5%12.6%39.9%15.1%15.2%10.5%10.4%
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 June 30, 2021)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 97.5%
Cash 2.5%
Fund Characteristics
Fund Benchmark
No. of holdings 53 2975
Weighted avg. market cap (US $MM) $127,290 $297,186
FY2 price/earnings 14.6 17.6
Price/book value 2.4 3.1
Net assets $3,050,912 -
TOP 10 HOLDINGS
Security Country Percent
Alphabet Inc. United States 4.4%
Samsung Electronics Co., Ltd. South Korea 3.5%
Novartis AG Switzerland 3.2%
Ashland Global Holdings, Inc. United States 3.1%
Fiserv, Inc. United States 2.9%
Sanofi France 2.9%
Concentrix Corp. United States 2.8%
Sabre Corp. United States 2.8%
Rolls-Royce Holdings Plc United Kingdom 2.8%
Booking Holdings, Inc. 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 26.0% 21.9%
Industrials 13.8% 9.9%
Health Care 13.6% 11.6%
Financials 10.5% 14.1%
Communication Services 9.0% 9.4%
Materials 7.3% 4.9%
Consumer Discretionary 6.3% 12.7%
Utilities 5.6% 2.6%
Energy 2.5% 3.4%
Consumer Staples 1.6% 6.9%
Real Estate 1.2% 2.6%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 54.7% 58.7%
Switzerland 8.7% 2.5%
France 7.6% 2.9%
Germany 6.4% 2.4%
South Korea 6.1% 1.7%
Japan 5.0% 5.9%
Italy 3.1% 0.6%
United Kingdom 2.9% 3.7%
Canada 1.8% 2.9%
Spain 0.6% 0.6%
Regional Allocation
  • North America 56.5%
  • Europe – other 29.4%
  • Emerging Asia 6.1%
  • Pacific 5.0%
  • Emerging Latin America 0.5%

Commentary (As of June 30, 2021)

Highlights

  • Developed market equities largely delivered positive returns in local currency terms during the month of June as vaccination campaigns facilitated further easing of Covid-19-related economic restrictions. Despite the progress, the Delta variant of the virus and differing vaccination rates across geographies have resulted in an uneven recovery.
  • In order to rebuild inventories, we expect business capital expenditures to increase this year. Combined with massive fiscal spending, this should propel further economic gains.
  • With delayed and uneven opening of economies globally, several of the, in our view, high quality aerospace, aviation, travel, and hospitality-oriented stocks have only partially reflected the recovery ahead.

Portfolio attribution

The Causeway Global Value Fund ("Fund") underperformed the Index during the month, due primarily to stock selection. Fund holdings in the software & services, consumer services, technology hardware & equipment, and materials industry groups, along with an overweight position in the insurance industry group, detracted from relative performance. Holdings in the energy industry group, as well as an underweight position in the telecommunication services, food beverage & tobacco, household & personal products, and health care equipment & services industry groups, offset some of the underperformance compared to the Index. The largest detractor was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Additional notable detractors included travel & tourism technology company, Sabre Corp. (United States), specialty chemicals manufacturer, Ashland Global Holdings, Inc. (United States), online travel agency, Booking Holdings, Inc. (United States), and financial services technology company, Fiserv, Inc. (United States). The top contributor to return was pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland). Other notable contributors included technology conglomerate, Alphabet Inc. (United States), business services provider, Concentrix Corp. (United States), oil exploration & production company, ConocoPhillips (United States), and HVAC manufacturer, Carrier Global Corp. (United States).

Investment outlook

Despite the past 15-month surge in equity markets, amplified by the recovery in cyclical stocks from November 2020 vaccine announcements, we believe attractive valuations remain. With delayed and uneven opening of economies globally, several of the, in our view, high quality aerospace, aviation, travel, and hospitality-oriented stocks have only partially reflected the recovery ahead. We observe significant pent up demand for such services, yet travelers still face uncertainty in certain locations and face burdensome Covid-19-related protocols. As vaccinations proliferate, we believe even the most cautious of governments will likely open their respective borders, compelled by economic necessity. In addition to late-stage pandemic stocks, we are also finding what we believe is market underpricing in companies undergoing operational restructuring and in some traditionally defensive sectors such as utilities (those in transition to renewable energy) and healthcare (European pharmaceutical giants with potentially valuable drug pipelines). Companies in the defensive categories tend to generate cash flows surplus to their operating and investment needs (free cash flow), and thus can pay shareholders to wait for prices to reflect what we estimate will be good news. We believe companies less dependent on earnings realization far out in the future should provide a natural hedge in the portfolio to the prospect of rising interest rates, a function of bond markets reflecting economic growth and inflation. If history is any guide, the side effect of higher discount rates and bond market competition should translate into compression of the most speculative of market multiples.

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: