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*
-25.24%
Nav*
$9.27, -0.27
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 September 23, 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 0.3%-18.5%-19.5%5.7%3.5%6.4%5.6%
MSCI ACWI 3.1%-17.5%-15.5%8.5%7.5%9.3%8.0%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 0.3%-18.5%-19.5%5.7%3.5%6.4%5.6%
MSCI ACWI 3.1%-17.5%-15.5%8.5%7.5%9.3%8.0%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -13.7%-18.8%-16.9%3.3%3.4%6.5%5.7%
MSCI ACWI -15.5%-20.0%-15.4%6.7%7.5%9.3%7.9%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -13.7%-18.8%-16.9%3.3%3.4%6.5%5.7%
MSCI ACWI -15.5%-20.0%-15.4%6.7%7.5%9.3%7.9%
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 August 31, 2022)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 98.6%
Cash 1.4%
Fund Characteristics
Fund Benchmark
No. of holdings 54 2898
Weighted avg. market cap (US $MM) $77,809 $311,851
FY2 price/earnings 11.4 14.0
Price/book value 1.8 2.6
Net assets $2,000,349 -
TOP 10 HOLDINGS
Security Country Percent
Genpact Ltd. United States 3.6%
Rolls-Royce Holdings Plc United Kingdom 3.3%
UniCredit S.p.A. Italy 3.3%
Las Vegas Sands Corp. United States 3.1%
Samsung Electronics Co., Ltd. South Korea 3.0%
Fiserv, Inc. United States 3.0%
Prudential Plc United Kingdom 2.9%
Concentrix Corp. United States 2.9%
Enel SpA Italy 2.7%
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 22.5% 21.4%
Financials 15.7% 14.3%
Industrials 15.3% 9.6%
Health Care 10.7% 12.2%
Consumer Discretionary 8.8% 11.6%
Materials 8.1% 4.6%
Communication Services 7.1% 7.6%
Consumer Staples 5.8% 7.5%
Utilities 3.9% 3.2%
Real Estate 0.8% 2.7%
Energy 0.0% 5.2%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 44.4% 61.8%
United Kingdom 15.8% 3.7%
France 8.4% 2.7%
Italy 6.0% 0.5%
Switzerland 4.4% 2.5%
Japan 4.3% 5.5%
Netherlands 3.9% 1.0%
Germany 3.7% 1.8%
South Korea 3.7% 1.3%
Canada 1.5% 3.1%
Regional Allocation
  • North America 45.9%
  • Europe – other 44.5%
  • Pacific 4.3%
  • Emerging Asia 3.9%

Commentary (As of August 31, 2022)

Highlights

  • Equity markets declined again in August in response to central banks’ commitment to tamp down inflation and growing concerns about the risks to global economic activity.
  • We currently expect inflation in the developed world to remain well above its near three-decades-long average for some time to come. The Covid pandemic highlighted the vulnerability of long and complex supply chains, and costly investment will be required as companies and their governments attempt to onshore critical production. As transitory inflation pressures have risen, stickier wage expectations will likely embed lasting inflationary pressures into developed economies.
  • In our investable universe, we believe the best-positioned industrials, materials, financials, and consumer discretionary companies—those with, in our view, balance sheet strength and excellent management teams—should lead markets upward in the next stage of the economic cycle.

Portfolio attribution

The Causeway Global Value Fund ("Fund") underperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, insurance, consumer services, and utilities industry groups, along with an underweight position in the energy industry group, detracted from relative performance. Holdings in the media & entertainment and software & services industry groups, as well as an overweight position in the banks industry group and an underweight position in the semiconductors & semi equipment and consumer durables & apparel 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 life insurer, Prudential Plc (United Kingdom), airport & rail station concessionaire, SSP Group Plc (United Kingdom), pharmaceutical giant, Sanofi (France), and defense & information technology services provider, Leidos Holdings, Inc. (United States). The top contributor to return was travel & tourism technology company, Sabre Corp.(United States). Other notable contributors included media & entertainment conglomerate, The Walt Disney Co. (United States), insurer, AXA SA (France), social media giant, Meta Platforms, Inc. (United States), and banking & financial services company, UniCredit S.p.A. (Italy).

Investment outlook

Inflationary pressures, rising interest rates, and concerns about a slowdown in global economic activity have hampered equity returns this year. The ongoing weakness in the Chinese economy just adds to the negative ramifications for the earnings of companies and industries globally. We believe central banks (other than the Bank of China) should continue raising interest rates and draining monetary liquidity from their respective financial systems, which will likely add downward pressures to valuation multiples. After a surge upward in the past 12 months, oil and gas stocks have moved down our risk-adjusted return ranking. As a result, we reduced exposure to the energy sector in favor of other economically sensitive stocks where we believe valuations offer more upside potential over the next two years. For European cyclicals in particular, rising inflation, monetary tightening, and currency weakness have weighed heavily on stock prices. However, we believe valuations are quite low, likely already discounting a recession. In our investable universe, we believe the best-positioned industrials, materials, financials, and consumer discretionary companies—those with, in our view, balance sheet strength and excellent management teams—should lead markets upward in the next stage of the economic cycle. Historically, cyclicals outperform as markets begin to discount recovery. We expect management teams of our portfolio companies to amplify profitability via leaner operations and greater efficiency (operational restructuring), creating the potential for even more uplift in their share prices.

 

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: