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*
$9.83, +0.04
January 31, 2011
Minimum Investment
Sales Charge
Net Expense Ratio
*As of June 19, 2019

Strategy overview

The portfolio managers discuss our Global Value strategy.

Portfolio managers

Chief Executive Officer
Fundamental Portfolio Manager
Head of Fundamental Research
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager


QTD YTD 1 year3 years5 years10 years Since inception
Fund -6.3%3.6%-7.3%4.4%1.7%0.0%0.0%
MSCI ACWI -2.6%9.4%-0.8%9.7%5.8%10.0%5.1%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -6.3%3.6%-7.3%4.4%1.7%0.0%0.0%
MSCI ACWI -2.6%9.4%-0.8%9.7%5.8%10.0%5.1%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.6%10.6%1.4%8.1%3.4%0.0%0.0%
MSCI ACWI 12.3%12.3%3.2%11.3%7.0%12.6%5.4%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.6%10.6%1.4%8.1%3.4%0.0%0.0%
MSCI ACWI 12.3%12.3%3.2%11.3%7.0%12.6%5.4%
Fund -11.2%17.6%7.4%-6.6%5.2%29.0%16.2%
MSCI ACWI -8.2%23.1%8.2%-0.3%5.5%27.4%16.5%

Portfolio (as of May 31, 2019)

Benchmark: MSCI ACWI
Asset Allocation
Stocks 99.4%
Cash 0.6%
Fund Characteristics
Fund Benchmark
No. of holdings 50 2851
Weighted avg. market cap (US $MM) $70,419 $125,986
FY2 price/earnings 10.1 13.5
Price/book value 1.3 2.2
Net assets $1,976,029 -
Security Country Percent
Volkswagen AG Germany 3.7%
Takeda Pharmaceutical Co., Ltd. Japan 3.6%
UniCredit S.p.A. Italy 3.1%
China Mobile Ltd. China 3.1%
Micro Focus International Plc United Kingdom 2.9%
Sabre Corp. United States 2.9%
Alaska Air Group, Inc. United States 2.9%
Linde Plc United States 2.8%
ABB Ltd. Switzerland 2.7%
BASF SE Germany 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 Fund Benchmark
Information Technology 16.0% 15.7%
Financials 15.2% 17.0%
Industrials 15.0% 10.5%
Communication Services 12.3% 8.9%
Health Care 10.8% 11.4%
Materials 9.0% 4.8%
Energy 8.6% 5.9%
Consumer Discretionary 4.3% 10.7%
Consumer Staples 4.2% 8.5%
Utilities 4.1% 3.3%
Real Estate 0.0% 3.3%
Country Fund Benchmark
United States 36.1% 55.0%
United Kingdom 21.6% 5.2%
Japan 10.3% 7.2%
Germany 6.9% 2.6%
China 6.0% 3.9%
Switzerland 4.3% 2.7%
Canada 3.6% 3.0%
Italy 3.3% 0.7%
South Korea 2.3% 1.5%
Netherlands 2.2% 1.1%
Regional Allocation
  • North America 40.5%
  • Europe – other 37.8%
  • Pacific 11.0%
  • Emerging Asia 8.8%
  • Emerging Europe, Middle East, Africa 0.3%

Commentary (As of May 31, 2019)


  • Equity markets declined during the month as trade negotiations between the US and China deteriorated and import tariff rates increased. Stocks in industries sensitive to economic growth (cyclicals) suffered greatly during the month versus those in defensive industries.

Portfolio attribution

The Fund underperformed the Index during the month, due primarily to stock selection. Fund holdings in the energy, banks, media & entertainment, and insurance industry groups, along with an underweight position in the health care equipment & services industry group, detracted from relative performance. Holdings in the software & services and pharmaceuticals & biotechnology industry groups, as well as an overweight position in the telecommunication services industry group and an underweight position in the semiconductors & semi equipment and retailing industry groups, offset some of the underperformance. The largest detractor was internet services provider, Baidu - ADR (China). Additional notable detractors included energy exploration & production company, Halliburton Co. (United States), banking & financial services company, UniCredit S.p.A. (Italy), oil refiner,Marathon Petroleum Corp. (United States), and oil & natural gas producer, Encana (Canada). The top contributor to return was telecommunication servic provider, KDDI Corp. (Japan). Other notable contributors included pharmaceutical & consumer healthcare products producer, Novartis AG (Switzerland), Leidos Holdings, Inc. (United States), property & casualty insurer, Sompo Holdings, Inc. (Japan), and industrial gas company, Linde Plc (United States).

Investment outlook

The anticipated “quality and safety” associated with economically defensive stocks attracted even more buying in May, stretching the valuation premium of defensive stocks compared to cyclical stocks to near historic highs. We believe the undervaluation in many of these cyclicals industries such as US and European banks, global oil and gas, global industrials, consumer discretionary, and materials seems extreme, as our analysis indicates the valuations already discount recessionary economic conditions. In May, in particular, trade tensions have amplified risk aversion. And trade relief should do just the opposite, which would likely drive up bond yields and attract investors back to undervalued stocks. However, our price targets do not depend on economic recovery. To the degree managements of our portfolio companies succeed in making significant operational improvements, their equity valuations should benefit and become less macroeconomic dependent. The value style does not rely on an economic environment; it tends to outperform growth when interest rates rise. Although we would welcome a value tailwind, we aim to build a portfolio that seeks to outperform even if investors crowd into long duration, growth equities. We have a preference for companies able to reward shareholder patience with dividends and share buybacks.


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.


Dividends Short-term capital gains Long-term capital gains
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).


Fund information: