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*
+13.97%
Nav*
$12.56, +0.03
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 April 16, 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 10.3%10.3%82.1%9.5%10.4%7.8%8.0%
MSCI ACWI 4.7%4.7%55.3%12.7%13.8%9.7%9.9%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.3%10.3%82.1%9.5%10.4%7.8%8.0%
MSCI ACWI 4.7%4.7%55.3%12.7%13.8%9.7%9.9%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.3%10.3%82.1%9.5%10.4%7.8%8.0%
MSCI ACWI 4.7%4.7%55.3%12.7%13.8%9.7%9.9%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.3%10.3%82.1%9.5%10.4%7.8%8.0%
MSCI ACWI 4.7%4.7%55.3%12.7%13.8%9.7%9.9%
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 March 31, 2021)

Benchmark: MSCI ACWI
Asset Allocation
Fund
Stocks 98.5%
Cash 1.5%
Fund Characteristics
Fund Benchmark
No. of holdings 55 2977
Weighted avg. market cap (US $MM) $97,332 $262,411
FY2 price/earnings 14.7 17.6
Price/book value 2.2 2.9
Net assets $3,043,724 -
TOP 10 HOLDINGS
Security Country Percent
Alphabet Inc. United States 3.7%
Samsung Electronics Co., Ltd. South Korea 3.6%
Rolls-Royce Holdings Plc United Kingdom 3.3%
Novartis AG Switzerland 3.2%
Ashland Global Holdings, Inc. United States 3.0%
Essent Group United States 3.0%
Sabre Corp. United States 2.9%
Sanofi France 2.8%
Booking Holdings, Inc. United States 2.7%
Takeda Pharmaceutical Co., Ltd. Japan 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 22.4% 21.3%
Industrials 17.7% 10.0%
Health Care 13.3% 11.4%
Financials 13.0% 14.3%
Consumer Discretionary 7.4% 12.8%
Materials 6.6% 5.0%
Communication Services 6.2% 9.4%
Utilities 5.2% 2.9%
Energy 2.8% 3.4%
Real Estate 2.6% 2.6%
Consumer Staples 1.3% 7.0%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 52.3% 57.8%
France 8.3% 2.9%
Switzerland 7.8% 2.4%
Germany 7.6% 2.5%
South Korea 6.1% 1.7%
Japan 5.3% 6.5%
United Kingdom 4.4% 3.8%
Italy 3.0% 0.7%
Canada 1.9% 2.8%
Netherlands 1.0% 1.1%
Regional Allocation
  • North America 54.2%
  • Europe – other 32.9%
  • Emerging Asia 6.1%
  • Pacific 5.3%

Commentary (As of March 31, 2021)

Highlights

  • Equity markets continued to ascend in March amid a steady progression in vaccination rollouts, historically high levels of fiscal and monetary accommodation, and renewed optimism in the outlook for global growth.
  • The rapid reopening of economies and consumers’ pent up demand could lead to a surge in spending, thereby adding to inflation pressures. However, we believe the long-term deflationary forces of demographics and technological advancement (such as digitization and automation) remain in place.
  • Consistent with prior market recoveries, stocks in economically defensive industries lag the overall markets. Several of these low beta stocks have risen to the top half of our risk-adjusted return ranking, making them potentially attractive portfolio candidates.

Portfolio attribution

The Causeway Global Value Fund ("Fund") outperformed the Index during the month, due primarily to stock selection. Fund holdings in the software & services, automobiles & components, insurance, pharmaceuticals & biotechnology, and utilities industry groups contributed to relative performance. Holdings in the semiconductors & semi equipment, technology hardware & equipment, and capital goods industry groups, along with an overweight position in the consumer services industry group and an underweight position in the food beverage & tobacco industry group, offset some of the outperformance compared to the Index. The top contributor to return was automobile manufacturer, Volkswagen AG (Germany). Other notable contributors included business services provider, Concentrix Corp. (United States), mortgage insurance provider, Essent Group (United States), utilities provider, Exelon Corp. (United States), and HVAC manufacturer, Carrier Global Corp. (United States). The largest detractor was products & services provider for the electronic components industry, SK hynix, Inc. (South Korea). Additional notable detractors included jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom), electronic components manufacturer, Murata Manufacturing Co. Ltd. (Japan), semiconductor company, Infineon Technologies AG (Germany), and airliner manufacturer, Airbus SE (France).

Investment outlook

With vaccination rates accelerating, investors turned their attention to undervalued stocks that were sharply sold off when the pandemic accelerated a year ago. Value stocks outpaced their growth peers during the first quarter, largely led by cyclical sectors such as industrials, materials, consumer discretionary, financials, and the more economically sensitive portion of technology. As high-quality cyclical stocks re-rate upward, we are using this opportunity to lower portfolio risk, measured as prospective volatility versus the benchmark. Consistent with prior market recoveries, stocks in economically defensive industries lag the overall markets. Several of these low beta stocks have risen to the top half of our risk-adjusted return ranking, making them potentially attractive portfolio candidates. A common theme for many of our portfolio companies, whether cyclical or defensive, is operational restructuring. We believe companies with experienced management teams can prove to the market that they have used the crisis to reduce expenses and boost efficiency. In our view, this effort should enhance operating leverage and facilitate higher levels of profitability from these well-positioned companies. As free cash flow rises, we believe companies will return capital to shareholders in the form of dividends and share buybacks, providing a critical boost to total return.

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: