Combining our time-tested abilities in developed and emerging international markets

The Fund invests primarily in companies both in developed markets excluding the United States (the “international value portfolio”) and in emerging markets (the “emerging markets portfolio”). Causeway allocates substantially all of the Fund’s assets between the international value portfolio and the emerging markets portfolio using a proprietary asset allocation model.

International Value Portfolio: The international value portfolio consists primarily of common stocks of companies located in developed countries outside the US. Normally, the majority of this portfolio invests in companies that pay dividends or repurchase their shares. The international value portfolio may also invest in companies located in emerging (less developed) markets.

Emerging Markets Portfolio: The emerging markets portfolio is normally invested in equity securities of companies located in emerging (less developed) markets and other investments that are tied economically to emerging markets. Generally, these investments include common stock, preferred and preference stock, American Depositary Receipts, European Depositary Receipts, Global Depositary Receipts, and exchange-traded funds that invest in emerging markets securities.

YTD Return*
$14.50, -0.52
December 31, 2009
Minimum Investment
Sales Charge
Net Expense Ratio
Gross Expense Ratio
*As of November 26, 2021
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Strategy overview

The portfolio managers discuss our International Opportunities strategy.

Portfolio managers

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


QTD YTD 1 year3 years5 years10 years Since inception
Fund 0.8%7.6%36.6%9.0%8.1%6.5%6.0%
MSCI ACWI ex US 2.4%8.9%30.2%12.5%10.3%7.2%6.3%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 0.8%7.6%36.6%9.0%8.1%6.5%6.0%
MSCI ACWI ex US 2.4%8.9%30.2%12.5%10.3%7.2%6.3%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -2.4%6.7%31.6%5.9%7.7%7.6%6.0%
MSCI ACWI ex US -2.9%6.3%24.4%8.5%9.4%8.0%6.1%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -2.4%6.7%31.6%5.9%7.7%7.6%6.0%
MSCI ACWI ex US -2.9%6.3%24.4%8.5%9.4%8.0%6.1%
Fund 5.4%21.7%-18.4%29.6%2.0%-6.1%-3.7%17.8%24.6%-12.6%15.4%
MSCI ACWI ex US 11.1%22.1%-13.8%27.8%5.0%-5.3%-3.4%15.8%17.4%-13.3%11.6%

Portfolio (as of October 31, 2021)

Benchmark: MSCI ACWI ex US
Asset Allocation
Stocks 97.6%
Cash 2.4%
Fund Characteristics
Fund Benchmark
No. of holdings 164 2350
Weighted avg. market cap (US $MM) $82,159 $77,372
FY2 price/earnings 11.0 13.9
Price/book value 1.6 2.0
Net assets $252,714,285 -
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 3.4
UniCredit S.p.A. Italy 2.5
BP Plc United Kingdom 2.5
TotalEnergies SE France 2.5
Sanofi France 2.5
FANUC Corp. Japan 2.4
Amadeus IT Group SA Spain 2.4
SAP SE Germany 2.4
Novartis AG Switzerland 2.3
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR Taiwan 2.1

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
Financials 20.7% 19.5%
Industrials 16.6% 12.1%
Information Technology 13.2% 13.1%
Health Care 11.9% 9.4%
Energy 8.4% 5.0%
Consumer Discretionary 7.9% 13.0%
Consumer Staples 6.5% 8.5%
Materials 6.5% 7.9%
Utilities 3.6% 3.0%
Communication Services 2.5% 6.2%
Real Estate 0.0% 2.4%
Country Fund Benchmark
United Kingdom 17.2% 9.2%
France 13.6% 7.3%
Germany 9.3% 5.7%
China 8.4% 10.1%
Switzerland 7.9% 6.3%
Japan 7.4% 14.5%
Spain 5.8% 1.5%
Taiwan 5.1% 4.3%
Italy 4.5% 1.6%
South Korea 4.4% 3.6%
Regional Allocation
  • Europe – other 62.1%
  • Emerging Asia 22.0%
  • Pacific 7.4%
  • Emerging Europe, Middle East, Africa 2.5%
  • Emerging Latin America 2.3%
  • North America 1.2%

Commentary (As of October 31, 2021)


  • Global equities regained momentum in October as progress in vaccination campaigns appeared to have assuaged investor concerns over new mobility restrictions. Emerging markets (“EM”) equities posted modestly positive returns during the month but trailed developed market stocks.
  • Though the company management teams we speak with are generally reporting higher input costs, we believe many supply chain issues should be resolved by mid-2022. In our view, if labor retains bargaining power, this may raise unit labor costs. We believe that the level at which inflation expectations get anchored should have the biggest impact on whether inflation is transitory or more permanent.
  • For many of our developed market portfolio companies, we believe the earnings growth outlook is underpinned by pent up demand, strong balance sheets, and structurally lower costs than those prior to the pandemic.

Portfolio attribution

The Causeway International Opportunities Fund (“Fund”) underperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, banks, pharmaceutical & biotechnology, technology hardware & equipment, and food beverage & tobacco industry groups detracted from performance relative to the Index. Holdings in the utilities, insurance, and software & services industry groups, as well as an underweight position in the telecommunication services and health care equipment & services industry groups, offset a portion of the underperformance. The largest detractor from absolute performance was Takeda Pharmaceutical Co., Ltd. (Japan). Additional top detractors included electronic components manufacturer, Murata Manufacturing Co., Ltd. (Japan), robotics manufacturer, FANUC Corp. (Japan), jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom), and diversified chemicals manufacturer, BASF SE (Germany). The top contributor to return was luxury goods manufacturer & retailers, Compagnie Financiere Richemont (Switzerland). Additional top contributors included electric, gas & renewables power generation & distribution company, Enel SpA (Italy), business software & services provider, SAP SE (Germany), electric utility provider, RWE AG (Germany), and internet commerce company, Alibaba Group Holding (China).

We use a proprietary quantitative equity allocation model that assists the portfolio managers in determining the weight of emerging versus developed markets in the Fund. Our allocation relative to the weight of emerging markets in the Index is currently underweight. We identify five primary factors as most indicative of the ideal allocation target: valuation, quality, earnings growth, macroeconomic, and risk aversion. Valuation is currently positive for emerging markets in our model. Our quality metrics, which include such measures as profit margins and return on equity, are negative. Our earnings growth factor is negative, and our macroeconomic factor is neutral for emerging markets. Lastly, our risk aversion factor is negative in our model.

Investment outlook

Although developed equity markets reached new highs during the month, we continue to find plenty of opportunities in undervalued stocks. From a fundamental research perspective, we aim to identify companies poised to deliver improved earnings that can potentially rerate upwards as investors recognize the positive transformation these management teams have delivered. As central banks embark on a monetary tightening cycle to combat inflationary pressures, we expect rising discount rates to act as a headwind for the high-flying valuations of long-duration growth stocks. This should translate into an attractive environment for fundamental, value-oriented research. We have positioned our clients’ portfolios to take advantage of what is, in our view, mispricing in stocks heavily exposed to Covid (e.g., travel, leisure, aerospace, and aviation), balanced with companies in more defensive and cash flow generative industries such as pharmaceutical and utilities. In recent months, we have also increased the portfolio’s energy exposure. Many European integrated oil companies have rationed capital expenditures, diverting investments away from exploration and production towards renewables, leading to a dearth of supply amid the current surging demand. We, therefore, expect oil and gas prices to remain elevated and potentially rise further this winter. For many of our developed market portfolio companies, we believe the earnings growth outlook is underpinned by pent up demand, strong balance sheets, and structurally lower costs than those prior to the pandemic. With many companies resuming dividend payments and share buybacks, we believe income should bolster the total return profile of portfolio holdings in the remainder of 2021 and into 2022.

Within the EM portion of the Fund, the major countries with the strongest net earnings upgrades were Taiwan, Qatar, and Poland. The countries with the weakest earnings revisions include China and South Korea. A lack of monetary stimulus, leverage in the real estate sector, and regulatory scrutiny have weighed on Chinese stocks. In South Korea, the information technology sector has experienced downgrades due to weakness in memory pricing. We continue to emphasize valuation in our multi-factor investment process. With several companies offering attractive dividend yields and trading near historically low valuations, on both a next-twelve-month price-to-earnings and price-to-book value basis, we believe select EM value stocks are poised to outperform.

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. Investing in ETFs is subject to the risks of the underlying funds. Investments in smaller companies typically exhibit higher volatility. Asset allocation may not protect against market risk. 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.


Dividends Short-term capital gains Long-term capital gains
2020 $0.1974 $0.0000 $0.0000
2019 $0.3502 $0.0000 $0.0327
2018 $0.2904 $0.0000 $0.0327
2017 $0.2145 $0.0000 $0.0000
2016 $0.4494 $0.0000 $0.0000
2015 $0.1623 $0.0107 $0.0199
2014 $0.0000 $0.0000 $0.4943
2013 $0.1266 $0.0001 $0.0739
2012 $0.2451 $0.0000 $0.0190
2011 $0.2756 $0.0000 $0.0303
2010 $0.1858 $0.0000 $0.1712

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: