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*
$15.53, +0.19
December 31, 2009
Minimum Investment
Sales Charge
Net Expense Ratio
Gross Expense Ratio
*As of July 29, 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 2.8%9.3%38.7%6.7%9.7%5.1%6.3%
MSCI ACWI ex US 5.6%9.4%36.3%9.9%11.6%5.9%6.5%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 2.8%9.3%38.7%6.7%9.7%5.1%6.3%
MSCI ACWI ex US 5.6%9.4%36.3%9.9%11.6%5.9%6.5%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 2.8%9.3%38.7%6.7%9.7%5.1%6.3%
MSCI ACWI ex US 5.6%9.4%36.3%9.9%11.6%5.9%6.5%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 2.8%9.3%38.7%6.7%9.7%5.1%6.3%
MSCI ACWI ex US 5.6%9.4%36.3%9.9%11.6%5.9%6.5%
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 June 30, 2021)

Benchmark: MSCI ACWI ex US
Asset Allocation
Stocks 97.2%
Cash 2.8%
Fund Characteristics
Fund Benchmark
No. of holdings 148 2348
Weighted avg. market cap (US $MM) $93,158 $80,524
FY2 price/earnings 11.8 14.4
Price/book value 1.6 2.0
Net assets $267,563,069 -
Security Country Percent
Novartis AG Switzerland 2.7
UniCredit S.p.A. Italy 2.5
Sanofi France 2.5
Rolls-Royce Holdings Plc United Kingdom 2.4
Roche Holding AG Switzerland 2.4
Amadeus IT Group SA Spain 2.4
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR Taiwan 2.4
Takeda Pharmaceutical Co., Ltd. Japan 2.3
SAP SE Germany 2.3
Tencent Holdings Ltd. China 2.2

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 19.5% 18.6%
Industrials 15.8% 11.8%
Information Technology 14.8% 12.9%
Health Care 12.4% 9.3%
Consumer Staples 7.3% 8.5%
Materials 7.2% 8.3%
Consumer Discretionary 7.2% 13.8%
Energy 5.5% 4.5%
Utilities 3.8% 3.0%
Communication Services 3.5% 6.7%
Real Estate 0.2% 2.5%
Country Fund Benchmark
France 13.4% 7.1%
United Kingdom 12.9% 8.9%
China 10.1% 11.7%
Switzerland 10.0% 6.0%
Germany 8.6% 5.8%
Japan 7.6% 14.3%
Spain 5.9% 1.5%
South Korea 5.4% 4.1%
Taiwan 5.3% 4.4%
Italy 4.6% 1.5%
Regional Allocation
  • Europe – other 58.8%
  • Emerging Asia 25.0%
  • Pacific 7.6%
  • Emerging Europe, Middle East, Africa 2.4%
  • Emerging Latin America 2.2%
  • North America 1.3%

Commentary (As of June 30, 2021)


  • 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. Emerging markets also posted positive returns. 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 developed market aerospace, aviation, travel, and hospitality-oriented stocks have only partially reflected the recovery ahead.

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, transportation, software & services, and banks industry groups, along with an underweight position in the automobiles & components industry group, detracted from performance relative to the Index. Holdings in the semiconductors & semi equipment industry group, as well as an overweight position in the pharmaceuticals & biotechnology industry group and an underweight position in the materials, telecommunication services, and consumer services industry groups, offset a portion of the underperformance. The largest detractor from absolute performance was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Additional top detractors included banking & financial services company, UniCredit S.p.A. (Italy), travel & tourism information technology provider, Amadeus IT Group SA (Spain), life insurer, Prudential Plc (United Kingdom), and retail bank, CaixaBank SA (Spain). The top contributor to return was pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland). Additional top contributors included pharmaceutical provider, Novartis AG (Switzerland), internet commerce company, Alibaba Group Holding Ltd. (China), integrated circuit manufacturer, Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan), and biologics technology platform, Wuxi Biologics (Cayman), Inc. (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 neutral for emerging markets in our model. Our quality metrics, which include such measures as profit margins and return on equity, are positive. 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

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 developed market 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 developed market 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.

In the EM portion of the Fund, we continue to emphasize value factors in our multi-factor investment process. The largest potential headwind for EM value stocks relates to Covid-19 vaccine distribution challenges or efficacy issues against developing virus variants. However, with the MSCI EM Value Index trading at a 52% discount to the MSCI EM Growth Index on a next-twelve-month price-to-earnings basis, we believe that value stocks offer compelling risk-adjusted return potential.

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: