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*
$12.90, -0.03
December 31, 2009
Minimum Investment
Sales Charge
Net Expense Ratio
Gross Expense Ratio
*As of August 05, 2022
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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 -10.4%-15.6%-17.7%1.1%1.3%4.4%4.2%
MSCI ACWI ex US -13.5%-18.2%-19.0%1.8%3.0%5.3%4.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -10.4%-15.6%-17.7%1.1%1.3%4.4%4.2%
MSCI ACWI ex US -13.5%-18.2%-19.0%1.8%3.0%5.3%4.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -10.4%-15.6%-17.7%1.1%1.3%4.4%4.2%
MSCI ACWI ex US -13.5%-18.2%-19.0%1.8%3.0%5.3%4.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -10.4%-15.6%-17.7%1.1%1.3%4.4%4.2%
MSCI ACWI ex US -13.5%-18.2%-19.0%1.8%3.0%5.3%4.2%
Fund 6.6%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 8.3%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, 2022)

Benchmark: MSCI ACWI ex US
Asset Allocation
Stocks 98.1%
Cash 1.9%
Fund Characteristics
Fund Benchmark
No. of holdings 201 2269
Weighted avg. market cap (US $MM) $62,088 $63,319
FY2 price/earnings 8.8 11.0
Price/book value 1.3 1.7
Net assets $188,901,014 -
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 2.9
UniCredit S.p.A. Italy 2.6
Prudential Plc United Kingdom 2.4
Amadeus IT Group SA Spain 2.2
Novartis AG Switzerland 2.2
Enel SpA Italy 2.2
Reckitt Benckiser Group United Kingdom 2.1
FANUC Corp. Japan 2.1
Unilever United Kingdom 2.0
SAP SE Germany 2.0

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 21.4% 20.3%
Industrials 16.2% 11.8%
Health Care 13.0% 9.8%
Information Technology 11.9% 11.0%
Consumer Staples 10.3% 8.9%
Consumer Discretionary 6.3% 11.7%
Materials 6.1% 8.0%
Energy 5.7% 6.0%
Utilities 4.5% 3.4%
Communication Services 2.4% 6.5%
Real Estate 0.1% 2.5%
Country Fund Benchmark
United Kingdom 21.0% 9.9%
France 12.6% 7.0%
China 9.1% 10.5%
Spain 6.4% 1.5%
Switzerland 6.2% 6.5%
Japan 5.7% 13.8%
Germany 5.5% 4.8%
Italy 4.8% 1.4%
Taiwan 4.6% 4.3%
South Korea 4.1% 3.3%
Regional Allocation
  • Europe – other 62.2%
  • Emerging Asia 22.9%
  • Pacific 5.7%
  • Emerging Europe, Middle East, Africa 3.0%
  • North America 2.1%
  • Emerging Latin America 2.1%

Commentary (As of June 30, 2022)


  • Equity prices continued to decline in June as accelerated central bank tightening and recession fears weighed on the outlook for economic growth.
  • Exacerbated by Russia’s weaponization of energy and agricultural products, fuel and food costs are rising in most regions globally, placing upward pressure on wages. Short-term interest rates may need to rise substantially—with the median US Federal Reserve Board member expecting to raise rates to 3.8% by the end of next year—to quell inflationary pressures, even with some alleviation of supply chain disruptions. Monetary tightening typically impacts the global economy with a lag; however, signs of economic softening have already emerged.
  • Some of the portfolio’s most promising developed market companies have not yet fully recovered from the pandemic’s suppression of global travel, leisure, and hospitality. We believe pent-up demand for these services bodes well for a future recovery in their share prices.

Portfolio Attribution

The Causeway International Opportunities Fund (“Fund”) underperformed the Index during the month, due primarily to stock selection. Fund holdings in the transportation, utilities, retailing, banks, and automobiles & components industry groups detracted from performance relative to the Index. Holdings in the semiconductors & semi equipment, energy, commercial & professional services, and capital goods industry groups, as well as an overweight position in the household & personal products industry group, contributed to relative performance. The largest detractor from absolute performance was banking & financial services company, UniCredit S.p.A. (Italy). Other notable detractors included electric, gas & renewables power generation & distribution company, Enel SpA (Italy), electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), low-budget airline, Ryanair Holdings Plc (Ireland), and paints & coatings producer, Akzo Nobel (Netherlands). The top contributor to return was polysilicon manufacturer, Daqo New Energy (China). Additional top contributors included internet commerce company, Alibaba Group Holding Ltd. (China), solar panel manufacturer, Tongwei Co (China), insurance provider, PICC Property & Casualty Co., Ltd. (China), and online lending platform, 360 Digitech (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 positive in our model.

Investment Outlook

As monetary authorities raise interest rates and accelerate quantitative tightening, we believe consumer and industrial demand will soften and corporate earnings forecasts will decline. In a notable departure from the post-GFC years, massive excess developed market private sector bank reserves suggest, in our view, that the Fed will need to tighten monetary policy considerably more than market participants are currently expecting to combat inflation. As recession looms, we believe companies in sectors such as healthcare, consumer staples, and utilities may prove defensive. These are likely areas we will use to fund more cyclical portfolio exposure as economies weaken and valuations of high-quality developed market cyclicals become more compelling. Some of the portfolio’s most promising developed market companies have not yet fully recovered from the pandemic’s suppression of global travel, leisure. We believe pent-up demand for these services bodes well for a future recovery in their share prices. The Russian invasion of Ukraine also precipitated a sell-off in many European banks. Historically, bank stocks weaken in advance of economic slowing and recover sharply in advance of economic recovery. We believe several of these banks are well-capitalized and are attractively valued, implying compelling upside potential. While we wait for the market to discount the recovery, these banks may be positioned to return capital to shareholders in the form of share buybacks and dividends, which are particularly attractive in an environment where rising bond yields are weighing heavily on asset prices.

Within the EM portion of the Fund, we remain overweight South Korean and Taiwanese stocks due to compelling valuations and top-down considerations. We are closely monitoring corporate earnings growth forecasts and price momentum as these countries are export-oriented and therefore linked to global growth. Given China’s large economy, the country’s companies tend to be more domestically oriented and relatively insulated from a global economic slowdown compared to peers in the region. From a sector perspective, our largest overweights include energy companies, due in part to valuation, growth, and price momentum considerations. We are also overweight industrial companies in the Fund due to favorable growth and price momentum characteristics. While these sectors outperformed the MSCI EM Index during the second quarter, fears of a global slowdown weighed on them in June. We believe the global growth concerns are already reflected in the share prices of many EM energy and industrial companies and we continue to identify investment opportunities with attractive risk-adjusted return potential in these sectors.

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
2021 $0.2400 $0.0000 $0.0000
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: