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*
$15.60, +0.14
December 31, 2009
Minimum Investment
Sales Charge
Net Expense Ratio
Gross Expense Ratio
*As of October 15, 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 -2.4%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%
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 September 30, 2021)

Benchmark: MSCI ACWI ex US
Asset Allocation
Stocks 97.9%
Cash 2.1%
Fund Characteristics
Fund Benchmark
No. of holdings 159 2354
Weighted avg. market cap (US $MM) $80,086 $72,892
FY2 price/earnings 11.0 13.7
Price/book value 1.6 1.9
Net assets $271,343,000 -
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 3.6
UniCredit S.p.A. Italy 2.8
Takeda Pharmaceutical Co., Ltd. Japan 2.4
TotalEnergies SE France 2.4
Amadeus IT Group SA Spain 2.4
BP Plc United Kingdom 2.4
Sanofi France 2.4
Novartis AG Switzerland 2.3
SAP SE Germany 2.2
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 21.2% 19.3%
Industrials 16.6% 12.2%
Information Technology 13.6% 13.2%
Health Care 12.2% 9.5%
Energy 7.5% 4.9%
Consumer Discretionary 7.3% 12.7%
Materials 6.7% 8.0%
Consumer Staples 6.5% 8.5%
Utilities 3.8% 3.0%
Communication Services 2.5% 6.3%
Real Estate 0.1% 2.5%
Country Fund Benchmark
United Kingdom 16.9% 9.1%
France 13.8% 7.1%
Germany 9.1% 5.8%
China 8.1% 10.1%
Japan 7.8% 15.3%
Switzerland 7.8% 6.0%
Spain 6.0% 1.5%
Taiwan 5.3% 4.4%
Italy 4.8% 1.6%
South Korea 4.6% 3.7%
Regional Allocation
  • Europe – other 62.3%
  • Emerging Asia 22.1%
  • Pacific 7.8%
  • Emerging Europe, Middle East, Africa 2.3%
  • Emerging Latin America 2.1%
  • North America 1.3%

Commentary (As of September 30, 2021)


  • Equities declined in September amid concerns over a moderation in economic growth rates, supply chain disruptions, and rising inflation. Within emerging markets (“EM”), leverage in China’s real estate sector weighed on the overall asset class.
  • Global economic data in September revealed a modest loss of momentum in the recovery, including headwinds from China. Virtually all companies we queried reported rising input costs across geographies as supply chain disruptions exacerbated inflationary pressures.
  • We believe that many of the, in our view, world class developed market companies in aviation, travel, leisure, and hospitality that we added to our clients’ portfolios in prior months should continue to outperform markets. With a turnaround in cash flows, many of these companies should be well positioned for a return to normalcy.

Portfolio attribution

The Causeway International Opportunities Fund (“Fund”) outperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, banks, software & services, and technology hardware & equipment industry groups, as well as an overweight position in the energy industry group, contributed to performance relative to the Index. Holdings in the utilities, consumer durables & apparel, and health care equipment & services industry groups, along with an overweight position in the pharmaceuticals & biotechnology industry group and an underweight position in the telecommunication services industry group, offset a portion of the outperformance. The top contributor to return was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Additional top contributors included crude oil & natural gas company, BP Plc (United Kingdom), integrated oil & gas company, Total (France), travel & tourism information technology provider, Amadeus IT Group SA (Spain), and banking & financial services company, UniCredit S.p.A. (Italy). The largest detractor from absolute performance was electric, gas & renewables power generation & distribution company, Enel SpA (Italy). Additional top detractors included pharmaceutical producer, Novartis AG (Switzerland), business software & services provider, SAP SE (Germany), pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland), and pharmaceutical giant, Sanofi (France).

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 negative for emerging markets. Lastly, our risk aversion factor is neutral in our model.

Investment outlook

As the global economy recovers from the pandemic, stocks in Covid-impacted industries performed well in September. We believe that many of the, in our view, world class developed market companies in aviation, travel, leisure, and hospitality that we added to our clients’ portfolios in prior months should continue to outperform markets. With a turnaround in cash flows, many of these companies should be well positioned for a return to normalcy. We believe improvements to their cost structures, balance sheets, and competitive position (as weaker competitors lost market share) suggest that future levels of profitability should exceed pre-pandemic levels, even at lower volumes. After pausing dividends and share buybacks for much of the Covid era, key regulators in our investable universe have approved banks to resume capital returns in the fourth quarter. Many of these developed market companies held in our client portfolios have accrued dividends throughout the pandemic, which we believe should result in not only normal dividend payments but also the return of excess capital. With dividend income constituting an important component of total return, we eagerly anticipate the normalization of dividend policy for developed market portfolio companies that have maintained strong capital positions over the last year and a half. Finally, the prospect of global bond yields rising further—even to levels that are still low versus historical yields—should favor undervaluation and exposure to economic recovery.

Within EM, the MSCI EM Value Index outperformed the MSCI EM Growth Index in the third quarter and YTD. While our valuation factor performed well during the quarter, our exposure to stocks in the metals and mining industry detracted from relative performance. These stocks are attractive on most valuation metrics, but they were negatively impacted by weak commodity prices related to the slowdown in China. Our value-orientation is also reflected in our positioning in South Korea. While the Fed’s tapering program could pose a challenge for EM currencies, we believe the Korean won should fare relatively well due to the country’s current account surplus, low inflation, and strong fiscal situation.

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: