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*
+8.12%
Nav*
$16.78, +0.25
Inception
December 31, 2009
Cusip
14949Q107
Benchmark
MSCI ACWI ex US
Minimum Investment
$1,000,000
Sales Charge
None
Gross Expense Ratio
0.99%
Net Expense Ratio
0.95%
*As of April 24, 2025
**Contractual fee waivers are in effect until 1/31/2026.

Strategy overview

The portfolio managers discuss our International Opportunities strategy.

Portfolio managers

Fundamental Portfolio Manager
Fundamental Portfolio Manager
Quantitative Portfolio Manager
President
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

Performance

Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 7.8%7.8%12.2%11.3%16.1%5.6%6.4%
MSCI ACWI ex US 5.4%5.4%6.6%5.0%11.5%5.5%5.4%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 7.8%7.8%12.2%11.3%16.1%5.6%6.4%
MSCI ACWI ex US 5.4%5.4%6.6%5.0%11.5%5.5%5.4%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 7.8%7.8%12.2%11.3%16.1%5.6%6.4%
MSCI ACWI ex US 5.4%5.4%6.6%5.0%11.5%5.5%5.4%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 7.8%7.8%12.2%11.3%16.1%5.6%6.4%
MSCI ACWI ex US 5.4%5.4%6.6%5.0%11.5%5.5%5.4%
Table Header 202420232022202120202019201820172016201520142013201220112010
Fund 8.6%24.8%-11.1%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 6.1%16.2%-15.6%8.3%11.1%22.1%-13.8%27.8%5.0%-5.3%-3.4%15.8%17.4%-13.3%11.6%
Table Header
Fund
MSCI ACWI ex US
202420232022202120202019201820172016201520142013201220112010
8.6%24.8%-11.1%6.6%5.4%21.7%-18.4%29.6%2.0%-6.1%-3.7%17.8%24.6%-12.6%15.4%
6.1%16.2%-15.6%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 March 31, 2025)

Benchmark: MSCI ACWI ex US
Asset Allocation
Table Header Fund
Stocks 96.6%
Cash 3.4%
Fund Characteristics
Table Header Fund Benchmark
No. of holdings 243 1982
Weighted avg. market cap (US $MM) $77,657 $87,278
FY2 price/earnings 10.0 12.5
Price/book value 1.5 1.9
Net assets $292,888,825 -
TOP 10 HOLDINGS
Security Country Percent
Kering SA France 2.9
Rolls-Royce Holdings Plc United Kingdom 2.8
Alstom SA France 2.6
Reckitt Benckiser Group Plc United Kingdom 2.6
Barclays PLC United Kingdom 2.5
Renesas Electronics Corp. Japan 2.2
AstraZeneca PLC United Kingdom 2.2
Canadian Pacific Kansas City Ltd. Canada 2.1
Taiwan Semiconductor Manufacturing Co., Ltd. Taiwan 2.0
Roche Holding AG Switzerland 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 WEIGHTS
Sector Fund Benchmark
Financials 20.3% 24.8%
Industrials 15.3% 14.0%
Information Technology 13.0% 12.2%
Consumer Discretionary 11.9% 11.1%
Health Care 10.4% 8.7%
Consumer Staples 7.9% 6.9%
Materials 6.5% 6.3%
Communication Services 5.4% 6.2%
Energy 2.3% 5.0%
Utilities 2.3% 3.1%
Real Estate 1.2% 1.7%
TOP 10 COUNTRIES
Country Fund Benchmark
United Kingdom 23.6% 9.6%
France 13.8% 7.3%
China 9.9% 9.1%
Japan 8.0% 13.7%
Germany 6.4% 6.3%
Netherlands 5.1% 2.8%
Taiwan 4.8% 4.9%
India 4.2% 5.4%
South Korea 4.0% 2.6%
Italy 2.8% 1.9%
Regional Allocation
  • Europe – other 56.7%
  • Emerging Asia 23.7%
  • Pacific 8.8%
  • North America 3.9%
  • Emerging Europe, Middle East, Africa 2.1%
  • Emerging Latin America 1.4%

Commentary (As of March 31, 2025)

Highlights

  • Global equity markets began the year on an optimistic note, but US stocks faltered amid tax policy uncertainty and shifting tariff pronouncements. Non-US equities outperformed for the month, led by gains in European financials and industrials.
  • De-globalization and tariffs appear likely to dampen real growth, increase inflationary pressures, and create sector-level dislocations. However, these disruptions can generate mispricing and opportunities for active investors. Despite the likelihood of a more difficult economic environment ahead, we remain optimistic that we can exploit share price weakness in desirable stocks.
  • This period of market dislocation provides an opportunity to add to positions in companies we believe will overcome tariffs and produce attractive multi-year returns. Companies with few competitors and strong pricing power have become especially valuable in this environment.

Portfolio Attribution

The Causeway International Opportunities Fund ("Fund") on a net asset value basis, outperformed the Index during the month. On a gross return basis, Fund holdings in the pharmaceutical & biotechnology, financial services, and insurance industry groups contributed to relative performance. Consumer durables & apparel, semiconductors & semi equipment, and consumer services detracted from relative performance. The greatest individual contributors to absolute returns included Asian life insurer, Prudential Plc (United Kingdom), banking & financial services company, BNP Paribas (France), and electric, gas & renewables power generation & distribution company, Enel SpA (Italy). The largest individual detractors from absolute returns included multinational luxury conglomerate, Kering SA (France), semiconductor company, Renesas Electronics Corp.(Japan), and semiconductor company, Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan).

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. Our valuation and earnings growth metrics are currently neutral for emerging markets. Quality, which includes such measures as profit margins and return on equity, and macroeconomic are negative indicators. Risk aversion is a positive indicator for emerging markets.

Quarterly Investment Outlook

Global trade tensions are escalating, with the trade war introducing significant economic and geopolitical uncertainty. During the quarter, the US placed the most punitive tariffs on China. Meanwhile China is prioritizing economic stability, technological advancement, and domestic consumption to meet its ambitious growth targets. EU fiscal integration is accelerating, with growing urgency to deepen capital markets. The Fund was overweight Chinese stocks as of quarter-end, with the majority of Chinese exposure in communication services and consumption-oriented businesses, which tend to be more domestically-focused and continue to look attractive on both self-relative valuation and growth characteristics. Recognizing the need for greater self-reliance, European leaders have committed to military and economic revitalization. Additionally, Chinese investment in Europe is likely to continue climbing as China diversifies its trade relationships. In contrast, the UK faces stagflation, with the Bank of England cautiously navigating persistent inflation and gilt market volatility amid slowing growth. In EM, Taiwan and South Korea are two of the most externally-exposed economies. In contrast, India may be less exposed as the country has one of the largest tariff differentials between exports to and imports from the United States. As of quarter-end, we were overweight South Korean stocks in the Fund due in part to bottom-up valuation and top-down considerations.

De-globalization and tariffs appear likely to dampen real growth, increase inflationary pressures, and create sector-level dislocations. However, these disruptions can generate mispricing and opportunities for active investors. Despite the likelihood of a more difficult economic environment ahead, we remain optimistic that we can exploit share price weakness in desirable stocks. This period of market dislocation provides an opportunity to add to positions in companies we believe will overcome tariffs and produce attractive multi-year returns. Companies with few competitors and strong pricing power have become especially valuable in this environment. Within the developed markets portion of the fund, we focus on identifying undervalued stocks rather than positioning around macroeconomic trends. Despite recent gains, non-US developed markets continue to trade at a significant discount to the US, where indices remain driven by a handful of AI-focused companies. The era of ultra-low interest rates is over, making near-term cash flows more attractive than speculative growth. Certain cyclical stocks now offer some of the lowest valuations since 2020 and are rising in our risk-adjusted return rankings. We are also focusing on companies providing mission-critical services to enterprises, which should see robust order growth regardless of tariff changes. As companies invest in digitalization and cloud transitions, IT Services firms are poised for renewed interest. Across sectors, Causeway targets companies improving efficiency, driving earnings, and boosting cash flow growth.

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.

Distributions

Table Header Dividends Short-term capital gains Long-term capital gains
2024 $0.5452 $0.1170 $0.8970
2023 $0.4007 $0.0000 $0.0282
2022 $0.3603 $0.0000 $0.0000
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).

Documents

Fund information:

Forms: