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*
$13.51, +0.06
December 31, 2009
Minimum Investment
Sales Charge
Net Expense Ratio
Gross Expense Ratio
*As of December 01, 2022
Download Profile Sheet Download Prospectus
Contact Us

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 5.8%-20.8%-21.5%-1.6%-1.7%2.9%3.6%
MSCI ACWI ex US 3.0%-24.0%-24.4%-1.2%-0.1%3.7%3.5%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 5.8%-20.8%-21.5%-1.6%-1.7%2.9%3.6%
MSCI ACWI ex US 3.0%-24.0%-24.4%-1.2%-0.1%3.7%3.5%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -11.2%-25.1%-25.2%-2.0%-2.4%2.4%3.1%
MSCI ACWI ex US -9.8%-26.2%-24.8%-1.1%-0.3%3.5%3.3%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -11.2%-25.1%-25.2%-2.0%-2.4%2.4%3.1%
MSCI ACWI ex US -9.8%-26.2%-24.8%-1.1%-0.3%3.5%3.3%
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 October 31, 2022)

Benchmark: MSCI ACWI ex US
Asset Allocation
Stocks 98.8%
Cash 1.2%
Fund Characteristics
Fund Benchmark
No. of holdings 213 2273
Weighted avg. market cap (US $MM) $50,672 $55,606
FY2 price/earnings 9.0 11.0
Price/book value 1.4 1.6
Net assets $193,482,229 -
Security Country Percent
UniCredit S.p.A. Italy 2.9
Rolls-Royce Holdings Plc United Kingdom 2.6
Prudential Plc United Kingdom 2.3
SAP SE Germany 2.3
Enel SpA Italy 2.2
FANUC Corp. Japan 2.1
Amadeus IT Group SA Spain 2.0
Reckitt Benckiser Group United Kingdom 1.9
Roche Holding AG Switzerland 1.9
Unilever United Kingdom 1.9

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 19.7% 20.9%
Industrials 16.4% 12.5%
Health Care 12.6% 10.0%
Consumer Staples 11.1% 9.1%
Information Technology 10.9% 10.9%
Consumer Discretionary 7.9% 10.7%
Materials 7.8% 8.1%
Utilities 5.1% 3.3%
Energy 4.7% 6.6%
Communication Services 2.5% 5.7%
Real Estate 0.1% 2.2%
Country Fund Benchmark
United Kingdom 19.7% 10.0%
France 13.3% 7.5%
China 7.5% 7.4%
Germany 7.0% 5.1%
Japan 6.5% 14.1%
Spain 5.6% 1.6%
Italy 5.1% 1.5%
Switzerland 5.0% 6.7%
Netherlands 4.7% 2.6%
India 4.4% 4.5%
Regional Allocation
  • Europe – other 64.2%
  • Emerging Asia 20.2%
  • Pacific 6.5%
  • Emerging Europe, Middle East, Africa 3.5%
  • North America 2.3%
  • Emerging Latin America 2.2%

Commentary (As of October 31, 2022)


  • Despite ongoing geopolitical tensions, persistently high inflation, lingering global supply chain constraints (China continues to pursue a zero-Covid policy), and an effort by European governments to shore up natural gas supplies before the onset of winter, global developed equity markets appreciated in October – likely reflecting rising expectations of a moderation in the pace of interest rate increases by developed market central banks. Within emerging markets (“EM”), market weakness in China – MSCI China (31% of the index) was down 17% and weighed on the asset class.
  • Strong labor markets and the aforementioned high inflation compelled further interest rate increases from many developed market central banks. We expect the Fed, ECB, and BoE will likely continue to raise interest rates –even though the result of such tightening will likely not be fully reflected in economic data for at least 12 months.
  • We believe valuations for international equities, regardless of region, are increasingly promising for investors with a multi-year investment horizon. We expect meaningful alpha potential from cyclical European equities that incurred waves of selling after Russia’s invasion of Ukraine and from stocks in developed markets afflicted by China’s zero-Covid policy.

Portfolio Attribution

The Causeway International Opportunities Fund (“Fund”) outperformed the Index during the month, due primarily to stock selection. Fund holdings in the banks, transportation, food beverage & tobacco, retailing, and materials industry groups contributed to performance relative to the Index. Holdings in the energy, health care equipment & services, semiconductors & semi equipment, automobiles & components, and diversified financials industry groups offset some of the outperformance versus the Index. The top contributor to return was banking & financial services company, UniCredit S.p.A. (Italy). Additional top contributors included jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom), rolling stock, signaling & services provider for the rail industry, Alstom SA (France), business software & services provider, SAP SE (Germany), and industrial gas provider, Air Liquide (France). The largest detractor from absolute performance was online services company, Tencent Holdings Ltd. (China). Other notable detractors included integrated circuit manufacturer, Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan), healthcare equipment & services provider, Koninklijke Philips NV (Netherlands), life insurer, Prudential Plc (United Kingdom), and internet commerce company, Alibaba Group Holding Ltd. (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 negative for emerging markets. Lastly, our risk aversion factor is positive in our model.

Investment Outlook

We believe that valuations for international equities, regardless of region, are increasingly promising for investors with a multi-year investment horizon. Currency slippage versus the US dollar should reverse, at least in part, as the interest rate differential between the US and Europe (for example) closes over the upcoming 12-18 months. Cyclical European equities incurred waves of selling after Russia’s invasion of Ukraine in February. That investor exodus has brought some, in our view, world-class developed market companies, in sectors such as materials, industrials, and consumer discretionary, into our buying range. We expect another area of meaningful alpha potential to come from developed markets stocks afflicted by China’s zero-Covid policy. We used the pessimism from delayed China reopening to gain exposure to, in our view, a broad array of competitively well-positioned companies that generate 10% or more of their respective revenues from the Chinese market. Typical of what Causeway seeks for its holdings, these companies have not wasted time while their China sales are weak; they have implemented operational restructuring to improve efficiency and lower costs in anticipation of a return to revenue expansion. Reopening, albeit gradual and without a precise timeframe, is inevitable in our view. Governments that asphyxiate their economies and cause social instability typically do not remain in power. We are convinced that China is no exception.

Within the EM portion of the Fund, we adjusted our earnings growth factor to, in our view, better reflect sentiment for commodity-related stocks. Based on our research, sell-side analyst earnings revisions for this cohort of stocks may be inconsistent with the price movement of the underlying commodities. In some cases, analysts are slow to update estimates, while in other cases, analysts base their forecasts on foward contracts, which adjust with a lag compared to spot prices. Additionally, extreme movements in commodity prices are often met with supply and demand responses, resulting in price reversals. For these reasons, we believe that adjusting our earnings growth factor for commodity-related stocks can potentially improve the Fund’s risk-adjusted returns. Overall, earnings growth upgrades for EM equities continue to lag those in ex-US developed markets. The EM sectors with the weakest net upgrades were materials, communication services, and industrials. Slowing global growth has contributed to lower expectations for industrials, which reflect weakness in the shipping sector, and materials companies. Communication services is primarily driven by the Chinese internet and technology companies, which have been impacted by the country’s slowing growth. Sectors with positive net upgrades were financials and energy. Financials are benefitting from positive credit cycles in India and Brazil, countries where we are identifying attractive investment opportunities in banks. The energy sector has been buoyed by oil, coal, and natural gas prices, which remain relatively strong. While we incorporate growth expectations into our multi-factor investment process, we continue to emphasize valuation in our approach. With a balance of favorable valuation, growth, and price momentum characteristics relative to the Index, we believe the portfolio offers attractive risk-adjusted return potential looking forward.


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: