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, +0.28
December 31, 2009
Minimum Investment
Sales Charge
Net Expense Ratio
Gross Expense Ratio
*As of May 17, 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 -5.0%-10.5%-11.9%2.6%3.0%4.6%4.7%
MSCI ACWI ex US -6.2%-11.2%-9.9%4.8%5.4%5.5%5.0%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -5.0%-10.5%-11.9%2.6%3.0%4.6%4.7%
MSCI ACWI ex US -6.2%-11.2%-9.9%4.8%5.4%5.5%5.0%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -5.9%-5.9%-5.7%5.3%4.6%4.8%5.2%
MSCI ACWI ex US -5.3%-5.3%-1.0%8.0%7.3%6.0%5.5%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -5.9%-5.9%-5.7%5.3%4.6%4.8%5.2%
MSCI ACWI ex US -5.3%-5.3%-1.0%8.0%7.3%6.0%5.5%
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 April 30, 2022)

Benchmark: MSCI ACWI ex US
Asset Allocation
Stocks 98.7%
Cash 1.3%
Fund Characteristics
Fund Benchmark
No. of holdings 195 2311
Weighted avg. market cap (US $MM) $71,320 $69,234
FY2 price/earnings 9.2 12.0
Price/book value 1.4 1.8
Net assets $236,570,001 -
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 2.6
Novartis AG Switzerland 2.5
TotalEnergies SE France 2.5
UniCredit S.p.A. Italy 2.5
Amadeus IT Group SA Spain 2.4
FANUC Corp. Japan 2.3
Enel SpA Italy 2.3
SAP SE Germany 2.2
AstraZeneca Plc United Kingdom 2.1
Prudential Plc United Kingdom 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% 20.4%
Industrials 15.6% 12.0%
Health Care 13.5% 9.6%
Information Technology 12.7% 11.5%
Consumer Staples 9.4% 8.8%
Energy 8.4% 5.7%
Consumer Discretionary 6.0% 11.0%
Materials 5.7% 8.8%
Utilities 4.5% 3.3%
Communication Services 1.5% 6.3%
Real Estate 0.0% 2.5%
Country Fund Benchmark
United Kingdom 21.6% 9.9%
France 12.2% 7.2%
China 7.9% 8.8%
Switzerland 6.6% 6.6%
Spain 6.1% 1.5%
Japan 6.0% 13.7%
Germany 6.0% 5.1%
Taiwan 5.1% 4.5%
Italy 4.8% 1.5%
South Korea 4.6% 3.6%
Regional Allocation
  • Europe – other 62.9%
  • Emerging Asia 23.0%
  • Pacific 6.0%
  • Emerging Europe, Middle East, Africa 3.0%
  • Emerging Latin America 2.1%
  • North America 1.6%

Commentary (As of April 30, 2022)


  • Global equities fell in April as the prospect of tighter global monetary policy, the war in Ukraine, and additional Covid-related lockdowns in China all weighed on sentiment. As market participants anticipate higher interest rates, growth stocks—those with the loftiest valuations—have seen greater losses relative to value peers in the year-to-date period.
  • Except for China, central banks globally are aiming to tighten monetary policy amid inflation that is substantially above-target without tipping their respective economies into recession. However, continuing supply chain bottlenecks, energy and labor shortages, and elevated consumer demand may make inflation difficult to contain in the short term.
  • We seek to add, in our view, high-quality, competitively well-positioned, cash-generative companies to our client portfolios, including those that we believe will benefit from a complete re-opening of the global economy, investment in energy independence in Europe, and the building of onshore manufacturing in many developed markets to mitigate supply chain vulnerabilities.

Portfolio Attribution

The Causeway International Opportunities Fund (“Fund”) outperformed the Index during the month, due primarily to stock selection. Fund holdings in the pharmaceuticals & biotechnology, banks, and household & personal products industry groups, as well as an underweight position in the semiconductors & semi equipment and consumer durables & apparel industry groups, contributed to performance relative to the Index. Holdings in the capital goods and insurance industry groups, along with an overweight position in the transportation industry group and an underweight position in the telecommunication services and real estate industry groups, offset some of the outperformance versus the Index. The top contributor to return was health food & beverage producer, Danone (France). Additional top contributors included pharmaceutical giant, Sanofi (France), household & personal care products company, Reckitt Benckiser Group (United Kingdom), banking & financial services provider, Swedbank AB (Sweden), and consumer staples giant, Unilever (United Kingdom). The largest detractor from absolute performance was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Other notable detractors included robotics manufacturer, FANUC Corp. (Japan), life insurer, Prudential Plc (United Kingdom), banking & financial services company, UniCredit S.p.A. (Italy), and integrated circuit manufacturer, Taiwan Semiconductor Manufacturing Co., Ltd. - ADR (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 neutral. 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

More than a decade of intense global central bank quantitative easing (culminating in an explosion of monetary stimulus during Covid) pushed asset prices higher as too much money chased too few opportunities. That 10-year money geyser resulted in very low, and in some regions, negative, interest rates and developed market equity valuation multiples that rose sharply, often outpacing earnings (or the prospect of earnings at some future date). We believe a new monetary policy regime has begun—one that will likely lead to the opposite result with earnings and multiples under pressure as investors once again focus on valuation. From a fundamental perspective, we are most interested in identifying companies with strong balance sheets and pricing power combined with effective cost-cutting measures that can protect their profit margins. We seek to add, in our view, high-quality, competitively well-positioned, cash-generative companies to our client portfolios, including those that we believe will benefit from a complete re-opening of the global economy, investment in energy independence in Europe, and the building of onshore manufacturing in many developed markets to mitigate supply chain vulnerabilities. We typically look for dividend income and share buybacks as an indication of management’s resolve to reward shareholders and maintain efficient capital structures. We want that dividend income compounding, providing an important component of total return for our clients.

Regarding the EM portion of the Fund, earnings growth upgrades for EM equities continue to lag those in developed markets. EM sectors with the weakest earnings upgrades were communication services, consumer discretionary, and real estate. All three of these sectors are dominated by Chinese stocks, which were impacted by the Covid lockdowns. The sectors with the strongest earnings upgrades were energy, information technology, and financials. Energy benefitted from strong oil prices and information technology benefitted from positive revisions for a few larger capitalization stocks. Financials benefitted from rising interest rates. The countries with the weakest net upgrades include China, India, and Thailand. While Covid containment policies have weighed on Chinese stocks, rising commodity prices have dampened the growth outlook for Indian equities. The countries with the strongest net upgrades include Taiwan, Turkey, and Mexico. Positive revisions for larger capitalization companies drove strength in Taiwan. Mexican stocks have benefitted from economic linkages with the US. 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 provides outperformance 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: