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*
$11.40, -0.39
December 31, 2009
Minimum Investment
Sales Charge
Net Expense Ratio
Gross Expense Ratio
*As of September 23, 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 -2.2%-17.5%-19.4%2.3%-0.2%3.6%3.7%
MSCI ACWI ex US 0.2%-18.0%-19.1%3.3%2.1%5.0%4.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -2.2%-17.5%-19.4%2.3%-0.2%3.6%3.7%
MSCI ACWI ex US 0.2%-18.0%-19.1%3.3%2.1%5.0%4.2%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -10.4%-15.7%-17.9%0.9%1.1%4.2%3.9%
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%-15.7%-17.9%0.9%1.1%4.2%3.9%
MSCI ACWI ex US -13.5%-18.2%-19.0%1.8%3.0%5.3%4.2%
Fund 6.3%5.2%21.4%-18.6%29.4%1.7%-6.3%-4.0%17.5%24.4%-12.8%15.1%
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 August 31, 2022)

Benchmark: MSCI ACWI ex US
Asset Allocation
Stocks 97.7%
Cash 2.3%
Fund Characteristics
Fund Benchmark
No. of holdings 208 2270
Weighted avg. market cap (US $MM) $57,156 $62,161
FY2 price/earnings 8.9 11.2
Price/book value 1.4 1.7
Net assets $16,514,245 -
Security Country Percent
UniCredit S.p.A. Italy 3.1
Rolls-Royce Holdings Plc United Kingdom 2.7
Reckitt Benckiser Group United Kingdom 2.3
Enel SpA Italy 2.2
Prudential Plc United Kingdom 2.2
SAP SE Germany 2.2
Unilever United Kingdom 2.1
Amadeus IT Group SA Spain 2.0
Novartis AG Switzerland 1.9
Roche Holding AG Switzerland 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 21.1% 20.3%
Industrials 15.9% 12.2%
Health Care 12.7% 9.3%
Information Technology 11.5% 11.2%
Consumer Staples 10.9% 9.1%
Materials 7.2% 8.0%
Consumer Discretionary 6.5% 11.7%
Utilities 4.9% 3.4%
Energy 4.3% 6.2%
Communication Services 2.6% 6.2%
Real Estate 0.1% 2.4%
Country Fund Benchmark
United Kingdom 20.6% 9.6%
France 12.8% 7.0%
China 9.1% 9.5%
Germany 5.7% 4.7%
Japan 5.7% 14.3%
Spain 5.6% 1.5%
Italy 5.3% 1.4%
Switzerland 5.1% 6.4%
Netherlands 4.2% 2.5%
Taiwan 4.1% 4.3%
Regional Allocation
  • Europe – other 61.9%
  • Emerging Asia 22.5%
  • Pacific 5.7%
  • Emerging Europe, Middle East, Africa 3.0%
  • Emerging Latin America 2.4%
  • North America 2.2%

Commentary (As of August 31, 2022)


  • Developed equity markets declined again in August in response to central banks’ commitment to tamp down inflation and growing concerns about the risks to global economic activity.
  • We currently expect inflation in the developed world to remain well above its near three-decades-long average for some time to come. The Covid pandemic highlighted the vulnerability of long and complex supply chains, and costly investment will be required as companies and their governments attempt to onshore critical production. As transitory inflation pressures have risen, stickier wage expectations will likely embed lasting inflationary pressures into developed economies.
  • In our investable universe, we believe the best-positioned developed market industrials, materials, financials, and consumer discretionary companies—those with, in our view, balance sheet strength and excellent management teams—should lead markets upward in the next stage of the economic cycle.

Portfolio Attribution

The Causeway International Opportunities Fund (“Fund”) underperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, pharmaceuticals & biotechnology, insurance, health care equipment & services, and software & services industry groups detracted from performance relative to the Index. Holdings in the banks, diversified financials, semiconductors & semi equipment, and energy industry groups, as well as an underweight position in the consumer durables & apparel industry group, offset some of the underperformance versus the Index. The largest detractor from absolute performance was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Other notable detractors included life insurer, Prudential Plc (United Kingdom), pharmaceutical giant, Sanofi (France), healthcare equipment & services provider, Koninklijke Phillips NV (Netherlands), and rolling stock, signaling & services provider for the rail industry, Alstom SA (France). The top contributor to return was e-commerce platform, Pinduoduo (China). Additional top contributors included bank, Banco do Brasil SA (Brazil), online services company, Tencent Holdings Ltd. (China), oil & gas exploration company, Petroleo Brasileiro SA (Brazil), and insurer, AXA SA (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

Inflationary pressures, rising interest rates, and concerns about a slowdown in global economic activity have hampered developed market equity returns this year. The ongoing weakness in the Chinese economy just adds to the negative ramifications for the earnings of companies and industries globally. We believe central banks (other than the Bank of China) should continue raising interest rates and draining monetary liquidity from their respective financial systems, which will likely add downward pressures to valuation multiples. After a surge upward in the past 12 months, oil and gas stocks have moved down our risk-adjusted return ranking in the developed markets portion of the Fund. As a result, we reduced exposure to the energy sector in favor of other economically sensitive stocks where we believe valuations offer more upside potential over the next two years. For developed European cyclicals in particular, rising inflation, monetary tightening, and currency weakness have weighed heavily on stock prices. However, we believe valuations are quite low, likely already discounting a recession. In our investable universe, we believe the best-positioned developed market industrials, materials, financials, and consumer discretionary companies - those with, in our view, balance sheet strength and excellent management teams - should lead markets upward in the next stage of the economic cycle. Historically, cyclicals outperform as markets begin to discount recovery. We expect management teams of our portfolio companies to amplify profitability via leaner operations and greater efficiency (operational restructuring), creating the potential for even more uplift in their share prices.

Regarding the EM portion of the Fund, earnings growth upgrades for EM equities continue to lag those in developed markets. From a country perspective, South Korea, South Africa, and Brazil had the weakest net upgrades. South Korea reflects slowing global growth via the country’s exposure to the information technology sector. South Africa and Brazil are commodity-oriented economies that have been impacted by falling commodity prices. The countries with the strongest net upgrades were Indonesia, Saudi Arabia, and United Arab Emirates, in part reflecting relatively strong oil and coal prices. 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 $0.2058 $0.0000 $0.0000
2020 $0.1696 $0.0000 $0.0000
2019 $0.3193 $0.0000 $0.0327
2018 $0.2580 $0.0000 $0.0327
2017 $0.1923 $0.0000 $0.0000
2016 $0.4245 $0.0000 $0.0000
2015 $0.1357 $0.0107 $0.0199
2014 $0.0000 $0.0000 $0.4943
2013 $0.0958 $0.0001 $0.0739
2012 $0.2215 $0.0000 $0.0190
2011 $0.2487 $0.0000 $0.0303
2010 $0.1712 $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: