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*
+20.73%
Nav*
$18.58, +0.11
Inception
December 31, 2009
Cusip
14949Q206
Benchmark
MSCI ACWI ex US
Minimum Investment
$5,000
Sales Charge
None
Gross Expense Ratio
1.24%
Net Expense Ratio
1.20%
*As of July 17, 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 11.5%20.2%20.7%19.5%14.2%6.5%6.8%
MSCI ACWI ex US 12.0%17.9%17.7%14.0%10.1%6.1%5.6%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 11.5%20.2%20.7%19.5%14.2%6.5%6.8%
MSCI ACWI ex US 12.0%17.9%17.7%14.0%10.1%6.1%5.6%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 11.5%20.2%20.7%19.5%14.2%6.5%6.8%
MSCI ACWI ex US 12.0%17.9%17.7%14.0%10.1%6.1%5.6%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 11.5%20.2%20.7%19.5%14.2%6.5%6.8%
MSCI ACWI ex US 12.0%17.9%17.7%14.0%10.1%6.1%5.6%
Table Header 202420232022202120202019201820172016201520142013201220112010
Fund 8.3%24.4%-11.3%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 5.5%15.6%-16.0%7.8%10.7%21.5%-14.2%27.2%4.5%-5.7%-3.9%15.3%16.8%-13.7%11.2%
Table Header
Fund
MSCI ACWI ex US
202420232022202120202019201820172016201520142013201220112010
8.3%24.4%-11.3%6.3%5.2%21.4%-18.6%29.4%1.7%-6.3%-4.0%17.5%24.4%-12.8%15.1%
5.5%15.6%-16.0%7.8%10.7%21.5%-14.2%27.2%4.5%-5.7%-3.9%15.3%16.8%-13.7%11.2%

Portfolio (as of June 30, 2025)

Benchmark: MSCI ACWI ex US
Asset Allocation
Table Header Fund
Stocks 98.6%
Cash 1.4%
Fund Characteristics
Table Header Fund Benchmark
No. of holdings 242 1981
Weighted avg. market cap (US $MM) $86,095 $99,918
FY2 price/earnings 10.8 13.4
Price/book value 1.5 2.0
Net assets $28,755,817 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 2.9
Kering SA France 2.9
Barclays PLC United Kingdom 2.5
Reckitt Benckiser Group Plc United Kingdom 2.5
Alstom SA France 2.4
Taiwan Semiconductor Manufacturing Co., Ltd. Taiwan 2.3
Renesas Electronics Corp. Japan 2.3
AstraZeneca PLC United Kingdom 2.0
Akzo Nobel Netherlands 1.8
Tencent Holdings Ltd. China 1.8

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 20.0% 25.1%
Information Technology 15.5% 13.3%
Industrials 15.5% 14.8%
Consumer Discretionary 11.0% 10.1%
Health Care 10.3% 8.0%
Consumer Staples 7.5% 6.7%
Materials 7.4% 6.2%
Communication Services 5.6% 6.4%
Utilities 2.8% 3.2%
Energy 1.7% 4.6%
Real Estate 1.3% 1.7%
TOP 10 COUNTRIES
Country Fund Benchmark
United Kingdom 21.6% 9.2%
France 13.2% 7.0%
China 10.0% 8.3%
Japan 8.2% 13.7%
Germany 6.5% 6.5%
Taiwan 5.8% 5.5%
Netherlands 5.1% 3.0%
India 5.1% 5.3%
South Korea 4.7% 3.1%
Italy 2.5% 2.0%
Regional Allocation
  • Euro 29.2%
  • Emerging Asia 26.2%
  • Europe - Other 25.1%
  • Pacific 8.9%
  • North America 4.4%
  • Emerging Europe, Middle East, Africa 2.9%
  • Emerging Latin America 1.9%

Commentary (As of June 30, 2025)

Highlights

  • International equity markets extended their upward gains in June.
  • The de-escalation of tariff threats has introduced a measure of stability into global trade tensions. The removal of Section 899 from the U.S. federal budget, along with other nations’ decision to refrain from imposing extraterritorial taxes on U.S. firms, has further contributed to an easing of tensions. This would be a positive development for export-oriented EM countries like China, South Korea, and Taiwan.
  • Although the valuation gap between U.S. and non-U.S. markets has narrowed, we continue to find attractive investment opportunities across international markets. In the developed markets portion of the portfolio, our focus remains on companies offering durable value, characterized by pricing power, iconic brands, or robust product pipelines.

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 consumer services, consumer durables & apparel, and insurance industry groups contributed to relative performance. Holdings in the pharmaceuticals & biotechnology and semiconductors & semi equipment industry groups, along with an overweight position in the food beverage & tobacco industry group, offset some of the outperformance compared to the Index. The top contributor to return was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Other notable contributors included multinational luxury conglomerate, Kering SA (France), and integrated circuit manufacturer, Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan). The largest detractor was alcoholic beverage distributor, Diageo Plc (United Kingdom). Additional notable detractors included payment service provider, Worldline SA (France), and pharmaceutical company, AstraZeneca PLC (United Kingdom).

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 overweight. We identify five primary factors as most indicative of the ideal allocation target: valuation, quality, earnings growth, macroeconomic, and risk aversion. Our quality metric (which includes such measures as profit margins and return on equity), growth, and macroeconomic metrics are positive for emerging markets. Our risk aversion metric is currently a negative indicator and our valuation metric is neutral.

Investment Outlook

The de-escalation of tariff threats has introduced a measure of stability into global trade tensions. The removal of Section 899 from the U.S. federal budget, along with other nations’ decision to refrain from imposing extraterritorial taxes on U.S. firms, has further contributed to an easing of tensions. This would be a positive development for export-oriented EM countries like China, South Korea, and Taiwan. In South Korea, Democratic Party nominee Lee Jae Myung won the June presidential election.

In addition to removing a source of uncertainty, the election ushered in a significant set of legislative proposals that appear to be minority shareholder friendly. The most notable one is the proposed amendment to the Korea Commercial Act, which expands companies’ boards of directors’ fiduciary duties to also consider the interests of minority shareholders. The Fund is overweight South Korean stocks due in part to attractive valuations and favorable top-down characteristics. In China, data continues to reflect disinflationary trends and gross domestic product (“GDP”) growth is expected to slow into the low four percent range. Chinese authorities appear likely to refrain from aggressive spending to boost consumption. The Fund is overweight Chinese stocks due in part to attractive valuations, but we have trimmed our consumer holdings as lackluster consumer demand is weighing on earnings growth expectations.


In Europe, both public and private sector investment in defense, security, energy, and infrastructure is expected to accelerate, with meaningful economic benefits likely to emerge by 2026. The region is working to harmonize regulations and launch a unified, liquid capital market – efforts that could significantly accelerate innovation and drive long-term economic growth. Moreover, the trade-weighted U.S. dollar has declined to early 2022 levels, erasing its late 2024 gains. Continued depreciation could provide even more currency boost to dollar-based investors’ foreign holdings. Although the valuation gap between U.S. and non-U.S. markets has narrowed, we continue to find attractive investment opportunities across international markets. In the developed markets portion of the portfolio, our focus remains on companies offering durable value, characterized by pricing power, iconic brands, or robust product pipelines. We continue to take a disciplined approach, preferring investments at current valuations rather than paying a premium for potential future positive developments. Across sectors, Causeway targets companies improving efficiency, driving earnings, and boosting cash flows.


Within EM, the South Korean Democratic Party nominee Lee Jae Myung won the June presidential election. In addition to removing a source of uncertainty, the election ushered in a significant set of legislative proposals that appear to be minority shareholder friendly. The most notable one is the proposed amendment to the Korea Commercial Act, which expands companies’ boards of directors’ fiduciary duties to also consider the interests of minority shareholders. Other shareholder friendly proposals include the separate taxation of dividends which should increase Korean companies’ anemic dividend yields, an inheritance tax amendment, the mandatory cancellation of treasury shares, and a discovery system which would give shareholders access to internal company documents. The Fund is overweight South Korean stocks due in part to attractive valuations and favorable top-down characteristics. In China, data continues to reflect disinflationary trends and gross domestic product (“GDP”) growth is expected to slow into the low four percent range. Chinese authorities appear likely to refrain from aggressive spending to boost consumption. The Fund is overweight Chinese stocks due in part to attractive valuations, but we have trimmed our consumer holdings as lackluster consumer demand is weighing on earnings growth expectations.

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 $0.5041 $0.1170 $0.8970
2023 $0.3642 $0.0000 $0.0282
2022 $0.3242 $0.0000 $0.0000
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).

Documents

Fund information:

Forms: