Seeking value primarily in the non-US developed markets

The Fund invests primarily in common stocks of companies in developed countries outside the US. Normally, the Fund invests at least 80% of its total assets in stocks of companies in a number of foreign countries and invests the majority of its total assets in companies that pay dividends or repurchase their shares. The Fund may invest up to 15% of its total assets in companies in emerging (less developed) markets.

YTD Return*
+17.03%
Nav*
$21.72, +0.13
Inception
October 26, 2001
Cusip
14949P208
Benchmark
MSCI EAFE
Minimum Investment
$1,000,000
Sales Charge
None
Gross Expense Ratio
0.87%
Net Expense Ratio
0.85%
*As of May 20, 2025
**Contractual fee waivers are in effect until 1/31/2026.

Strategy overview

The portfolio managers discuss our International Value strategy.

Portfolio managers

Fundamental Portfolio Manager
Fundamental Portfolio Manager
President
Head of Fundamental Research
Fundamental Portfolio Manager
Chief Executive Officer
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager

Performance

Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 1.2%11.5%14.3%15.0%16.2%5.8%7.5%
MSCI EAFE 4.7%12.0%13.1%10.6%11.9%6.0%6.6%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 1.2%11.5%14.3%15.0%16.2%5.8%7.5%
MSCI EAFE 4.7%12.0%13.1%10.6%11.9%6.0%6.6%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.1%10.1%11.2%12.7%18.0%6.1%7.5%
MSCI EAFE 7.0%7.0%5.4%6.6%12.3%5.9%6.5%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.1%10.1%11.2%12.7%18.0%6.1%7.5%
MSCI EAFE 7.0%7.0%5.4%6.6%12.3%5.9%6.5%
Table Header 20242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002
Fund 3.7%27.3%-6.8%9.1%5.4%20.1%-18.6%27.2%0.4%-3.0%-6.2%24.2%24.5%-10.6%12.3%32.3%-41.9%7.9%26.1%8.1%26.6%45.9%-10.9%
MSCI EAFE 4.3%18.9%-14.0%11.8%8.3%22.7%-13.4%25.6%1.5%-0.4%-4.5%23.3%17.9%-11.7%8.2%32.5%-43.1%11.6%26.9%14.0%20.7%39.2%-15.7%
Table Header
Fund
MSCI EAFE
20242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002
3.7%27.3%-6.8%9.1%5.4%20.1%-18.6%27.2%0.4%-3.0%-6.2%24.2%24.5%-10.6%12.3%32.3%-41.9%7.9%26.1%8.1%26.6%45.9%-10.9%
4.3%18.9%-14.0%11.8%8.3%22.7%-13.4%25.6%1.5%-0.4%-4.5%23.3%17.9%-11.7%8.2%32.5%-43.1%11.6%26.9%14.0%20.7%39.2%-15.7%

Portfolio (as of April 30, 2025)

Benchmark: MSCI EAFE
Asset Allocation
Table Header Fund
Stocks 96.9%
Cash 3.1%
Fund Characteristics
Table Header Fund Benchmark
No. of holdings 69 694
Weighted avg. market cap (US $MM) $68,597 $79,712
FY2 price/earnings 10.9 13.4
Price/book value 1.5 1.9
Net assets $13,758,969,175 -
TOP 10 HOLDINGS
Security Country Percent
Alstom SA France 3.7%
Kering SA France 3.6%
Rolls-Royce Holdings Plc United Kingdom 3.6%
Samsung Electronics Co., Ltd. South Korea 3.4%
Reckitt Benckiser Group Plc United Kingdom 3.4%
Barclays PLC United Kingdom 3.4%
AstraZeneca PLC United Kingdom 2.8%
Renesas Electronics Corp. Japan 2.8%
Canadian Pacific Kansas City Ltd. Canada 2.6%
Roche Holding AG Switzerland 2.4%

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 19.7% 23.4%
Industrials 17.1% 18.0%
Information Technology 13.3% 8.1%
Health Care 12.3% 12.0%
Consumer Staples 9.7% 8.5%
Consumer Discretionary 8.2% 10.3%
Materials 7.3% 5.7%
Communication Services 3.7% 5.2%
Utilities 2.6% 3.5%
Energy 2.2% 3.2%
Real Estate 0.9% 1.9%
TOP 10 COUNTRIES
Country Fund Benchmark
United Kingdom 29.8% 14.9%
France 18.5% 11.4%
Japan 10.8% 21.9%
Germany 8.5% 10.3%
Netherlands 6.6% 4.4%
South Korea 4.5% 0.0%
Italy 3.7% 3.1%
Canada 3.2% 0.0%
Switzerland 2.9% 9.9%
Belgium 2.6% 1.0%
Regional Allocation
  • Europe – other 74.1%
  • Pacific 11.9%
  • North America 5.3%
  • Emerging Asia 5.7%
  • Emerging Latin America 0.0%

Commentary (As of April 30, 2025)

Highlights

  • Global equity markets experienced a turbulent month, selling off sharply after sweeping US tariff announcements, then rebounding as investors priced in softening trade terms.
  • Global trade tensions are escalating, with the trade war introducing significant economic and geopolitical uncertainty.
  • Causeway’s global and international value portfolios focus on identifying undervalued stocks rather than positioning around macroeconomic trends.

Portfolio Attribution

The Causeway International Value Fund ("Fund"), on a net asset value basis, underperformed the Index during the month, due primarily to stock selection. Fund holdings in the semiconductors & semi equipment, capital goods, and household & personal products industry groups detracted from relative performance. Holdings in the banks and software & services industry groups, as well as an underweight position in the financial services industry group, offset some of the underperformance compared to the Index. The largest detractor was crude oil & natural gas company, BP Plc (United Kingdom). Additional notable detractors included semiconductor company, Renesas Electronics Corp. (Japan), and appliance manufacturer, Electrolux (Sweden). The top contributor to return was rolling stock, signaling, and services provider for the rail industry, Alstom SA (France). Other notable contributors included a banking & financial services company, Barclays PLC (United Kingdom), and home entertainment products company, Nintendo Co., Ltd. (Japan).

Investment Outlook

The global trade war has introduced significant economic and geopolitical uncertainty. During the quarter, the US placed record high punitive tariffs on China. Meanwhile China has reciprocated, making all but essential (or tariff-exempt) trade between the two countries cost-prohibitive. 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. Recognizing the need for greater self-reliance, European leaders have committed to military and economic revitalization. Germany, just weeks after its February election, approved substantial defense and infrastructure spending. In contrast, the UK faces stagflation, with the Bank of England cautiously navigating persistent inflation and gilt market volatility amid slowing growth.

De-globalization and tariffs appear likely to reduce global gross domestic product, increase inflationary pressures, and create sector-level dislocations. However, these disruptions can generate mispricing and opportunities for active investors. 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.

Causeway’s global and international value portfolios focus on identifying undervalued stocks rather than positioning around macroeconomic trends. 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 also are focusing on companies providing mission-critical products and services, which should see robust order growth regardless of tariff volatility. Across sectors, Causeway targets companies improving efficiency, driving earnings, and boosting cash flow.

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. A company may reduce or eliminate its dividend, causing losses to a fund. 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 $0.3980 $0.1324 $1.1868
2023 $0.3632 $0.1678 $0.1748
2022 $0.2834 $0.0000 $0.0000
2021 $0.3170 $0.0000 $0.0000
2020 $0.2231 $0.0000 $0.0000
2019 $0.4953 $0.0497 $0.1781
2018 $0.3750 $0.0000 $0.1083
2017 $0.3165 $0.0000 $0.0000
2016 $0.2901 $0.0000 $0.0000
2015 $0.2750 $0.0000 $0.0000
2014 $0.3788 $0.0000 $0.0000
2013 $0.1645 $0.0000 $0.0000
2012 $0.2757 $0.0000 $0.0000
2011 $0.3813 $0.0000 $0.0000
2010 $0.1939 $0.0000 $0.0000
2009 $0.1875 $0.0000 $0.0000
2008 $0.5135 $0.0000 $0.4558
2007 $0.4536 $0.6606 $3.3443
2006 $0.2289 $0.0222 $0.8650
2005 $0.3718 $0.1962 $0.3833
2004 $0.2647 $0.1379 $0.3093
2003 $0.1813 $0.0037 $0.0550
2002 $0.1196 $0.0000 $0.0000
2001 $0.0000 $0.0000 $0.0000

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: