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*
+21.22%
Nav*
$19.31, -0.04
Inception
October 26, 2001
Cusip
14949P208
Benchmark
MSCI EAFE
Minimum Investment
$1,000,000
Sales Charge
None
Net Expense Ratio
0.88%
Gross Expense Ratio
0.91%
*As of November 30, 2023
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    Strategy overview

    The portfolio managers discuss our International Value strategy.

    Portfolio managers

    Brian Woonhyung Cho

    Fundamental Portfolio Manager

    Mr. Cho is a fundamental portfolio manager at Causeway. He joined the firm in September 2013 and has been a portfolio manager since January 2021. His current responsibilities include coverage of companies in the technology and communication services sectors.
     
    From 2011 to 2013, Mr. Cho was a vice president at BofA-ML Equity Research, covering the IT hardware and supply chain sector. From 2007 to 2011, he worked as an associate at Goldman Sachs Equity Research covering the same sector. From 2006 to 2007, he worked as an analyst at Morgan Stanley Equity Research covering the internet and interactive software sector. Prior to that, he worked as an analyst at PA Consulting Group in the financial services practice.

    Mr. Cho earned a BSc in management science from Massachusetts Institute of Technology.

    Read our interview with Brian about value investing in the technology sector.

    Jonathan Eng

    Fundamental Portfolio Manager

    Mr. Eng is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global consumer discretionary, industrials, and energy sectors. He joined the firm in July 2001 and has been a portfolio manager since February 2002.
     
    From 1997 to 2001, Mr. Eng was an equity research associate for the Hotchkis and Wiley division of Merrill Lynch Investment Managers (HW-MLIM). In 1996, Mr. Eng worked as a summer research associate for Hotchkis and Wiley, performing U.K. and European equity research. From 1993 to 1995, Mr. Eng analyzed merger and acquisition candidates at Slusser Associates. From 1990 to 1993, Mr. Eng worked as a middle market corporate lender for Bank of Boston.

    Mr. Eng earned a BA in history and economics from Brandeis University and an MBA from the UCLA Anderson Graduate School of Management

    Harry Hartford

    President
    Head of Fundamental Research
    Fundamental Portfolio Manager

    Mr. Hartford is the president at Causeway, fundamental portfolio manager, and head of fundamental research. Mr. Hartford co-founded the firm in June 2001 and is a member of the operating committee.

    From 1996 to June 2001, Mr. Hartford was a managing director for the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM) and co-head of the firm's HW-MLIM international and global value team. From 1994 to 1996, Mr. Hartford was a portfolio manager for Hotchkis and Wiley. From 1984 to 1994, Mr. Hartford was with The Investment Bank of Ireland, where he gained ten years’ experience in both international and global equity management. During this time, Mr. Hartford also managed the Irish Investment Fund, a closed-end country fund quoted on the NYSE. Before entering the investment business, Mr. Hartford lectured in micro and macroeconomics at Oklahoma State University.

    Mr. Hartford earned a BA, with honors, in economics from the University of Dublin, Trinity College, an MSc in economics from Oklahoma State University, and is a Phi Kappa Phi member. Mr. Hartford is a member of The Ireland Funds America Board of Directors.

    Sarah Ketterer

    Chief Executive Officer
    Fundamental Portfolio Manager

    Ms. Ketterer is the chief executive officer at Causeway, fundamental portfolio manager, and is responsible for investment research across all sectors. Ms. Ketterer co-founded the firm in June 2001 and is a member of the operating committee. 

    From 1996 to 2001, Ms. Ketterer worked for the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM). At HW-MLIM, she was a managing director and co-head of the firm's HW-MLIM International and Global Value team. From 1990 to 1996, Ms. Ketterer was a portfolio manager at Hotchkis & Wiley, where she founded the International Equity product.

    Ms. Ketterer earned a BA in economics and political science from Stanford University and an MBA from the Tuck School, Dartmouth College. Ms. Ketterer serves on the Stanford University Board of Trustees, is a member of UT Southwestern President’s Advisory Board, is on the advisory board of Portal Schools, and is a supporter of Girls Who Invest. She previously served as a board member and chair of the Los Angeles World Affairs Council and Town Hall and chair of the investment committee of the Music Center Foundation.

    Ellen Lee

    Fundamental Portfolio Manager

    Ms. Lee is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global consumer and utilities sectors. Prior to the current role, she also covered transportation and autos. She joined the firm in August 2007 and has been a portfolio manager since January 2015.
     
    During the summer of 2006, Ms. Lee interned at Tiger Asia, a long short equity hedge fund focused on China, Japan, and Korea. From 2001 to 2004, Ms. Lee was an associate in the mergers and acquisitions division of Credit Suisse First Boston in Seoul, where she advised Korean corporates and multinational corporations. From 1999 to 2000, she was an analyst in the mergers and acquisitions division of Credit Suisse First Boston in Hong Kong.

    Ms. Lee earned a BA in business administration from Seoul National University and an MBA from the Stanford Graduate School of Business. She currently serves on the audit and investment committee at the Center for Early Education in West Hollywood.

    Read our profile of Ellen .

    Conor Muldoon, CFA

    Fundamental Portfolio Manager

    Mr. Muldoon is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global financials and materials sectors. He joined the firm in August 2003 and has been a portfolio manager since September 2010. He is also a member of the operating committee.
     
    From 1995 to 2003, Mr. Muldoon was an investment consultant for Fidelity Investments where he served as a liaison between institutional clients and investment managers within Fidelity. He was responsible for communicating current information on the financial markets, the economy and investment performance.

    Mr. Muldoon earned a BSc and an MA from the University of Dublin, Trinity College and an MBA, with high honors, from the University of Chicago. Mr. Muldoon was inducted into the Beta Gamma Sigma honors society and is also a CFA charterholder.

    Steven Nguyen, CFA

    Fundamental Portfolio Manager

    Mr. Nguyen is a director and fundamental portfolio manager at Causeway and is responsible for investment research in utilities & renewables, healthcare, and business services. He joined the firm in April 2012 and has been a portfolio manager since January 2019.
     
    From 2006 to 2012, Mr. Nguyen was a senior credit analyst at Bradford & Marzec covering high yield and investment grade companies in the telecommunication services, cable, media, gaming, insurance, and REIT industries. From 2003 to 2006, Mr. Nguyen was a credit analyst/portfolio manager in the corporate bond department of Allegiance Capital.

     

    Mr. Nguyen earned a BA in business economics from Brown University and an MBA, with honors, from the UCLA Anderson School of Management. Mr. Nguyen was the president of the Anderson Student Asset Management association. Mr. Nguyen is a CFA charterholder and has completed the CFA Institute Certificate in ESG Investing program.

     

    Alessandro Valentini, CFA

    Fundamental Portfolio Manager

    Mr. Valentini is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global healthcare, financials, and real estate sectors. He joined the firm in July 2006 and has been a portfolio manager since April 2013.
     
    During the summer of 2005, Mr. Valentini worked as a research analyst at Thornburg Investment Management, where he conducted fundamental research for the International Value Fund and the Value Fund, focusing on the European telecommunication and Canadian oil sectors. From 2000 to 2004, Mr. Valentini worked as a financial analyst at Goldman Sachs in the European equities research-sales division in New York.

    Mr. Valentini earned an MBA from Columbia Business School, with honors, an MA in economics from Georgetown University and a BS, magna cum laude, from Georgetown University. Mr. Valentini was inducted into the Beta Gamma Sigma honors society, is a Phi Beta Kappa member, and is a CFA charterholder.

    Performance

    QTD YTD 1 year3 years5 years10 years Since inception
    Fund -3.5%11.8%27.3%14.9%5.8%3.5%6.7%
    MSCI EAFE -4.0%3.2%15.0%6.3%4.6%3.5%5.7%
    QTD YTD 1 year3 years5 years10 years Since inception
    Fund -3.5%11.8%27.3%14.9%5.8%3.5%6.7%
    MSCI EAFE -4.0%3.2%15.0%6.3%4.6%3.5%5.7%
    QTD YTD 1 year3 years5 years10 years Since inception
    Fund -3.4%15.8%42.3%14.5%4.9%4.1%6.9%
    MSCI EAFE -4.0%7.6%26.3%6.3%3.7%4.3%5.9%
    QTD YTD 1 year3 years5 years10 years Since inception
    Fund -3.4%15.8%42.3%14.5%4.9%4.1%6.9%
    MSCI EAFE -4.0%7.6%26.3%6.3%3.7%4.3%5.9%
    202220212020201920182017201620152014201320122011201020092008200720062005200420032002
    Fund -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 -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%
    Fund
    MSCI EAFE
    202220212020201920182017201620152014201320122011201020092008200720062005200420032002
    -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%
    -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%

    The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted. Returns greater than one year are average annual total returns. Total returns assume reinvestment of dividends and capital gains distributions at net asset value when paid. All information is as of the date shown. Investment performance reflects fee waivers. In the absence of such fee waivers, total return would be reduced. *Gross expenses before investment adviser fee waivers are 0.91% for Institutional Class shares and 1.16% for Investor Class shares. The waivers are contractual and in effect until 1/31/2024. Investor Class shares charge up to a 0.25% annual shareholder service fee.

    Portfolio (as of October 31, 2023)

    Benchmark: MSCI EAFE
    Asset Allocation
    Fund
    Stocks 97.4%
    Cash 2.6%
    Fund Characteristics
    Fund Benchmark
    No. of holdings 69 797
    Weighted avg. market cap (US $MM) $71,074 $68,409
    FY2 price/earnings 10.6 11.9
    Price/book value 1.6 1.7
    Net assets $6,631,720,110 -
    TOP 10 HOLDINGS
    Security Country Percent
    Rolls-Royce Holdings Plc United Kingdom 5.1%
    Samsung Electronics Co., Ltd. South Korea 4.2%
    UniCredit S.p.A. Italy 3.0%
    BP Plc United Kingdom 2.8%
    Reckitt Benckiser Group United Kingdom 2.7%
    Roche Holding AG Switzerland 2.7%
    Enel SpA Italy 2.6%
    Barclays PLC United Kingdom 2.4%
    Shell United Kingdom 2.4%
    Prudential Plc United Kingdom 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 18.3% 19.1%
    Industrials 14.4% 15.7%
    Health Care 14.1% 13.1%
    Consumer Staples 13.9% 9.9%
    Information Technology 11.4% 7.9%
    Consumer Discretionary 5.8% 11.9%
    Energy 5.2% 4.9%
    Materials 5.0% 7.5%
    Utilities 4.7% 3.5%
    Communication Services 3.2% 4.2%
    Equity Funds 1.0% 0.0%
    Real Estate 0.4% 2.3%
    TOP 10 COUNTRIES
    Country Fund Benchmark
    United Kingdom 33.5% 15.3%
    France 12.6% 12.1%
    Germany 9.1% 8.3%
    Switzerland 6.5% 9.9%
    Japan 6.0% 22.9%
    South Korea 5.7% 0.0%
    Netherlands 5.5% 4.4%
    Italy 5.5% 2.7%
    Spain 3.5% 2.6%
    Canada 2.5% 0.0%
    Regional Allocation
    • Europe – other 79.5%
    • Pacific 12.7%
    • North America 2.5%
    • Emerging Asia 1.0%
    • Multi Region Developed 1.0%
    • Emerging Latin America 0.6%

    Commentary (As of October 31, 2023)

    Highlights

    • Global equities retreated for the 3rd consecutive month in October as investors digested the “higher for longer” interest rate backdrop.
    • Excluding Australia, major Developed Market central banks, including the US Federal Reserve Bank, The Bank of England, The European Central Bank and The Bank of Japan, voted to leave rates unchanged at their most recent meetings.
    • Our investment teams’ demands of company management—holding managements accountable to improve earnings and cash flow—should help drive portfolio ROE higher in the years ahead.OE higher in the years ahead.
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    Portfolio attribution

    The Causeway International Value Equity Fund ("Fund"), on a net asset value basis, modestly outperformed the MSCI EAFE Index during the month. On a gross return basis, Fund holdings in the food beverage & tobacco, consumer staples distribution & retail, and utilities industry groups contributed to relative performance. Holdings in pharmaceuticals & biotechnology, capital goods, and banks industry groups, offset some of the performance compared to the Index. The top contributor to return was health food & beverage producer, Danone (France). Other notable contributors included banking & financial services company, UniCredit S.p.A. (Italy), and convenience store operator, Alimentation Couche-Tard (Canada). The largest detractor was banking & financial services company, Barclays PLC (United Kingdom). Additional notable detractors included rolling stock, signaling, & services provider for the rail industry, Alstom SA (France), and pharmaceutical giant, Sanofi (France).

    Economic outlook

    Excluding Australia, major Developed Market central banks, including the US Federal Reserve Bank, The Bank of England, The European Central Bank and The Bank of Japan, voted to leave rates unchanged at their most recent meetings. The global manufacturing output PMI slipped 0.9 points to 48.9 last month, a level consistent with a 0.5% annual rate contraction in factory output. The standout positive in the October PMIs was the US, with a rise in both the output (+0.5 points) and new orders (+1.4 points) indexes. However, China stepped down and the Euro area PMI remains stuck at a recessionary level.

    According to JP Morgan, mainland China’s global PMI slipped to 48.8 likely reflecting the ongoing drags from the real estate sector and domestic demand weakness and raising questions about the resilience of the end-of-third quarter momentum.

    Investment outlook

    The era of cheap money is behind us, and at a minimum we are entering uncharted territory of public sector deficits and rising debt to GDP. We are careful to avoid making investment decisions based on the interest rate regime of the past 15-20 years. We expect an era of higher long term interest rates, even if global economic activity falters. Large budget deficits and overall public sector debt levels, the capital demands required to fund the transition to a low carbon global economy, along with the costs of ongoing armed conflict and aging demographics in the developed countries plus China, suggest that structurally higher long term interest rates will be required to attract capital.

    The "higher for longer" theme, coupled with uncertainty about the path of economic activity, will likely result in continued volatility in global equity markets. Causeway's commitment to detailed and disciplined fundamental research aims to position the team well to identify mispriced securities in this dynamic environment on behalf of our clients.As central banks continue their efforts to control inflation, this will likely lead to an environment of greater equity volatility than in the past 10-15 years. We believe that active management produces superior performance versus passive management in volatile markets. And a greater focus on valuation now that money is not free should favor managers employing a disciplined, value oriented, long term investment approach. Though US stocks—with their overall higher returns on capital—generally deserve to trade at a premium to their non-US peers, the current valuation gaps far exceed long term averages.

    Also, the major US indices have become relatively concentrated in a small number of expensive mega-cap stocks. For a passive investor mimicking a market capitalization weighted US index, this creates a level of concentration risk that should be of concern. Using our measure of predicted volatility, broad-based developed market value indices are currently less volatile than growth indices. At a minimum, investors should demand a higher return for owning riskier growth stocks and this is occurring right at the point when long duration (growth) equities are under strain from higher long term interest rates. Relative to history, the portfolio’s valuation characteristics indicate upside potential that, in our view, more than justifies the risk. We anticipate the portfolio’s below benchmark return on equity (ROE) will continue to improve as the earnings of some of the bigger holdings progress through the end of 2024. Our investment teams’ demands of company management—holding managements accountable to improve earnings and cash flow—should help drive portfolio ROE higher in the years ahead.

    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

    Dividends Short-term capital gains Long-term capital gains
    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
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    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

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    Causeway Funds plc (the "Fund") is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352 of 2011) of Ireland, as amended.

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