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*
-1.42%
Nav*
$16.01, -0.38
Inception
October 26, 2001
Cusip
14949P208
Benchmark
MSCI EAFE
Minimum Investment
$1,000,000
Sales Charge
None
Net Expense Ratio
0.85%
Gross Expense Ratio
0.90%
*As of January 27, 2021
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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

QTD YTD 1 year3 years5 years10 years Since inception
Fund 27.3%5.4%5.4%1.0%5.6%5.2%7.0%
MSCI EAFE 16.1%8.3%8.3%4.8%8.0%6.0%6.6%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 27.3%5.4%5.4%1.0%5.6%5.2%7.0%
MSCI EAFE 16.1%8.3%8.3%4.8%8.0%6.0%6.6%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 27.3%5.4%5.4%1.0%5.6%5.2%7.0%
MSCI EAFE 16.1%8.3%8.3%4.8%8.0%6.0%6.6%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 27.3%5.4%5.4%1.0%5.6%5.2%7.0%
MSCI EAFE 16.1%8.3%8.3%4.8%8.0%6.0%6.6%
2020201920182017201620152014201320122011201020092008200720062005200420032002
Fund 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 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
2020201920182017201620152014201320122011201020092008200720062005200420032002
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%
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 December 31, 2020)

Benchmark: MSCI EAFE
Asset Allocation
Fund
Stocks 99.0%
Cash 1.0%
Fund Characteristics
Fund Benchmark
No. of holdings 58 876
Weighted avg. market cap (US $MM) $68,156 $59,572
FY2 price/earnings 13.7 16.9
Price/book value 1.3 1.8
Net assets $5,215,170,883 -
TOP 10 HOLDINGS
Security Country Percent
Volkswagen AG Germany 4.1%
Samsung Electronics Co., Ltd. South Korea 3.8%
Rolls-Royce Holdings Plc United Kingdom 3.7%
Novartis AG Switzerland 3.0%
BASF SE Germany 3.0%
UniCredit S.p.A. Italy 2.9%
Takeda Pharmaceutical Co., Ltd. Japan 2.8%
ING Groep NV Netherlands 2.7%
Siemens AG Germany 2.6%
Murata Manufacturing Co. Ltd. Japan 2.5%

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
Industrials 22.2% 15.2%
Financials 21.9% 16.3%
Information Technology 13.9% 8.9%
Health Care 11.5% 12.9%
Consumer Discretionary 9.9% 12.5%
Materials 6.0% 7.9%
Consumer Staples 6.0% 10.9%
Utilities 3.3% 3.9%
Energy 2.8% 3.1%
Communication Services 1.5% 5.2%
Real Estate 0.0% 3.1%
TOP 10 COUNTRIES
Country Fund Benchmark
France 16.2% 11.1%
Germany 16.2% 9.4%
United Kingdom 13.2% 14.0%
Switzerland 11.8% 9.6%
Japan 9.5% 25.3%
Spain 7.4% 2.4%
South Korea 5.9% 0.0%
Netherlands 5.7% 3.9%
Italy 4.7% 2.4%
China 2.1% 0.0%
Regional Allocation
  • Europe – other 78.2%
  • Pacific 10.5%
  • Emerging Asia 7.9%
  • North America 1.7%
  • Emerging Latin America 0.6%

Commentary (As of December 31, 2020)

Highlights

  • Bolstered by optimism for an end to the COVID-19 pandemic as several countries began rolling out vaccines, global equity markets rose in December to close out the year.
  • We believe that as vaccine rollout efforts ramp up, beleaguered economies will begin to return to normality before year end. In order to bridge the economic gap, central banks and governments have continued to provide monetary and fiscal support, creating demand.
  • We believe the consequences of record high levels of fiscal and monetary stimulus will, at some stage, feed into the real economy. A value-focused portfolio remains, in our view, one of the few ways to hedge higher interest rates and/or inflation.

Portfolio attribution

The Causeway International Value Fund (“Fund”) outperformed the Index during the month, due primarily to stock selection. Fund holdings in the technology hardware & equipment, media & entertainment, semiconductors & semi equipment, and capital goods industry groups, along with an underweight position in the household & personal products industry group, contributed most to performance relative to the Index. Holdings in the banks, materials, and utilities industry groups, along with an overweight position in the transportation industry group and an underweight position in the consumer durables & apparel industry group, offset a portion of the outperformance. The top contributor to return was electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea). Other notable contributors included internet services provider, Baidu (China), products & services provider for the electronic components industry, SK hynix, Inc. (South Korea), automobile manufacturer, Volkswagen AG (Germany), and jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). The largest detractor from absolute performance was banking & financial services company, UniCredit S.p.A. (Italy). Additional detractors included financial services provider, ING Groep NV (Netherlands), pharmaceutical giant, Sanofi (France), airline, Air Canada (Canada), and toll road & car parks concessions operator, Vinci (France).

Investment outlook

As economies return to normal in 2021, we expect the narrow concentration of performance in global indices—as well as the value-growth spread—to reverse. We believe that the rally in economically sensitive stocks should continue in 2021, amplified by those companies who have used this crisis to eliminate excess cost and boost efficiency, resulting in increased profitability as revenues recover. We have deliberately emphasized these companies engaging in operational restructuring. As profitability recovers, so should free cash flow. We are optimistic that companies will return surplus cash to shareholders in the form of dividends and share buybacks in 2021, an important component of total return. We believe the consequences of record high levels of fiscal and monetary stimulus will, at some stage, feed into the real economy.A value-focused portfolio remains, in our view, one of the few ways to hedge higher interest rates and/or inflation.

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
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: