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*
+7.06%
Nav*
$20.94, +0.22
Inception
October 26, 2001
Cusip
14949P208
Benchmark
MSCI EAFE
Minimum Investment
$1,000,000
Sales Charge
None
Gross Expense Ratio
0.90%
Net Expense Ratio
0.88%
*As of December 05, 2024
**Contractual fee waivers are in effect until 1/31/2025.

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 -6.4%5.5%10.8%10.1%8.4%5.3%7.2%
MSCI EAFE -5.9%6.8%12.4%4.7%6.4%5.6%6.4%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -6.4%5.5%10.8%10.1%8.4%5.3%7.2%
MSCI EAFE -5.9%6.8%12.4%4.7%6.4%5.6%6.4%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 8.4%12.7%23.9%10.5%11.4%5.9%7.6%
MSCI EAFE 7.3%13.5%25.4%6.0%8.7%6.2%6.7%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 8.4%12.7%23.9%10.5%11.4%5.9%7.6%
MSCI EAFE 7.3%13.5%25.4%6.0%8.7%6.2%6.7%
2023202220212020201920182017201620152014201320122011201020092008200720062005200420032002
Fund 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 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%
Fund
MSCI EAFE
2023202220212020201920182017201620152014201320122011201020092008200720062005200420032002
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%
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 October 31, 2024)

Benchmark: MSCI EAFE
Asset Allocation
Fund
Stocks 98.0%
Cash 2.0%
Fund Characteristics
Fund Benchmark
No. of holdings 70 731
Weighted avg. market cap (US $MM) $65,090 $77,733
FY2 price/earnings 11.5 13.5
Price/book value 1.5 1.9
Net assets $10,632,699,390 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 4.3%
Alstom SA France 3.9%
Barclays PLC United Kingdom 3.5%
Samsung Electronics Co., Ltd. South Korea 3.4%
Kering SA France 3.2%
Reckitt Benckiser Group Plc United Kingdom 2.9%
Roche Holding AG Switzerland 2.6%
Akzo Nobel Netherlands 2.6%
Renesas Electronics Corp. Japan 2.5%
BP Plc United Kingdom 2.3%

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 16.9% 21.1%
Industrials 16.8% 17.5%
Information Technology 13.5% 8.6%
Consumer Staples 12.7% 8.5%
Health Care 11.5% 13.3%
Materials 7.6% 6.5%
Consumer Discretionary 7.1% 10.9%
Utilities 3.7% 3.4%
Communication Services 3.7% 4.4%
Energy 3.3% 3.7%
Real Estate 1.1% 2.1%
Equity Funds 0.0% 0.0%
TOP 10 COUNTRIES
Country Fund Benchmark
United Kingdom 31.6% 14.7%
France 18.3% 11.3%
Japan 11.3% 22.7%
Germany 9.0% 9.1%
Netherlands 6.5% 4.5%
Italy 4.1% 2.8%
South Korea 3.8% 0.0%
Switzerland 3.5% 9.9%
Canada 2.1% 0.0%
Belgium 1.8% 1.0%
Regional Allocation
  • Europe – other 76.0%
  • Pacific 12.8%
  • North America 3.1%
  • Emerging Asia 5.3%
  • Developed Middle East 0.4%
  • Emerging Latin America 0.4%

Commentary (As of October 31, 2024)

Highlights

  • After months of gains, global equity markets retreated in October.
  • Chinese authorities, recognizing the inadequacy of recent efforts, have introduced aggressive measures to stimulate their economy. Whether China can avoid prolonged stagnation remains uncertain, but its stock market should see bursts of enthusiasm.
  • We believe it is essential to remain valuation-focused and disciplined amid market gyrations. We aim to construct well-balanced Causeway client portfolios with structural winners, cyclical beneficiaries, and unique operational restructuring opportunities.

Portfolio Attribution

The Causeway International Value Fund ("Fund"), on a net asset value basis, outperformed the Index during the month, due to offsetting currency, allocation, and stock selection effects. On a gross return basis, Fund holdings in the capital goods, materials, and household & personal products industry groups contributed to relative performance. Holdings in the health care equipment & services, technology hardware & equipment, and pharmaceuticals & biotechnology industry groups offset some of the outperformance compared to the Index. The top contributor to return was rolling stock, signaling, & services provider for the rail industry, Alstom SA (France). Other notable contributors included banking & financial services company, Standard Chartered Plc (United Kingdom), and packaging solutions company, Smurfit WestRock Plc (United States). The largest detractor was healthcare equipment & services provider, Koninklijke Philips NV (Netherlands). Additional notable detractors included multinational luxury conglomerate, Kering SA (France), and electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea).

Quarterly Investment Outlook

Chinese authorities, recognizing the inadequacy of recent efforts, have introduced aggressive measures to stimulate their economy. Whether China can avoid prolonged stagnation remains uncertain, but its stock market should see bursts of enthusiasm. The European Central Bank cut rates by 25 basis points in September, after a June reduction, and the Federal Reserve followed with a 50 basis point cut. In France, an uneasy coalition is poised to address fiscal imbalances, including reversing some of President Macron's 2017 corporate tax cuts. The US presidential election will be important for global markets, given the differing policy prescriptions of both candidates. Despite escalating conflict in the Middle East, energy markets have thus far remained stable, likely due to China's economic weakness.

We believe it is essential to remain valuation-focused and disciplined amid market gyrations. We aim to construct well-balanced Causeway client portfolios with structural winners, cyclical beneficiaries, and unique operational restructuring opportunities. These characteristics typically result in portfolio companies capable of reaccelerating earnings and cash flow growth. We designed out investment process to produce long-term performance independent of market noise, election outcomes, or short-term sentiment. We believe our ability to generate alpha over full market cycles comes from identifying valuation gaps and strong industry fundamentals, and assessing how companies adapt to changing market conditions. As long-term investors we remain committed to these tenets of fundamental value investing.

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
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: