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*
+10.65%
Nav*
$17.97, +0.17
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
0.88%
*As of October 15, 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 -1.0%8.1%37.6%5.3%7.3%7.9%7.2%
MSCI EAFE -0.4%8.8%26.3%8.1%9.3%8.6%6.8%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -1.0%8.1%37.6%5.3%7.3%7.9%7.2%
MSCI EAFE -0.4%8.8%26.3%8.1%9.3%8.6%6.8%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -1.0%8.1%37.6%5.3%7.3%7.9%7.2%
MSCI EAFE -0.4%8.8%26.3%8.1%9.3%8.6%6.8%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -1.0%8.1%37.6%5.3%7.3%7.9%7.2%
MSCI EAFE -0.4%8.8%26.3%8.1%9.3%8.6%6.8%
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 September 30, 2021)

Benchmark: MSCI EAFE
Asset Allocation
Fund
Stocks 98.2%
Cash 1.8%
Fund Characteristics
Fund Benchmark
No. of holdings 60 845
Weighted avg. market cap (US $MM) $71,936 $66,103
FY2 price/earnings 12.2 14.8
Price/book value 1.7 1.9
Net assets $5,985,018,929 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 4.6%
UniCredit S.p.A. Italy 3.5%
BP Plc United Kingdom 3.1%
TotalEnergies SE France 3.1%
Amadeus IT Group SA Spain 3.0%
Sanofi France 3.0%
Novartis AG Switzerland 3.0%
Takeda Pharmaceutical Co., Ltd. Japan 3.0%
Samsung Electronics Co., Ltd. South Korea 2.8%
SAP SE Germany 2.8%

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 21.5% 17.2%
Industrials 20.4% 15.8%
Health Care 14.7% 12.6%
Information Technology 11.8% 9.6%
Energy 7.0% 3.5%
Consumer Discretionary 6.9% 12.7%
Consumer Staples 6.6% 10.2%
Materials 4.7% 7.3%
Utilities 4.7% 3.3%
Real Estate 0.0% 2.9%
Communication Services 0.0% 4.8%
TOP 10 COUNTRIES
Country Fund Benchmark
United Kingdom 20.7% 14.4%
France 16.7% 11.2%
Germany 11.5% 9.1%
Switzerland 10.1% 9.5%
Japan 10.0% 24.2%
Spain 7.7% 2.4%
Italy 6.1% 2.5%
Netherlands 4.0% 4.8%
South Korea 3.7% 0.0%
Canada 1.7% 0.0%
Regional Allocation
  • Europe – other 79.3%
  • Pacific 11.1%
  • North America 1.8%
  • Emerging Latin America 1.2%
  • Emerging Asia 4.9%

Commentary (As of September 30, 2021)

Highlights

  • Equities declined in September amid concerns over a moderation in economic growth rates, supply chain disruptions, and rising inflation.
  • Global economic data in September revealed a modest loss of momentum in the recovery, including headwinds from China. Virtually all companies we queried reported rising input costs across geographies as supply chain disruptions exacerbated inflationary pressures.
  • We believe that many of the, in our view, world class companies in aviation, travel, leisure, and hospitality that we added to our clients’ portfolios in prior months should continue to outperform markets. With a turnaround in cash flows, many of these companies should be well positioned for a return to normalcy.

Portfolio attribution

The Causeway International Value Fund (“Fund”) outperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, software & services, and transportation industry groups, as well as an overweight position in the banks and energy industry groups, contributed to performance relative to the Index. Holdings in the consumer services and utilities industry groups, along with an overweight position in the pharmaceuticals & biotechnology industry group and an underweight position in the automobiles & components and telecommunication services industry groups, offset a portion of the outperformance. The top contributor to return was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Additional top contributors included crude oil & natural gas company, BP Plc (United Kingdom), integrated oil & gas company, Total (France), banking & financial services company, UniCredit S.p.A. (Italy), and travel & tourism information technology provider, Amadeus IT Group SA (Spain). The largest detractor from absolute performance was integrated resort developer & operator, Sands China Ltd. (Hong Kong). Additional top detractors included electric, gas & renewables power generation & distribution company, Enel SpA (Italy), pharmaceutical producer, Novartis AG (Switzerland), business software & services provider, SAP SE (Germany), and pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland).

Investment outlook

As the global economy recovers from the pandemic, stocks in Covid-impacted industries performed well in September. We believe that many of the, in our view, world class companies in aviation, travel, leisure, and hospitality that we added to our clients’ portfolios in prior months should continue to outperform markets. With a turnaround in cash flows, many of these companies should be well positioned for a return to normalcy. We believe improvements to their cost structures, balance sheets, and competitive position (as weaker competitors lost market share) suggest that future levels of profitability should exceed pre-pandemic levels, even at lower volumes. After pausing dividends and share buybacks for much of the Covid era, key regulators in our investable universe have approved banks to resume capital returns in the fourth quarter. Many of these companies held in our client portfolios have accrued dividends throughout the pandemic, which we believe should result in not only normal dividend payments but also the return of excess capital. With dividend income constituting an important component of total return, we eagerly anticipate the normalization of dividend policy for portfolio companies that have maintained strong capital positions over the last year and a half. Finally, the prospect of global bond yields rising further—even to levels that are still low versus historical yields—should favor undervaluation and exposure to economic recovery.

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: