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*
+7.33%
Nav*
$17.43, -0.08
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 September 17, 2021
Download Profile Sheet Download Prospectus
Contact Us

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 0.7%9.9%33.2%6.4%7.9%6.8%7.3%
MSCI EAFE 2.5%12.0%26.7%9.5%10.2%7.8%7.0%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 0.7%9.9%33.2%6.4%7.9%6.8%7.3%
MSCI EAFE 2.5%12.0%26.7%9.5%10.2%7.8%7.0%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 2.1%9.1%40.3%6.0%8.8%5.3%7.3%
MSCI EAFE 5.4%9.2%32.9%8.8%10.8%6.4%6.9%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 2.1%9.1%40.3%6.0%8.8%5.3%7.3%
MSCI EAFE 5.4%9.2%32.9%8.8%10.8%6.4%6.9%
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 August 31, 2021)

Benchmark: MSCI EAFE
Asset Allocation
Fund
Stocks 97.7%
Cash 2.3%
Fund Characteristics
Fund Benchmark
No. of holdings 58 843
Weighted avg. market cap (US $MM) $75,862 $69,588
FY2 price/earnings 12.5 15.2
Price/book value 1.7 1.9
Net assets $5,794,447,723 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 3.8%
UniCredit S.p.A. Italy 3.5%
Novartis AG Switzerland 3.3%
Sanofi France 3.2%
SAP SE Germany 3.0%
Takeda Pharmaceutical Co., Ltd. Japan 3.0%
Samsung Electronics Co., Ltd. South Korea 2.9%
Roche Holding AG Switzerland 2.8%
Amadeus IT Group SA Spain 2.7%
Total France 2.6%

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 22.1% 16.7%
Industrials 20.0% 15.8%
Health Care 15.4% 12.9%
Information Technology 12.1% 9.8%
Consumer Staples 6.7% 10.2%
Consumer Discretionary 6.0% 12.7%
Materials 5.4% 7.8%
Energy 5.1% 3.0%
Utilities 4.9% 3.5%
Communication Services 0.0% 4.7%
Real Estate 0.0% 3.0%
TOP 10 COUNTRIES
Country Fund Benchmark
United Kingdom 19.2% 14.3%
France 16.6% 11.5%
Germany 11.4% 9.3%
Switzerland 11.0% 10.0%
Japan 10.6% 23.0%
Spain 7.5% 2.4%
Italy 6.1% 2.5%
Netherlands 4.1% 5.0%
South Korea 3.9% 0.0%
Canada 1.8% 0.0%
Regional Allocation
  • Europe – other 78.1%
  • Pacific 11.8%
  • North America 1.8%
  • Emerging Latin America 1.1%
  • Emerging Asia 4.9%

Commentary (As of August 31, 2021)

Highlights

  • Equities marched higher again in August, spurred by continuing ultra-loose monetary conditions, a likely multi-trillion-dollar US fiscal spending boost, and evidence of global economic recovery. Despite the increase in Covid cases linked to the spread of the Delta variant, investors appear optimistic that any impact will likely disrupt supply chains rather than spur the reinstatement of economically devastating lockdowns.
  • Strong global economic data in August confirmed a further normalization of activity in the wake of Covid lockdowns. In China, regulatory actions continued to dominate headlines. In our view, increased regulations in certain industries are long overdue. As long as they remain well-established, consistent, and transparent, our belief is that stronger standards in the country should ultimately benefit stakeholders.
  • We believe undervalued stocks will attract more buyers as the cost of money (aka interest rates) rise to more normal levels in most developed countries, reflecting economic recovery and fiscal stimulus. Companies generating solid cash flow and margins, with excellent competitive positioning, attract our attention in this environment.

Portfolio attribution

The Causeway International Value Fund (“Fund”) underperformed the Index during the month, due primarily to stock selection. Fund holdings in the semiconductors & semi equipment, pharmaceuticals & biotechnology, software & services, technology hardware & equipment, and transportation industry groups detracted from performance relative to the Index. Holdings in the insurance, capital goods, banks, and diversified financials industry groups, as well as an underweight position in the automobiles & components industry groups, offset a portion of the underperformance. The largest detractor from absolute performance was luxury goods manufacturer & retailer, Compagnie Financiere Richemont (Switzerland). Additional top detractors included products & services provider for the electronic components industry, SK hynix, Inc. (South Korea), travel & tourism information technology company, Amadeus IT Group SA (Spain), electronic equipment manufacturer, Samsung Electronics (South Korea), and pharmaceuticals & chemicals company, Bayer (Germany). The top contributor to return was jet engine manufacturer, Rolls-Royce Holdings Plc. Additional top contributors included life insurer, Prudential Plc (United Kingdom), electric utility provider, RWE AG (Germany), financial services company, Zurich Financial Services (Switzerland), and insurer, AXA SA (France).

Investment outlook

The rise of the Delta variant portends enduring uncertainty on the timing to reach full normalization. As a result, we are interested in economically cyclical companies with, in our view, strong balance sheets focused on cutting costs. As it relates to companies exposed to travel, leisure, and hospitality, in particular, we find meaningful differentiation amongst companies. Several are exhibiting high cash burn rates, while others are approaching breakeven. We are most interested in the latter, and we engage in rigorous fundamental research to scrutinize which firms may be underappreciated in the market yet poised for, based on our analysis, greater profitability when revenues recover. Furthermore, we believe the rapid pace of change in the economy—for example, from long-dated green initiatives or supplier shifts—could lead to structurally higher earnings in this economic cycle for certain industries. The premium for growth stocks over value stocks narrowed in the wake of vaccine announcements in the fourth quarter of 2020, but overall, it remains significantly higher relative to history in a market awash with liquidity. We believe undervalued stocks will attract more buyers as the cost of money (aka interest rates) rise to more normal levels in most developed countries, reflecting economic recovery and fiscal stimulus. Companies generating solid cash flow and margins, with excellent competitive positioning, attract our attention in this environment.

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: