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*
-8.34%
Nav*
$15.83, +0.32
Inception
October 26, 2001
Cusip
14949P109
Benchmark
MSCI EAFE
Minimum Investment
$5,000
Sales Charge
None
Net Expense Ratio
1.10%
Gross Expense Ratio
1.14%
*As of May 17, 2022
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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 -4.7%-9.8%-9.4%3.1%2.9%4.8%6.2%
MSCI EAFE -6.4%-11.8%-7.7%4.9%5.3%6.3%6.1%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -4.7%-9.8%-9.4%3.1%2.9%4.8%6.2%
MSCI EAFE -6.4%-11.8%-7.7%4.9%5.3%6.3%6.1%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -5.4%-5.4%-3.6%5.6%4.4%4.9%6.5%
MSCI EAFE -5.8%-5.8%1.6%8.3%7.2%6.8%6.4%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -5.4%-5.4%-3.6%5.6%4.4%4.9%6.5%
MSCI EAFE -5.8%-5.8%1.6%8.3%7.2%6.8%6.4%
20212020201920182017201620152014201320122011201020092008200720062005200420032002
Fund 8.8%5.1%19.8%-18.8%27.1%0.2%-3.2%-6.5%23.9%24.2%-10.8%12.0%32.0%-42.1%7.6%25.7%7.9%26.3%45.5%-11.2%
MSCI EAFE 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
20212020201920182017201620152014201320122011201020092008200720062005200420032002
8.8%5.1%19.8%-18.8%27.1%0.2%-3.2%-6.5%23.9%24.2%-10.8%12.0%32.0%-42.1%7.6%25.7%7.9%26.3%45.5%-11.2%
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 April 30, 2022)

Benchmark: MSCI EAFE
Asset Allocation
Fund
Stocks 97.9%
Cash 2.1%
Fund Characteristics
Fund Benchmark
No. of holdings 59 825
Weighted avg. market cap (US $MM) $73,780 $68,540
FY2 price/earnings 10.6 12.6
Price/book value 1.6 1.8
Net assets $332,123,987 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 3.4%
Novartis AG Switzerland 3.2%
UniCredit S.p.A. Italy 3.1%
TotalEnergies SE France 3.1%
Samsung Electronics Co., Ltd. South Korea 3.1%
Amadeus IT Group SA Spain 3.0%
Enel SpA Italy 3.0%
FANUC Corp. Japan 2.9%
SAP SE Germany 2.8%
AstraZeneca Plc United Kingdom 2.7%

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 19.1% 17.5%
Industrials 17.9% 15.0%
Health Care 16.4% 13.5%
Information Technology 11.3% 8.2%
Consumer Staples 10.2% 10.7%
Energy 8.0% 4.3%
Consumer Discretionary 6.9% 11.2%
Utilities 5.9% 3.5%
Materials 2.2% 8.2%
Real Estate 0.0% 2.9%
Communication Services 0.0% 4.9%
TOP 10 COUNTRIES
Country Fund Benchmark
United Kingdom 28.1% 15.7%
France 15.9% 11.4%
Switzerland 8.5% 10.5%
Germany 7.9% 8.1%
Spain 7.8% 2.4%
Japan 7.5% 21.8%
Italy 6.1% 2.3%
Netherlands 4.1% 4.2%
South Korea 4.1% 0.0%
Canada 2.3% 0.0%
Regional Allocation
  • Europe – other 81.7%
  • Pacific 13.2%
  • North America 2.3%
  • Emerging Asia 0.7%

Commentary (As of April 30, 2022)

Highlights

  • Global equities fell in April as the prospect of tighter global monetary policy, the war in Ukraine, and additional Covid-related lockdowns in China all weighed on sentiment. As market participants anticipate higher interest rates, growth stocks—those with the loftiest valuations—have seen greater losses relative to value peers in the year-to-date period.
  • Except for China, central banks globally are aiming to tighten monetary policy amid inflation that’s substantially above-target without tipping their respective economies into recession. However, continuing supply chain bottlenecks, energy and labor shortages, and elevated consumer demand may make inflation difficult to contain in the short term.
  • We seek to add, in our view, high-quality, competitively well-positioned, cash-generative companies to our client portfolios; including those that we believe will benefit from a complete re-opening of the global economy, investment in energy independence in Europe, and the building of onshore manufacturing in many developed markets to mitigate supply chain vulnerabilities.

Portfolio attribution

The Causeway International Value Fund (“Fund”) outperformed the Index during the month, due primarily to stock selection. Fund holdings in the pharmaceuticals & biotechnology, household & personal products, and banks industry groups, as well as an underweight position in the semiconductors & semi equipment and consumer durables & apparel industry groups, contributed to performance relative to the Index. Holdings in the capital goods, insurance, and transportation industry groups, along with an underweight position in the telecommunication services and real estate industry groups, offset some of the outperformance versus the Index. The top contributor to return was health food & beverage producer, Danone (France). Additional top contributors included pharmaceutical giant, Sanofi (France), banking & financial services provider, Swedbank AB (Sweden), household & personal care products company, Reckitt Benckiser Group (United Kingdom), and consumer staples giant, Unilever (United Kingdom). The largest detractor from absolute performance was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Other notable detractors included robotics manufacturer, FANUC Corp. (Japan), life insurer, Prudential Plc (United Kingdom), banking & financial services company, UniCredit S.p.A. (Italy), and airport operator, Aena S.M.E. SA (Spain).

Investment outlook

More than a decade of intense global central bank quantitative easing (culminating in an explosion of monetary stimulus during Covid) pushed asset prices higher as too much money chased too few opportunities. That 10-year money geyser resulted in very low, and in some regions, negative, interest rates and equity valuation multiples that rose sharply, often outpacing earnings (or the prospect of earnings at some future date). We believe a new monetary policy regime has begun—one that will likely lead to the opposite result with earnings and multiples under pressure as investors once again focus on valuation. We are most interested in identifying companies with strong balance sheets and pricing power combined with effective cost-cutting measures that can protect their profit margins. We seek to add, in our view, high-quality, competitively well-positioned, cash-generative companies to our client portfolios, including those that we believe will benefit from a complete re-opening of the global economy, investment in energy independence in Europe, and the building of onshore manufacturing in many developed markets to mitigate supply chain vulnerabilities. We typically look for dividend income and share buybacks as an indication of management’s resolve to reward shareholders and maintain efficient capital structures. We want that dividend income compounding, providing an important component of total return for our clients.

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
2021 $0.2760 $0.0000 $0.0000
2020 $0.1786 $0.0000 $0.0000
2019 $0.4569 $0.0497 $0.1781
2018 $0.3394 $0.0000 $0.1083
2017 $0.2972 $0.0000 $0.0000
2016 $0.2619 $0.0000 $0.0000
2015 $0.2382 $0.0000 $0.0000
2014 $0.3395 $0.0000 $0.0000
2013 $0.1315 $0.0000 $0.0000
2012 $0.2502 $0.0000 $0.0000
2011 $0.3540 $0.0000 $0.0000
2010 $0.1625 $0.0000 $0.0000
2009 $0.1672 $0.0000 $0.0000
2008 $0.4799 $0.0000 $0.4558
2007 $0.4051 $0.6606 $3.3443
2006 $0.1856 $0.0222 $0.8650
2005 $0.3366 $0.1962 $0.3833
2004 $0.2380 $0.1379 $0.3093
2003 $0.1618 $0.0037 $0.0550
2002 $0.1068 $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: