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International Value Fund
Seeking value primarily in the non, U.S. developed markets
NAV (as of 15 Feb 2019)
$14.79, +0.22
YTD
+9.39%
INCEPTION
26 Oct 2001
TICKER/CUSIP
CIVVX/14949P109
International Value Fund
Fund Profile
The Fund invests primarily in common stocks of companies located in developed countries outside the U.S. Normally, the Fund invests at least 80% of its total assets in stocks of companies located in at least ten foreign countries and invests the majority of its total assets in companies that pay dividends or repurchase their shares. There is no limit on investments in any one country. The Fund may invest up to 10% of its total assets in companies in emerging (less developed) markets.
| Minimum Investment | $5,000 |
| Sales Charge | None |
| Net Expense Ratio | 1.13% |
| Dividend Frequency | Annual |
| Capital Gain Frequency | Annual |
| Benchmark | MSCI EAFE |
Performance
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted. Returns greater than one year are average annual total returns. Total returns assume reinvestment of dividends and capital gains distributions at net asset value when paid. All information is as of the date shown. Investment performance may reflect contractual fee waivers. In the absence of such fee waivers, total return would be reduced. The expense ratio for Investor Class shares is 1.13% and for Institutional Class shares is 0.88%. There is a 2% redemption fee on shares held less than 60 days to protect shareholders from short-term investors. If your account incurred a redemption fee, your performance will be lower than the performance quoted. If you invest through a financial intermediary, it may apply the Fund’s redemption fee or other frequent trading restrictions.
Portfolio
Asset Allocation as of 31 Jan 2019
| Stocks | 96.8% |
| Cash | 3.2% |
Characteristics as of 31 Jan 2019
| Causeway | MSCI EAFE | |
|---|---|---|
| No. of Holdings | 54 | 921 |
| Wtd. Avg. Market Cap (Mn $US) | $52,051 | $48,113 |
| FY2 Price/Earnings | 10.5 | 12.5 |
| Price/Book Value | 1.2 | 1.5 |
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.
SECTOR WEIGHTS as of 31 Jan 2019
| Financials | 22.64% |
| Industrials | 14.85% |
| Communication Services | 11.14% |
| Materials | 10.84% |
| Health Care | 10.18% |
| Consumer Discretionary | 8.86% |
| Energy | 7.32% |
| Information Technology | 4.79% |
| Consumer Staples | 3.34% |
| Utilities | 2.85% |
| Real Estate | 0.00% |
(VS. Benchmark)
| Financials | 19.33% |
| Industrials | 14.37% |
| Communication Services | 5.53% |
| Materials | 7.48% |
| Health Care | 11.01% |
| Consumer Discretionary | 11.30% |
| Energy | 5.90% |
| Information Technology | 6.09% |
| Consumer Staples | 11.37% |
| Utilities | 3.77% |
| Real Estate | 3.84% |
Financials
Industrials
Communication Services
Materials
Health Care
Consumer Discretionary
Energy
Information Technology
Consumer Staples
Utilities
Real Estate
Other
TOP 10 COUNTRIES as of 31 Jan 2019
| United Kingdom | 32.42% |
| Germany | 13.87% |
| Japan | 13.80% |
| Switzerland | 9.24% |
| Canada | 6.93% |
| China | 5.81% |
| South Korea | 4.49% |
| Netherlands | 3.40% |
| Italy | 2.97% |
| France | 2.42% |
| Spain | 0.96% |
| Turkey | 0.49% |
| Israel | 0.00% |
| Austria | 0.00% |
| Belgium | 0.00% |
| Denmark | 0.00% |
| Finland | 0.00% |
| Hong Kong | 0.00% |
| New Zealand | 0.00% |
| Singapore | 0.00% |
| Sweden | 0.00% |
| Australia | 0.00% |
| Ireland | 0.00% |
| Norway | 0.00% |
| Portugal | 0.00% |
(VS. Benchmark)
| United Kingdom | 16.98% |
| Germany | 8.80% |
| Japan | 24.66% |
| Switzerland | 8.61% |
| Canada | 0.00% |
| China | 0.00% |
| South Korea | 0.00% |
| Netherlands | 3.44% |
| Italy | 2.29% |
| France | 11.02% |
| Spain | 3.09% |
| Turkey | 0.00% |
| Israel | 0.57% |
| Austria | 0.24% |
| Belgium | 0.98% |
| Denmark | 1.70% |
| Finland | 1.06% |
| Hong Kong | 3.95% |
| New Zealand | 0.23% |
| Singapore | 1.36% |
| Sweden | 2.69% |
| Australia | 6.94% |
| Ireland | 0.53% |
| Norway | 0.73% |
| Portugal | 0.16% |
United Kingdom
Germany
Japan
Switzerland
Canada
China
South Korea
Netherlands
Italy
France
Spain
Turkey
Israel
Austria
Belgium
Denmark
Finland
Hong Kong
New Zealand
Singapore
Sweden
Australia
Ireland
Norway
Portugal
Other
TOP 10 HOLDINGS as of 31 Jan 2019
| Security | Country | Industry | % of Total |
|---|---|---|---|
| Volkswagen AG | Germany | Automobiles & Components | 4.1 |
| Takeda Pharmaceutical Co., Ltd. | Japan | Pharmaceuticals & Biotechnology | 3.8 |
| Linde Plc | Germany | Materials | 3.4 |
| Prudential Plc | United Kingdom | Insurance | 3.3 |
| BASF SE | Germany | Materials | 3.0 |
| China Mobile Ltd. | China | Telecommunication Services | 3.0 |
| UniCredit S.p.A. | Italy | Banks | 3.0 |
| British American Tobacco plc | United Kingdom | Food Beverage & Tobacco | 2.9 |
| ABB Ltd. | Switzerland | Capital Goods | 2.8 |
| Barclays Plc | United Kingdom | Banks | 2.7 |
Holdings are subject to change.
Approach
Causeway International Value Fund is constructed from an equity universe spanning primarily developed international markets. Emerging markets investments may also be included. Eligible companies have market capitalizations generally greater than $1 billion. The investment process is comprised of three stages: quantitative screening and initial analysis, fundamental research, and portfolio construction.
Our international investment philosophy is value-driven with a fundamentally based, bottom-up approach to stock selection. We believe that companies derive their value from the contribution of yield and profitable re-investment of earnings back into the company.
Our philosophy on risk management is simple. We believe risk is best measured by the volatility of a portfolio's returns, not its dispersion from a benchmark. In our view, investors are rewarded over the long term by a reduction in volatility. Our goal is to construct a portfolio that provides consistent long-term, risk-adjusted returns.
Causeway International Value Fund is a fully invested, typically 50-80 stock portfolio, typically with a value bias. Sector and regional weights are by-products of our bottom-up approach to stock selection.
Commentary
PERFORMANCE REVIEW for the month ended 31 Jan 2019
Equity markets rebounded in January, boosted by more dovish signals from the US Federal Reserve on future interest rate hikes and improving rhetoric on US-China trade tensions. The top performing markets in our investable universe were Turkey, Canada, Israel, China, and South Korea. The worst performing markets were Denmark, Portugal, Ireland, Sweden, and Singapore. The best performing sectors in the MSCI EAFE Index (“Index”) were real estate, information technology, and materials. The worst performing sectors were communication services, consumer staples, and health care. Every major currency except the Swiss franc appreciated versus the US dollar during the period, thus amplifying overall returns on overseas assets for US dollar-based investors.
Causeway International Value Fund (“Fund”) outperformed the Index during the month, due primarily to stock selection. Fund holdings in the insurance, banks, pharmaceuticals & biotechnology, and utilities industry groups, as well as an underweight position in the household & personal products industry group, contributed to relative performance. Holdings in the materials and automobiles & components industry groups, along with an overweight position in the telecommunication services industry group and an underweight position in the real estate and semiconductors & semi equipment industry groups, offset some of the outperformance. The top contributor to return was Takeda Pharmaceutical Co., Ltd. (Japan). Other notable contributors included global life insurer, Manulife Financial (Canada), utilities provider, SSE Plc (United Kingdom), automobile manufacturer, Volkswagen AG (Germany), and life insurer, Prudential Plc (United Kingdom). The largest detractor was telecommunication services provider, Vodafone Group (United Kingdom). Additional notable detractors included wireless communications operator,SK Telecom Co., Ltd. (South Korea), pharmaceutical company, AstraZeneca Plc (United Kingdom), print & publishing company, RELX Plc (United Kingdom), and baked goods food producer, Aryzta AG (Switzerland).
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.
Dividends
| 2018 | $0.3394 |
| 2017 | $0.2972 |
| 2016 | $0.2619 |
| 2015 | $0.2382 |
| 2014 | $0.3395 |
| 2013 | $0.1315 |
| 2012 | $0.2502 |
| 2011 | $0.3540 |
| 2010 | $0.1625 |
| 2009 | $0.1672 |
| 2008 | $0.4799 |
| 2007 | $0.4051 |
| 2006 | $0.1856 |
| 2005 | $0.3366 |
| 2004 | $0.2380 |
| 2003 | $0.1618 |
| 2002 | $0.1068 |
| 2001 | $0.0000 |
Short-term Capital Gains
| 2018 | $0.0000 |
| 2017 | $0.0000 |
| 2016 | $0.0000 |
| 2015 | $0.0000 |
| 2014 | $0.0000 |
| 2013 | $0.0000 |
| 2012 | $0.0000 |
| 2011 | $0.0000 |
| 2010 | $0.0000 |
| 2009 | $0.0000 |
| 2008 | $0.0000 |
| 2007 | $0.6606 |
| 2006 | $0.0222 |
| 2005 | $0.1962 |
| 2004 | $0.1379 |
| 2003 | $0.0037 |
| 2002 | $0.0000 |
| 2001 | $0.0000 |
Long-term Capital Gains
| 2018 | $0.1083 |
| 2017 | $0.0000 |
| 2016 | $0.0000 |
| 2015 | $0.0000 |
| 2014 | $0.0000 |
| 2013 | $0.0000 |
| 2012 | $0.0000 |
| 2011 | $0.0000 |
| 2010 | $0.0000 |
| 2009 | $0.0000 |
| 2008 | $0.4558 |
| 2007 | $3.3443 |
| 2006 | $0.8650 |
| 2005 | $0.3833 |
| 2004 | $0.3093 |
| 2003 | $0.0550 |
| 2002 | $0.0000 |
| 2001 | $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).
