Your Profile
Please complete your profile. We won't sell your information.
International Value Fund
A fundamentally different approach to international value investing
NAV (as of 23 Jun 2017)
$15.6, +0.01
YTD
+13.21%
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 | 1.16% |
| 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 1.16% and for Institutional Class shares is 0.91%. 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 May 2017
| Stocks | 97.5% |
| Cash | 2.5% |
Characteristics as of 31 May 2017
| Causeway | MSCI EAFE | |
|---|---|---|
| No. of Holdings | 54 | 928 |
| Wtd. Avg. Market Cap (Mn $US) | $55,853 | $49,390 |
| FY2 Price/Earnings | 12.5 | 14.3 |
| Price/Book Value | 1.5 | 1.7 |
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.
SECTOR WEIGHTS as of 31 May 2017
| Industrials | 17.87% |
| Financials | 17.37% |
| Consumer Discretionary | 10.42% |
| Telecommunication Services | 9.90% |
| Health Care | 9.18% |
| Energy | 8.49% |
| Information Technology | 7.47% |
| Materials | 7.04% |
| Consumer Staples | 5.17% |
| Utilities | 3.75% |
| Real Estate | 0.80% |
(VS. Benchmark)
| Industrials | 14.40% |
| Financials | 20.77% |
| Consumer Discretionary | 12.20% |
| Telecommunication Services | 4.45% |
| Health Care | 10.95% |
| Energy | 4.84% |
| Information Technology | 5.92% |
| Materials | 7.58% |
| Consumer Staples | 11.77% |
| Utilities | 3.44% |
| Real Estate | 3.69% |
Industrials
Financials
Consumer Discretionary
Telecommunication Services
Health Care
Energy
Information Technology
Materials
Consumer Staples
Utilities
Real Estate
Other
TOP 10 COUNTRIES as of 31 May 2017
| United Kingdom | 28.91% |
| Switzerland | 13.40% |
| Japan | 13.17% |
| Germany | 9.16% |
| France | 6.90% |
| Canada | 5.76% |
| Hong Kong | 4.97% |
| Netherlands | 4.08% |
| South Korea | 4.03% |
| Italy | 2.51% |
| China | 1.86% |
| Sweden | 0.95% |
| Spain | 0.95% |
| Australia | 0.80% |
| Norway | 0.00% |
| Portugal | 0.00% |
| Ireland | 0.00% |
| Israel | 0.00% |
| Austria | 0.00% |
| Belgium | 0.00% |
| Denmark | 0.00% |
| Finland | 0.00% |
| New Zealand | 0.00% |
| Singapore | 0.00% |
(VS. Benchmark)
| United Kingdom | 17.90% |
| Switzerland | 8.95% |
| Japan | 23.06% |
| Germany | 9.56% |
| France | 10.58% |
| Canada | 0.00% |
| Hong Kong | 3.51% |
| Netherlands | 3.54% |
| South Korea | 0.00% |
| Italy | 2.18% |
| China | 0.00% |
| Sweden | 2.92% |
| Spain | 3.49% |
| Australia | 6.80% |
| Norway | 0.62% |
| Portugal | 0.16% |
| Ireland | 0.46% |
| Israel | 0.64% |
| Austria | 0.23% |
| Belgium | 1.17% |
| Denmark | 1.77% |
| Finland | 1.02% |
| New Zealand | 0.16% |
| Singapore | 1.29% |
United Kingdom
Switzerland
Japan
Germany
France
Canada
Hong Kong
Netherlands
South Korea
Italy
China
Sweden
Spain
Australia
Norway
Portugal
Ireland
Israel
Austria
Belgium
Denmark
Finland
New Zealand
Singapore
Other
TOP 10 HOLDINGS as of 31 May 2017
| Security | Country | Industry | % of Total |
|---|---|---|---|
| Volkswagen AG | Germany | Automobiles & Components | 4.2 |
| Royal Dutch Shell Plc | United Kingdom | Energy | 3.3 |
| British American Tobacco Plc | United Kingdom | Food Beverage & Tobacco | 3.1 |
| ABB Ltd. | Switzerland | Capital Goods | 3.0 |
| KDDI Corp. | Japan | Telecommunication Services | 3.0 |
| Schneider Electric SE | France | Capital Goods | 2.9 |
| Novartis AG | Switzerland | Pharmaceuticals & Biotechnology | 2.7 |
| China Mobile Ltd. | Hong Kong | Telecommunication Services | 2.7 |
| Akzo Nobel NV | Netherlands | Materials | 2.6 |
| East Japan Railway Co. | Japan | Transportation | 2.6 |
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 May 2017
Global equities continued their ascent in May, buoyed by demand for growth stocks and by evidence of a recovery in European economies. The top performing markets in our investable universe included Portugal, Austria, South Korea, Finland, and Denmark. The worst performing markets included Australia, Israel, Canada, New Zealand, and Ireland. The best performing sectors in the MSCI EAFE Index (“Index”) were utilities, telecommunication services, and information technology. The worst performing sectors were materials, financials, and consumer discretionary. Every major currency except the Australian dollar and British pound 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”) underperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, food beverage & tobacco, energy, transportation, and materials industry groups detracted from relative performance. Holdings in the banks, pharmaceuticals & biotechnology, and utilities industry groups, as well as an overweight position in the telecommunication services industry group and an underweight position in the diversified financials industry group, offset some of the underperformance versus the Index. The largest detractor was construction & mining equipment manufacturer, Komatsu Ltd. (Japan). Additional detractors included oil & natural gas producer, Encana (Canada), automobile manufacturer, Volkswagen AG (Germany), Japan Airlines Co., Ltd.(Japan), and paints & coatings producer, Akzo Nobel NV (Netherlands). The top contributor to performance was multinational electric utility company, ENGIE SA (France). Other notable contributors included telecommunication services provider, Vodafone Group (United Kingdom), pharmaceutical company, AstraZeneca Plc (United Kingdom), electrical & electronic equipment manufacturer, Hitachi Ltd. (Japan), and banking & financial services company, UniCredit S.p.A. (Italy).
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
| 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
| 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
| 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).
