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*
+25.42%
Nav*
$23.09, -0.13
Inception
October 26, 2001
Cusip
14949P109
Benchmark
MSCI EAFE
Minimum Investment
$5,000
Sales Charge
None
Gross Expense Ratio
1.12%
Net Expense Ratio
1.10%
*As of August 29, 2025
**Contractual fee waivers are in effect until 1/31/2026.

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

Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 0.1%21.2%16.0%18.7%15.7%6.7%7.6%
MSCI EAFE -1.4%17.8%12.8%13.6%10.3%6.1%6.3%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 0.1%21.2%16.0%18.7%15.7%6.7%7.6%
MSCI EAFE -1.4%17.8%12.8%13.6%10.3%6.1%6.3%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.0%21.0%20.5%19.9%15.6%6.8%7.6%
MSCI EAFE 11.8%19.4%17.7%16.0%11.2%6.5%6.4%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.0%21.0%20.5%19.9%15.6%6.8%7.6%
MSCI EAFE 11.8%19.4%17.7%16.0%11.2%6.5%6.4%
Table Header 20242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002
Fund 3.4%27.0%-7.0%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 3.8%18.2%-14.5%11.3%7.8%22.0%-13.8%25.0%1.0%-0.8%-4.9%22.8%17.3%-12.1%7.8%31.8%-43.4%11.2%26.3%13.5%20.2%38.6%-15.9%
Table Header
Fund
MSCI EAFE
20242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002
3.4%27.0%-7.0%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%
3.8%18.2%-14.5%11.3%7.8%22.0%-13.8%25.0%1.0%-0.8%-4.9%22.8%17.3%-12.1%7.8%31.8%-43.4%11.2%26.3%13.5%20.2%38.6%-15.9%

Portfolio (as of July 31, 2025)

Benchmark: MSCI EAFE
Asset Allocation
Table Header Fund
Stocks 97.7%
Cash 2.3%
Fund Characteristics
Table Header Fund Benchmark
No. of holdings 70 695
Weighted avg. market cap (US $MM) $76,240 $80,075
FY2 price/earnings 12.0 14.2
Price/book value 1.6 2.0
Net assets $679,069,121 -
TOP 10 HOLDINGS
Security Country Percent
Kering SA France 4.3%
Samsung Electronics Co., Ltd. South Korea 4.0%
Reckitt Benckiser Group Plc United Kingdom 3.6%
Barclays PLC United Kingdom 3.3%
Rolls-Royce Holdings Plc United Kingdom 3.3%
Alstom SA France 3.2%
Renesas Electronics Corp. Japan 3.1%
AstraZeneca PLC United Kingdom 2.9%
Roche Holding AG Switzerland 2.3%
Infineon Technologies AG Germany 2.2%

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 18.8% 24.5%
Industrials 16.3% 19.4%
Information Technology 14.7% 8.0%
Health Care 12.9% 11.1%
Consumer Staples 9.6% 7.8%
Consumer Discretionary 8.8% 9.6%
Materials 7.0% 5.6%
Utilities 3.5% 3.5%
Communication Services 3.3% 5.2%
Energy 1.9% 3.3%
Real Estate 0.9% 1.9%
TOP 10 COUNTRIES
Country Fund Benchmark
United Kingdom 29.6% 15.0%
France 17.3% 11.1%
Japan 11.1% 21.8%
Germany 8.5% 10.4%
Netherlands 7.0% 4.5%
South Korea 5.8% 0.0%
Italy 3.0% 3.2%
Canada 3.0% 0.0%
Switzerland 2.3% 9.5%
Belgium 2.1% 1.0%
Regional Allocation
  • Euro 38.7%
  • Europe - Other 34.5%
  • Pacific 12.1%
  • Emerging Asia 7.1%
  • North America 5.0%
  • Emerging Europe, Middle East, Africa 0.3%
  • Emerging Latin America 0.0%

Commentary (As of July 31, 2025)

Highlights

  • US technology stocks led global markets higher in July, but value generally outperformed growth in developed international markets.
  • Causeway’s global and international value portfolios focus on identifying undervalued stocks rather than positioning around macroeconomic trends. Given the valuation gap between US and non-US markets, we are aiming to find some of the most compelling investment opportunities across international markets.
  • Our focus remains on identifying companies that offer durable value, characterized by pricing power, iconic brands, or robust product pipelines.

Portfolio Attribution

The Causeway International Value Fund ("Fund"), on a net asset value basis, outperformed the Index during the month, due primarily to stock selection. On a gross return basis, Fund holdings in the technology hardware & equipment, consumer durables & apparel, and banks industry groups contributed to relative performance. Holdings in the transportation, software & services, and equity real estate investment trusts (REITS) industry groups offset some of the outperformance compared to the Index. The top contributor to return was electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea). Other notable contributors included multinational luxury conglomerate, Kering SA (France), and household & personal care products company, Reckitt Benckiser Group Plc (United Kingdom). The largest detractor was global healthcare company, Novo Nordisk A/S (Denmark). Additional notable detractors included paints & coatings producer, Akzo Nobel (Netherlands), and beverage company, Anheuser-Busch InBev SA/NV (Belgium).

Investment Outlook

In Europe, we anticipate substantial economic benefits to begin materializing in 2026, as both the public and private sectors intensify investments in defense, security, energy, and infrastructure. The region’s initiatives to harmonize regulations and establish a unified, liquid capital market have the potential to significantly accelerate innovation and drive sustained economic growth. Moreover, the trade-weighted US dollar has reversed its late-2024 gains, reverting to levels last observed in early 2022. This depreciation may deliver further currency-related support to non-US markets, especially if real interest rates and economic growth outside the US remain steady or strengthen. If European leaders implement the competitiveness reforms proposed by Mario Draghi last year, our existing two-year price targets could prove conservative, particularly for portfolio holdings most sensitive to European economic growth. We continue to take a disciplined approach, favoring investments at current valuations rather than paying a premium for potential future positive developments.

Causeway’s global and international value portfolios focus on identifying undervalued stocks rather than positioning around macroeconomic trends. Given the valuation gap between US and non-US markets, we are aiming to find some of the most compelling investment opportunities across international markets. Our focus remains on identifying companies that offer durable value, characterized by pricing power, iconic brands, or robust product pipelines. Even the highest quality businesses can encounter temporary dislocations, which we view as opportunities to increase positions at attractive valuations. Recent external shocks have created such opportunities among select-high quality companies. The pharmaceutical industry faces a considerable list of challenges including US pricing, global trade restrictions, China’s economic slowdown, and uncertainties in drug pipelines. These challenges have created, in our view, value opportunities in some of the world’s top pharmaceutical firms where we remain confident in their ability to sustain cash flow, profit margins, and innovation over time. Across sectors, Causeway targets companies we believe are improving efficiency, driving earnings, and boosting cash flows.

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

Table Header Dividends Short-term capital gains Long-term capital gains
2024 $0.3509 $0.1324 $1.1868
2023 $0.3161 $0.1678 $0.1748
2022 $0.2429 $0.0000 $0.0000
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: