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*
+9.55%
Nav*
$17.67, +0.21
Inception
October 26, 2001
Cusip
14949P109
Benchmark
MSCI EAFE
Minimum Investment
$5,000
Sales Charge
None
Net Expense Ratio
1.10%
Gross Expense Ratio
1.13%
*As of May 03, 2021
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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 6.8%6.8%65.3%4.4%7.9%5.0%7.1%
MSCI EAFE 3.6%3.6%45.2%6.5%9.4%6.0%6.7%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 6.8%6.8%65.3%4.4%7.9%5.0%7.1%
MSCI EAFE 3.6%3.6%45.2%6.5%9.4%6.0%6.7%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 6.8%6.8%65.3%4.4%7.9%5.0%7.1%
MSCI EAFE 3.6%3.6%45.2%6.5%9.4%6.0%6.7%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 6.8%6.8%65.3%4.4%7.9%5.0%7.1%
MSCI EAFE 3.6%3.6%45.2%6.5%9.4%6.0%6.7%
2020201920182017201620152014201320122011201020092008200720062005200420032002
Fund 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 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
5.1%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%
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 March 31, 2021)

Benchmark: MSCI EAFE
Asset Allocation
Fund
Stocks 97.2%
Cash 2.8%
Fund Characteristics
Fund Benchmark
No. of holdings 59 876
Weighted avg. market cap (US $MM) $74,124 $60,285
FY2 price/earnings 13.3 15.7
Price/book value 1.7 1.9
Net assets $384,060,368 -
TOP 10 HOLDINGS
Security Country Percent
Samsung Electronics Co., Ltd. South Korea 3.9%
Rolls-Royce Holdings Plc United Kingdom 3.4%
Novartis AG Switzerland 3.2%
UniCredit S.p.A. Italy 3.1%
Sanofi France 3.0%
BASF SE Germany 2.9%
Total France 2.9%
Takeda Pharmaceutical Co., Ltd. Japan 2.8%
Siemens AG Germany 2.8%
Amadeus IT Group SA Spain 2.8%

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
Industrials 21.4% 15.5%
Financials 20.8% 17.3%
Information Technology 14.8% 9.0%
Health Care 12.3% 11.9%
Consumer Staples 7.4% 10.3%
Consumer Discretionary 5.8% 12.8%
Materials 5.4% 8.0%
Energy 4.8% 3.3%
Utilities 4.1% 3.7%
Communication Services 0.3% 5.2%
Real Estate 0.0% 3.1%
TOP 10 COUNTRIES
Country Fund Benchmark
United Kingdom 16.7% 14.3%
France 16.2% 11.1%
Germany 13.2% 9.5%
Switzerland 11.2% 9.2%
Japan 9.7% 24.8%
Spain 7.6% 2.4%
South Korea 6.1% 0.0%
Italy 5.4% 2.5%
Netherlands 4.7% 4.2%
Canada 1.8% 0.0%
Regional Allocation
  • Europe – other 76.7%
  • Pacific 10.8%
  • North America 1.8%
  • Emerging Asia 7.3%
  • Emerging Latin America 0.6%

Commentary (As of March 31, 2021)

Highlights

  • Equity markets continued to ascend in March amid a steady progression in vaccination rollouts, historically high levels of fiscal and monetary accommodation, and renewed optimism in the outlook for global growth.
  • The rapid reopening of economies and consumers’ pent up demand could lead to a surge in spending, thereby adding to inflation pressures. However, we believe the long-term deflationary forces of demographics and technological advancement (such as digitization and automation) remain in place.
  • Consistent with prior market recoveries, stocks in economically defensive industries lag the overall markets. Several of these low beta stocks have risen to the top half of our risk-adjusted return ranking, making them potentially attractive portfolio candidates.

Portfolio attribution

The Causeway International Value Fund (“Fund”) outperformed the Index during the month, due primarily to country allocation (a byproduct of our bottom-up stock selection process). Fund holdings in the pharmaceuticals & biotechnology, automobiles & components, banks, materials, and insurance industry groups contributed to outperformance relative to the Index. Holdings in the capital goods, semiconductors & semi equipment, technology hardware & equipment, diversified financials, and media & entertainment industry groups offset a portion of the outperformance. The top contributor to return was automobile manufacturer, Volkswagen AG (Germany). Other notable contributors included financial services provider, ING Groep NV (Netherlands), banking & financial services company, Barclays Plc (United Kingdom), Takeda Pharmaceutical Co., Ltd.(Japan), and British American Tobacco Plc (United Kingdom). The largest detractor from absolute performance was financial services provider, Credit Suisse Group AG (Switzerland). Additional detractors included products & services provider for the electronic components industry, SK hynix, Inc. (South Korea), jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom), electronic components manufacturer, Murata Manufacturing Co. Ltd. (Japan), and internet services provider, Baidu (China).

Investment outlook

With vaccination rates accelerating, investors turned their attention to undervalued stocks that were sharply sold off when the pandemic accelerated a year ago. Value stocks outpaced their growth peers during the first quarter, largely led by cyclical sectors such as industrials, materials, consumer discretionary, financials, and the more economically sensitive portion of technology. As high-quality cyclical stocks re-rate upward, we are using this opportunity to lower portfolio risk, measured as prospective volatility versus the benchmark. Consistent with prior market recoveries, stocks in economically defensive industries lag the overall markets. Several of these low beta stocks have risen to the top half of our risk-adjusted return ranking, making them potentially attractive portfolio candidates. A common theme for many of our portfolio companies, whether cyclical or defensive, is operational restructuring. We believe companies with experienced management teams can prove to the market that they have used the crisis to reduce expenses and boost efficiency. In our view, this effort should enhance operating leverage and facilitate higher levels of profitability from these well-positionedcompanies. As free cash flow rises, we believe companies will return capital to shareholders in the form of dividends and share buybacks, providing a critical boost to total return.

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 $0.1786 $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: