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*
+8.60%
Nav*
$21.09, +0.19
Inception
October 26, 2001
Cusip
14949P109
Benchmark
MSCI EAFE
Minimum Investment
$5,000
Sales Charge
None
Gross Expense Ratio
1.15%
Net Expense Ratio
1.13%
*As of July 22, 2024
**Contractual fee waivers are in effect until 1/31/2025.

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 1.2%3.9%10.1%7.0%8.8%4.4%7.1%
MSCI EAFE -0.2%5.7%12.1%3.4%7.0%4.8%6.4%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 1.2%3.9%10.1%7.0%8.8%4.4%7.1%
MSCI EAFE -0.2%5.7%12.1%3.4%7.0%4.8%6.4%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 1.2%3.9%10.1%7.0%8.8%4.4%7.1%
MSCI EAFE -0.2%5.7%12.1%3.4%7.0%4.8%6.4%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 1.2%3.9%10.1%7.0%8.8%4.4%7.1%
MSCI EAFE -0.2%5.7%12.1%3.4%7.0%4.8%6.4%
2023202220212020201920182017201620152014201320122011201020092008200720062005200420032002
Fund 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 18.9%-14.0%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
2023202220212020201920182017201620152014201320122011201020092008200720062005200420032002
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%
18.9%-14.0%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 June 30, 2024)

Benchmark: MSCI EAFE
Asset Allocation
Fund
Stocks 98.1%
Cash 1.9%
Fund Characteristics
Fund Benchmark
No. of holdings 68 742
Weighted avg. market cap (US $MM) $78,075 $88,712
FY2 price/earnings 11.0 13.2
Price/book value 1.6 1.9
Net assets $415,861,004 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 4.7%
Samsung Electronics Co., Ltd. South Korea 4.3%
Barclays PLC United Kingdom 3.3%
Shell United Kingdom 3.1%
Alstom SA France 3.0%
Roche Holding AG Switzerland 2.9%
BP Plc United Kingdom 2.8%
Kering SA France 2.7%
Prudential Plc United Kingdom 2.4%
Renesas Electronics Corp. Japan 2.4%

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 16.5% 20.0%
Industrials 16.5% 16.9%
Information Technology 15.2% 9.5%
Health Care 12.5% 13.5%
Consumer Staples 11.4% 8.5%
Energy 6.0% 4.1%
Consumer Discretionary 5.7% 11.5%
Materials 5.3% 6.7%
Utilities 4.2% 3.1%
Communication Services 3.5% 4.1%
Real Estate 1.2% 2.0%
TOP 10 COUNTRIES
Country Fund Benchmark
United Kingdom 33.4% 14.9%
France 15.5% 11.2%
Japan 10.1% 22.7%
Germany 9.2% 8.7%
Netherlands 5.8% 5.4%
South Korea 4.8% 0.0%
Switzerland 4.7% 9.7%
Italy 4.3% 2.7%
Spain 3.0% 2.7%
Belgium 1.7% 1.0%
Regional Allocation
  • Europe – other 78.3%
  • Pacific 10.7%
  • North America 1.6%
  • Emerging Asia 6.1%
  • Emerging Latin America 0.4%
  • Developed Middle East 0.1%

Commentary (As of June 30, 2024)

Highlights

  • Global equities had mixed performance in June, with investor demand for AI-related stocks driving significant gains in technology-heavy markets, outpacing most others.
  • Monetary tightening in many of the world's economies is slowing economic growth, albeit with long and variable lags. While central banks have largely tamed inflation, high absolute prices for goods and services are causing voter dissatisfaction in many countries.
  • Narrow, momentum-led markets and political risks are creating investment opportunities. As markets concentrate enthusiasm for generative AI in a cohort of chipmakers, we believe client fundamental portfolios have exposure to lesser-known beneficiaries of this technology cycle, across building, delivery, and deployment phases.

Portfolio Attribution

The Causeway International Value Fund ("Fund"), on a net asset value basis, underperformed the Index during the month, due primarily to stock selection. On a gross return basis, Fund holdings in the banks, pharmaceuticals & biotechnology, and insurance industry groups detracted from relative performance. Holdings in the technology hardware & equipment industry group, as well as an overweight position in the software & services industry group and an underweight position in the automobiles & components industry group, offset some of the underperformance compared to the Index. The largest detractor was rolling stock, signaling, & services provider for the rail industry, Alstom SA (France). Additional notable detractors included paints & coatings producer, Akzo Nobel (Netherlands), and pharmaceutical & consumer healthcare company, GSK Plc (United Kingdom). The top contributor to return was electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea). Other notable contributors included business software & services provider, SAP SE (Germany), and pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland).

Quarterly Investment Outlook

Monetary tightening in many of the world's economies is slowing economic growth, albeit with long and variable lags. While central banks have largely tamed inflation, high absolute prices for goods and services are causing voter dissatisfaction in many countries. In the US, the much-anticipated reductions in interest rates have yet to materialize, and the prolonged period of elevated rates pose risks to leveraged sectors such as real estate. The European Central Bank is currently expected to cut rates further this year, but political uncertainties cloud the eurozone’s economic outlook. In China, property market restructuring and amplified trade sanctions are expected to encumber economic recovery.

Narrow, momentum-led markets and political risks are creating investment opportunities. As markets concentrate enthusiasm for generative AI in a cohort of chipmakers, we believe client fundamental portfolios have exposure to lesser-known beneficiaries of this technology cycle, across building, delivery, and deployment phases. In Europe, we added to select financials as post-election sell-offs made valuations, in our view, more attractive. Fading bullishness for the Japanese market has also created potentially promising valuations. We also remain focused on long-term rewards from operational restructuring, aiming to invest in companies poised for earnings growth and shareholder returns ahead of market recognition.

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
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: