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*
+5.46%
Nav*
$17.01, +0.07
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 February 23, 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 -2.7%-2.7%7.9%-1.3%6.3%4.2%6.6%
MSCI EAFE -1.1%-1.1%9.4%2.7%9.4%5.6%6.5%
QTD YTD 1 year3 years5 years10 years Since inception
Fund -2.7%-2.7%7.9%-1.3%6.3%4.2%6.6%
MSCI EAFE -1.1%-1.1%9.4%2.7%9.4%5.6%6.5%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 27.3%5.1%5.1%0.7%5.4%4.9%6.8%
MSCI EAFE 16.1%8.3%8.3%4.8%8.0%6.0%6.6%
QTD YTD 1 year3 years5 years10 years Since inception
Fund 27.3%5.1%5.1%0.7%5.4%4.9%6.8%
MSCI EAFE 16.1%8.3%8.3%4.8%8.0%6.0%6.6%
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 January 31, 2021)

Benchmark: MSCI EAFE
Asset Allocation
Fund
Stocks 99.1%
Cash 0.9%
Fund Characteristics
Fund Benchmark
No. of holdings 58 874
Weighted avg. market cap (US $MM) $68,030 $58,607
FY2 price/earnings 12.8 16.4
Price/book value 1.3 1.8
Net assets $373,028,743 -
TOP 10 HOLDINGS
Security Country Percent
Volkswagen AG Germany 4.4%
Samsung Electronics Co., Ltd. South Korea 3.5%
Rolls-Royce Holdings Plc United Kingdom 3.2%
BASF SE Germany 3.0%
UniCredit S.p.A. Italy 3.0%
Siemens AG Germany 2.9%
Novartis AG Switzerland 2.9%
Sanofi France 2.8%
Takeda Pharmaceutical Co., Ltd. Japan 2.8%
Murata Manufacturing Co. Ltd. Japan 2.5%

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.

Holdings are subject to change.

SECTOR WEIGHTS
Sector Fund Benchmark
Industrials 21.4% 15.3%
Financials 21.3% 16.3%
Information Technology 14.0% 9.2%
Health Care 12.0% 12.9%
Consumer Discretionary 10.4% 12.3%
Consumer Staples 6.7% 10.7%
Materials 5.5% 8.0%
Utilities 3.4% 3.9%
Energy 3.4% 3.2%
Communication Services 1.2% 5.2%
Real Estate 0.0% 3.1%
TOP 10 COUNTRIES
Country Fund Benchmark
Germany 16.9% 9.3%
France 16.3% 10.8%
United Kingdom 13.5% 14.2%
Switzerland 12.7% 9.6%
Japan 9.7% 25.4%
Spain 7.2% 2.4%
South Korea 5.6% 0.0%
Netherlands 4.9% 4.0%
Italy 4.8% 2.4%
China 1.7% 0.0%
Regional Allocation
  • Europe – other 79.1%
  • Pacific 10.6%
  • Emerging Asia 7.3%
  • North America 1.5%
  • Emerging Latin America 0.6%

Commentary (As of January 31, 2021)

Highlights

  • After a strong start, developed equity markets gave up gains in the latter half of January as investor sentiment was dampened by a slower-than-expected global rollout of vaccines, concerns over new variants of the virus, and renewed lockdowns.
  • We currently expect additional vaccines to receive broad-based emergency use authorization in the first quarter of 2021, such as those from AstraZeneca/Oxford, Novavax and Johnson & Johnson—all of which reported high levels of efficacy. A rebound in global gross domestic product (“GDP”) growth should accelerate as the pace of vaccinations ramp up.
  • The recovery from the global healthcare crisis has proceeded with fits and starts, with short-term news flow drowning out other investment considerations such as talented managements, favorable competitive positioning, strong balance sheets, and prospects for a sharp upturn in profitability. While we believe vaccine campaigns should succeed in allowing a full reopening of global economies, we have taken advantage of investor pessimism for economically sensitive stocks.

Portfolio attribution

The Causeway International Value Fund (“Fund”) underperformed the Index during the month, due primarily to stock selection. Fund holdings in the transportation, banks, capital goods, materials, and insurance industry groups detracted most from performance relative to the Index. Holdings in the consumer durables & apparel, automobiles & components, media & entertainment, and food beverage & tobacco industry groups, as well as an underweight position in the household & personal products industry group, offset a portion of the underperformance. The largest detractor from absolute performance was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Additional detractors included travel & tourism information technology provider, Amadeus IT Group SA (Spain), low-budget airline, Ryanair Holdings Plc (Ireland), airline, Air Canada (Canada), and life insurer, Prudential Plc (United Kingdom). The top contributor to return was industrial conglomerate, Siemens AG (Germany). Other notable contributors included electric components manufacturer, Murata Manufacturing Co., Ltd. (Japan), power & automation technology company, ABB Ltd. (Switzerland), internet services provider, Baidu (China), and robotics manufacturer, FANUC Corp. (Japan).

Investment outlook

January’s slump in share prices for some of the stocks hardest hit by the pandemic does not dent our conviction. We believe some of the largest future returns should come from stocks most affected by coronavirus lockdowns like travel, travel software, leisure, and aerospace. The recovery from the global healthcare crisis has proceeded with fits and starts, with short-term news flow drowning out other investment considerations such as talented managements, favorable competitive positioning, strong balance sheets, and prospects for a sharp upturn in profitability. We believe vaccine campaigns should succeed in allowing a full reopening of global economies and have taken advantage of investor pessimism for economically sensitive stocks. Some of these company management teams have engaged in meaningful cost-cutting and efficiency improvements over the last year, positioning their firms to generate higher cash flows and earnings as revenues recover. We also focus our research efforts on areas of the market that were largely left out of the late-2020 rally boasting attractive defensive characteristics and growth. These potential risk reducers include high-quality pharmaceutical and consumer companies. We remain confident that many of our portfolio companies should return capital to shareholders in the form of dividends and share buybacks as vaccination efforts speed up and economies return to normality.

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: