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International Value Fund
Seeking value primarily in the non, U.S. developed markets
NAV (as of 17 Dec 2018)
$14.01, -0.16
YTD
-18.59%
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 | 1.14% |
| 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 1.14% and for Institutional Class shares is 0.89%. 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 30 Nov 2018
| Stocks | 98.9% |
| Cash | 1.1% |
Characteristics as of 30 Nov 2018
| Causeway | MSCI EAFE | |
|---|---|---|
| No. of Holdings | 56 | 921 |
| Wtd. Avg. Market Cap (Mn $US) | $51,671 | $48,108 |
| FY2 Price/Earnings | 10.5 | 12.4 |
| Price/Book Value | 1.3 | 1.5 |
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.
SECTOR WEIGHTS as of 30 Nov 2018
| Financials | 21.48% |
| Industrials | 15.37% |
| Materials | 11.85% |
| Health Care | 10.40% |
| Telecommunication Services | 9.84% |
| Consumer Discretionary | 9.46% |
| Information Technology | 7.04% |
| Energy | 6.66% |
| Consumer Staples | 3.87% |
| Utilities | 2.94% |
| Real Estate | 0.00% |
(VS. Benchmark)
| Financials | 19.74% |
| Industrials | 14.35% |
| Materials | 7.32% |
| Health Care | 11.68% |
| Telecommunication Services | 3.99% |
| Consumer Discretionary | 11.96% |
| Information Technology | 6.61% |
| Energy | 5.79% |
| Consumer Staples | 11.47% |
| Utilities | 3.51% |
| Real Estate | 3.58% |
Financials
Industrials
Materials
Health Care
Telecommunication Services
Consumer Discretionary
Information Technology
Energy
Consumer Staples
Utilities
Real Estate
Other
TOP 10 COUNTRIES as of 30 Nov 2018
| United Kingdom | 32.61% |
| Germany | 14.34% |
| Japan | 13.23% |
| Switzerland | 10.71% |
| Canada | 6.99% |
| China | 5.93% |
| South Korea | 4.50% |
| Italy | 3.22% |
| Netherlands | 3.18% |
| France | 2.61% |
| Spain | 1.05% |
| Turkey | 0.40% |
| Denmark | 0.14% |
| Finland | 0.00% |
| Hong Kong | 0.00% |
| Israel | 0.00% |
| Austria | 0.00% |
| Belgium | 0.00% |
| Sweden | 0.00% |
| New Zealand | 0.00% |
| Singapore | 0.00% |
| Australia | 0.00% |
| Ireland | 0.00% |
| Norway | 0.00% |
| Portugal | 0.00% |
(VS. Benchmark)
| United Kingdom | 17.30% |
| Germany | 8.88% |
| Japan | 24.76% |
| Switzerland | 8.72% |
| Canada | 0.00% |
| China | 0.00% |
| South Korea | 0.00% |
| Italy | 2.29% |
| Netherlands | 3.47% |
| France | 10.94% |
| Spain | 3.06% |
| Turkey | 0.00% |
| Denmark | 1.72% |
| Finland | 1.00% |
| Hong Kong | 3.68% |
| Israel | 0.56% |
| Austria | 0.24% |
| Belgium | 0.99% |
| Sweden | 2.66% |
| New Zealand | 0.22% |
| Singapore | 1.31% |
| Australia | 6.83% |
| Ireland | 0.49% |
| Norway | 0.74% |
| Portugal | 0.15% |
United Kingdom
Germany
Japan
Switzerland
Canada
China
South Korea
Italy
Netherlands
France
Spain
Turkey
Denmark
Finland
Hong Kong
Israel
Austria
Belgium
Sweden
New Zealand
Singapore
Australia
Ireland
Norway
Portugal
Other
TOP 10 HOLDINGS as of 30 Nov 2018
| Security | Country | Industry | % of Total |
|---|---|---|---|
| Volkswagen AG | Germany | Automobiles & Components | 4.4 |
| Linde Plc | Germany | Materials | 3.8 |
| UniCredit S.p.A. | Italy | Banks | 3.2 |
| Prudential Plc | United Kingdom | Insurance | 3.1 |
| China Mobile Ltd. | China | Telecommunication Services | 3.1 |
| ABB Ltd. | Switzerland | Capital Goods | 3.0 |
| Takeda Pharmaceutical Co., Ltd. | Japan | Pharmaceuticals & Biotechnology | 2.9 |
| BASF SE | Germany | Materials | 2.8 |
| Barclays Plc | United Kingdom | Banks | 2.8 |
| British American Tobacco plc | United Kingdom | Food Beverage & Tobacco | 2.8 |
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 30 Nov 2018
Equity markets fluctuated in November as geopolitical events influenced market movements. The top performing markets in our investable universe included Turkey, Hong Kong, China, Israel, and New Zealand. The worst performing markets included Ireland, Norway, Finland, Austria, and Portugal. The best performing sectors in the MSCI EAFE Index (“Index”) were generally economically-defensive or trade tariff immune sectors, led by telecommunication services, utilities, and real estate. The worst performing sectors were energy, materials, and consumer discretionary.
Causeway International Value Fund (“Fund”) underperformed the Index during the month, due primarily to stock selection. Fund holdings in the food beverage & tobacco, energy, banks, utilities, and pharmaceuticals & biotechnology industry groups detracted from relative performance. Holdings in the software & services and consumer durables & apparel industry groups, as well as an overweight position in the telecommunication services and transportation industry groups and an underweight position in the diversified financials industry group, offset some of the underperformance. The largest detractor was oil & natural gas producer, Encana (Canada). Additional notable detractors included British American Tobacco Plc (United Kingdom), Takeda Pharmaceutical Co., Ltd. (Japan), luxury goods manufacturer & retailer, Compagnie Financiere Richemont (Switzerland), and crude oil & natural gas company, BP Plc (United Kingdom). The top contributor to return was enterprise infrastructure software company, Micro Focus International Plc (United Kingdom). Other notable contributors included telecommunication services provider, Vodafone Group (United Kingdom), wireless communications operator, SK Telecom Co., Ltd. (South Korea), mobile telecommunications operator, China Mobile Ltd. (China), and global life insurer, Manulife Financial (Canada).
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
| 2017 | $0.2972 |
| 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
| 2017 | $0.0000 |
| 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
| 2017 | $0.0000 |
| 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).
