Seeking diversified exposure to global developed and emerging market companies
Causeway’s Global Systematic Equity (GSE) strategy is a quantitative, actively managed global equity strategy built to perform across market regimes. GSE will normally invest its assets in companies in developed markets and emerging markets. Backed by over two decades of quantitative investing experience, the strategy’s key design features include an active alpha model powered by diverse, uncorrelated signals; fundamental research integration to capture risks that models can miss; and robust, proprietary risk management to help build resilient portfolios.
- Benchmark
- MSCI ACWI
- Inception
- March 31, 2022
Portfolio managers
Joe Gubler, CFA
Mr. Gubler is a quantitative portfolio manager at Causeway. He joined the firm in 2005 and has been a portfolio manager since January 2014. In addition to managing quantitative portfolios and conducting alpha research, Mr. Gubler also leads the efforts to maintain and enhance Causeway’s proprietary risk models. He is also a member of the operating committee.
From 1999 to 2005, Mr. Gubler worked as a software engineer, with employers ranging from startups to established businesses such as Monster.com. From 1998 to 1999, Mr. Gubler worked as a staff scientist for News Corporation, conducting studies on the RF propagation of broadcast signals. While studying astrophysics at UC San Diego, Mr. Gubler worked as a graduate research assistant in the Jet Propulsion Laboratory's stellar interferometry group.
Mr. Gubler earned a BS, cum laude, in physics from UC Irvine, an MS in physics from UC San Diego, and an MBA from the UCLA Anderson Graduate School of Management. Mr. Gubler is a CFA charterholder.
Arjun Jayaraman, PhD, CFA
Quantitative Portfolio Manager
Dr. Jayaraman is a director, quantitative portfolio manager and head of the quantitative research at Causeway and has been with the firm since January 2006. Dr. Jayaraman’s responsibilities and research include stock selection, asset allocation, risk model development, and portfolio construction.
From 2004 to 2005, Dr. Jayaraman was a portfolio manager at PanAgora Asset Management. He was the lead portfolio manager on the non-U.S. large cap core equity portfolios and was the co-portfolio manager on the global large cap core equity portfolios. From 2000 to 2004, Dr. Jayaraman managed the same portfolios at Putnam Investments, in addition to working closely with the teams that managed Putnam's traditional non-U.S. strategies. From 1998 to 2000, Dr. Jayaraman worked as a quantitative analyst at Harborview Trading Associates.
Dr. Jayaraman earned a PhD from New York University at the Stern School of Business and a BA in economics from Columbia University. Dr. Jayaraman is a CFA charterholder.
Mozaffar Khan, PhD
Director of Sustainability Research
Dr. Khan is a portfolio manager and director of sustainability research at Causeway. He joined the firm in April 2017 and has been a portfolio manager since December 2021. Prior to Causeway, he was the Honeywell Professor at the University of Minnesota’s Carlson School of Management, the James M Collins Professor at Harvard Business School, and earlier, an assistant professor at the MIT Sloan School of Management. Dr. Khan has published numerous scientific articles in leading academic journals on stock return prediction models and signals. At Causeway, Dr. Khan works closely with fellow Causeway quantitative portfolio managers in alpha research and portfolio construction. He leads our Sustainability research, integration, product development, and Sustainable portfolio management efforts.
Dr. Khan earned a PhD in accounting, with a focus on statistics, economics, and finance, from the University of Toronto.
Read our interview with Mo.
MacDuff Kuhnert, CFA
Mr. Kuhnert is a director and a quantitative portfolio manager at Causeway and has been with the firm since its inception in June 2001. Mr. Kuhnert’s responsibilities and research include stock selection, asset allocation, risk model development, and portfolio construction.
From 1996 to 2001, Mr. Kuhnert worked for the international team of the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM) as a quantitative research associate. During his tenure at HW-MLIM, Mr. Kuhnert created and developed advanced quantitative models used in the international value investment process. He also helped develop the team’s first equity risk model.
Mr. Kuhnert earned a BA in chemistry from Dartmouth College. He is a CFA charterholder, a member of the CFA Society of Los Angeles, and a member of the Chicago Quantitative Alliance.
Ryan Myers
Mr. Myers is a quantitative portfolio manager at Causeway. He joined the firm in June 2013 and has been a portfolio manager since January 2021. His responsibilities include alpha research, stock selection, and portfolio construction.
From 2010 to 2012, Mr. Myers served as chief investment officer of Iron Castle Asset Management, an investment partnership focused on mid-cap U.S. equities. From 2007 to 2008, Mr. Myers worked as an analyst at Canyon Partners, where he covered the cable, media, telecom and satellite sectors. From 2005 to 2007, Mr. Myers was an associate for Oaktree Capital Management in the distressed opportunities group. Mr. Myers began his professional career in 2003 as an investment banking analyst at Goldman Sachs in the technology, media and telecom group.
Mr. Myers earned a BA, magna cum laude, in economics from Harvard University, where he was elected to Phi Beta Kappa. He earned an MBA from the Stanford Graduate School of Business, where he was an Arjay Miller Scholar. Mr. Myers currently serves on the Board of Trustees of the Yosemite Conservancy, an organization dedicated to supporting projects and programs that preserve Yosemite National Park and enrich the visitor experience.
Performance
Account returns for the Causeway Global Systematic Equity Composite (“GSE Composite”) are calculated daily. Monthly account returns are calculated by geometrically linking the daily returns. The return of the GSE Composite is calculated monthly by weighting monthly account returns by the beginning market values. Valuations and returns are computed and stated in US dollars. Returns include the reinvestment of interest, dividends and any capital gains. Returns are calculated gross of withholding taxes on dividends, interest income, and capital gains. Past performance is no guarantee of future performance. Gross-of-fees returns are presented before management, performance and custody fees but after trading expenses. Net-of-fees returns are presented after the deduction of actual management fees, performance-based fees, and all trading expenses, but before custody fees. Causeway’s basic management fee schedules are described in its firm brochure pursuant to Part 2 of Form ADV. A complete list and description of firm composites is available upon request. This information supplements the composite presentation at Composite Performance. Investing involves risk including loss of principal. In addition to the normal risks associated with investing, global investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Diversification does not prevent all investment losses.
Portfolio (as of March 31, 2026)
Asset Allocation
| Table Header | Strategy |
|---|---|
| Stocks | 99.0% |
| Cash | 1.0% |
Strategy Characteristics
| Table Header | Strategy | Benchmark |
|---|---|---|
| No. of holdings | 133 | 2515 |
| Weighted avg. market cap (US $MM) | $607,226 | $725,476 |
| FY2 price/earnings | 10.3 | 15.4 |
| Price/book value | 2.5 | 3.4 |
| Dividend yield (%) | 2.0 | 1.8 |
TOP 10 HOLDINGS
| Security | Country | Percent |
|---|---|---|
| NVIDIA Corp. | United States | 6.4 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan | 3.5 |
| Microsoft Corp. | United States | 2.5 |
| Broadcom, Inc. | United States | 2.3 |
| Apple, Inc. | United States | 2.3 |
| Alphabet, Inc. | United States | 2.3 |
| The Allstate Corp. | United States | 2.1 |
| Sompo Holdings, Inc. | Japan | 2.1 |
| Lam Research Corp. | United States | 2.1 |
| RenaissanceRe Holdings Ltd. | United States | 2.0 |
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 | Strategy | Benchmark |
|---|---|---|
| Information Technology | 30.2% | 26.4% |
| Financials | 22.3% | 16.9% |
| Health Care | 12.1% | 8.9% |
| Industrials | 10.8% | 11.3% |
| Consumer Discretionary | 8.1% | 9.4% |
| Materials | 6.2% | 4.0% |
| Communication Services | 4.1% | 8.4% |
| Utilities | 2.6% | 2.8% |
| Energy | 2.0% | 4.7% |
| Consumer Staples | 0.6% | 5.4% |
| Real Estate | 0.2% | 1.8% |
TOP 10 COUNTRIES
| Country | Strategy | Benchmark |
|---|---|---|
| United States | 56.4% | 63.1% |
| Japan | 9.5% | 5.0% |
| South Korea | 6.1% | 1.8% |
| Taiwan | 5.0% | 2.6% |
| United Kingdom | 4.0% | 3.4% |
| Canada | 3.8% | 3.2% |
| Israel | 3.5% | 0.2% |
| China | 2.5% | 2.9% |
| Australia | 2.3% | 1.5% |
| Ireland | 1.7% | 0.1% |
Regional Allocation
- North America 60.2%
- Emerging Asia 13.6%
- Pacific 11.8%
- Europe – other 9.8%
- Developed Middle East 3.5%
- Emerging Europe, Middle East, Africa 0.2%