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The Causeway International Opportunities strategy is a blend of Causeway’s best skills, combining our international value (bottom-up, fundamental, developed international markets) and emerging markets (quantitatively managed with a targeted tracking error of 5%) equity strategies. Tracking error is a measurement of dispersion from a benchmark index. Our quantitative research team developed a multi-factor model that measures the relative attractiveness of emerging markets, and guides the portfolio managers in tactically allocating between the developed and emerging portfolio segments.
Inception Date | 30 June 2007 |
Benchmark | MSCI ACWI ex US |
Account returns for the Causeway International Opportunities Composite (“International Opportunities Composite”) are calculated daily. Monthly account returns are calculated by geometrically linking the daily returns. The return of the International Opportunities Composite is calculated monthly by weighting monthly account returns by the beginning market values. Valuations and returns are computed and stated in U.S. 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 the following link. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. Investing involves risk including loss of principal. In addition to the normal risks associated with investing, international 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.
Stocks | 98.1% |
Cash | 1.9% |
Causeway | MSCI ACWI ex US | |
---|---|---|
No. of Holdings | 191 | 2135 |
Wtd. Avg. Market Cap (Mn $US) | $49,320 | $48,558 |
FY2 Price/Earnings | 9.8 | 12.3 |
Price/Book Value | 1.2 | 1.6 |
Dividend Yield (%) | 3.9 | 3.3 |
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.
Financials | 23.65% |
Industrials | 14.55% |
Materials | 11.78% |
Health Care | 9.44% |
Consumer Discretionary | 9.31% |
Energy | 8.70% |
Information Technology | 7.40% |
Communication Services | 5.75% |
Consumer Staples | 3.74% |
Utilities | 2.86% |
Real Estate | 0.86% |
Financials | 22.14% |
Industrials | 11.67% |
Materials | 7.65% |
Health Care | 8.20% |
Consumer Discretionary | 10.71% |
Energy | 7.44% |
Information Technology | 8.13% |
Communication Services | 7.64% |
Consumer Staples | 9.62% |
Utilities | 3.37% |
Real Estate | 3.43% |
United Kingdom | 27.29% |
Germany | 12.11% |
Japan | 12.05% |
Switzerland | 8.01% |
China | 7.07% |
Canada | 5.62% |
South Korea | 4.84% |
India | 2.83% |
Taiwan | 2.81% |
Netherlands | 2.61% |
Italy | 2.60% |
Brazil | 2.10% |
France | 1.83% |
Russia | 1.43% |
Thailand | 1.41% |
Spain | 0.78% |
South Africa | 0.58% |
Turkey | 0.48% |
Peru | 0.40% |
Mexico | 0.31% |
Malaysia | 0.29% |
Poland | 0.21% |
Qatar | 0.14% |
United Arab Emirates | 0.12% |
Czech Republic | 0.10% |
Indonesia | 0.05% |
New Zealand | 0.00% |
Singapore | 0.00% |
Egypt | 0.00% |
Greece | 0.00% |
Hungary | 0.00% |
Pakistan | 0.00% |
Philippines | 0.00% |
Sweden | 0.00% |
Norway | 0.00% |
Portugal | 0.00% |
Australia | 0.00% |
Hong Kong | 0.00% |
Ireland | 0.00% |
Israel | 0.00% |
Austria | 0.00% |
Belgium | 0.00% |
Denmark | 0.00% |
Finland | 0.00% |
Chile | 0.00% |
Colombia | 0.00% |
United Kingdom | 11.37% |
Germany | 5.89% |
Japan | 16.51% |
Switzerland | 5.77% |
China | 8.16% |
Canada | 6.78% |
South Korea | 3.67% |
India | 2.22% |
Taiwan | 2.80% |
Netherlands | 2.30% |
Italy | 1.53% |
Brazil | 2.11% |
France | 7.38% |
Russia | 1.02% |
Thailand | 0.64% |
Spain | 2.07% |
South Africa | 1.69% |
Turkey | 0.18% |
Peru | 0.11% |
Mexico | 0.74% |
Malaysia | 0.60% |
Poland | 0.32% |
Qatar | 0.27% |
United Arab Emirates | 0.19% |
Czech Republic | 0.04% |
Indonesia | 0.61% |
New Zealand | 0.15% |
Singapore | 0.91% |
Egypt | 0.03% |
Greece | 0.06% |
Hungary | 0.08% |
Pakistan | 0.01% |
Philippines | 0.29% |
Sweden | 1.80% |
Norway | 0.49% |
Portugal | 0.10% |
Australia | 4.64% |
Hong Kong | 2.64% |
Ireland | 0.36% |
Israel | 0.38% |
Austria | 0.16% |
Belgium | 0.65% |
Denmark | 1.14% |
Finland | 0.71% |
Chile | 0.29% |
Colombia | 0.11% |
Security | Country | Industry | % of Total |
---|---|---|---|
Volkswagen AG | Germany | Automobiles & Components | 3.6 |
Takeda Pharmaceutical Co., Ltd. | Japan | Pharmaceuticals & Biotechnology | 3.3 |
Linde Plc | United States | Materials | 3.0 |
Prudential Plc | United Kingdom | Insurance | 2.9 |
UniCredit S.p.A. | Italy | Banks | 2.6 |
BASF SE | Germany | Materials | 2.6 |
British American Tobacco plc | United Kingdom | Food Beverage & Tobacco | 2.3 |
Barclays Plc | United Kingdom | Banks | 2.3 |
ABB Ltd. | Switzerland | Capital Goods | 2.3 |
Manulife Financial | Canada | Insurance | 2.1 |
Holdings are subject to change.
The Causeway International Opportunities strategy is a blend of Causeway’s best skills, combining our international value (bottom-up, fundamental, developed international markets) and emerging markets (quantitatively managed with a targeted tracking error of 5%) equity strategies. Tracking error is a measurement of dispersion from a benchmark index. Our quantitative research team developed a multi-factor model that measures the relative attractiveness of emerging markets, and guides the portfolio managers in tactically allocating between the developed and emerging portfolio segments.
Our developed markets exposure aims to add value through intensive fundamental research implemented via a disciplined value approach.
Our emerging markets exposure is the result of a quantitative strategy tailored to the unique growth, momentum, and risk characteristics of developing markets. Our proprietary tactical allocation model is designed to add additional value.
The Causeway International Opportunities portfolio is a fully invested, typically 120-200 stock portfolio. Allocation between developed and emerging markets can range from 0-2x the allocation of the MSCI All Country World Index ex-US, but is scalable to clients’ desired parameters.
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