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International Opportunities

Strategy Profile

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 Date30 June 2007
Benchmark MSCI ACWI ex US

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
Gross % -8.2%-13.0%-10.7%4.9%1.8%10.4%2.9%
Net % -8.2%-13.3%-11.0%4.5%1.4%10.1%2.6%
MSCI ACWI ex US -7.2%-9.7%-7.7%5.9%2.3%8.2%1.5%

Portfolio

Asset Allocation as of 30 Nov 2018

Stocks 99.2%
Cash 0.8%

Characteristics as of 30 Nov 2018

Causeway MSCI ACWI ex US
No. of Holdings 189 2162
Wtd. Avg. Market Cap (Mn $US)$47,945$47,088
FY2 Price/Earnings9.611.9
Price/Book Value1.21.6
Dividend Yield (%)3.83.3

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.

SECTOR WEIGHTS as of 30 Nov 2018

Financials23.04%
Industrials14.52%
Materials12.70%
Consumer Discretionary9.93%
Health Care9.46%
Information Technology8.71%
Energy8.35%
Telecommunication Services4.43%
Consumer Staples4.31%
Utilities2.96%
Real Estate0.79%

(VS. Benchmark)

Financials22.42%
Industrials11.75%
Materials7.49%
Consumer Discretionary10.68%
Health Care8.77%
Information Technology11.31%
Energy7.34%
Telecommunication Services4.05%
Consumer Staples9.74%
Utilities3.20%
Real Estate3.24%
Financials
Industrials
Materials
Consumer Discretionary
Health Care
Information Technology
Energy
Telecommunication Services
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 30 Nov 2018

United Kingdom27.67%
Germany12.13%
Japan11.49%
Switzerland9.09%
China6.64%
Canada5.70%
South Korea4.67%
Taiwan3.13%
India3.10%
Italy2.80%
Netherlands2.79%
France2.20%
Brazil1.95%
Russia1.34%
Thailand1.32%
Spain0.87%
South Africa0.51%
Turkey0.50%
Peru0.37%
Malaysia0.32%
Poland0.24%
United Arab Emirates0.14%
Mexico0.11%
Czech Republic0.10%
Indonesia0.04%
Pakistan0.00%
Philippines0.00%
New Zealand0.00%
Singapore0.00%
Egypt0.00%
Greece0.00%
Hungary0.00%
Sweden0.00%
Ireland0.00%
Australia0.00%
Hong Kong0.00%
Norway0.00%
Portugal0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Qatar0.00%
Chile0.00%
Colombia0.00%

(VS. Benchmark)

United Kingdom11.75%
Germany6.03%
Japan16.82%
Switzerland5.92%
China7.87%
Canada6.68%
South Korea3.52%
Taiwan2.87%
India2.33%
Italy1.56%
Netherlands2.35%
France7.43%
Brazil1.91%
Russia0.95%
Thailand0.61%
Spain2.08%
South Africa1.57%
Turkey0.18%
Peru0.10%
Malaysia0.60%
Poland0.32%
United Arab Emirates0.17%
Mexico0.66%
Czech Republic0.05%
Indonesia0.57%
Pakistan0.01%
Philippines0.27%
New Zealand0.15%
Singapore0.89%
Egypt0.03%
Greece0.07%
Hungary0.08%
Sweden1.81%
Ireland0.34%
Australia4.64%
Hong Kong2.50%
Norway0.51%
Portugal0.10%
Israel0.38%
Austria0.16%
Belgium0.68%
Denmark1.17%
Finland0.68%
Qatar0.27%
Chile0.28%
Colombia0.11%
United Kingdom
Germany
Japan
Switzerland
China
Canada
South Korea
Taiwan
India
Italy
Netherlands
France
Brazil
Russia
Thailand
Spain
South Africa
Turkey
Peru
Malaysia
Poland
United Arab Emirates
Mexico
Czech Republic
Indonesia
Pakistan
Philippines
New Zealand
Singapore
Egypt
Greece
Hungary
Sweden
Ireland
Australia
Hong Kong
Norway
Portugal
Israel
Austria
Belgium
Denmark
Finland
Qatar
Chile
Colombia
Other

TOP 10 HOLDINGS as of 30 Nov 2018

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 3.8
Linde Plc Germany Materials 3.3
UniCredit S.p.A. Italy Banks 2.8
Prudential Plc United Kingdom Insurance 2.7
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 2.5
ABB Ltd. Switzerland Capital Goods 2.5
Barclays Plc United Kingdom Banks 2.3
Akzo Nobel NV Netherlands Materials 2.3
BASF SE Germany Materials 2.3
KDDI Corp. Japan Telecommunication Services 2.3

Holdings are subject to change.

Approach

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.

Commentary

PERFORMANCE REVIEW for the month ended 30 Nov 2018


Equity markets fluctuated in November as geopolitical events influenced market movements. Emerging markets (“EM”) equities rebounded this month, outperforming developed market peers. The top performing markets in our investable universe included Turkey, Indonesia, India, Hungary, and South Africa. The worst performing markets included Ireland, Pakistan, the United Arab Emirates, Norway, and Mexico. The best performing sectors in the MSCI ACWI ex US Index (“Index”) were generally economically-defensive or trade tariff immune sectors, led by real estate, telecommunication services, and utilities. The worst performing sectors were energy, materials, and consumer discretionary.

The Portfolio underperformed the Index during the month, due primarily to stock selection. Portfolio holdings in the food beverage & tobacco, energy, banks, insurance, and utilities industry groups detracted from relative performance. Holdings in the software & services, consumer services, consumer durables & apparel, and automobiles & components industry groups, as well as an overweight position in the transportation 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), apparel manufacturer, Gildan Activewear (Canada), global life insurer, Manulife Financial (Canada), and pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland).*

*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 portfolio holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. The securities identified and described above 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.  Past performance does not guarantee future results.  For a description of our performance attribution methodology, or to obtain a list showing every holding's contribution to the overall account's performance during the quarter, please contact our product manager, Kevin Moutes, at 310-231-6116 or moutes@causewaycap.com.

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