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The international small cap strategy invests primarily in common stocks of companies with smaller market capitalizations located in developed and emerging markets outside the U.S. The portfolio normally invests at least 80% of its total assets in equity securities of companies with smaller market capitalizations. Smaller market capitalization companies are companies with market capitalizations that do not exceed the highest market capitalization of a company within the portfolio’s benchmark, the MSCI ACWI ex USA Small Cap Index (Gross), at the time of purchase. Some of these companies, although small by U.S. standards, might be large companies in their local markets. The Fund may continue to hold securities of a portfolio company that appreciate above the smaller market capitalization threshold and thus may from time to time hold less than 80% of its total assets in equity securities of companies with smaller market capitalizations. The portfolio may invest in a wide range of industries.
|Inception Date||30 Nov 2014|
|Benchmark||MSCI AC World ex USA Small Cap|
|Fund||Quarter to Date||Year to Date||1 Year||3 Year||Since Inception|
|MSCI AC World ex USA Small Cap||10.4%||10.4%||-9.1%||7.4%||5.7%|
Account returns for the Causeway International Small Cap Composite (“International Small Cap Composite”) are calculated daily. Monthly account returns are calculated by geometrically linking the daily returns. The return of the International Small 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.
|Causeway||MSCI AC World ex USA Small Cap|
|No. of Holdings||145||4116|
|Wtd. Avg. Market Cap (Mn $US)||$1,425||$1,732|
|Dividend Yield (%)||4.4||2.6|
|United Arab Emirates||0.00%|
|United Arab Emirates||0.10%|
|EVRAZ Plc||United Kingdom||Materials||2.1|
|HASEKO Corp.||Japan||Consumer Durables & Apparel||1.9|
|Makalot Industrial Co., Ltd.||Taiwan||Consumer Durables & Apparel||1.8|
|Radiant Opto-Electronics Corp.||Taiwan||Semiconductors & Semi Equipment||1.8|
|Yuexiu Property Co., Ltd.||China||Real Estate||1.7|
|Yanlord Land Group Ltd.||Singapore||Real Estate||1.6|
|Coretronic Corp.||Taiwan||Technology Hardware & Equipment||1.6|
|ASR Nederland NV||Netherlands||Insurance||1.6|
|Huaxin Cement Co., Ltd.||China||Materials||1.6|
|Royal Unibrew A/S||Denmark||Food Beverage & Tobacco||1.6|
For Causeway International Small Cap strategy, our quantitative process examines a multitude of factors within four main categories to gauge the return potential of a stock. First, we seek relatively inexpensive valuations. Second, we want to see accelerating earnings growth prospects and upward earnings estimate revisions from the sell-side analysts who cover the stock. Third, we look for positive recent momentum, since recent trends tend to persist. And fourth, we want to find quality by seeking stocks with a focus on strong free cash flow generation rather than simply sales growth. We then rank the stocks on these factors to identify candidates that we believe should produce the most attractive risk-adjusted returns. Before we establish new positions, our fundamental portfolio managers and analysts review stocks in their sector of coverage and report any “red flags” that may be outside the scope of quantitative analysis.
We take many steps to monitor and manage risk within the portfolio. We start by including in our tradable universe only the roughly 2,800 stocks that trade at least $1 million per day on average, to seek sufficient liquidity and to minimize market impact when we enter and exit positions. We intend for the portfolio to also typically contain between 120 and 200 stocks at any one time, and this breadth is intended to limit idiosyncratic risk.
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