Seeking value primarily in the non-US developed markets

The International Value Select portfolio is constructed from an equity universe composed of companies with market capitalizations typically greater than $5 billion located in non-US developed and emerging market countries. The strategy uses our international value equity strategy with two distinctions: the select portfolio has greater liquidity (by way of investing in larger capitalization companies) and fewer holdings. We believe that concentrating the holdings can compensate for the loss of small/mid cap exposure. The investment process comprises three stages: quantitative screening and initial analysis, fundamental research, and portfolio construction.

Benchmark
MSCI EAFE
Inception
March 31, 2005
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    Strategy overview

    The portfolio managers discuss our International Value Select strategy.

    Portfolio managers

    Brian Woonhyung Cho

    Fundamental Portfolio Manager

    Mr. Cho is a director and fundamental portfolio manager at Causeway. He joined the firm in September 2013 and has been a portfolio manager since January 2021. His current responsibilities include coverage of companies in the technology and communication services sectors.
     
    From 2011 to 2013, Mr. Cho was a vice president at BofA-ML Equity Research, covering the IT hardware and supply chain sector. From 2007 to 2011, he worked as an associate at Goldman Sachs Equity Research covering the same sector. From 2006 to 2007, he worked as an analyst at Morgan Stanley Equity Research covering the internet and interactive software sector. Prior to that, he worked as an analyst at PA Consulting Group in the financial services practice.

    Mr. Cho earned a BSc in management science from Massachusetts Institute of Technology.

    Read our interview with Brian about value investing in the technology sector.

    Jonathan Eng

    Fundamental Portfolio Manager

    Mr. Eng is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global consumer discretionary, industrials, and energy sectors. He joined the firm in July 2001 and has been a portfolio manager since February 2002.
     
    From 1997 to 2001, Mr. Eng was an equity research associate for the Hotchkis and Wiley division of Merrill Lynch Investment Managers (HW-MLIM). In 1996, Mr. Eng worked as a summer research associate for Hotchkis and Wiley, performing U.K. and European equity research. From 1993 to 1995, Mr. Eng analyzed merger and acquisition candidates at Slusser Associates. From 1990 to 1993, Mr. Eng worked as a middle market corporate lender for Bank of Boston.

    Mr. Eng earned a BA in history and economics from Brandeis University and an MBA from the UCLA Anderson Graduate School of Management

    Harry Hartford

    President
    Head of Fundamental Research
    Fundamental Portfolio Manager

    Mr. Hartford is the president at Causeway, fundamental portfolio manager, and head of fundamental research. Mr. Hartford co-founded the firm in June 2001 and is a member of the operating committee.

    From 1996 to June 2001, Mr. Hartford was a managing director for the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM) and co-head of the firm's HW-MLIM international and global value team. From 1994 to 1996, Mr. Hartford was a portfolio manager for Hotchkis and Wiley. From 1984 to 1994, Mr. Hartford was with The Investment Bank of Ireland, where he gained ten years’ experience in both international and global equity management. During this time, Mr. Hartford also managed the Irish Investment Fund, a closed-end country fund quoted on the NYSE. Before entering the investment business, Mr. Hartford lectured in micro and macroeconomics at Oklahoma State University.

    Mr. Hartford earned a BA, with honors, in economics from the University of Dublin, Trinity College, an MSc in economics from Oklahoma State University, and is a Phi Kappa Phi member. Mr. Hartford is a member of The Ireland Funds America Board of Directors.

    Sarah Ketterer

    Chief Executive Officer
    Fundamental Portfolio Manager

    Sarah H. Ketterer is the CEO and a portfolio manager of Causeway Capital Management LLC. She co-founded the firm in 2001 and is a member of the firm’s operating committee. Prior to Causeway, she worked for the Hotchkis & Wiley division of Merrill Lynch.

    Ms. Ketterer serves on the Stanford University Board of Trustees and the University of Texas Southwestern Medical Center President’s Advisory Board, is a co-founder of the Economic Club of Dallas, and is a supporter of Girls Who Invest. She previously chaired the Los Angeles World Affairs Council and Town Hall and the investment committee of the Music Center Foundation.

    Ms. Ketterer earned a BA in economics and political science from Stanford University and an MBA from the Tuck School of Business at Dartmouth.

    Ellen Lee

    Fundamental Portfolio Manager

    Ms. Lee is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global consumer and utilities sectors. Prior to the current role, she also covered transportation and autos. She joined the firm in August 2007 and has been a portfolio manager since January 2015.
     
    During the summer of 2006, Ms. Lee interned at Tiger Asia, a long short equity hedge fund focused on China, Japan, and Korea. From 2001 to 2004, Ms. Lee was an associate in the mergers and acquisitions division of Credit Suisse First Boston in Seoul, where she advised Korean corporates and multinational corporations. From 1999 to 2000, she was an analyst in the mergers and acquisitions division of Credit Suisse First Boston in Hong Kong.

    Ms. Lee earned a BA in business administration from Seoul National University and an MBA from the Stanford Graduate School of Business. She is a board member of ExpandLA (Expanded Learning Alliance), a Broad Foundation funded non-profit whose mission is to support, connect, and advocate for expanded learning opportunities that provide equitable access for all children and youth in the LA area.

     

    Read our profile of Ellen .

    Conor Muldoon, CFA

    Fundamental Portfolio Manager

    Mr. Muldoon is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global financials and materials sectors. He joined the firm in August 2003 and has been a portfolio manager since September 2010. He is also a member of the operating committee.
     
    From 1995 to 2003, Mr. Muldoon was an investment consultant for Fidelity Investments where he served as a liaison between institutional clients and investment managers within Fidelity. He was responsible for communicating current information on the financial markets, the economy and investment performance.

    Mr. Muldoon earned a BSc and an MA from the University of Dublin, Trinity College and an MBA, with high honors, from the University of Chicago. Mr. Muldoon was inducted into the Beta Gamma Sigma honors society and is also a CFA charterholder.

    Steven Nguyen, CFA

    Fundamental Portfolio Manager

    Mr. Nguyen is a director and fundamental portfolio manager at Causeway and is responsible for investment research in utilities & renewables, healthcare, and business services. He joined the firm in April 2012 and has been a portfolio manager since January 2019.
     
    From 2006 to 2012, Mr. Nguyen was a senior credit analyst at Bradford & Marzec covering high yield and investment grade companies in the telecommunication services, cable, media, gaming, insurance, and REIT industries. From 2003 to 2006, Mr. Nguyen was a credit analyst/portfolio manager in the corporate bond department of Allegiance Capital.

     

    Mr. Nguyen earned a BA in business economics from Brown University and an MBA, with honors, from the UCLA Anderson School of Management. Mr. Nguyen was the president of the Anderson Student Asset Management association. Mr. Nguyen is a CFA charterholder and has completed the CFA Institute Certificate in ESG Investing program.

     

    Alessandro Valentini, CFA

    Fundamental Portfolio Manager

    Mr. Valentini is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global healthcare, financials, and real estate sectors. He joined the firm in July 2006 and has been a portfolio manager since April 2013.
     
    During the summer of 2005, Mr. Valentini worked as a research analyst at Thornburg Investment Management, where he conducted fundamental research for the International Value Fund and the Value Fund, focusing on the European telecommunication and Canadian oil sectors. From 2000 to 2004, Mr. Valentini worked as a financial analyst at Goldman Sachs in the European equities research-sales division in New York.

    Mr. Valentini earned an MBA from Columbia Business School, with honors, an MA in economics from Georgetown University and a BS, magna cum laude, from Georgetown University. Mr. Valentini was inducted into the Beta Gamma Sigma honors society, is a Phi Beta Kappa member, and is a CFA charterholder.

    Performance

    Table Header QTD YTD 1 year3 years5 years10 years Since inception
    Strategy (gross) 4.7%4.7%43.1%23.1%16.9%12.6%8.7%
    Strategy (net) 4.7%4.7%42.7%22.6%16.5%12.1%8.3%
    MSCI EAFE 5.2%5.2%31.8%16.8%10.8%10.1%6.8%
    Table Header QTD YTD 1 year3 years5 years10 years Since inception
    Strategy (gross) 4.7%4.7%43.1%23.1%16.9%12.6%8.7%
    Strategy (net) 4.7%4.7%42.7%22.6%16.5%12.1%8.3%
    MSCI EAFE 5.2%5.2%31.8%16.8%10.8%10.1%6.8%
    Table Header QTD YTD 1 year3 years5 years10 years Since inception
    Strategy (gross) 8.7%43.9%43.9%25.5%15.3%11.1%8.5%
    Strategy (net) 8.6%43.4%43.4%25.1%14.9%10.7%8.1%
    MSCI EAFE 4.9%31.9%31.9%17.8%9.5%8.7%6.5%
    Table Header QTD YTD 1 year3 years5 years10 years Since inception
    Strategy (gross) 8.7%43.9%43.9%25.5%15.3%11.1%8.5%
    Strategy (net) 8.6%43.4%43.4%25.1%14.9%10.7%8.1%
    MSCI EAFE 4.9%31.9%31.9%17.8%9.5%8.7%6.5%
    Fund 20252024202320222021202020192018201720162015201420132012201120102009
    Strategy (gross) 43.9%6.2%29.5%-6.7%10.4%6.9%21.2%-17.2%29.5%1.5%-1.3%-4.3%27.2%24.7%-9.6%13.2%35.4%
    Strategy (net) 43.4%5.8%29.1%-7.1%10.0%6.5%20.8%-17.5%29.1%1.1%-1.7%-4.7%26.8%24.3%-9.9%12.7%34.8%
    MSCI EAFE 31.9%4.3%18.9%-14.0%11.8%8.3%22.7%-13.4%25.6%1.5%-0.4%-4.5%23.3%17.9%-11.7%8.2%32.5%
    Table Header
    Strategy (gross)
    Strategy (net)
    MSCI EAFE
    20252024202320222021202020192018201720162015201420132012201120102009
    43.9%6.2%29.5%-6.7%10.4%6.9%21.2%-17.2%29.5%1.5%-1.3%-4.3%27.2%24.7%-9.6%13.2%35.4%
    43.4%5.8%29.1%-7.1%10.0%6.5%20.8%-17.5%29.1%1.1%-1.7%-4.7%26.8%24.3%-9.9%12.7%34.8%
    31.9%4.3%18.9%-14.0%11.8%8.3%22.7%-13.4%25.6%1.5%-0.4%-4.5%23.3%17.9%-11.7%8.2%32.5%

    Account returns for the Causeway International Value Select Composite ("International Value Select Composite") are calculated daily. Monthly account returns are calculated by geometrically linking the daily returns. The return of the International Value Select 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. 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.

    Portfolio (as of January 31, 2026)

    Benchmark: MSCI EAFE
    Asset Allocation
    Table Header Strategy
    Stocks 99.5%
    Cash 0.5%
    Strategy Characteristics
    Table Header Strategy Benchmark
    No. of holdings 63 692
    Weighted avg. market cap (US $MM) $95,131 $102,426
    FY2 price/earnings 13.6 15.6
    Price/book value 2.0 2.3
    Dividend yield (%) 2.4 2.7
    TOP 10 HOLDINGS
    Security Country Percent
    Kering SA France 4.2%
    Alstom SA France 4.1%
    Renesas Electronics Corp. Japan 4.1%
    AstraZeneca PLC United Kingdom 3.7%
    Barclays PLC United Kingdom 3.1%
    Reckitt Benckiser Group Plc United Kingdom 2.9%
    Roche Holding AG Switzerland 2.8%
    BNP Paribas SA France 2.6%
    FANUC Corp. Japan 2.6%
    SAP SE Germany 2.4%

    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
    Financials 19.9% 25.2%
    Industrials 18.4% 19.7%
    Information Technology 14.3% 8.9%
    Health Care 13.5% 11.3%
    Consumer Staples 9.5% 7.1%
    Consumer Discretionary 7.9% 9.0%
    Materials 4.8% 5.8%
    Communication Services 4.6% 4.1%
    Utilities 3.4% 3.8%
    Energy 2.0% 3.3%
    Real Estate 1.2% 1.8%
    TOP 10 COUNTRIES
    Country Strategy Benchmark
    United Kingdom 27.9% 14.9%
    France 19.5% 10.3%
    Japan 12.3% 22.4%
    Germany 9.3% 9.4%
    Netherlands 6.0% 5.4%
    South Korea 3.8% 0.0%
    United States 3.8% 0.0%
    Switzerland 2.8% 9.4%
    Italy 2.7% 3.2%
    Belgium 2.7% 1.1%
    Regional Allocation
    • Euro 40.1%
    • Europe - Other 34.0%
    • Pacific 13.5%
    • North America 6.1%
    • Emerging Asia 5.4%
    • Emerging Europe, Middle East, Africa 0.5%

    Commentary (As of January 31, 2026)

    Highlights

    • Emerging markets led global equity markets higher in January, with both developed non-US and US markets also posting gains.
    • Sustained earnings growth and abundant global liquidity could support current global equity market levels into 2026. While inflation progress remains uneven, G-7 central banks face mounting political and economic pressure to prioritize growth, suggesting an accommodative bias in monetary policy.
    • As leadership broadens across global equity markets, we see an expanding opportunity set for disciplined, valuation-based active management.
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    Portfolio Attribution

    The Portfolio underperformed the Index during the month, due primarily to currency allocation (a byproduct of our bottom-up stock selection process). Portfolio holdings in the capital goods industry group, along with an overweight position in the consumer durables & apparel and software & services industry groups, detracted from relative performance. Holdings in the technology hardware & equipment, insurance, and food beverage & tobacco industry groups offset some of the underperformance compared to the Index. The largest detractor was multinational luxury conglomerate, Kering SA (France). Additional notable detractors included business software & services provider, SAP SE (Germany), and print & publishing company, RELX Plc (United Kingdom). The top contributor to return was electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea). Other notable contributors included semiconductor company, Renesas Electronics Corp.(Japan), and banking & financial services company, BNP Paribas SA (France).

    Investment Outlook

    Sustained earnings growth and abundant global liquidity could support current global equity market levels. While inflation progress remains uneven, G-7 central banks face mounting political and economic pressure to prioritize growth, suggesting an accommodative bias in monetary policy. In the United States, assuming no material escalation in tariffs, favorable tax and regulatory conditions should underpin continued economic expansion, with AI-driven capital expenditures broadening beyond graphics processing units (GPUs) into power infrastructure, data center development, cooling, and networking. Accessible credit and a less restrictive regulatory backdrop are also likely to drive a surge in M&A activity across major developed markets, supporting both public and private asset valuations. Europe and Japan could attract increased global capital flows if deregulation efforts persist and Europe advances toward deeper single-market integration and institutional coordination. Political polarization and potential voter backlash remain risks to the pace and durability of reform, especially if inflation re-accelerates or AI-related employment concerns intensify.

    Within this environment, stock selection remains paramount. We expect some of the portfolio’s most attractive opportunities to come from companies undergoing operational restructuring, where capable management teams can re-accelerate cash flow growth—often in currently unpopular areas such as industrials and consumer staples. In health care, we are focused on businesses with durable pricing power, established franchises, and underappreciated pipelines, viewing periodic setbacks as potential entry points. We also see improving prospects among technology laggards, particularly where we believe cyclical challenges are being misread as structural. Our research seeks to distinguish permanent impairment from temporary disruption, especially in IT Services, enterprise software, and analog semiconductors, while carefully assessing the implications of rising Chinese competition.

    As leadership broadens across global equity markets, we see an expanding opportunity set for disciplined, valuation-based active management. By focusing on cash flow trajectory, balance sheet strength, and management execution, we seek to identify mispriced securities where we believe long-term fundamentals are not fully reflected in current valuations.

    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 [email protected].

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