Global Value UCITS Fund

Portfolio Attribution

The Causeway Global Value UCITS Fund (“Fund”) outperformed the Index during the month, due primarily to stock selection. On a gross return basis, Fund holdings in the pharmaceuticals & biotechnology, semiconductors & semi equipment, and software & services industry groups contributed to relative performance. Holdings in the technology hardware & equipment, consumer services, and media & entertainment industry groups offset some of the outperformance compared to the Index. The top contributor to return was diversified pharmaceutical company, Merck & Co., Inc. (United States). Other notable contributors included technology conglomerate, Alphabet, Inc. (United States), and global biotechnology company, Biogen, Inc. (United States). The largest detractor was electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea). Additional notable detractors included cruise ship operator, Carnival Corp. (United States), and multinational luxury conglomerate, Kering SA (France).

Investment Outlook

Market trends in 2025 year-to-date point to a notable shift in investor sentiment and capital rotation toward non-US equity markets. European fund inflows accelerated in the first half of the year, helping fuel the 12% appreciation of the euro versus the US dollar through the end of November. Year-to-date, US dollar weakness accounts for much of the outperformance of international markets. This strong developed international equity outperformance in US-dollar terms has likely renewed investor interest in undervalued European, UK, and Japanese equities. Strong developed international equity outperformance relative to the US market has likely renewed investor interest in undervalued European, UK, and Japanese equities. Strong developed international equity outperformance relative to the US market has likely renewed investor interest in undervalued European, UK, and Japanese equities.

The current rise of international value indices over growth provides a constructive backdrop for our value-oriented investment style. Among the leading non-US sectors in 2025, we see continued upside potential in financials, industrials, information technology, and consumer staples. Several of the portfolio’s lagging stocks this year appear well-positioned to outperform in 2026 as management teams execute on earnings and cash-flow improvements, inspiring market confidence.

Emerging Markets UCITS Fund – EUR

Portfolio Attribution

The Causeway Emerging Markets UCITS Fund (“Fund”), on a net asset value basis, outperformed the Index in November 2025. We use both bottom-up “stock-specific” and top-down factor categories to forecast alpha for the stocks in the Fund’s investable universe. Our bottom-up technical (price momentum), valuation, growth, competitive strength, and corporate events factors were positive indicators during the month. Our top-down currency, macroeconomic, and country/sector aggregate were negative indicators.

Investment Outlook

With the core Consumer Price Index (CPI) above the US Federal Reserve’s two percent target, the path to achieving the central bank’s dual mandate of maximum employment and stable prices appears difficult. The Fed has reduced its target interest rate in recent meetings. Stable to falling US interest rates coupled with US dollar weakness has historically provided a positive backdrop for EM assets. The tariff outlook for EM exports has generally improved, which has also bolstered EM assets year-to-date. Reciprocal tariff rates in South Korea and Taiwan have been reduced and many goods, notably semiconductors, are excluded from the reciprocal tariffs currently. US tariff negotiations with China are ongoing and the situation is complex – the average effective tariff rate far exceeds the reciprocal tariff rate due to various other tariffs on specific goods. We are overweight Chinese stocks in the Fund due in part to compelling valuation and growth characteristics. Tariff rates levied on India remain elevated, primarily attributable to a punitive tariff for buying Russian oil. We are underweight Indian stocks in the Fund due in part to unfavorable valuation, growth, and price momentum characteristics.

In South Korea, corporate governance continues to improve. The Korean parliament passed an amendment to the Korean Commercial Act, which expands companies’ boards of directors’ fiduciary duties to also consider the interests of minority shareholders. Additionally, multiple bills are being considered that would require or strongly encourage companies to cancel treasury shares, which would benefit minority shareholders. Typically, share buybacks by a company are positive for all shareholders. However, Korean companies have historically used share buybacks as a tool to increase controlling shareholder control by reducing the number of shares owned by minority shareholders. Meanwhile, minority shareholders do not enjoy the typical benefit of a buyback since the purchased shares still exist in the company’s treasury. The proposed amendment would, once again, make share buybacks positive for minority shareholders. We are overweight South Korean stocks in the Fund due in part to favorable valuation, growth, price momentum, and top-down characteristics.

Emerging Markets UCITS Fund

Portfolio Attribution

The Causeway Emerging Markets UCITS Fund (“Fund”) performed in-line with the Index in April 2022. We use both bottom-up “stock-specific” and top-down factor categories to seek to forecast alpha for the stocks in the Fund’s investable universe. Our bottom-up valuation and price momentum factors were positive indicators during the month while growth and competitive strength were negative. Of our top-down factors, our macroeconomic and currency factors were positive. Our country and sector factors were negative indicators in April.

Investment Outlook

Earnings growth upgrades for EM equities continue to lag those in developed markets. EM sectors with the weakest earnings upgrades were communication services, consumer discretionary, and real estate. All three of these sectors are dominated by Chinese stocks, which were impacted by the Covid-19 lockdowns. The sectors with the strongest earnings upgrades were energy, information technology, and financials. Energy benefitted from strong oil prices and information technology benefitted from positive revisions for a few larger capitalization stocks. Financials benefitted from rising interest rates. The countries with the weakest net upgrades include China, India, and Thailand. While Covid-19 containment policies have weighed on Chinese stocks, rising commodity prices have dampened the growth outlook for Indian equities. The countries with the strongest net upgrades include Taiwan, Turkey, and Mexico. Positive revisions for larger capitalization companies drove strength in Taiwan. We are overweight Taiwanese stocks in the Fund due to attractive bottom-up and top-down characteristics. Mexican stocks have benefitted from economic linkages with the US. While we incorporate growth expectations into our multi-factor investment process, we continue to emphasize valuation in our approach. With a balance of favorable valuation, growth, and price momentum characteristics relative to the Index, we believe the portfolio provides outperformance potential looking forward.