Global Value UCITS Fund

Portfolio Attribution

The Causeway Global Value UCITS Fund (“Fund”) underperformed the Index during the month, due primarily to stock selection. From a sector perspective, Fund holdings in the semiconductors & semi equipment and capital goods industry groups, along with an underweight position in the energy industry group, detracted from relative performance. Holdings in the insurance, pharmaceuticals & biotechnology, and automobiles & components industry groups offset some of the underperformance compared to the Index. The largest detractor was semiconductor company, Renesas Electronics Corp.(Japan). Additional notable detractors included passenger & cargo airline, Alaska Air Group, Inc. (United States), and rolling stock, signaling, and services provider for the rail industry, Alstom SA (France). The top contributor to return was global financial services giant, Citigroup, Inc. (United States). Other notable contributors included global biopharmaceutical company, Pfizer Inc. (United States), and telecommunication services provider, KDDI Corp. (Japan).

Investment Outlook

The escalating Middle East conflict and partial closure of the Strait of Hormuz increased oil prices and inflation risks, reducing growth expectations. Global equities fell in March, and traditional safe havens offered limited diversification. Energy stocks benefited from supply concerns, while other sectors struggled. Europe and energy-importing Asian economies are the most oil & gas sensitive, while emerging markets weakened as investors reduced risk exposure. Software and services stocks remain unpopular as competition from generative AI-native entrants may disrupt incumbents. Rising energy prices have cast a shadow over economically sensitive sectors, depressing the valuations of many cyclical stocks. Even after the US ultimately disengages from Iran, geopolitical risk will likely remain elevated for several quarters. In technology and consumer sectors, recent weakness reflects both cyclical concerns and longer-term structural shifts, requiring even greater precision in stock selection. If the US achieves a satisfactory set of goals for Iran, portfolio holdings have the potential to rally. Overall, the conflict has not currently caused us to mark down our two-year price targets for portfolio companies. Per Causeway history, we use unjustified share price weakness to add to existing positions where our investment thesis remains intact. Market dislocations may also create opportunities to initiate new investments in high-quality businesses at more attractive values.

Emerging Markets UCITS Fund – EUR

Portfolio Attribution

The Fund modestly underperformed the Index in March 2026. We use both bottom-up “stock-specific” and top-down factor categories to forecast alpha for the stocks in the Portfolio’s investable universe. Our bottom-up valuation and competitive strength factors were positive indicators in March. Our growth, technical (price momentum), and corporate events factors were negative indicators. Our top-down macroeconomic, currency, and country/sector aggregate factors were negative indicators during the month.

During the month, Portfolio holdings in the emerging Asia region contributed to relative performance, due primarily to positive stock selection in Taiwan and India. In the emerging Europe, Middle East, and Africa (“EMEA”) region, an underweight position in Saudi Arabia detracted from relative performance. In emerging Latin America, positioning in Brazil detracted from relative performance. From a sector perspective, information technology, industrials, and materials contributed to relative performance. Energy, financials, and utilities detracted from relative performance. The greatest stock-level contributors to relative performance included overweight positions in bank, China Construction Bank Corp. (China), and electronic components manufacturer, Asia Vital Components Co., Ltd. (Taiwan), as well as an underweight position in automaker, Hyundai Motor Co., Ltd. (South Korea). The largest stock-level detractors from relative performance included overweight positions in semiconductor company, SK hynix, Inc. (South Korea), and automobile manufacturer, Kia Corp. (South Korea), as well as an underweight position in energy production company, Petroleo Brasileiro SA (Brazil).

Investment Outlook

The conflict in the Middle East remains fluid and traffic in the Strait of Hormuz has been limited. This has fueled volatility in energy prices and global equity markets. Two of the Portfolio’s largest country overweights, South Korea and Taiwan, are importers of oil and Liquefied Natural Gas (“LNG”). Rising energy prices heavily impacted stock returns in these markets in March. We continue to identify, in our view, attractive investment opportunities in these countries, due to compelling bottom-up and top-down characteristics. The Portfolio was underweight Indian equities as of quarter-end due in part to valuation considerations, which diversifies the portfolio’s energy exposure as India is also an oil importer. The Portfolio was also underweight Gulf Cooperation Council (“GCC”) countries as of quarter-end. We believe the conflict in the Middle East will eventually wind down and some semblance of normalcy will return for most economies. However, this path to normalcy may be longer for the GCC countries as some have suffered significant infrastructure damage. The conflict should further incentivize energy-importing countries to diversify away from the Middle East. While the valuations of stocks in GCC countries are increasingly attractive, we do not believe this adequately compensates for the increased risks. Amid a backdrop of rising energy prices, the new chair of the US Federal Reserve (“Fed”), Kevin Warsh, faces a challenge. He needs to determine if the rising prices are transitory as he seeks to balance inflation and growth considerations. Rising US interest rates driven by inflation concerns and a flight to safety amid market volatility have contributed to falling EM currencies.

In Causeway’s EM model, we re-estimated factor weights during the quarter. We monitor factor performance monthly and periodically adjust factor weights, letting historical risk-adjusted performance serve as our guide. The primary model update involved increasing the weight to earnings growth while modestly reducing weights to value and technical (price momentum) factors.

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.

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