Global Value UCITS Fund

Portfolio Attribution

The Fund outperformed the Index during the month, due primarily to country allocation (a byproduct of our bottom-up stock selection process). Fund holdings in the technology hardware & equipment and consumer durables & apparel industry groups, as well as an underweight position in the semiconductors & semi equipment industry group, contributed to relative performance. Holdings in the transportation industry group, along with an underweight position in the consumer discretionary distribution & retail and energy industry groups, offset some of the outperformance relative to the Index. The top contributor to return was multinational luxury conglomerate, Kering SA (France). Other notable contributors included business software & services provider, SAP SE (Germany), and industrial technology company, Hexagon AB (Sweden). The largest detractor was semiconductor company, Renesas Electronics Corp. (Japan). Additional notable detractors included semiconductor company, Infineon Technologies AG (Germany), and HVAC manufacturer, Carrier Global Corp. (United States).

Investment Outlook

Artificial intelligence continues to reshape the investment landscape, driving substantial capital spending on data centers, semiconductors, power infrastructure, and related technologies. As investor enthusiasm became increasingly concentrated in AI infrastructure companies, we trimmed select semiconductor positions whose share prices approached our targets and redeployed the proceeds into other areas of the global equity market, including capital goods, consumer durables, and media and entertainment, where we believe long-term earnings potential is not fully reflected in current valuations.

Geopolitical tensions—including ongoing conflicts in the Middle East and Ukraine, as well as strategic competition between the US and China—may weigh on valuation multiples in the near term. Amid elevated geopolitical risk, we remain focused on companies with durable competitive advantages and management teams we view as capable of navigating an increasingly complex operating environment.

Our investment process continues to emphasize bottom-up stock selection to identify businesses where operational improvements, disciplined capital allocation, and shareholder-oriented governance can unlock value not yet recognized by the market. We also seek companies that are successfully adopting AI to improve efficiency, strengthen competitive advantages, and enhance long-term earnings power. Against a backdrop of higher interest rates, persistent inflation, and geopolitical risk, our valuation discipline and bottom-up research remain central to identifying long-term investment opportunities across global equity markets.

Global Systematic 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

Portfolio Attribution

The Fund underperformed the Index in July 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 growth and technical (price momentum) factors were negative indicators in July. Our valuation, competitive strength, and corporate events factors were positive indicators. Our top-down macroeconomic, currency, and country/sector aggregate factors were negative indicators during the month.

Over the month, stock selection in Taiwan and an overweight position in South Korea detracted from performance in the emerging Asia region. In the emerging Europe, Middle East, and Africa (“EMEA”) region, positioning in the United Arab Emirates detracted from relative performance. In emerging Latin America, an underweight position in Brazil detracted from relative performance. From a sector perspective, information technology, consumer discretionary, and consumer staples detracted from relative performance. Industrials, energy, and materials contributed to relative performance. The largest stock-level detractors from relative performance included overweight positions in semiconductor company, SK hynix, Inc. (South Korea), circuit board manufacturer, Gold Circuit Electronics Ltd. (Taiwan), and electronic components manufacturer, Samsung Electro-Mechanics Co. Ltd (South Korea). The greatest stock-level contributors to relative performance included an overweight position in bank, China Construction Bank Corp. (China), as well as underweight positions in electronic component manufacturer, Yageo Corp. (Taiwan), and semiconductor engineer, MediaTek, Inc. (Taiwan).

Investment Outlook

Continued AI capital expenditure was a critical driver of strong EM performance during the second quarter and should remain an important factor going forward. With 2027 AI capital expenditure estimates near $1 trillion, investors will scrutinize the efficacy and sustainability of these levels of investment. Concerns about the spending levels have contributed to volatility in EM. Furthermore, leverage in the South Korean market, whether through margin lending or levered Exchange-Traded Funds, has exacerbated volatility. We remain overweight South Korean and Taiwanese stocks in the Portfolio as we believe valuations are reasonable and sentiment is positive, but we are closely monitoring the risks associated with massive AI capital expenditures.

Geopolitical tensions—including ongoing conflicts in the Middle East and Ukraine, as well as strategic competition between the US and China—remain important factors affecting oil prices and the global economy. Falling oil prices provide a tailwind for emerging markets as net oil-importing countries comprise the largest portion of the EM equity markets. In the EMEA region, the Portfolio is overweight Turkish stocks due in part to bottom-up and top-down considerations. In late May, a Turkish court issued a judgment that effectively ousted the reformist leader of the main opposition party, the CHP, and reinstated his divisive predecessor, Kemal Kilicdaroglu. This move, along with others in recent years, effectively weakens the opposition party. Despite these developments, we maintain our overweight to Turkey as the central bank, in our view, continues to be disciplined, keeping short term rates comfortably above expected inflation.

Global Value UCITS Fund

Portfolio Attribution

The Fund outperformed the Index during the month, due primarily to country allocation (a byproduct of our bottom-up stock selection process). Fund holdings in the technology hardware & equipment and consumer durables & apparel industry groups, as well as an underweight position in the semiconductors & semi equipment industry group, contributed to relative performance. Holdings in the transportation industry group, along with an underweight position in the consumer discretionary distribution & retail and energy industry groups, offset some of the outperformance relative to the Index. The top contributor to return was multinational luxury conglomerate, Kering SA (France). Other notable contributors included business software & services provider, SAP SE (Germany), and industrial technology company, Hexagon AB (Sweden). The largest detractor was semiconductor company, Renesas Electronics Corp. (Japan). Additional notable detractors included semiconductor company, Infineon Technologies AG (Germany), and HVAC manufacturer, Carrier Global Corp. (United States).

Investment Outlook

Artificial intelligence continues to reshape the investment landscape, driving substantial capital spending on data centers, semiconductors, power infrastructure, and related technologies. As investor enthusiasm became increasingly concentrated in AI infrastructure companies, we trimmed select semiconductor positions whose share prices approached our targets and redeployed the proceeds into other areas of the global equity market, including capital goods, consumer durables, and media and entertainment, where we believe long-term earnings potential is not fully reflected in current valuations.

Geopolitical tensions—including ongoing conflicts in the Middle East and Ukraine, as well as strategic competition between the US and China—may weigh on valuation multiples in the near term. Amid elevated geopolitical risk, we remain focused on companies with durable competitive advantages and management teams we view as capable of navigating an increasingly complex operating environment.

Our investment process continues to emphasize bottom-up stock selection to identify businesses where operational improvements, disciplined capital allocation, and shareholder-oriented governance can unlock value not yet recognized by the market. We also seek companies that are successfully adopting AI to improve efficiency, strengthen competitive advantages, and enhance long-term earnings power. Against a backdrop of higher interest rates, persistent inflation, and geopolitical risk, our valuation discipline and bottom-up research remain central to identifying long-term investment opportunities across global equity markets.

Emerging Markets UCITS Fund

Portfolio Attribution

The Fund underperformed the Index in July 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 growth and technical (price momentum) factors were negative indicators in July. Our valuation, competitive strength, and corporate events factors were positive indicators. Our top-down macroeconomic, currency, and country/sector aggregate factors were negative indicators during the month.

Over the month, stock selection in Taiwan and an overweight position in South Korea detracted from performance in the emerging Asia region. In the emerging Europe, Middle East, and Africa (“EMEA”) region, positioning in the United Arab Emirates detracted from relative performance. In emerging Latin America, an underweight position in Brazil detracted from relative performance. From a sector perspective, information technology, consumer discretionary, and consumer staples detracted from relative performance. Industrials, energy, and materials contributed to relative performance. The largest stock-level detractors from relative performance included overweight positions in semiconductor company, SK hynix, Inc. (South Korea), circuit board manufacturer, Gold Circuit Electronics Ltd. (Taiwan), and electronic components manufacturer, Samsung Electro-Mechanics Co. Ltd (South Korea). The greatest stock-level contributors to relative performance included an overweight position in bank, China Construction Bank Corp. (China), as well as underweight positions in electronic component manufacturer, Yageo Corp. (Taiwan), and semiconductor engineer, MediaTek, Inc. (Taiwan).

Investment Outlook

Continued AI capital expenditure was a critical driver of strong EM performance during the second quarter and should remain an important factor going forward. With 2027 AI capital expenditure estimates near $1 trillion, investors will scrutinize the efficacy and sustainability of these levels of investment. Concerns about the spending levels have contributed to volatility in EM. Furthermore, leverage in the South Korean market, whether through margin lending or levered Exchange-Traded Funds, has exacerbated volatility. We remain overweight South Korean and Taiwanese stocks in the Portfolio as we believe valuations are reasonable and sentiment is positive, but we are closely monitoring the risks associated with massive AI capital expenditures.

Geopolitical tensions—including ongoing conflicts in the Middle East and Ukraine, as well as strategic competition between the US and China—remain important factors affecting oil prices and the global economy. Falling oil prices provide a tailwind for emerging markets as net oil-importing countries comprise the largest portion of the EM equity markets. In the EMEA region, the Portfolio is overweight Turkish stocks due in part to bottom-up and top-down considerations. In late May, a Turkish court issued a judgment that effectively ousted the reformist leader of the main opposition party, the CHP, and reinstated his divisive predecessor, Kemal Kilicdaroglu. This move, along with others in recent years, effectively weakens the opposition party. Despite these developments, we maintain our overweight to Turkey as the central bank, in our view, continues to be disciplined, keeping short term rates comfortably above expected inflation.

Emerging Markets UCITS Fund

Portfolio Attribution

The Fund underperformed the Index in July 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 growth and technical (price momentum) factors were negative indicators in July. Our valuation, competitive strength, and corporate events factors were positive indicators. Our top-down macroeconomic, currency, and country/sector aggregate factors were negative indicators during the month.

Over the month, stock selection in Taiwan and an overweight position in South Korea detracted from performance in the emerging Asia region. In the emerging Europe, Middle East, and Africa (“EMEA”) region, positioning in the United Arab Emirates detracted from relative performance. In emerging Latin America, an underweight position in Brazil detracted from relative performance. From a sector perspective, information technology, consumer discretionary, and consumer staples detracted from relative performance. Industrials, energy, and materials contributed to relative performance. The largest stock-level detractors from relative performance included overweight positions in semiconductor company, SK hynix, Inc. (South Korea), circuit board manufacturer, Gold Circuit Electronics Ltd. (Taiwan), and electronic components manufacturer, Samsung Electro-Mechanics Co. Ltd (South Korea). The greatest stock-level contributors to relative performance included an overweight position in bank, China Construction Bank Corp. (China), as well as underweight positions in electronic component manufacturer, Yageo Corp. (Taiwan), and semiconductor engineer, MediaTek, Inc. (Taiwan).

Investment Outlook

Continued AI capital expenditure was a critical driver of strong EM performance during the second quarter and should remain an important factor going forward. With 2027 AI capital expenditure estimates near $1 trillion, investors will scrutinize the efficacy and sustainability of these levels of investment. Concerns about the spending levels have contributed to volatility in EM. Furthermore, leverage in the South Korean market, whether through margin lending or levered Exchange-Traded Funds, has exacerbated volatility. We remain overweight South Korean and Taiwanese stocks in the Portfolio as we believe valuations are reasonable and sentiment is positive, but we are closely monitoring the risks associated with massive AI capital expenditures.

Geopolitical tensions—including ongoing conflicts in the Middle East and Ukraine, as well as strategic competition between the US and China—remain important factors affecting oil prices and the global economy. Falling oil prices provide a tailwind for emerging markets as net oil-importing countries comprise the largest portion of the EM equity markets. In the EMEA region, the Portfolio is overweight Turkish stocks due in part to bottom-up and top-down considerations. In late May, a Turkish court issued a judgment that effectively ousted the reformist leader of the main opposition party, the CHP, and reinstated his divisive predecessor, Kemal Kilicdaroglu. This move, along with others in recent years, effectively weakens the opposition party. Despite these developments, we maintain our overweight to Turkey as the central bank, in our view, continues to be disciplined, keeping short term rates comfortably above expected inflation.