Seeking value primarily in developed markets worldwide

The Fund invests primarily in common stocks of companies in developed countries located outside the United States and of companies in the United States. Normally, the Fund invests the majority of its total assets in companies that pay dividends or otherwise seek to return capital to shareholders, such as by repurchasing their shares.

The Fund may invest up to 20% of its total assets in companies located in emerging (less developed) markets. Under normal circumstances, the Fund will invest at least 40% of its total assets in companies located in a number of developed countries outside the United States. The Fund is not required to allocate its investments in any specific percentages in any particular countries. The Investment Manager determines the country where a company is located, and thus whether a company is located in a developed country, outside the United States or in an emerging market, by referring to: its stock exchange listing; where it is registered, organized or incorporated; where its headquarters are located; its MSCI Country Classification; where it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed; or where at least 50% of its assets are located. These categories are designed to identify investments that are tied economically to, and subject to the risks of, investing internationally or in emerging markets. The Fund considers a country to be an emerging market if the country is included in the MSCI Emerging Markets Index.

Please see the Prospectus and Supplement for more information. Please contact for a Fund Application.

$ 12.27
August 13, 2015
Minimum investment
Total expense ratio
*As of November 13, 2019

Strategy overview

The portfolio managers discuss our Global Value strategy.

Portfolio managers

Chief Executive Officer
Fundamental Portfolio Manager
Head of Fundamental Research
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager


QTDYTD1 year3 yearsSince inception
MSCI ACWI2.3%15.3%9.1%9.2%6.9%
QTDYTD1 year3 yearsSince inception
MSCI ACWI2.3%15.3%9.1%9.2%6.9%
MSCI ACWI-8.7%22.4%7.5%
MSCI ACWI-8.7%22.4%7.5%

Portfolio (as of October 31, 2019)

Asset Allocation
Fund Characteristics
Holdings 53 2852
Weighted avg. market cap (US $MM)$80,310$148,594
FY2 price/earnings11.215.1
Price/book value1.42.3
Net assets$1,539,306.16-
Security Country Percent
Volkswagen AGGermany4.3%
UniCredit S.p.A.Italy3.8%
Takeda Pharmaceutical Co., Ltd.Japan3.7%
BASF SEGermany3.6%
Sabre Corp.United States3.1%
ABB Ltd.Switzerland2.9%
China Mobile Ltd.China2.9%
SYNNEX Corp.United States2.8%
Marathon Petroleum Corp.United States2.8%
Samsung Electronics Co., Ltd.South Korea2.7%

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 Fund Benchmark
Information Technology16.6%16.5%
Communication Services12.1%8.7%
Health Care10.7%11.6%
Consumer Discretionary4.8%10.8%
Consumer Staples2.5%8.4%
Real Estate0.0%3.3%
Country Strategy Benchmark
United States33.4%55.5%
United Kingdom18.5%4.8%
South Korea4.7%1.4%
Regional Allocation
  • Europe – other 42.1%
  • North America 34.6%
  • Pacific 10.9%
  • Emerging Asia 9.7%

Commentary (As of September 30, 2019)


  • After contracting in July and August, developed equity markets rebounded in September, likely responding to a significant move upward in global bond yields. In September, momentum-driven “quality-growth” stocks ceded market leadership to stocks with strong value and cyclicality characteristics.
  • With low-to-no cost of financing, governments in Europe and elsewhere may decide to amplify fiscal spending. Without fiscal intervention, a vicious cycle of nil return in savings forces aging European and Japanese populations to save even more, adding to demand for fixed income, and pushing interest rates lower.
  • We believe our portfolios are well-positioned to benefit from a return to favor of value and cyclicality. If economically sensitive stocks outperform, we intend to use that opportunity to lower portfolio expected volatility with bargains from less cyclical sectors.

Portfolio Attribution

Causeway Global Value UCITS Fund - USD share class ("Fund") outperformed the Index during the month, due primarily to stock selection. Holdings in the technology hardware & equipment, energy, banks, retailing, and insurance industry groups contributed to performance compared to the Index. Fund holdings in the pharmaceuticals & biotechnology and telecommunication services industry groups, along with an underweight position in the semiconductors & semi equipment, consumer durables & apparel, and diversified financials industry groups, detracted from relative performance. The top contributor to return was design-to-distribution business process services technology company, SYNNEX Corp. (United States). Other notable contributors included oil refiner,Marathon Petroleum Corp. (United States), electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), banking & financial services company, Barclays Plc (United Kingdom), and banking & financial services company, UniCredit S.p.A. (Italy). The largest detractor was travel & tourism technology company, Sabre Corp. (United States). Additional notable detractors included pharmaceuticals & chemicals company, Bayer AG (Germany), pharmaceutical & consumer healthcare products producer, Novartis AG (Switzerland), global entertainment content company, Viacom, Inc. (United States), and diversified pharmaceutical company, Merck & Co., Inc. (United States).

Investment Outlook

We believe that fundamentals do prevail over the long-term…it is just very difficult to know when the market will turn. September witnessed a chain reaction of cheap stocks, often in cyclical industries, attracting bargain hunting – which, in turn, attracted more buying. Stock markets have a history of discounting future events long before they occur. We suggest that most cyclical stocks priced in a recession by the end of August and are now moving upward on the hint of fiscal spending and recovery. We believe our portfolios are well-positioned to benefit from a return to favor of value and cyclicality. If economically sensitive stocks outperform, we intend to use that opportunity to lower portfolio expected volatility with bargains from less cyclical sectors. Our team has intensified efforts to get managements to commit to specific plans to improve earnings and returns on capital. While we wait, the majority of these portfolio companies return capital to shareholders, often via generous dividend payouts. This dividend income is striking in a low-income world, reducing the duration of the investment. We are holding company managements’ collective “feet to the fire,” measuring their progress and holding them accountable to their operational restructuring plans. This makes our efforts in value investing “all weather,” though a tailwind for value risk would be welcome.

Effective October 1, 2018, the Global Value Fund’s benchmark changed from the MSCI World Index (Gross) to the MSCI ACWI Index (Gross). Causeway believes that the MSCI ACWI Index (Gross), which includes emerging as well as developed markets, better represents the types of securities in which the strategy invests. 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 Fund holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Any securities identified and described in this report 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. Diversification does not protect against market loss. Current and future holdings are subject to risk.


Fund information: