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 25% 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 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 [email protected] for a Fund Application.

February 02, 2021
Minimum investment
Total expense ratio
*As of July 30, 2021
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Strategy overview

The portfolio managers discuss our Global Value strategy.

Portfolio managers

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


Since inception
Fund 11.2%
MSCI ACWI in GBP 13.0%
Since inception
Fund 11.2%
MSCI ACWI in GBP 13.0%

Portfolio (as of June 30, 2021)

Benchmark: MSCI ACWI in GBP
Asset Allocation
Stocks 98.2%
Cash 1.8%
Fund Characteristics
Fund Benchmark
Holdings 53
Weighted avg. market cap (GBP £MM) £126,396 £0
FY2 price/earnings 14.5 0.0
Price/book value 2.3 0.0
Net assets £3,031,693.70 -
Security Country Percent
Alphabet Inc. United States 4.4%
Samsung Electronics Co., Ltd. South Korea 3.5%
Novartis AG Switzerland 3.3%
Rolls-Royce Holdings Plc United Kingdom 3.1%
Ashland Global Holdings, Inc. United States 3.0%
Sanofi France 2.9%
Fiserv, Inc. United States 2.9%
Booking Holdings, Inc. United States 2.7%
SK hynix, Inc. South Korea 2.7%
Sabre Corp. United States 2.7%

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 Technology 25.7% 21.9%
Industrials 14.5% 9.9%
Health Care 14.0% 11.6%
Financials 10.7% 14.1%
Communication Services 8.9% 9.4%
Materials 7.2% 4.9%
Consumer Discretionary 6.4% 12.7%
Utilities 5.6% 2.6%
Energy 2.4% 3.4%
Consumer Staples 1.6% 6.9%
Real Estate 1.2% 2.6%
Country Strategy Benchmark
United States 53.8% 58.7%
Switzerland 9.3% 2.5%
France 7.8% 2.9%
Germany 6.6% 2.4%
South Korea 6.2% 1.7%
Japan 5.2% 5.9%
Italy 3.3% 0.6%
United Kingdom 3.1% 3.7%
Canada 1.8% 2.9%
Spain 0.7% 0.6%
Regional Allocation
  • North America 55.5%
  • Europe – other 30.8%
  • Emerging Asia 6.2%
  • Pacific 5.2%
  • Emerging Latin America 0.5%

Commentary (As of June 30, 2021)


  • Developed market equities largely delivered positive returns in local currency terms during the month of June as vaccination campaigns facilitated further easing of Covid-19-related economic restrictions. Despite the progress, the Delta variant of the virus and differing vaccination rates across geographies have resulted in an uneven recovery.
  • In order to rebuild inventories, we expect business capital expenditures to increase this year. Combined with massive fiscal spending, this should propel further economic gains.
  • With delayed and uneven opening of economies globally, several of the, in our view, high quality aerospace, aviation, travel, and hospitality-oriented stocks have only partially reflected the recovery ahead.

Portfolio Attribution

The Causeway Global Value UCITS Fund ("Fund") underperformed the Index during the month, due primarily to stock selection. Fund holdings in the software & services, consumer services, technology hardware & equipment, and materials industry groups, along with an overweight position in the capital goods industry group, detracted from relative performance. Holdings in the energy industry group, as well as an underweight position in the telecommunication services, food beverage & tobacco, household & personal products, and health care equipment & services industry groups, offset some of the underperformance compared to the Index. The largest detractor was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Additional notable detractors included travel & tourism technology company, Sabre Corp. (United States), specialty chemicals manufacturer, Ashland Global Holdings, Inc. (United States), banking & financial services company, UniCredit S.p.A. (Italy), and online travel agency, Booking Holdings, Inc. (United States). The top contributor to return was technology conglomerate, Alphabet Inc. (United States). Other notable contributors included pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland), pharmaceutical producer, Novartis AG (Switzerland), business services provider, Concentrix Corp. (United States), and HVAC manufacturer, Carrier Global Corp. (United States).

Investment Outlook

Despite the past 15-month surge in equity markets, amplified by the recovery in cyclical stocks from November 2020 vaccine announcements, we believe attractive valuations remain. With delayed and uneven opening of economies globally, several of the, in our view, high quality aerospace, aviation, travel, and hospitality-oriented stocks have only partially reflected the recovery ahead. We observe significant pent up demand for such services, yet travelers still face uncertainty in certain locations and face burdensome Covid-19-related protocols. As vaccinations proliferate, we believe even the most cautious of governments will likely open their respective borders, compelled by economic necessity. In addition to late-stage pandemic stocks, we are also finding what we believe is market underpricing in companies undergoing operational restructuring and in some traditionally defensive sectors such as utilities (those in transition to renewable energy) and healthcare (European pharmaceutical giants with potentially valuable drug pipelines). Companies in the defensive categories tend to generate cash flows surplus to their operating and investment needs (free cash flow), and thus can pay shareholders to wait for prices to reflect what we estimate will be good news. We believe companies less dependent on earnings realization far out in the future should provide a natural hedge in the portfolio to the prospect of rising interest rates, a function of bond markets reflecting economic growth and inflation. If history is any guide, the side effect of higher discount rates and bond market competition should translate into compression of the most speculative of market multiples.

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: