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 September 23, 2022
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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


QTD Since inception
Fund 5.5%7.6%
MSCI ACWI in GBP 7.6%7.7%
QTD Since inception
Fund 5.5%7.6%
MSCI ACWI in GBP 7.6%7.7%
QTD Since inception
Fund -6.2%4.5%
MSCI ACWI in GBP -8.4%3.1%
QTD Since inception
Fund -6.2%4.5%
MSCI ACWI in GBP -8.4%3.1%

Portfolio (as of August 31, 2022)

Benchmark: MSCI ACWI in GBP
Asset Allocation
Stocks 97.4%
Cash 2.6%
Fund Characteristics
Fund Benchmark
Holdings 53
Weighted avg. market cap (GBP £MM) £77,736 £0
FY2 price/earnings 11.3 0.0
Price/book value 1.8 0.0
Net assets £2,000,349.42 -
Security Country Percent
UniCredit S.p.A. Italy 3.3%
Rolls-Royce Holdings Plc United Kingdom 3.3%
Genpact Ltd. United States 3.3%
Samsung Electronics Co., Ltd. South Korea 3.2%
Las Vegas Sands Corp. United States 3.1%
Fiserv, Inc. United States 3.0%
Prudential Plc United Kingdom 2.9%
Concentrix Corp. United States 2.9%
Enel SpA Italy 2.7%
Booking Holdings, Inc. United States 2.6%

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 22.6% 21.4%
Financials 15.7% 14.3%
Industrials 15.3% 9.6%
Health Care 10.6% 12.2%
Consumer Discretionary 8.9% 11.6%
Communication Services 7.1% 7.6%
Materials 6.9% 4.6%
Consumer Staples 5.7% 7.5%
Utilities 3.8% 3.2%
Real Estate 0.8% 2.7%
Energy 0.0% 5.2%
Country Strategy Benchmark
United States 44.1% 61.8%
United Kingdom 15.9% 3.7%
France 7.1% 2.7%
Italy 6.0% 0.5%
Japan 4.4% 5.5%
Switzerland 4.3% 2.5%
South Korea 4.1% 1.3%
Netherlands 3.9% 1.0%
Germany 3.6% 1.8%
Canada 1.5% 3.1%
Regional Allocation
  • North America 45.6%
  • Europe – other 43.1%
  • Pacific 4.4%
  • Emerging Asia 4.3%

Commentary (As of August 31, 2022)


  • Equity markets declined again in August in response to central banks’ commitment to tamp down inflation and growing concerns about the risks to global economic activity.
  • We currently expect inflation in the developed world to remain well above its near three-decades-long average for some time to come. The Covid pandemic highlighted the vulnerability of long and complex supply chains, and costly investment will be required as companies and their governments attempt to onshore critical production. As transitory inflation pressures have risen, stickier wage expectations will likely embed lasting inflationary pressures into developed economies.
  • In our investable universe, we believe the best-positioned industrials, materials, financials, and consumer discretionary companies—those with, in our view, balance sheet strength and excellent management teams—should lead markets upward in the next stage of the economic cycle.

Portfolio Attribution

The Causeway Global Value UCITS Fund ("Fund") underperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, insurance, consumer services, and utilities industry groups, along with an underweight position in the energy industry group, detracted from relative performance. Holdings in the media & entertainment and software & services industry groups, as well as an overweight position in the banks industry group and an underweight position in the semiconductors & semi equipment and consumer durables & apparel 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 life insurer, Prudential Plc (United Kingdom), airport & rail station concessionaire, SSP Group Plc (United Kingdom), pharmaceutical giant, Sanofi (France), and defense & information technology services provider, Leidos Holdings, Inc. (United States). The top contributor to return was travel & tourism technology company, Sabre Corp. (United States). Other notable contributors included media & entertainment conglomerate, The Walt Disney Co. (United States), insurer, AXA SA (France), banking & financial services company, UniCredit S.p.A. (Italy), and social media giant, Meta Platforms, Inc. (United States).

Investment Outlook

Inflationary pressures, rising interest rates, and concerns about a slowdown in global economic activity have hampered equity returns this year. The ongoing weakness in the Chinese economy just adds to the negative ramifications for the earnings of companies and industries globally. We believe central banks (other than the Bank of China) should continue raising interest rates and draining monetary liquidity from their respective financial systems, which will likely add downward pressures to valuation multiples. After a surge upward in the past 12 months, oil and gas stocks have moved down our risk-adjusted return ranking. As a result, we reduced exposure to the energy sector in favor of other economically sensitive stocks where we believe valuations offer more upside potential over the next two years. For European cyclicals in particular, rising inflation, monetary tightening, and currency weakness have weighed heavily on stock prices. However, we believe valuations are quite low, likely already discounting a recession. In our investable universe, we believe the best-positioned industrials, materials, financials, and consumer discretionary companies—those with, in our view, balance sheet strength and excellent management teams—should lead markets upward in the next stage of the economic cycle. Historically, cyclicals outperform as markets begin to discount recovery. We expect management teams of our portfolio companies to amplify profitability via leaner operations and greater efficiency (operational restructuring), creating the potential for even more uplift in their share prices.


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: