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.

Nav*
£10.63
Inception
February 02, 2021
ISIN
IE00BJP5PN06
Benchmark
MSCI ACWI in GBP
Minimum investment
£1,000,000
Total expense ratio
0.67%
*As of June 30, 2022
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Strategy overview

The portfolio managers discuss our Global Value strategy.

Portfolio managers

Fundamental Portfolio Manager
Fundamental Portfolio Manager
President
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

Performance

QTD Since inception
Fund 1.5%11.1%
MSCI ACWI in GBP -3.7%7.4%
QTD Since inception
Fund 1.5%11.1%
MSCI ACWI in GBP -3.7%7.4%
QTD Since inception
Fund -2.9%11.4%
MSCI ACWI in GBP -2.5%12.0%
QTD Since inception
Fund -2.9%11.4%
MSCI ACWI in GBP -2.5%12.0%

Portfolio (as of May 31, 2022)

Benchmark: MSCI ACWI in GBP
Asset Allocation
Fund
Stocks 97.2%
Cash 2.8%
Fund Characteristics
Fund Benchmark
Holdings 53
Weighted avg. market cap (GBP £MM) £88,542 £0
FY2 price/earnings 11.3 0.0
Price/book value 2.0 0.0
Net assets £2,155,615.55 -
TOP 10 HOLDINGS
Security Country Percent
UniCredit S.p.A. Italy 3.6%
Fiserv, Inc. United States 3.4%
Samsung Electronics Co., Ltd. South Korea 3.3%
Genpact Ltd. United States 3.2%
Rolls-Royce Holdings Plc United Kingdom 3.2%
TotalEnergies SE France 3.2%
Booking Holdings, Inc. United States 3.1%
Prudential Plc United Kingdom 2.9%
Concentrix Corp. United States 2.8%
Berry Global Group 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 WEIGHTS
Sector Fund Benchmark
Information Technology 23.4% 21.3%
Financials 15.4% 14.8%
Industrials 14.7% 9.4%
Health Care 9.7% 12.3%
Consumer Discretionary 9.2% 11.0%
Communication Services 6.3% 7.8%
Materials 5.7% 5.2%
Consumer Staples 4.8% 7.3%
Energy 4.2% 5.2%
Utilities 3.6% 3.1%
Real Estate 0.2% 2.8%
TOP 10 COUNTRIES
Country Strategy Benchmark
United States 44.9% 60.6%
United Kingdom 15.5% 3.9%
France 8.9% 2.8%
Italy 6.0% 0.6%
Switzerland 4.5% 2.5%
South Korea 4.2% 1.4%
Japan 4.2% 5.5%
Germany 3.7% 2.0%
Netherlands 2.9% 1.0%
Spain 1.1% 0.6%
Regional Allocation
  • North America 44.9%
  • Europe – other 43.7%
  • Emerging Asia 4.5%
  • Pacific 4.2%

Commentary (As of April 30, 2022)

Highlights

  • Global equities fell in April as the prospect of tighter global monetary policy, the war in Ukraine, and additional Covid-related lockdowns in China all weighed on sentiment. As market participants anticipate higher interest rates, growth stocks—those with the loftiest valuations—have seen greater losses relative to value peers in the year-to-date period.
  • Except for China, central banks globally are aiming to tighten monetary policy amid inflation that is substantially above-target without tipping their respective economies into recession. However, continuing supply chain bottlenecks, energy and labor shortages, and elevated consumer demand may make inflation difficult to contain in the short term.
  • We seek to add, in our view, high-quality, competitively well-positioned, cash-generative companies to our client portfolios, including those that we believe will benefit from a complete re-opening of the global economy, investment in energy independence in Europe, and the building of onshore manufacturing in many developed markets to mitigate supply chain vulnerabilities.

Portfolio Attribution

The Causeway Global Value UCITS Fund ("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 software & services, materials, and pharmaceuticals & biotechnology industry groups, as well as an underweight position in the semiconductors & semi equipment and retailing industry groups, contributed to relative performance. Holdings in the capital goods and insurance industry groups, along with an underweight position in the food beverage & tobacco, real estate, and telecommunication services industry groups, offset some of the outperformance compared to the Index. The top contributor to return was paper & packaging solutions company, WestRock Co. (United States). Other notable contributors included pharmaceutical giant, Sanofi (France), pharmaceutical producer, Novartis AG (Switzerland), household & personal care products company, Reckitt Benckiser Group (United Kingdom), and Waste Management, Inc. (United States). The largest detractor was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Additional notable detractors included technology conglomerate, Alphabet, Inc. (United States), media & entertainment conglomerate, The Walt Disney Co. (United States), power & healthcare conglomerate, General Electric Co. (United States), and life insurer, Prudential Plc (United Kingdom).

Investment Outlook

More than a decade of intense global central bank quantitative easing (culminating in an explosion of monetary stimulus during Covid) pushed asset prices higher as too much money chased too few opportunities. That 10-year money geyser resulted in very low, and in some regions, negative, interest rates and equity valuation multiples that rose sharply, often outpacing earnings (or the prospect of earnings at some future date). We believe a new monetary policy regime has begun—one that will likely lead to the opposite result with earnings and multiples under pressure as investors once again focus on valuation. We are most interested in identifying companies with strong balance sheets and pricing power combined with effective cost-cutting measures that can protect their profit margins. We seek to add, in our view, high-quality, competitively well-positioned, cash-generative companies to our client portfolios, including those that we believe will benefit from a complete re-opening of the global economy, investment in energy independence in Europe, and the building of onshore manufacturing in many developed markets to mitigate supply chain vulnerabilities. We typically look for dividend income and share buybacks as an indication of management’s resolve to reward shareholders and maintain efficient capital structures. We want that dividend income compounding, providing an important component of total return for our clients.

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.

Documents

Fund information: