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 October 18, 2021
Download Fact Sheet Download Prospectus
Contact Us

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 15.0%
MSCI ACWI in GBP 11.7%
Since inception
Fund 15.0%
MSCI ACWI in GBP 11.7%

Portfolio (as of September 30, 2021)

Benchmark: MSCI ACWI in GBP
Asset Allocation
Stocks 98.6%
Cash 1.4%
Fund Characteristics
Fund Benchmark
Holdings 53
Weighted avg. market cap (GBP £MM) £117,668 £0
FY2 price/earnings 14.4 0.0
Price/book value 2.3 0.0
Net assets £2,956,100.26 -
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 4.0%
Alphabet, Inc. United States 3.7%
Ashland Global Holdings, Inc. United States 3.0%
Fiserv, Inc. United States 3.0%
Booking Holdings, Inc. United States 3.0%
General Electric Co. United States 2.9%
Novartis AG Switzerland 2.9%
Concentrix Corp. United States 2.8%
Samsung Electronics Co., Ltd. South Korea 2.8%
Genpact Ltd. 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 21.8% 22.3%
Industrials 16.5% 9.7%
Financials 13.2% 14.4%
Health Care 9.8% 11.7%
Materials 9.7% 4.7%
Consumer Discretionary 9.1% 12.4%
Communication Services 8.3% 9.3%
Utilities 5.3% 2.6%
Energy 3.8% 3.5%
Consumer Staples 1.0% 6.8%
Real Estate 0.0% 2.6%
Country Strategy Benchmark
United States 51.6% 59.6%
France 8.2% 2.9%
United Kingdom 7.7% 3.7%
Switzerland 7.2% 2.4%
Japan 5.7% 6.2%
Germany 5.5% 2.3%
Italy 3.9% 0.6%
South Korea 3.7% 1.5%
Spain 2.8% 0.6%
Canada 1.7% 2.9%
Regional Allocation
  • North America 53.3%
  • Europe – other 35.3%
  • Pacific 5.7%
  • Emerging Asia 3.7%
  • Emerging Latin America 0.7%

Commentary (As of August 31, 2021)


  • Equities marched higher again in August, spurred by continuing ultra-loose monetary conditions, a likely multi-trillion-dollar US fiscal spending boost, and evidence of global economic recovery. Despite the increase in Covid cases linked to the spread of the Delta variant, investors appear optimistic that any impact will likely disrupt supply chains rather than spur the reinstatement of economically devastating lockdowns.
  • Strong global economic data in August confirmed a further normalization of activity in the wake of Covid lockdowns. In China, regulatory actions continued to dominate headlines. In our view, increased regulations in certain industries are long overdue. As long as they remain well-established, consistent, and transparent, our belief is that stronger standards in the country should ultimately benefit stakeholders.
  • We believe undervalued stocks will attract more buyers as the cost of money (aka interest rates) rise to more normal levels in most developed countries, reflecting economic recovery and fiscal stimulus. Companies generating solid cash flow and margins, with excellent competitive positioning, attract our attention in this environment.

Portfolio Attribution

The Causeway Global Value UCITS Fund outperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, materials, insurance, consumer services, and media & entertainment industry groups contributed to relative performance. Holdings in the semiconductors & semi equipment, pharmaceuticals & biotechnology, software & services, technology hardware & equipment, and consumer durables & apparel industry groups offset some of the outperformance compared to the Index. The top contributor to return was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Other notable contributors included technology conglomerate, Alphabet, Inc. (United States), specialty chemicals manufacturer, Ashland Global Holdings, Inc. (United States), business services provider, Concentrix Corp. (United States), and casino & resort company, Las Vegas Sands Corp. (United States). The largest detractor was luxury goods manufacturer & retailer, Compagnie Financiere Richemont (Switzerland). Additional notable detractors included products & services provider for the electronic components industry, SK hynix, Inc. (South Korea), defense & information technology services provider, Leidos Holdings, Inc. (United States), travel & tourism technology company, Sabre Corp. (United States), and electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea).

Investment Outlook

The rise of the Delta variant portends enduring uncertainty on the timing to reach full normalization. As a result, we are interested in economically cyclical companies with, in our view, strong balance sheets focused on cutting costs. As it relates to companies exposed to travel, leisure, and hospitality, in particular, we find meaningful differentiation amongst companies. Several are exhibiting high cash burn rates, while others are approaching breakeven. We are most interested in the latter, and we engage in rigorous fundamental research to scrutinize which firms may be underappreciated in the market yet poised for, based on our analysis, greater profitability when revenues recover. Furthermore, we believe the rapid pace of change in the economy—for example, from long-dated green initiatives or supplier shifts—could lead to structurally higher earnings in this economic cycle for certain industries. The premium for growth stocks over value stocks narrowed in the wake of vaccine announcements in the fourth quarter of 2020, but overall, it remains significantly higher relative to history in a market awash with liquidity. We believe undervalued stocks will attract more buyers as the cost of money (aka interest rates) rise to more normal levels in most developed countries, reflecting economic recovery and fiscal stimulus. Companies generating solid cash flow and margins, with excellent competitive positioning, attract our attention in this environment.

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: