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 17, 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 15.9%
MSCI ACWI in GBP 15.0%
Since inception
Fund 15.9%
MSCI ACWI in GBP 15.0%

Portfolio (as of August 31, 2021)

Benchmark: MSCI ACWI in GBP
Asset Allocation
Stocks 97.2%
Cash 2.8%
Fund Characteristics
Fund Benchmark
Holdings 53
Weighted avg. market cap (GBP £MM) £128,197 £0
FY2 price/earnings 14.8 0.0
Price/book value 2.4 0.0
Net assets £2,846,744.08 -
Security Country Percent
Alphabet, Inc. United States 4.0%
Rolls-Royce Holdings Plc United Kingdom 3.3%
Ashland Global Holdings, Inc. United States 3.2%
Novartis AG Switzerland 3.2%
Fiserv, Inc. United States 3.0%
Samsung Electronics Co., Ltd. South Korea 2.9%
Booking Holdings, Inc. United States 2.9%
Genpact Ltd. United States 2.8%
Sanofi France 2.8%
Concentrix Corp. United States 2.8%

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 22.4% 22.6%
Industrials 14.1% 9.8%
Financials 13.4% 14.1%
Health Care 12.3% 11.8%
Materials 8.9% 4.9%
Communication Services 8.7% 9.4%
Consumer Discretionary 8.0% 12.2%
Utilities 6.1% 2.7%
Energy 2.2% 3.1%
Consumer Staples 1.0% 6.8%
Real Estate 0.0% 2.6%
Country Strategy Benchmark
United States 53.1% 59.8%
Switzerland 7.8% 2.5%
France 7.6% 2.9%
United Kingdom 5.7% 3.6%
Japan 5.5% 5.8%
Germany 5.0% 2.4%
South Korea 3.8% 1.6%
Italy 3.8% 0.6%
Spain 2.5% 0.6%
Canada 1.7% 2.8%
Regional Allocation
  • North America 54.9%
  • Europe – other 32.3%
  • Pacific 5.5%
  • Emerging Asia 3.8%
  • Emerging Latin America 0.6%

Commentary (As of July 31, 2021)


  • Investor optimism regarding the continuing global economic recovery sent developed equity markets slightly higher in July. However, concerns over the more contagious Delta variant are restraining the recovery in industries negatively affected by the pandemic such as travel, aerospace, and hospitality. Overall, growth stocks outpaced value peers as bond yields declined during the month.
  • The unusually high demand for bonds may be due to technical reasons—a surfeit of liquidity from central bank policy in several major countries, excess private sector savings, and demand for investable assets. We believe, at some point, relentless fiscal spending and monetary accommodation may drive bond yields higher as economic expansion accelerates.
  • Despite lofty valuations prevalent in developed markets, we remain disciplined in our research process seeking to identify financially strong businesses with the means, both internal and external, to improve their earnings trajectories.

Portfolio Attribution

The Causeway Global Value UCITS Fund ("Fund") outperformed the Index during the month, due primarily to industry group allocation (a byproduct of our bottom-up stock selection process). Fund holdings in the media & entertainment, capital goods, and health care equipment & services industry groups, as well as an overweight position in the software & services industry group and an underweight position in the retailing industry group, contributed to relative performance. Holdings in the materials, consumer services, semiconductors & semi equipment, technology hardware & equipment, and pharmaceuticals & biotechnology industry groups offset some of the outperformance compared to the Index. The top contributor to return was technology conglomerate, Alphabet, Inc. (United States). Other notable contributors included HVAC manufacturer, Carrier Global Corp. (United States), medical technology provider, Hill-Rom Holdings (United States), business process outsourcing services provider, Genpact Ltd. (United States), and financial services technology company, Fiserv, Inc. (United States). The largest detractor was products & services provider for the electronic components industry, SK hynix, Inc. (South Korea). Additional notable detractors included casino & resort company, Las Vegas Sands Corp.(United States), electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), travel & tourism technology company, Sabre Corp. (United States), and paper & packaging producer, WestRock Co. (United States).

Investment Outlook

Sinking bond yields propelled long duration growth stocks over their value counterparts in July. However, we believe the market will eventually trust the economic recovery as vaccines demonstrate efficacy in preventing severe illness from Covid-19 variants. With the reversal in share price trajectory of many stocks sensitive to the pandemic recovery, we are focusing on, in our view, those high-quality franchises with more leverage to the full re-opening of travel, leisure, and hospitality. Furthermore, we have taken a sanguine view of areas such as semiconductors where, based on our analysis, we anticipate a prolonged price up-cycle with constrained supply. We are also focusing our fundamental research efforts on stocks trading at attractive valuations with identifiable catalysts for improved share price performance. For example, we expect a return of capital to shareholders from overcapitalized banks in the form of dividends and share buybacks. We also believe green initiatives in Europe should trigger incremental lending growth. In addition to favorable external environments, we continue to seek to hold company managements accountable for reaching their profitability and free cash flow goals. We observe defensive companies such as certain utilities and pharmaceuticals generating meaningful cash flow while revamping their businesses towards renewables and innovation in their drug pipelines. Despite lofty valuations prevalent in developed markets, we remain disciplined in our research process seeking to identify financially strong businesses with the means, both internal and external, to improve their earnings trajectories.

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: