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 20% 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 developed 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*
$ 0.00
Inception
August 13, 2015
ISIN
IE00BWT3P530
Benchmark
MSCI ACWI
Minimum investment
$1,000,000
Total expense ratio
0.86%
*As of February 21, 2020

Strategy overview

The portfolio managers discuss our Global Value strategy.

Portfolio managers

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

Performance

QTD YTD 1 year3 years Since inception
Fund -3.9%-3.9%8.2%6.2%4.5%
MSCI ACWI -3.3%-3.3%9.4%7.3%7.0%
QTD YTD 1 year3 years Since inception
Fund -3.9%-3.9%8.2%6.2%4.5%
MSCI ACWI -3.3%-3.3%9.4%7.3%7.0%
201820172016
Fund -11.1%17.8%7.7%
MSCI ACWI -9.4%24.0%7.9%
201820172016
Fund -11.1%17.8%7.7%
MSCI ACWI -9.4%24.0%7.9%

Portfolio (as of January 31, 2020)

Benchmark:
Asset Allocation
Fund
Stocks 97.8%
Cash 2.2%
Fund Characteristics
Fund Benchmark
Holdings 48 3045
Weighted avg. market cap (US $MM) $92,150 $176,691
FY2 price/earnings 11.5 15.5
Price/book value 1.5 2.4
Net assets $1,526,667.09 -
TOP 10 HOLDINGS
Security Country Percent
Volkswagen AG Germany 4.0%
Takeda Pharmaceutical Co., Ltd. Japan 3.7%
UniCredit S.p.A. Italy 3.3%
BASF SE Germany 3.2%
SYNNEX Corp. United States 3.2%
China Mobile Ltd. China 3.2%
ABB Ltd. Switzerland 3.1%
British American Tobacco plc United Kingdom 3.1%
Sabre Corp. United States 3.0%
Samsung Electronics Co., Ltd. South Korea 2.9%

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
Industrials 18.2% 10.3%
Information Technology 17.6% 17.8%
Communication Services 12.1% 8.8%
Financials 11.4% 16.4%
Health Care 11.3% 11.7%
Energy 8.8% 4.8%
Materials 8.1% 4.5%
Consumer Discretionary 4.5% 10.8%
Consumer Staples 3.1% 8.1%
Utilities 2.8% 3.5%
Real Estate 0.0% 3.2%
TOP 10 COUNTRIES
Country Strategy Benchmark
United States 36.8% 56.3%
United Kingdom 15.0% 4.7%
Germany 11.6% 2.5%
Japan 8.3% 7.1%
China 5.5% 4.0%
Switzerland 5.5% 2.8%
South Korea 4.9% 1.4%
France 3.4% 3.3%
Italy 3.3% 0.7%
Netherlands 2.4% 1.1%
Regional Allocation
  • Europe – other 41.1%
  • North America 37.9%
  • Emerging Asia 10.4%
  • Pacific 8.3%

Commentary (As of January 31, 2020)

Highlights

  • After delivering impressive returns in calendar 2019, equity markets faltered in January in local currency terms, as concerns over the coronavirus outbreak may have weighed on investor optimism.
  • In China, key infrastructure and travel were shut down in an attempt to slow the spread of the coronavirus, which will likely be a near-term drag on Chinese (and global) economic growth. Chinese authorities will likely enact additional targeted policies in response to the outbreak.
  • Our fundamental research seeks to identify well-managed companies with strong balance sheets, with company leaders committed to improving earnings. As we wait for these companies to emerge from operational setbacks and reignite growth, they typically generate sufficient cash flow to reward shareholders via dividends and share buybacks.

Portfolio Attribution

Causeway Global Value UCITS Fund - USD share class ("Fund") underperformed the Index during the month, due primarily to stock selection. Holdings in the energy, media & entertainment, software & services, materials, and automobiles & components industry groups detracted from performance compared to the Index. Fund holdings in the retailing, capital goods, technology hardware & equipment, and food beverage & tobacco industry groups, as well as an underweight position in the consumer durables & apparel industry group, contributed to relative performance. The largest detractor was oil exploration & production company, Ovintiv (Canada). Additional notable detractors included automobile manufacturer, Volkswagen AG (Germany), ViacomCBS, Inc. (United States), diversified chemicals manufacturer, BASF SE (Germany), and banking & financial services company, UniCredit S.p.A. (Italy). The top contributor to return was specialty retail jeweler, Signet Group (United States). Other notable contributors included power & healthcare conglomerate, General Electric Co. (United States), design-to-distribution business process services technology company, SYNNEX Corp. (United States), software giant, Microsoft Corp. (United States), and British American Tobacco plc (United Kingdom).

Investment Outlook

In the prevailing global interest rate environment with the opportunity cost of owning long duration growth stocks low to negative, investors have continued to bid up expensive stocks to even higher valuations. Should these seemingly speculative, currently high valuation stocks fail to live up to their elevated expectations, we anticipate that the stable cash flows of economically sensitive, yet financially robust, companies would attract investor attention. Our fundamental research seeks to identify well-managed companies with strong balance sheets, with company leaders committed to improving earnings. As we wait for these companies to emerge from operational setbacks and reignite growth, they typically generate sufficient cash flow to reward shareholders via dividends and share buybacks. In the current low interest rate environment, we find the income from these undervalued stocks especially compelling as a major component of total return.

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: