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*
£11.75
Inception
February 02, 2021
ISIN
IE00BJP5PN06
Benchmark
MSCI ACWI in GBP
Minimum investment
£1,000,000
Total expense ratio
0.67%
*As of January 21, 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

Since inception
Fund 16.8%
MSCI ACWI in GBP 18.8%
Since inception
Fund 16.8%
MSCI ACWI in GBP 18.8%

Portfolio (as of December 31, 2021)

Benchmark: MSCI ACWI in GBP
Asset Allocation
Fund
Stocks 99.3%
Cash 0.7%
Fund Characteristics
Fund Benchmark
Holdings 51
Weighted avg. market cap (GBP £MM) £130,157 £0
FY2 price/earnings 14.1 0.0
Price/book value 2.3 0.0
Net assets £2,794,239.07 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 3.6%
Alphabet, Inc. United States 3.6%
Samsung Electronics Co., Ltd. South Korea 3.6%
General Electric Co. United States 3.4%
FANUC Corp. Japan 3.1%
Fiserv, Inc. United States 3.1%
Booking Holdings, Inc. United States 3.1%
Novartis AG Switzerland 3.0%
Genpact Ltd. United States 2.9%
Facebook, Inc. 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 WEIGHTS
Sector Fund Benchmark
Information Technology 24.0% 23.6%
Industrials 15.9% 9.6%
Financials 12.5% 13.9%
Health Care 9.7% 11.7%
Consumer Discretionary 9.5% 12.4%
Communication Services 8.6% 8.6%
Materials 7.8% 4.7%
Energy 5.0% 3.4%
Utilities 4.6% 2.7%
Consumer Staples 1.6% 6.8%
Real Estate 0.0% 2.7%
TOP 10 COUNTRIES
Country Strategy Benchmark
United States 50.0% 61.3%
United Kingdom 10.5% 3.6%
Switzerland 7.4% 2.6%
France 6.1% 2.9%
Japan 5.6% 5.5%
Germany 5.3% 2.2%
South Korea 5.2% 1.4%
Italy 4.3% 0.6%
Spain 2.9% 0.6%
Canada 1.5% 2.9%
Regional Allocation
  • North America 51.5%
  • Europe – other 36.5%
  • Pacific 5.6%
  • Emerging Asia 5.2%
  • Emerging Latin America 0.5%

Commentary (As of August 31, 2021)

Highlights

  • Rising Covid hospitalizations and the Omicron variant appear to have sparked investor concerns of new lockdowns, which sent global equity markets into negative territory to finish November in local currency terms.
  • Although the emergence of Omicron presents uncertainty, we currently anticipate tighter liquidity conditions across much of the developed world in 2022. The pandemic recovery is both incomplete and uneven, but we are encouraged by solid global economic data and the near-term resolution of supply chain headwinds.
  • Our experience over the last 21 months of the pandemic has reinforced our emphasis on financial strength and prospects for companies growing free cash flow. While investors digest news of more pandemic-induced disruptions, we remain focused on, in our view, well-managed companies with the potential to thrive as economies reopen, and on those firms we believe are well-placed to pass on cost inflation through higher prices. We are finding these stocks in traditionally cyclical areas of the market, such as IT hardware, and defensive areas like pharmaceuticals.

Portfolio Attribution

The Causeway Global Value UCITS Fund ("Fund") underperformed the Index during the month, due primarily to stock selection, and in particular the portion of the portfolio exposed to travel and leisure. Fund holdings in the software & services, consumer services, technology hardware & equipment, and insurance industry groups, along with an underweight position in the semiconductors & semi equipment industry group, detracted from relative performance. Holdings in the consumer durables & apparel, materials, and commercial & professional services industry groups, as well as an underweight position in the health care equipment & services and diversified financials industry groups, offset some of the underperformance compared to the Index. The largest detractor was travel & tourism technology company, Sabre Corp. (United States). Additional notable detractors included jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom), online travel agency, Booking Holdings, Inc. (United States), media & entertainment conglomerate, The Walt Disney Co. (United States), and mortgage insurance provider, Essent Group (United States). The top contributor to return was luxury goods manufacturer & retailer, Compagnie Financière Richemont SA (Switzerland). Other notable contributors included plastic packaging manufacturer, Berry Global Group (United States), specialty chemicals manufacturer, Ashland Global Holdings, Inc. (United States), semiconductor manufacturer, Broadcom Corp. (United States), and products & services provider for the electronic components industry, SK hynix, Inc. (South Korea).

Investment Outlook

In our view, the world is significantly better prepared to weather the latest Covid wave. Major vaccine producers have indicated that they have mechanisms to develop boosters targeting a new variant in as little as three months. The emergence of Omicron, however, does highlight that progress against Covid proceeds in fits and starts. Market jitters and short-termism by investors may bring us investment opportunities in companies facing growth headwinds from lockdowns. Those companies that used 2020 and 2021 to enhance liquidity and financial strength should be well-positioned to ride economic expansion associated with the reopening of geographic borders and associated economic activity. Our experience over the last 21 months of the pandemic has reinforced our emphasis on financial strength and prospects for companies growing free cash flow. While investors digest news of more pandemic-induced disruptions, we remain focused on, in our view, well-managed companies with the potential to thrive as economies reopen, and on those firms we believe are well-placed to pass on cost inflation through higher prices. We expect many of our portfolio companies to meaningfully increase capital returns to shareholders via dividends and share buybacks. As central banks remove excess liquidity, stocks offering income and near-term earnings may regain popularity and enjoy a valuation upswing.

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: