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Global Value Fund

Seeking value primarily in developed markets worldwide

NAV (as of 29 Mar 2017)

$11.52, +0.01

YTD

+5.88%

INCEPTION

29 Apr 2008

TICKER/CUSIP

CGVIX/14949P307

Fact Sheet Prospectus

Fund Profile

The Fund invests primarily in common stocks of companies in developed countries located outside the U.S. and of companies in the U.S. Normally, the Fund invests the majority of its total assets in companies that pay dividends or repurchase 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 countries outside the U.S.

Minimum Investment$1,000,000
Sales ChargeNone
Net Expense Ratio1.04%
Gross Expense Ratio1.05%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
BenchmarkMSCI World

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CGVIX 2.5%2.5%20.1%2.2%7.7%4.3%
MSCI World 5.3%5.3%22.0%5.8%10.0%5.0%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CGVIX 2.8%7.7%7.7%2.1%9.9%4.1%
MSCI World 2.0%8.2%8.2%4.4%11.0%4.5%

Portfolio

Asset Allocation as of 28 Feb 2017

Stocks 98.6%
Cash 1.4%

Characteristics as of 28 Feb 2017

Causeway MSCI World
No. of Holdings 50 1652
Wtd. Avg. Market Cap (Mn $US)$75,865$101,398
FY2 Price/Earnings12.715.5
Price/Book Value1.62.3

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.

SECTOR WEIGHTS as of 28 Feb 2017

Financials17.86%
Information Technology17.51%
Health Care14.86%
Industrials11.56%
Consumer Discretionary10.24%
Telecommunication Services8.72%
Energy8.58%
Utilities3.25%
Materials3.04%
Consumer Staples2.26%
Real Estate0.70%

(VS. Benchmark)

Financials17.94%
Information Technology15.20%
Health Care12.32%
Industrials11.23%
Consumer Discretionary12.26%
Telecommunication Services3.21%
Energy6.58%
Utilities3.17%
Materials5.06%
Consumer Staples9.83%
Real Estate3.20%
Financials
Information Technology
Health Care
Industrials
Consumer Discretionary
Telecommunication Services
Energy
Utilities
Materials
Consumer Staples
Real Estate
Other

TOP 10 COUNTRIES as of 28 Feb 2017

United States32.36%
United Kingdom21.69%
Switzerland9.51%
Japan9.24%
Hong Kong5.04%
South Korea4.05%
France3.86%
Germany3.77%
Netherlands3.04%
China2.02%
Spain1.63%
Italy1.32%
Canada1.05%
Australia0.00%
Sweden0.00%
Norway0.00%
Portugal0.00%
Ireland0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
New Zealand0.00%
Singapore0.00%

(VS. Benchmark)

United States60.50%
United Kingdom6.48%
Switzerland3.16%
Japan8.73%
Hong Kong1.23%
South Korea0.00%
France3.53%
Germany3.32%
Netherlands1.21%
China0.00%
Spain1.12%
Italy0.73%
Canada3.53%
Australia2.75%
Sweden1.04%
Norway0.24%
Portugal0.05%
Ireland0.16%
Israel0.25%
Austria0.07%
Belgium0.41%
Denmark0.60%
Finland0.34%
New Zealand0.07%
Singapore0.47%
United States
United Kingdom
Switzerland
Japan
Hong Kong
South Korea
France
Germany
Netherlands
China
Spain
Italy
Canada
Australia
Sweden
Norway
Portugal
Ireland
Israel
Austria
Belgium
Denmark
Finland
New Zealand
Singapore
Other

TOP 10 HOLDINGS as of 28 Feb 2017

Security Country Industry % of Total
Citigroup, Inc. United States Banks 3.9
Volkswagen AG Germany Automobiles & Components 3.8
Akzo Nobel NV Netherlands Materials 3.0
Royal Dutch Shell Plc United Kingdom Energy 3.0
Oracle Corp. United States Software & Services 2.9
Novartis AG Switzerland Pharmaceuticals & Biotechnology 2.9
AstraZeneca Plc United Kingdom Pharmaceuticals & Biotechnology 2.8
China Mobile Ltd. Hong Kong Telecommunication Services 2.8
East Japan Railway Co. Japan Transportation 2.7
Microsoft Corp. United States Software & Services 2.7

Holdings are subject to change.

Approach

Causeway Global Value Fund is constructed from an equity universe spanning primarily developed markets, including the United States. Emerging markets investments may also be included. Eligible companies have market capitalizations generally greater than $1 billion. The investment process is comprised of three stages: quantitative screening and initial analysis, fundamental research, and portfolio construction.

Our global investment philosophy is value-driven with a fundamentally based, bottom-up approach to stock selection. We believe that companies derive their value from the contribution of yield and profitable re-investment of earnings back into the company.

Our philosophy on risk management is simple. We believe risk is best measured by the volatility of a portfolio's returns, not its dispersion from a benchmark. In our view, investors are rewarded over the long term by a reduction in volatility. Our goal is to construct a portfolio that provides consistent long-term, risk-adjusted returns.

Causeway Global Value Fund is a fully invested, 35-55 stock portfolio, typically with a value bias. Sector and regional weights are by-products of our bottom-up approach to stock selection.

Commentary

PERFORMANCE REVIEW for the month ended 28 Feb 2017


Global equities continued to appreciate in February, as promising economic data emerged across regions which added strength to business and consumer confidence. The top performing markets in our investable universe included Israel, the United States, Australia, the Netherlands, and China. The worst performing markets included Norway, Canada, Denmark, Ireland, and Italy. The best performing sectors in the MSCI World Index (“Index”) were health care, information technology, and consumer staples. The worst performing sectors were energy, materials, and telecommunication services.

Causeway Global Value Fund ("Fund") underperformed the Index this month, due primarily to stock selection. Fund holdings in the energy, retailing, capital goods, technology hardware & equipment, and software & services industry groups detracted from relative performance. Holdings in the pharmaceuticals & biotechnology, banks, and semiconductors & semi equipment industry groups, as well as an underweight position in the materials and media industry groups, offset some of the relative underperformance. The largest detractor was specialty retail jeweler, Signet Group (United States). Additional detractors included energy exploration & production company, SM Energy Co. (United States), automobile manufacturer, Volkswagen AG (Germany), oil exploration & production company, PDC Energy, Inc.(United States), and energy management solutions company, Schneider Electric SE (France). The top contributor to performance was pharmaceutical company, AstraZeneca Plc (United Kingdom). Other notable contributors included global financial services giant, Citigroup, Inc. (United States), electronic payment services provider, VeriFone Systems, Inc. (United States), pharmaceutical & consumer healthcare products producer, Novartis AG (Switzerland), and enterprise management software provider, Oracle Corp. (United States).

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.

Dividends

2016$0.1493
2015$0.1251
2014$0.2232
2013$0.1162
2012$0.0968
2011$0.0959
2010$0.0800
2009$0.0793
2008$0.1306
Load More

Short-term Capital Gains

2016$0.0000
2015$0.0000
2014$0.3781
2013$0.2969
2012$0.0094
2011$0.0000
2010$0.0000
2009$0.0000
2008$0.0000
Load More

Long-term Capital Gains

2016$0.0000
2015$0.2089
2014$0.5989
2013$0.1573
2012$0.0380
2011$0.0000
2010$0.0000
2009$0.0000
2008$0.0000
Load More

Distributions are per share. Distribution amounts are based on gains and losses realized and income earned by the Fund through October 31 (or earlier under certain circumstances).

Documents

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