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Global Value Fund

Seeking value primarily in developed markets worldwide

NAV (as of 17 Jan 2018)

$12.53, -0.04

YTD

+4.07%

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
Benchmark MSCI World

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CGVIX 4.7%17.9%17.9%6.0%10.1%5.5%
MSCI World 5.6%23.1%23.1%9.9%12.3%6.3%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CGVIX 4.7%17.9%17.9%6.0%10.1%5.5%
MSCI World 5.6%23.1%23.1%9.9%12.3%6.3%

Portfolio

Asset Allocation as of 31 Dec 2017

Stocks 99.1%
Cash 0.9%

Characteristics as of 31 Dec 2017

Causeway MSCI World
No. of Holdings 51 1653
Wtd. Avg. Market Cap (Mn $US)$87,714$119,178
FY2 Price/Earnings13.416.7
Price/Book Value1.82.4

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 31 Dec 2017

Information Technology18.46%
Health Care15.92%
Industrials14.61%
Financials13.27%
Energy10.26%
Consumer Discretionary9.81%
Telecommunication Services8.91%
Consumer Staples3.08%
Materials2.83%
Real Estate1.25%
Utilities0.70%

(VS. Benchmark)

Information Technology16.80%
Health Care11.76%
Industrials11.62%
Financials18.10%
Energy6.32%
Consumer Discretionary12.26%
Telecommunication Services2.77%
Consumer Staples9.04%
Materials5.25%
Real Estate3.11%
Utilities2.97%
Information Technology
Health Care
Industrials
Financials
Energy
Consumer Discretionary
Telecommunication Services
Consumer Staples
Materials
Real Estate
Utilities
Other

TOP 10 COUNTRIES as of 31 Dec 2017

United States38.74%
United Kingdom19.48%
Japan9.59%
Switzerland6.41%
Germany5.61%
South Korea4.35%
Hong Kong3.56%
Canada2.53%
China2.20%
France2.09%
Netherlands1.92%
Italy1.38%
Spain1.25%
Sweden0.00%
Ireland0.00%
Australia0.00%
New Zealand0.00%
Singapore0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Norway0.00%
Portugal0.00%

(VS. Benchmark)

United States59.21%
United Kingdom6.63%
Japan8.95%
Switzerland2.99%
Germany3.66%
South Korea0.00%
Hong Kong1.33%
Canada3.55%
China0.00%
France3.97%
Netherlands1.33%
Italy0.87%
Spain1.20%
Sweden1.00%
Ireland0.18%
Australia2.58%
New Zealand0.06%
Singapore0.50%
Israel0.17%
Austria0.10%
Belgium0.41%
Denmark0.68%
Finland0.35%
Norway0.25%
Portugal0.06%
United States
United Kingdom
Japan
Switzerland
Germany
South Korea
Hong Kong
Canada
China
France
Netherlands
Italy
Spain
Sweden
Ireland
Australia
New Zealand
Singapore
Israel
Austria
Belgium
Denmark
Finland
Norway
Portugal
Other

TOP 10 HOLDINGS as of 31 Dec 2017

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.7
Citigroup, Inc. United States Banks 3.4
Barclays Plc United Kingdom Banks 3.3
Microsoft Corp. United States Software & Services 3.2
British American Tobacco plc United Kingdom Food Beverage & Tobacco 3.1
Halliburton Co. United States Energy 2.9
China Mobile Ltd. Hong Kong Telecommunication Services 2.8
East Japan Railway Co. Japan Transportation 2.6
Eli Lilly & Co. United States Pharmaceuticals & Biotechnology 2.5
AstraZeneca Plc United Kingdom Pharmaceuticals & Biotechnology 2.5

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, typically 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 31 Dec 2017


The global bull market of 2017 carried almost every country’s equity index to (or near) record highs. The rise was amplified in most markets outside the US due to currency strength versus the US dollar. Investors reacted positively to signs of improved global growth, US tax reform, and possibly a race to add to stock portfolios by year-end. As a result, demand for equities drove markets higher in December. The top performing markets in our investable universe included Israel, New Zealand, the United Kingdom, Australia, and Ireland. The worst performing markets included Portugal, Italy, Spain, Belgium, and Finland. The best performing sectors in the MSCI World Index (“Index”) were energy, materials, and consumer discretionary. The worst performing sectors were utilities, information technology, and health care.

Causeway Global Value Fund ("Fund") outperformed the Index during the month, due primarily to country allocation (a byproduct of our bottom-up stock selection process). Fund holdings in the energy, technology hardware & equipment, pharmaceuticals & biotechnology, and food beverage & tobacco industry groups, as well as an underweight position in the utilities industry group, contributed to relative performance. Holdings in the automobiles & components, telecommunication services, banks, capital goods, and materials industry groups offset a portion of the outperformance. The top contributor to return was energy exploration & production company, Halliburton Co. (United States). Other notable contributors included oil exploration & production company, PDC Energy, Inc. (United States), British American Tobacco plc (United Kingdom), pharmaceutical company, AstraZeneca Plc (United Kingdom), and banking & financial services company, Barclays Plc (United Kingdom). The largest detractor was telecommunication services provider, KDDI Corp. (Japan). Additional detractors included automobile manufacturer, Volkswagen AG (Germany), banking & financial services company, UniCredit S.p.A. (Italy), enterprise management software provider, Oracle Corp. (United States), and integrated utility, FirstEnergy 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

2017$0.2363
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

2017$0.41672
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

2017$0.13304
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

Consent to Electronic Delivery

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Duration of Election and Consent

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