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Global Value Fund

Seeking value primarily in developed markets worldwide

NAV (as of 28 Jun 2017)

$11.75, +0.03

YTD

+8.39%

INCEPTION

31 Jan 2011

TICKER/CUSIP

CGVVX/14949P604

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$5,000
Sales ChargeNone
Net Expense Ratio1.29%
Gross Expense Ratio1.30%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
BenchmarkMSCI World

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CGVVX 2.4%7.8%13.5%2.7%11.1%7.5%
MSCI World 3.8%10.5%17.1%6.3%13.0%9.1%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CGVVX 5.4%5.4%15.3%2.6%7.7%7.3%
MSCI World 6.5%6.5%15.4%6.1%10.0%8.7%

Portfolio

Asset Allocation as of 31 May 2017

Stocks 97.6%
Cash 2.4%

Characteristics as of 31 May 2017

Causeway MSCI World
No. of Holdings 50 1646
Wtd. Avg. Market Cap (Mn $US)$77,805$106,701
FY2 Price/Earnings12.615.7
Price/Book Value1.72.3

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 31 May 2017

Information Technology17.99%
Financials16.24%
Industrials14.19%
Health Care13.96%
Energy10.59%
Telecommunication Services8.93%
Consumer Discretionary8.06%
Consumer Staples2.42%
Materials2.36%
Utilities1.69%
Real Estate1.19%

(VS. Benchmark)

Information Technology16.05%
Financials17.16%
Industrials11.38%
Health Care12.30%
Energy6.11%
Telecommunication Services3.09%
Consumer Discretionary12.48%
Consumer Staples10.05%
Materials4.91%
Utilities3.27%
Real Estate3.21%
Information Technology
Financials
Industrials
Health Care
Energy
Telecommunication Services
Consumer Discretionary
Consumer Staples
Materials
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 31 May 2017

United States33.50%
United Kingdom20.63%
Switzerland9.08%
Japan9.02%
Hong Kong4.80%
South Korea3.92%
Germany3.70%
France3.45%
Netherlands2.36%
Canada2.08%
China2.05%
Italy1.83%
Spain1.19%
Sweden0.00%
Norway0.00%
Portugal0.00%
Australia0.00%
Ireland0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
New Zealand0.00%
Singapore0.00%

(VS. Benchmark)

United States59.15%
United Kingdom6.70%
Switzerland3.35%
Japan8.63%
Hong Kong1.31%
South Korea0.00%
Germany3.58%
France3.96%
Netherlands1.33%
Canada3.41%
China0.00%
Italy0.82%
Spain1.31%
Sweden1.09%
Norway0.23%
Portugal0.06%
Australia2.55%
Ireland0.17%
Israel0.24%
Austria0.09%
Belgium0.44%
Denmark0.66%
Finland0.38%
New Zealand0.06%
Singapore0.48%
United States
United Kingdom
Switzerland
Japan
Hong Kong
South Korea
Germany
France
Netherlands
Canada
China
Italy
Spain
Sweden
Norway
Portugal
Australia
Ireland
Israel
Austria
Belgium
Denmark
Finland
New Zealand
Singapore
Other

TOP 10 HOLDINGS as of 31 May 2017

Security Country Industry % of Total
Citigroup, Inc. United States Banks 3.8
Volkswagen AG Germany Automobiles & Components 3.7
Royal Dutch Shell Plc United Kingdom Energy 3.2
Novartis AG Switzerland Pharmaceuticals & Biotechnology 2.8
Microsoft Corp. United States Software & Services 2.8
China Mobile Ltd. Hong Kong Telecommunication Services 2.8
East Japan Railway Co. Japan Transportation 2.8
Oracle Corp. United States Software & Services 2.7
KDDI Corp. Japan Telecommunication Services 2.7
Eli Lilly & Co. United States Pharmaceuticals & Biotechnology 2.6

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 May 2017


Global equities continued their ascent in May, buoyed by demand for growth stocks and by evidence of a recovery in European economies. The top performing markets in our investable universe included Portugal, Austria, South Korea, Finland, and Denmark. The worst performing markets included Australia, Israel, Canada, the United States, and New Zealand. The best performing sectors in the MSCI World Index (“Index”) were utilities, information technology, and consumer staples. The worst performing sectors were energy, financials, and materials.

Causeway Global Value Fund ("Fund") underperformed the Index during the month, due primarily to stock selection. Fund holdings in the retailing, energy, software & services, automobiles & components, and media industry groups detracted from relative performance. Holdings in the pharmaceuticals & biotechnology, telecommunication services, banks, and utilities industry groups, as well as an underweight position in the diversified financials industry group, offset some of the underperformance versus the Index. The largest detractor was specialty retail jeweler, Signet Group (United States). Additional detractors included energy exploration & production company, SM Energy Co. (United States), oil exploration & production company, PDC Energy, Inc. (United States), global entertainment content company, Viacom, Inc. (United States), and automobile manufacturer, Volkswagen AG (Germany). The top contributor to performance was pharmaceutical company, AstraZeneca Plc (United Kingdom). Other notable contributors included multinational electric utility company, ENGIE SA (France), telecommunication services provider, Vodafone Group (United Kingdom), major passenger railway operator, East Japan Railway Co. (Japan), and electrical & electronic equipment manufacturer, Hitachi Ltd. (Japan).

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$0.1309
2015$0.0931
2014$0.1985
2013$0.0921
2012$0.0874
2011$0.8360
2010$0.0000
2009$0.0000
2008$0.0000
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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