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Global Value Fund

Seeking value primarily in developed markets worldwide

NAV (as of 21 Jul 2017)

$11.94, -0.05

YTD

+10.15%

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 2.5%7.9%17.6%2.4%9.7%7.4%
MSCI World 4.2%11.0%18.9%5.8%12.0%9.0%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CGVVX 2.5%7.9%17.6%2.4%9.7%7.4%
MSCI World 4.2%11.0%18.9%5.8%12.0%9.0%

Portfolio

Asset Allocation as of 30 Jun 2017

Stocks 97.2%
Cash 2.8%

Characteristics as of 30 Jun 2017

Causeway MSCI World
No. of Holdings 48 1656
Wtd. Avg. Market Cap (Mn $US)$78,110$104,127
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 30 Jun 2017

Information Technology18.73%
Financials15.37%
Industrials14.06%
Health Care13.72%
Energy11.17%
Telecommunication Services9.05%
Consumer Discretionary8.73%
Consumer Staples2.28%
Materials2.14%
Real Estate1.17%
Utilities0.82%

(VS. Benchmark)

Information Technology15.65%
Financials18.01%
Industrials11.51%
Health Care12.55%
Energy6.04%
Telecommunication Services2.95%
Consumer Discretionary12.32%
Consumer Staples9.67%
Materials4.90%
Real Estate3.21%
Utilities3.19%
Information Technology
Financials
Industrials
Health Care
Energy
Telecommunication Services
Consumer Discretionary
Consumer Staples
Materials
Real Estate
Utilities
Other

TOP 10 COUNTRIES as of 30 Jun 2017

United States36.33%
United Kingdom19.74%
Japan8.84%
Switzerland7.19%
Hong Kong5.05%
South Korea4.03%
Germany3.85%
France2.82%
Canada2.17%
Netherlands2.14%
China1.99%
Italy1.93%
Spain1.17%
Sweden0.00%
Ireland0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Australia0.00%
New Zealand0.00%
Singapore0.00%
Norway0.00%
Portugal0.00%

(VS. Benchmark)

United States59.32%
United Kingdom6.57%
Japan8.71%
Switzerland3.16%
Hong Kong1.30%
South Korea0.00%
Germany3.53%
France3.91%
Canada3.51%
Netherlands1.31%
China0.00%
Italy0.85%
Spain1.29%
Sweden1.09%
Ireland0.17%
Israel0.26%
Austria0.09%
Belgium0.42%
Denmark0.67%
Finland0.38%
Australia2.62%
New Zealand0.06%
Singapore0.49%
Norway0.23%
Portugal0.06%
United States
United Kingdom
Japan
Switzerland
Hong Kong
South Korea
Germany
France
Canada
Netherlands
China
Italy
Spain
Sweden
Ireland
Israel
Austria
Belgium
Denmark
Finland
Australia
New Zealand
Singapore
Norway
Portugal
Other

TOP 10 HOLDINGS as of 30 Jun 2017

Security Country Industry % of Total
Citigroup, Inc. United States Banks 4.2
Volkswagen AG Germany Automobiles & Components 3.9
Royal Dutch Shell Plc United Kingdom Energy 3.0
Oracle Corp. United States Software & Services 3.0
China Mobile Ltd. Hong Kong Telecommunication Services 3.0
Novartis AG Switzerland Pharmaceuticals & Biotechnology 2.8
East Japan Railway Co. Japan Transportation 2.7
Microsoft Corp. United States Software & Services 2.7
Eli Lilly & Co. United States Pharmaceuticals & Biotechnology 2.7
Barclays Plc United Kingdom Banks 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 30 Jun 2017


Global equities appreciated in June, despite indications of the end of the extremely accommodative monetary policy in the US, Europe and – albeit delayed – in Japan. The top performing markets in our investable universe included Israel, New Zealand, Canada, Australia, and China. The worst performing markets included Portugal, Belgium, the United Kingdom, Ireland, and the Netherlands. The best performing sectors in the MSCI World Index (“Index”) were financials, health care, and materials. The worst performing sectors were telecommunication services, utilities, and information technology.

Causeway Global Value Fund ("Fund") underperformed the Index during the month. Fund holdings in the energy, pharmaceuticals & biotechnology, and capital goods industry groups, along with an overweight position in the telecommunication services industry group and an underweight position in the diversified financials industry group, detracted from relative performance. Holdings in the software & services, retailing, and technology hardware & equipment industry groups, as well as an underweight position in the food & staples retailing and utilities industry groups, offset some of the underperformance. The largest detractor was oil exploration & production company, PDC Energy, Inc. (United States). Additional detractors included automobile components retailer, Advance Auto Parts, Inc.(United States), pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland), building materials distributor, Travis Perkins Plc (United Kingdom), and telecommunication services provider, KDDI Corp. (Japan). The top contributor to performance was specialty retail jeweler, Signet Group (United States). Other notable contributors included global financial services giant, Citigroup, Inc. (United States), enterprise management software provider, Oracle Corp. (United States), health insurance provider, UnitedHealth Group, Inc. (United States), and banking & financial services company, UniCredit S.p.A. (Italy).

 

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
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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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