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Global Value Fund

Seeking value primarily in developed markets worldwide

NAV (as of 22 Jun 2018)

$12.04, +0.11

YTD

+0.42%

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 Ratio1.30%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
Benchmark MSCI World

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CGVVX 2.4%-0.8%8.2%4.5%7.7%7.6%
MSCI World 1.9%0.8%12.2%8.3%10.0%9.5%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CGVVX -3.2%-3.2%8.1%4.6%8.2%7.4%
MSCI World -1.2%-1.2%14.2%8.6%10.3%9.4%

Portfolio

Asset Allocation as of 31 May 2018

Stocks 99.6%
Cash 0.4%

Characteristics as of 31 May 2018

Causeway MSCI World
No. of Holdings 51 1644
Wtd. Avg. Market Cap (Mn $US) $79,981 $129,405
FY2 Price/Earnings 12.1 14.6
Price/Book Value 1.7 2.4

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 May 2018

Health Care16.30%
Financials15.78%
Information Technology15.35%
Industrials11.16%
Consumer Discretionary8.99%
Telecommunication Services8.74%
Materials7.08%
Energy6.13%
Utilities5.39%
Consumer Staples4.29%
Real Estate0.36%

(VS. Benchmark)

Health Care11.89%
Financials17.11%
Information Technology18.47%
Industrials11.46%
Consumer Discretionary12.80%
Telecommunication Services2.50%
Materials5.15%
Energy6.64%
Utilities2.92%
Consumer Staples8.06%
Real Estate3.00%
Health Care
Financials
Information Technology
Industrials
Consumer Discretionary
Telecommunication Services
Materials
Energy
Utilities
Consumer Staples
Real Estate
Other

TOP 10 COUNTRIES as of 31 May 2018

United States39.51%
United Kingdom19.43%
Japan9.34%
Germany8.34%
Switzerland6.56%
Canada4.07%
Hong Kong3.52%
China2.25%
Netherlands2.23%
South Korea2.20%
Italy1.77%
Spain0.36%
Sweden0.00%
New Zealand0.00%
Singapore0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
France0.00%
Australia0.00%
Norway0.00%
Portugal0.00%
Ireland0.00%

(VS. Benchmark)

United States60.26%
United Kingdom6.53%
Japan8.99%
Germany3.46%
Switzerland2.72%
Canada3.45%
Hong Kong1.35%
China0.00%
Netherlands1.29%
South Korea0.00%
Italy0.85%
Spain1.06%
Sweden0.93%
New Zealand0.06%
Singapore0.49%
Israel0.18%
Austria0.09%
Belgium0.37%
Denmark0.62%
Finland0.38%
France3.98%
Australia2.46%
Norway0.25%
Portugal0.06%
Ireland0.18%
United States
United Kingdom
Japan
Germany
Switzerland
Canada
Hong Kong
China
Netherlands
South Korea
Italy
Spain
Sweden
New Zealand
Singapore
Israel
Austria
Belgium
Denmark
Finland
France
Australia
Norway
Portugal
Ireland
Other

TOP 10 HOLDINGS as of 31 May 2018

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 3.5
Eli Lilly & Co. United States Pharmaceuticals & Biotechnology 3.2
Linde AG Germany Materials 3.0
China Mobile Ltd. Hong Kong Telecommunication Services 2.9
Sabre Corp. United States Software & Services 2.9
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.8
Citigroup, Inc. United States Banks 2.8
Advance Auto Parts, Inc. United States Retailing 2.7
Oracle Corp. United States Software & Services 2.7
East Japan Railway Co. Japan Transportation 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, 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 2018


Market volatility continued in May, as fears of a global trade war and the rise of Italy’s populist government weighed on investor sentiment. Price momentum and growth did very well during the month, while value struggled. The top performing markets in our investable universe included Israel, New Zealand, Ireland, the United States, and Canada. The worst performing markets included Italy, Spain, Austria, Singapore, and South Korea. The best performing sectors in the MSCI World Index (“Index”) were information technology, energy, and materials. The worst performing sectors were telecommunication services, financials, and utilities.

Causeway Global Value Fund (“Fund”) underperformed the Index during the month, due primarily to industry group allocation (a byproduct of our bottom-up stock selection process). Fund holdings in the capital goods, banks, and automobiles & components industry groups, along with an overweight position in the telecommunication services industry group and an underweight position in the technology hardware & equipment industry group, detracted from performance relative to the Index. Holdings in the retailing, transportation, and energy industry groups, as well as an overweight position in the software & services industry group and an underweight position in the diversified financials industry group, offset a portion of the underperformance. The largest detractor was banking & financial services company, UniCredit S.p.A. (Italy). Additional detractors included automobile manufacturer, Volkswagen AG (Germany), banking & financial services company, Barclays Plc (United Kingdom), British American Tobacco plc (United Kingdom), and telecommunication services provider, Vodafone Group (United Kingdom). The top contributor to return was travel & tourism technology company, Sabre Corp. (United States). Other notable contributors included automobile components retailer, Advance Auto Parts, Inc. (United States), digital wireless communications equipment manufacturer, QUALCOMM, Inc. (United States), oil exploration & production company, PDC Energy, Inc. (United States), and industrial gas company, Linde AG (Germany).

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$0.2082
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

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
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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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