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International Opportunities Fund

Combining our proven abilities in developed and emerging international markets

NAV (as of 29 Mar 2017)

$12.5, +0.04

YTD

+9.46%

INCEPTION

31 Dec 2009

TICKER/CUSIP

CIOIX/14949Q107

Fact Sheet Prospectus

Fund Profile

The Fund invests primarily in companies located both in developed markets — excluding the United States (the “international value portfolio”) — and in emerging markets (the “emerging markets portfolio”). The Investment Adviser allocates substantially all of the Fund’s assets between the international value portfolio and the emerging markets portfolio using a proprietary asset allocation model. Normally, the Fund will invest in companies located in at least ten foreign countries.

International Value Portfolio: The international value portfolio consists primarily of common stocks of companies located in developed countries outside the U.S. Normally, the majority of this portfolio invests in companies that pay dividends or repurchase their shares. The international value portfolio may also invest in companies located in emerging (less developed) markets.

Emerging Markets Portfolio: The emerging markets portfolio is normally invested in equity securities of companies located in emerging (less developed) markets and other investments that are tied economically to emerging markets. Generally, these investments include common stock, preferred and preference stock, American Depositary Receipts, European Depositary Receipts, Global Depositary Receipts, and exchange-traded funds that invest in emerging markets securities.

Minimum Investment$1,000,000
Sales ChargeNone
Net Expense Ratio1.07%
Gross Expense Ratio1.12%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
BenchmarkMSCI ACWI ex US

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CIOIX 4.4%4.4%16.5%-1.5%4.3%5.1%
MSCI ACWI ex US 5.2%5.2%19.9%0.3%4.0%4.0%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CIOIX 0.2%2.0%2.0%-2.7%6.2%4.6%
MSCI ACWI ex US -1.2%5.0%5.0%-1.3%5.5%3.4%

Portfolio

Asset Allocation as of 28 Feb 2017

Stocks 99.2%
Cash 0.8%

Characteristics as of 28 Feb 2017

Causeway MSCI ACWI ex US
No. of Holdings 190 1854
Wtd. Avg. Market Cap (Mn $US)$46,856$42,426
FY2 Price/Earnings11.313.5
Price/Book Value1.41.7

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

Financials20.70%
Industrials15.21%
Health Care10.66%
Consumer Discretionary10.42%
Information Technology9.81%
Energy8.34%
Materials7.51%
Consumer Staples6.20%
Telecommunication Services4.28%
Utilities4.14%
Real Estate1.89%

(VS. Benchmark)

Financials23.42%
Industrials11.79%
Health Care8.16%
Consumer Discretionary11.31%
Information Technology9.70%
Energy6.68%
Materials8.13%
Consumer Staples9.83%
Telecommunication Services4.59%
Utilities3.10%
Real Estate3.29%
Financials
Industrials
Health Care
Consumer Discretionary
Information Technology
Energy
Materials
Consumer Staples
Telecommunication Services
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 28 Feb 2017

United Kingdom23.82%
Switzerland12.44%
Japan12.26%
France8.81%
Germany7.81%
China5.68%
South Korea4.17%
Canada3.68%
Netherlands3.49%
Taiwan2.99%
India2.11%
Brazil2.03%
Italy1.94%
Russia1.40%
Thailand1.15%
Spain1.01%
Australia0.89%
South Africa0.73%
Sweden0.73%
Indonesia0.36%
United Arab Emirates0.31%
Poland0.30%
Mexico0.28%
Malaysia0.25%
Turkey0.14%
Qatar0.11%
Hungary0.10%
Hong Kong0.06%
Czech Republic0.06%
Philippines0.05%
Egypt0.00%
Greece0.00%
New Zealand0.00%
Singapore0.00%
Norway0.00%
Portugal0.00%
Ireland0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Peru0.00%
Chile0.00%
Colombia0.00%

(VS. Benchmark)

United Kingdom12.56%
Switzerland6.12%
Japan16.92%
France6.84%
Germany6.44%
China6.33%
South Korea3.46%
Canada6.84%
Netherlands2.34%
Taiwan2.90%
India1.98%
Brazil1.92%
Italy1.41%
Russia0.91%
Thailand0.52%
Spain2.17%
Australia5.32%
South Africa1.61%
Sweden2.01%
Indonesia0.58%
United Arab Emirates0.19%
Poland0.29%
Mexico0.81%
Malaysia0.57%
Turkey0.25%
Qatar0.20%
Hungary0.07%
Hong Kong2.38%
Czech Republic0.04%
Philippines0.28%
Egypt0.03%
Greece0.08%
New Zealand0.13%
Singapore0.92%
Norway0.46%
Portugal0.10%
Ireland0.32%
Israel0.48%
Austria0.14%
Belgium0.80%
Denmark1.16%
Finland0.66%
Peru0.09%
Chile0.28%
Colombia0.10%
United Kingdom
Switzerland
Japan
France
Germany
China
South Korea
Canada
Netherlands
Taiwan
India
Brazil
Italy
Russia
Thailand
Spain
Australia
South Africa
Sweden
Indonesia
United Arab Emirates
Poland
Mexico
Malaysia
Turkey
Qatar
Hungary
Hong Kong
Czech Republic
Philippines
Egypt
Greece
New Zealand
Singapore
Norway
Portugal
Ireland
Israel
Austria
Belgium
Denmark
Finland
Peru
Chile
Colombia
Other

TOP 10 HOLDINGS as of 28 Feb 2017

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 3.9
Akzo Nobel NV Netherlands Materials 2.9
Royal Dutch Shell Plc United Kingdom Energy 2.8
British American Tobacco Plc United Kingdom Food Beverage & Tobacco 2.7
East Japan Railway Co. Japan Transportation 2.6
Novartis AG Switzerland Pharmaceuticals & Biotechnology 2.5
ABB Ltd. Switzerland Capital Goods 2.5
Schneider Electric SE France Capital Goods 2.4
KDDI Corp. Japan Telecommunication Services 2.4
Prudential Plc United Kingdom Insurance 2.4

Holdings are subject to change.

Approach

Causeway International Opportunities Fund is a blend of Causeway’s best skills, combining our bottom-up, fundamental research with our quantitatively managed, emerging markets, research. Our quantitative research team has developed a multi-factor model that gauges the relative attractiveness of emerging markets, and guides the portfolio managers in tactically allocating between developed and emerging market countries.

Our developed markets exposure aims to add value through intensive fundamental research implemented via a disciplined value approach. Our emerging markets exposure is the result of a quantitative strategy tailored to the unique growth, momentum, and risk characteristics of developing markets. Our proprietary tactical allocation model is designed to add additional value.

The Causeway International Opportunities Fund is a fully invested portfolio, with 150-220 underlying holdings. Allocation between developed and emerging markets can range from 0-2x the allocation of the MSCI All Country World Index ex-US.

Commentary

PERFORMANCE REVIEW for the month ended 28 Feb 2017


Global equities continued to appreciate in February, as promising economic data across regions strengthened business and consumer confidence. Emerging markets equities outperformed developed markets. The top performing markets in our investable universe included Egypt, India, Turkey, Kazakhstan, and Poland. The worst performing markets included Russia, Colombia, Hungary, Norway, and Peru. The best performing sectors in the MSCI ACWI ex US Index (“Index”) were health care, consumer staples, and real estate. The worst performing sectors were energy, materials, and telecommunication services.

Causeway International Opportunities Fund (“Fund”) underperformed the Index this month, due primarily to stock selection. Fund holdings in the capital goods, consumer durables & apparel, automobiles & components, and energy industry groups, along with an underweight position in the household & personal products industry group, detracted from relative performance. Holdings in the pharmaceuticals & biotechnology, materials, food beverage & tobacco, banks, and insurance industry groups offset some of the relative underperformance. The largest detractor was automobile manufacturer, Volkswagen AG (Germany). Additional detractors included oil & natural gas producer, Encana (Canada), energy management solutions company, Schneider Electric SE (France), power & automation technology company, ABB Ltd. (Switzerland), and luxury goods manufacturer, Compagnie Financiere Richemont (Switzerland). The top contributor to performance was pharmaceutical company, AstraZeneca Plc (United Kingdom). Other notable contributors included pharmaceutical & consumer healthcare products producer, Novartis AG (Switzerland), baked goods food producer, Aryzta AG (Switzerland), pharmaceutical & consumer healthcare company, GlaxoSmithKline Plc (United Kingdom), and pharmaceutical giant, Sanofi (France).

Equity Allocation Model Update


We use a proprietary quantitative equity allocation model that assists the portfolio managers in determining the weight of emerging versus developed markets in the Fund. Our allocation relative to the weight of emerging markets in the Index is currently underweight. We identify five primary factors as most indicative of the ideal allocation target: valuation, financial strength, earnings growth, macroeconomic, and risk aversion. Valuation is the only positive indicator for emerging markets in our model. Our financial strength metrics, which include such measures as interest coverage and return on equity, are neutral for emerging markets. Our earnings growth factor is negative for emerging markets over the period. Our macroeconomic factor is negative on emerging markets. Lastly, our risk aversion factor concludes that investors’ appetite for risk is high, a negative indicator for our model.

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$0.4494
2015$0.1623
2014$0.0000
2013$0.1266
2012$0.2451
2011$0.2756
2010$0.1858
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Short-term Capital Gains

2016$0.0000
2015$0.0107
2014$0.0000
2013$0.0001
2012$0.0000
2011$0.0000
2010$0.0000
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Long-term Capital Gains

2016$0.0000
2015$0.0199
2014$0.4943
2013$0.0739
2012$0.0190
2011$0.0303
2010$0.1712
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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). During 2014, the Fund restructured from a “fund of funds” to a fund making direct investments in securities.

Documents

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