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International Opportunities Fund

Combining our proven abilities in developed and emerging international markets

NAV (as of 24 Feb 2017)

$11.94, -0.10

YTD

+4.55%

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 3.6%3.6%12.8%0.1%5.4%5.0%
MSCI ACWI ex US 3.6%3.6%16.7%1.4%4.8%3.9%
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 31 Jan 2017

Stocks 103.1%
Cash -3.1%

Characteristics as of 31 Jan 2017

Causeway MSCI ACWI ex US
No. of Holdings 193 1854
Wtd. Avg. Market Cap (Mn $US)$46,646$42,029
FY2 Price/Earnings11.713.8
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 31 Jan 2017

Financials20.33%
Industrials16.85%
Consumer Discretionary11.50%
Health Care10.62%
Information Technology10.07%
Energy8.62%
Materials7.89%
Consumer Staples6.46%
Telecommunication Services4.73%
Utilities4.10%
Real Estate1.94%

(VS. Benchmark)

Financials23.51%
Industrials11.72%
Consumer Discretionary11.34%
Health Care7.94%
Information Technology9.60%
Energy6.90%
Materials8.34%
Consumer Staples9.66%
Telecommunication Services4.65%
Utilities3.09%
Real Estate3.24%
Financials
Industrials
Consumer Discretionary
Health Care
Information Technology
Energy
Materials
Consumer Staples
Telecommunication Services
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 31 Jan 2017

United Kingdom24.15%
Japan14.59%
Switzerland13.65%
France9.93%
Germany8.50%
China5.51%
Netherlands4.48%
South Korea4.16%
Taiwan2.97%
India2.09%
Canada1.95%
Brazil1.91%
Russia1.54%
Spain1.27%
Thailand1.16%
Sweden1.07%
Australia0.99%
South Africa0.75%
Italy0.46%
Indonesia0.36%
United Arab Emirates0.29%
Mexico0.28%
Poland0.28%
Malaysia0.25%
Turkey0.13%
Hungary0.10%
Qatar0.10%
Hong Kong0.06%
Czech Republic0.06%
Philippines0.06%
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 Kingdom12.59%
Japan17.00%
Switzerland6.12%
France6.92%
Germany6.51%
China6.21%
Netherlands2.29%
South Korea3.41%
Taiwan2.81%
India1.90%
Canada7.06%
Brazil1.87%
Russia0.99%
Spain2.18%
Thailand0.53%
Sweden2.04%
Australia5.24%
South Africa1.60%
Italy1.37%
Indonesia0.58%
United Arab Emirates0.19%
Mexico0.79%
Poland0.28%
Malaysia0.57%
Turkey0.24%
Hungary0.07%
Qatar0.20%
Hong Kong2.37%
Czech Republic0.04%
Philippines0.28%
Egypt0.03%
Greece0.07%
New Zealand0.13%
Singapore0.91%
Norway0.48%
Portugal0.10%
Ireland0.32%
Israel0.46%
Austria0.14%
Belgium0.80%
Denmark1.17%
Finland0.65%
Peru0.09%
Chile0.28%
Colombia0.10%
United Kingdom
Japan
Switzerland
France
Germany
China
Netherlands
South Korea
Taiwan
India
Canada
Brazil
Russia
Spain
Thailand
Sweden
Australia
South Africa
Italy
Indonesia
United Arab Emirates
Mexico
Poland
Malaysia
Turkey
Hungary
Qatar
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 31 Jan 2017

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.2
Akzo Nobel NV Netherlands Materials 3.1
ABB Ltd. Switzerland Capital Goods 2.9
Royal Dutch Shell Plc United Kingdom Energy 2.9
British American Tobacco Plc United Kingdom Food Beverage & Tobacco 2.9
East Japan Railway Co. Japan Transportation 2.9
Schneider Electric SE France Capital Goods 2.8
KDDI Corp. Japan Telecommunication Services 2.7
Novartis AG Switzerland Pharmaceuticals & Biotechnology 2.5
Hitachi Ltd. Japan Technology Hardware & Equipment 2.5

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 31 Jan 2017


Despite a politically tumultuous start to the year, global equities appreciated during January and economic data indicate improving global economies. Emerging markets outperformed developed markets equities for the month, as the US dollar weakened and the US ten year government bond yield receded. The top performing markets in our investable universe included Kazakhstan, Brazil, Poland, Peru, and New Zealand. The worst performing markets in the MSCI ACWI ex US Index (“Index”) included Greece, Italy, Egypt, Finland, and Portugal. Traditionally cyclical sectors generally outperformed defensive sectors. The best performing sectors in the Index were materials, information technology, and financials. The worst performing sectors were energy, utilities, and health care. Currency proved favorable as major currencies advanced against the US dollar.

Causeway International Opportunities Fund (“Fund”) performed in-line with the Index this month. Fund holdings in the automobiles & components, consumer durables & apparel, transportation, energy, and consumer services industry groups contributed to relative performance. Holdings in the food beverage & tobacco, insurance, pharmaceuticals & biotechnology, utilities, and materials industry groups offset some of the relative outperformance. The top contributor to performance was automobile manufacturer, Volkswagen AG (Germany). Other notable contributors included luxury goods manufacturer & retailer, Compagnie Financiere Richemont (Switzerland), power & automation technology company, ABB Ltd. (Switzerland), paints & coatings producer, Akzo Nobel NV (Netherlands) and British American Tobacco Plc (United Kingdom). The largest detractor was baked goods food producer, Aryzta AG (Switzerland). Additional detractors included multinational electric utility company, ENGIE SA (France), life insurer, Prudential Plc (United Kingdom), aerospace & defense manufacturer, Cobham (United Kingdom), and energy supermajor, Royal Dutch Shell Plc (United Kingdom).

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 positive in our model. Our financial strength metrics, which include such measures as interest coverage and return on equity, are positive 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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