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International Small Cap Fund

NAV (as of 29 Mar 2017)

$11.47, +0.05

YTD

+8.93%

INCEPTION

20 Oct 2014

TICKER/CUSIP

CVISX/14949P802

Fact Sheet Prospectus

Fund Profile

The Fund invests primarily in common stocks of companies with smaller market capitalizations located in developed and emerging markets outside the U.S. The Fund normally invests at least 80% of its total assets in equity securities of companies with smaller market capitalizations. Smaller market capitalization companies are companies with market capitalizations that do not exceed the highest market capitalization of a company within the Fund’s benchmark, the MSCI ACWI ex USA Small Cap Index (Gross), at the time of purchase. Some of these companies, although small by U.S. standards, might be large companies in their local markets. The Fund may continue to hold securities of a portfolio company that appreciate above the smaller market capitalization threshold and thus may from time to time hold less than 80% of its total assets in equity securities of companies with smaller market capitalizations. The Fund may invest in a wide range of industries.

Minimum Investment$5,000
Sales ChargeNone
Net Expense Ratio1.58%
Gross Expense Ratio3.71%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
BenchmarkMSCI AC World ex USA Small Cap

Performance

Fund Quarter to Date Year to Date 1 Year Since Inception
CVISX 5.0%5.0%17.6%6.4%
MSCI AC World ex USA Small Cap 6.6%6.6%20.0%6.3%
Fund Quarter to Date Year to Date 1 Year Since Inception
CVISX -1.0%3.1%3.1%4.5%
MSCI AC World ex USA Small Cap -3.5%4.3%4.3%3.7%

Portfolio

Asset Allocation as of 28 Feb 2017

Stocks 99.5%
Cash 0.5%

Characteristics as of 28 Feb 2017

Causeway MSCI AC World ex USA Small Cap
No. of Holdings 114 4286
Wtd. Avg. Market Cap (Mn $US)$1,093$1,488
FY2 Price/Earnings9.014.4
Price/Book Value1.21.5

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

Consumer Discretionary16.07%
Industrials15.19%
Materials15.16%
Financials13.37%
Real Estate11.19%
Information Technology8.81%
Consumer Staples6.38%
Health Care6.20%
Energy3.76%
Utilities2.12%
Equity Funds1.24%
Telecommunication Services0.00%

(VS. Benchmark)

Consumer Discretionary15.75%
Industrials19.74%
Materials11.39%
Financials10.33%
Real Estate10.28%
Information Technology11.54%
Consumer Staples6.58%
Health Care6.98%
Energy3.75%
Utilities2.64%
Equity Funds0.00%
Telecommunication Services1.02%
Consumer Discretionary
Industrials
Materials
Financials
Real Estate
Information Technology
Consumer Staples
Health Care
Energy
Utilities
Equity Funds
Telecommunication Services
Other

TOP 10 COUNTRIES as of 28 Feb 2017

Japan17.48%
United Kingdom10.78%
Canada8.83%
Australia8.35%
China6.88%
Italy6.35%
South Korea4.25%
Norway3.98%
Sweden3.65%
Thailand3.28%
Taiwan3.27%
Germany2.50%
Mexico2.36%
Indonesia2.12%
Belgium1.96%
Austria1.84%
Turkey1.68%
Singapore1.55%
India1.24%
Spain1.18%
Netherlands1.10%
Greece1.04%
France0.84%
Denmark0.56%
New Zealand0.56%
Israel0.56%
Brazil0.37%
Egypt0.34%
Finland0.31%
Switzerland0.25%
Hong Kong0.01%
Portugal0.00%
Ireland0.00%
Malaysia0.00%
Philippines0.00%
Hungary0.00%
Poland0.00%
Qatar0.00%
Russia0.00%
South Africa0.00%
Czech Republic0.00%
United Arab Emirates0.00%
Chile0.00%
Colombia0.00%
Multi-National All Country0.00%

(VS. Benchmark)

Japan22.40%
United Kingdom12.36%
Canada7.44%
Australia4.69%
China4.95%
Italy2.63%
South Korea3.69%
Norway1.20%
Sweden3.56%
Thailand0.83%
Taiwan4.03%
Germany4.34%
Mexico0.62%
Indonesia0.53%
Belgium1.32%
Austria0.57%
Turkey0.24%
Singapore1.24%
India2.77%
Spain1.74%
Netherlands1.43%
Greece0.14%
France2.92%
Denmark1.06%
New Zealand0.76%
Israel1.05%
Brazil1.06%
Egypt0.10%
Finland1.08%
Switzerland3.32%
Hong Kong1.68%
Portugal0.24%
Ireland0.72%
Malaysia0.69%
Philippines0.24%
Hungary0.03%
Poland0.26%
Qatar0.16%
Russia0.19%
South Africa1.27%
Czech Republic0.02%
United Arab Emirates0.16%
Chile0.24%
Colombia0.06%
Multi-National All Country0.00%
Japan
United Kingdom
Canada
Australia
China
Italy
South Korea
Norway
Sweden
Thailand
Taiwan
Germany
Mexico
Indonesia
Belgium
Austria
Turkey
Singapore
India
Spain
Netherlands
Greece
France
Denmark
New Zealand
Israel
Brazil
Egypt
Finland
Switzerland
Hong Kong
Portugal
Ireland
Malaysia
Philippines
Hungary
Poland
Qatar
Russia
South Africa
Czech Republic
United Arab Emirates
Chile
Colombia
Multi-National All Country
Other

TOP 10 ACTIVE HOLDINGS as of 28 Feb 2017

Security Country Industry Active Weight*
DIC Asset AG Germany Real Estate 2.0
Tosoh Corp. Japan Materials 2.0
Downer EDI Ltd. Australia Commercial & Professional Services 1.9
Energyvingsome Fund Canada Utilities 1.9
AGF Management Canada Diversified Financials 1.9
PT Indo Tambangraya Megah Tbk Indonesia Energy 1.9
Redrow Plc United Kingdom Consumer Durables & Apparel 1.8
BlueScope Steel Ltd. Australia Materials 1.8
UNIQA Insurance Group AG Austria Insurance 1.8
Korea Petro Chemical Ind Co., Ltd. South Korea Materials 1.8

*Active defined as Fund weight minus MSCI ACWI ex USA Small Cap Index weight. Holdings are subject to change.

Approach

For Causeway International Small Cap Fund, our quantitative process examines a multitude of factors within four main categories to gauge the return potential of a stock. First, we seek relatively inexpensive valuations. Second, we want to see accelerating earnings growth prospects and upward earnings estimate revisions from the sell-side analysts who cover the stock. Third, we look for positive recent momentum, since recent trends tend to persist. And fourth, we want to find quality by seeking stocks with a focus on strong free cash flow generation rather than simply sales growth. We then rank the stocks on these factors to identify candidates that we believe should produce the most attractive risk-adjusted returns. Before we establish new positions, our fundamental portfolio managers and analysts have the opportunity to review stocks in their sector of coverage and report any “red flags” that may be outside the scope of quantitative analysis.

We take many steps to monitor and manage risk within the portfolio. We start by including in our tradable universe only the roughly 2,800 stocks that trade at least $1 million per day on average, to seek sufficient liquidity and to minimize market impact when we enter and exit positions. We intend for the portfolio to also typically contain between 120 and 200 stocks at any one time, and this breadth is intended to limit idiosyncratic risk.

Commentary

PERFORMANCE REVIEW for the month ended 28 Feb 2017


International smaller capitalization equities continued to appreciate during February while economic data indicated improving global economies. As in January, energy was the only sector to post a negative return, while every other sector in the MSCI ACWI ex USA Small Cap Index (“Index”) finished the month with positive performance, marked by the strongest returns from the information technology, healthcare, and consumer discretionary sectors. In addition to the energy sector, the financials and telecommunications services sectors posted the weakest results. Lastly, smaller capitalization equities outperformed larger capitalization equities in developed markets, and strongly in emerging markets, reversing a trend over the last year.

Causeway International Small Cap Fund (“Fund”) underperformed the Index during the month. To evaluate stocks in our investable universe, our multi-factor quantitative model employs four broad factor categories: valuation, earnings growth, technical indicators, and quality. Value continued its strong performance into February, marking its fifth consecutive month of strong performance. It is now the top-performing factor category in the last 12 months by a wide margin. For the month, the financial strength factor group posted modestly positive returns, and remains the most consistent factor group in the last twelve months with only one month of negative returns. Earnings growth and technical factors were both negative in February. The technical factor group has been the weakest in 2017 year-to-date. It is worth noting that returns of all factor groups remain positive since Fund inception on 10/20/14.

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$0.2619
2015$0.2095
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Short-term Capital Gains

2016$0.0000
2015$0.0000
Load More

Long-term Capital Gains

2016$0.0000
2015$0.0000
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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).

Documents

Consent to Electronic Delivery

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