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International Small Cap Fund

NAV (as of 29 Apr 2017)

$, 0.00

YTD

0.00%

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 8.4%8.4%12.9%7.5%
MSCI AC World ex USA Small Cap 8.9%8.9%12.7%7.0%
Fund Quarter to Date Year to Date 1 Year Since Inception
CVISX 8.4%8.4%12.9%7.5%
MSCI AC World ex USA Small Cap 8.9%8.9%12.7%7.0%

Portfolio

Asset Allocation as of 31 Mar 2017

Stocks 98.3%
Cash 1.7%

Characteristics as of 31 Mar 2017

Causeway MSCI AC World ex USA Small Cap
No. of Holdings 113 4273
Wtd. Avg. Market Cap (Mn $US)$1,089$1,534
FY2 Price/Earnings8.714.0
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 31 Mar 2017

Industrials15.53%
Materials14.71%
Financials14.40%
Consumer Discretionary13.69%
Real Estate11.67%
Information Technology10.44%
Energy5.65%
Consumer Staples5.47%
Health Care3.24%
Utilities2.25%
Equity Funds1.31%
Telecommunication Services0.00%

(VS. Benchmark)

Industrials19.77%
Materials11.05%
Financials10.30%
Consumer Discretionary15.77%
Real Estate10.22%
Information Technology11.90%
Energy3.72%
Consumer Staples6.45%
Health Care7.11%
Utilities2.68%
Equity Funds0.00%
Telecommunication Services1.02%
Industrials
Materials
Financials
Consumer Discretionary
Real Estate
Information Technology
Energy
Consumer Staples
Health Care
Utilities
Equity Funds
Telecommunication Services
Other

TOP 10 COUNTRIES as of 31 Mar 2017

Japan17.17%
United Kingdom9.49%
Canada9.19%
Australia7.85%
Italy7.24%
China6.47%
South Korea4.04%
Norway3.57%
Taiwan3.43%
Thailand3.16%
Netherlands2.82%
Germany2.69%
Mexico2.48%
Indonesia2.28%
Belgium2.16%
Singapore1.89%
Sweden1.84%
Austria1.84%
Turkey1.79%
India1.31%
Spain1.17%
France1.12%
Greece1.11%
New Zealand0.55%
Denmark0.55%
Israel0.54%
Egypt0.31%
Switzerland0.25%
Malaysia0.00%
Philippines0.00%
Hungary0.00%
Poland0.00%
Qatar0.00%
Russia0.00%
South Africa0.00%
Czech Republic0.00%
Finland0.00%
Ireland0.00%
Portugal0.00%
Hong Kong0.00%
United Arab Emirates0.00%
Brazil0.00%
Chile0.00%
Colombia0.00%

(VS. Benchmark)

Japan21.64%
United Kingdom12.31%
Canada7.40%
Australia4.74%
Italy2.90%
China5.01%
South Korea3.73%
Norway1.12%
Taiwan4.04%
Thailand0.81%
Netherlands1.49%
Germany4.46%
Mexico0.65%
Indonesia0.53%
Belgium1.39%
Singapore1.25%
Sweden3.55%
Austria0.59%
Turkey0.24%
India2.94%
Spain1.77%
France3.03%
Greece0.14%
New Zealand0.75%
Denmark1.08%
Israel1.06%
Egypt0.09%
Switzerland3.38%
Malaysia0.70%
Philippines0.24%
Hungary0.03%
Poland0.26%
Qatar0.14%
Russia0.19%
South Africa1.22%
Czech Republic0.02%
Finland1.05%
Ireland0.71%
Portugal0.25%
Hong Kong1.65%
United Arab Emirates0.14%
Brazil1.01%
Chile0.25%
Colombia0.06%
Japan
United Kingdom
Canada
Australia
Italy
China
South Korea
Norway
Taiwan
Thailand
Netherlands
Germany
Mexico
Indonesia
Belgium
Singapore
Sweden
Austria
Turkey
India
Spain
France
Greece
New Zealand
Denmark
Israel
Egypt
Switzerland
Malaysia
Philippines
Hungary
Poland
Qatar
Russia
South Africa
Czech Republic
Finland
Ireland
Portugal
Hong Kong
United Arab Emirates
Brazil
Chile
Colombia
Other

TOP 10 ACTIVE HOLDINGS as of 31 Mar 2017

Security Country Industry Active Weight*
PT Indo Tambangraya Megah Tbk Indonesia Energy 2.1
Transcontinental Canada Commercial & Professional Services 2.0
Energyvingsome Fund Canada Utilities 2.0
Tosoh Corp. Japan Materials 1.9
DIC Asset AG Germany Real Estate 1.9
Redrow Plc United Kingdom Consumer Durables & Apparel 1.9
ASTM SpA Italy Transportation 1.9
Yanlord Land Group Ltd. Singapore Real Estate 1.9
Macquarie México Real Estate Management SA de CV Mexico Real Estate 1.9
AGF Management Canada Diversified Financials 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 31 Mar 2017


International smaller capitalization equities continued to appreciate during March as hopes for regulatory and tax reform in the US drove continued improvement in business and consumer confidence globally. The strongest returns within the MSCI ACWI ex USA Small Cap Index (“Index”) came from the information technology, telecommunication services, and utility sectors. The energy and materials sectors posted slightly negative returns, and the real estate sector delivered the next weakest sector returns. Lastly, smaller capitalization equities slightly underperformed larger capitalization equities in developed markets, and slightly outperformed in emerging markets.

Causeway International Small Cap Fund (“Fund”) outperformed 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 run in March, marking the sixth month in a row of positive returns, and is the best performing factor group in 2017 year-to-date ("YTD") and over the past 12 months. Earnings growth factors were roughly flat in March. Technical factors posted negative return in March and remain the weakest factor group in the last 12 months and in 2017 YTD. The Quality factor group posted positive returns, and remains the most consistent factor group in the last twelve months with only one month of negative returns. It is worth noting that returns of all factor groups remain positive since Fund inception on 10/20/14.

Fund holdings in the real estate, industrials, and energy industry groups contributed most to Fund returns. Holdings in the consumer staples, consumer discretionary, and information technology industry groups offset some of the performance. The largest absolute contributor to performance in the month was commercial and professional services company, Cape PLC (United Kingdom). Additional top contributors included real estate company, Yanlord Land Group Ltd. (Singapore), media and publishing services provider, Transcontinental (Canada), real estate company, Yuzhou Properties Co. (China), and energy company, PT Indo Tambangraya Megah Tbk (India). The largest absolute detractor from performance was engineering, construction and asset management services provider, Downer EDI Ltd. (Australia). Additional top detractors included Norwegian food beverage & tobacco companies Austevoll Seafood ASA and SalMar ASA, pharmaceutical company, Indivior Plc (United Kingdom), and retailer KappAhl AB (Sweden).

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
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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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