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International Value Fund

A fundamentally different approach to international value investing

NAV (as of 24 Feb 2017)

$14.22, -0.12

YTD

+3.19%

INCEPTION

26 Oct 2001

TICKER/CUSIP

CIVVX/14949P109

Fact Sheet Prospectus

Fund Profile

The Fund invests primarily in common stocks of companies located in developed countries outside the U.S. Normally, the Fund invests at least 80% of its total assets in stocks of companies located in at least ten foreign countries and invests the majority of its total assets in companies that pay dividends or repurchase their shares. There is no limit on investments in any one country. The Fund may invest up to 10% of its total assets in companies in emerging (less developed) markets.

Minimum Investment$5,000
Sales ChargeNone
Net Expense Ratio1.16%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
BenchmarkMSCI EAFE

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CIVVX 3.1%3.1%10.7%-0.8%6.2%1.7%7.0%
MSCI EAFE 2.9%2.9%12.6%1.2%6.5%1.4%6.0%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CIVVX 0.4%0.2%0.2%-3.2%6.9%1.4%6.8%
MSCI EAFE -0.7%1.5%1.5%-1.2%7.0%1.2%5.8%

Portfolio

Asset Allocation as of 31 Jan 2017

Stocks 99.1%
Cash 0.9%

Characteristics as of 31 Jan 2017

Causeway MSCI EAFE
No. of Holdings 60 928
Wtd. Avg. Market Cap (Mn $US)$52,662$45,184
FY2 Price/Earnings12.814.5
Price/Book Value1.51.7

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

Financials17.25%
Industrials16.77%
Consumer Discretionary10.35%
Health Care10.06%
Telecommunication Services9.69%
Information Technology9.25%
Energy7.96%
Materials6.72%
Consumer Staples6.47%
Utilities3.61%
Real Estate0.96%

(VS. Benchmark)

Financials21.35%
Industrials14.17%
Consumer Discretionary12.40%
Health Care10.53%
Telecommunication Services4.51%
Information Technology5.57%
Energy5.14%
Materials8.24%
Consumer Staples11.09%
Utilities3.30%
Real Estate3.72%
Financials
Industrials
Consumer Discretionary
Health Care
Telecommunication Services
Information Technology
Energy
Materials
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 31 Jan 2017

United Kingdom26.35%
Japan15.14%
Switzerland14.05%
France9.77%
Germany9.05%
South Korea5.83%
Hong Kong5.65%
Netherlands5.31%
Canada2.34%
China1.77%
Spain1.45%
Sweden0.99%
Australia0.90%
Italy0.48%
New Zealand0.00%
Singapore0.00%
Norway0.00%
Portugal0.00%
Ireland0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%

(VS. Benchmark)

United Kingdom18.04%
Japan24.35%
Switzerland8.76%
France9.91%
Germany9.33%
South Korea0.00%
Hong Kong3.40%
Netherlands3.28%
Canada0.00%
China0.00%
Spain3.13%
Sweden2.92%
Australia7.51%
Italy1.97%
New Zealand0.19%
Singapore1.31%
Norway0.69%
Portugal0.15%
Ireland0.46%
Israel0.67%
Austria0.20%
Belgium1.15%
Denmark1.67%
Finland0.93%
United Kingdom
Japan
Switzerland
France
Germany
South Korea
Hong Kong
Netherlands
Canada
China
Spain
Sweden
Australia
Italy
New Zealand
Singapore
Norway
Portugal
Ireland
Israel
Austria
Belgium
Denmark
Finland
Other

TOP 10 HOLDINGS as of 31 Jan 2017

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.4
British American Tobacco Plc United Kingdom Food Beverage & Tobacco 3.3
Akzo Nobel NV Netherlands Materials 3.1
Samsung Electronics Co., Ltd. South Korea Technology Hardware & Equipment 3.1
ABB Ltd. Switzerland Capital Goods 3.0
Royal Dutch Shell Plc United Kingdom Energy 3.0
China Mobile Ltd. Hong Kong Telecommunication Services 3.0
East Japan Railway Co. Japan Transportation 2.9
Schneider Electric SE France Capital Goods 2.9
KDDI Corp. Japan Telecommunication Services 2.7

Holdings are subject to change.

Approach

Causeway International Value Fund is constructed from an equity universe spanning primarily developed international markets. 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 international 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 International Value Fund is a fully invested, 50-80 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 Jan 2017


Despite a politically tumultuous start to the year, global equities appreciated during January and economic data indicate improving global economies. The top performing markets in our investable universe included New Zealand, Singapore, Hong Kong, South Korea, and China. The worst performing markets in the MSCI EAFE Index (“Index”) included Italy, Finland, Portugal, Belgium, and Ireland. Traditionally cyclical sectors generally outperformed defensive sectors. The best performing sectors in the Index were materials, information technology, and industrials. The worst performing sectors were energy, utilities, and health care. Currency proved favorable as major currencies advanced against the US dollar.

Causeway International Value Fund (“Fund”) outperformed the Index this month, due primarily to stock selection. Fund holdings in the automobiles & components, technology hardware & equipment, consumer durables & apparel, transportation, and telecommunication services industry groups contributed to relative performance. Holdings in the food beverage & tobacco, materials, insurance, utilities, and pharmaceutical & biotechnology industry groups offset some of the relative outperformance. The top contributor to performance was automobile manufacturer, Volkswagen AG (Germany). Other notable contributors included electronic equipment manufacturer, Samsung Electronics Co., Ltd.(South Korea), power & automation technology company, ABB Ltd. (Switzerland), luxury goods manufacturer & retailer, Compagnie Financiere Richemont (Switzerland), 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), multinational pharmaceutical company, AstraZeneca Plc (United Kingdom), life insurer, Prudential Plc (United Kingdom), and energy supermajor, Royal Dutch Shell Plc (United Kingdom).

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$0.2382
2014$0.3395
2013$0.1315
2012$0.2502
2011$0.3540
2010$0.1625
2009$0.1672
2008$0.4799
2007$0.4051
2006$0.1856
2005$0.3366
2004$0.2380
2003$0.1618
2002$0.1068
2001$0.0000
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Short-term Capital Gains

2016$0.0000
2015$0.0000
2014$0.0000
2013$0.0000
2012$0.0000
2011$0.0000
2010$0.0000
2009$0.0000
2008$0.0000
2007$0.6606
2006$0.0222
2005$0.1962
2004$0.1379
2003$0.0037
2002$0.0000
2001$0.0000
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Long-term Capital Gains

2016$0.0000
2015$0.0000
2014$0.0000
2013$0.0000
2012$0.0000
2011$0.0000
2010$0.0000
2009$0.0000
2008$0.4558
2007$3.3443
2006$0.8650
2005$0.3833
2004$0.3093
2003$0.0550
2002$0.0000
2001$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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Access to Online Documents

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Duration of Election and Consent

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Costs and Risks

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