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Global Value Equity

Strategy Profile

The global value portfolio is constructed from an equity universe spanning primarily developed markets, including the United States. 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.

Inception Date30 Sept 2001
BenchmarkMSCI World

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
Gross % 4.6%13.4%17.2%5.5%11.2%5.7%11.2%
Net % 4.5%13.0%16.7%5.0%10.6%5.0%10.5%
MSCI World 5.0%16.5%18.8%8.3%11.6%4.8%7.6%

Portfolio

Asset Allocation as of 30 Sep 2017

Stocks 98.9%
Cash 1.1%

Characteristics as of 30 Sep 2017

Causeway MSCI World
No. of Holdings 49 1652
Wtd. Avg. Market Cap (Mn $US)$82,856$109,790
FY2 Price/Earnings13.016.2
Price/Book Value1.72.4
Dividend Yield (%)2.62.4

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 30 Sep 2017

Information Technology18.76%
Health Care15.26%
Industrials14.64%
Financials14.25%
Energy12.08%
Consumer Discretionary9.09%
Telecommunication Services8.60%
Consumer Staples2.70%
Materials2.14%
Real Estate1.33%
Utilities0.00%

(VS. Benchmark)

Information Technology16.24%
Health Care12.33%
Industrials11.53%
Financials18.12%
Energy6.31%
Consumer Discretionary12.11%
Telecommunication Services2.92%
Consumer Staples9.08%
Materials5.10%
Real Estate3.14%
Utilities3.13%
Information Technology
Health Care
Industrials
Financials
Energy
Consumer Discretionary
Telecommunication Services
Consumer Staples
Materials
Real Estate
Utilities
Other

TOP 10 COUNTRIES as of 30 Sep 2017

United States37.18%
United Kingdom20.30%
Japan9.49%
Switzerland6.76%
Hong Kong5.23%
South Korea4.05%
Germany3.97%
France2.66%
Canada2.23%
Netherlands2.14%
China2.03%
Italy1.49%
Spain1.33%
Sweden0.00%
Ireland0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Australia0.00%
New Zealand0.00%
Singapore0.00%
Norway0.00%
Portugal0.00%

(VS. Benchmark)

United States58.86%
United Kingdom6.68%
Japan8.64%
Switzerland3.09%
Hong Kong1.30%
South Korea0.00%
Germany3.66%
France4.04%
Canada3.63%
Netherlands1.40%
China0.00%
Italy0.93%
Spain1.30%
Sweden1.10%
Ireland0.17%
Israel0.18%
Austria0.10%
Belgium0.44%
Denmark0.70%
Finland0.38%
Australia2.56%
New Zealand0.06%
Singapore0.48%
Norway0.26%
Portugal0.06%
United States
United Kingdom
Japan
Switzerland
Hong Kong
South Korea
Germany
France
Canada
Netherlands
China
Italy
Spain
Sweden
Ireland
Israel
Austria
Belgium
Denmark
Finland
Australia
New Zealand
Singapore
Norway
Portugal
Other

TOP 10 HOLDINGS as of 30 Sep 2017

Security Country Industry % of Total
Citigroup, Inc. United States Banks 4.1
Volkswagen AG Germany Automobiles & Components 4.0
Royal Dutch Shell Plc United Kingdom Energy 3.3
Barclays Plc United Kingdom Banks 2.9
Microsoft Corp. United States Software & Services 2.8
China Mobile Ltd. Hong Kong Telecommunication Services 2.7
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.7
Schneider Electric SE France Capital Goods 2.7
Eli Lilly & Co. United States Pharmaceuticals & Biotechnology 2.6
KDDI Corp. Japan Telecommunication Services 2.6

Holdings are subject to change.

Approach

The global value portfolio is constructed from an equity universe spanning primarily developed markets, including the United States. 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 global 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.

The Causeway Global Value portfolio is a fully invested, typically 35-55 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 30 Sep 2017


Developed equity markets rose during the month as rising employment and improving consumer confidence data indicated a healthy global economy. The top performing markets in our investable universe included Ireland, Germany, France, Israel, and Norway. The worst performing markets included Singapore, Australia, Denmark, Hong Kong, and New Zealand. The best performing sectors in the MSCI World Index (“Index”) were energy, financials, and industrials. The worst performing sectors were utilities, real estate, and consumer staples.

The Portfolio outperformed the Index during the month, due primarily to stock selection. Portfolio holdings in the energy, technology hardware & equipment, pharmaceuticals & biotechnology, and banks industry groups, as well as an overweight position in the automobiles & components industry group, contributed to relative performance. Holdings in the telecommunication services, semiconductors & semi equipment, and materials industry groups, along with an overweight position in the software & services industry group and an underweight position in the diversified financials industry group, offset a portion of the outperformance. The top contributor to return was oil exploration & production company, PDC Energy, Inc. (United States). Other notable contributors included energy exploration & production company, SM Energy Co. (United States), energy exploration & production company, Halliburton Co. (United States), automobile manufacturer, Volkswagen AG (Germany), and energy supermajor, Royal Dutch Shell Plc (United Kingdom). The largest detractor was mobile telecommunications operator, China Mobile Ltd. (Hong Kong). Additional detractors included enterprise management software provider, Oracle Corp. (United States), metallurgical & thermal coal producer, Arch Coal, Inc. (United States), telecommunication services provider, Vodafone Group (United Kingdom), and global entertainment content company, Viacom, Inc. (United States).*

*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 portfolio holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass.The securities identified and described above 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.  Past performance does not guarantee future results.  For a description of our performance attribution methodology, or to obtain a list showing every holding's contribution to the overall account's performance during the quarter, please contact our product manager, Kevin Moutes, at 310-231-6116 or moutes@causewaycap.com.

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