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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
Benchmark BofA ML 3M US TBill

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
Gross % 3.2%17.0%19.2%5.8%11.9%6.4%11.3%
Net % 3.1%16.5%18.7%5.3%11.4%5.8%10.6%
MSCI World 4.2%21.4%24.3%8.8%12.4%5.4%7.7%

Portfolio

Asset Allocation as of 30 Nov 2017

Stocks 98.4%
Cash 1.6%

Characteristics as of 30 Nov 2017

Causeway MSCI World
No. of Holdings 50 1653
Wtd. Avg. Market Cap (Mn $US)$87,521$119,255
FY2 Price/Earnings13.316.6
Price/Book Value1.82.4
Dividend Yield (%)2.52.4

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 Nov 2017

Information Technology18.81%
Health Care15.59%
Industrials14.65%
Financials13.23%
Consumer Discretionary10.01%
Energy9.53%
Telecommunication Services9.22%
Consumer Staples2.68%
Materials2.66%
Real Estate1.23%
Utilities0.80%

(VS. Benchmark)

Information Technology16.92%
Health Care11.96%
Industrials11.46%
Financials18.05%
Consumer Discretionary12.24%
Energy6.18%
Telecommunication Services2.78%
Consumer Staples9.03%
Materials5.09%
Real Estate3.14%
Utilities3.14%
Information Technology
Health Care
Industrials
Financials
Consumer Discretionary
Energy
Telecommunication Services
Consumer Staples
Materials
Real Estate
Utilities
Other

TOP 10 COUNTRIES as of 30 Nov 2017

United States38.42%
United Kingdom18.74%
Japan9.78%
Switzerland6.44%
Germany5.98%
South Korea4.22%
Hong Kong3.55%
Canada2.44%
China2.27%
France2.18%
Netherlands1.74%
Italy1.42%
Spain1.23%
Sweden0.00%
Ireland0.00%
Australia0.00%
New Zealand0.00%
Singapore0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Norway0.00%
Portugal0.00%

(VS. Benchmark)

United States59.49%
United Kingdom6.45%
Japan8.99%
Switzerland2.99%
Germany3.63%
South Korea0.00%
Hong Kong1.29%
Canada3.49%
China0.00%
France3.95%
Netherlands1.34%
Italy0.89%
Spain1.24%
Sweden1.02%
Ireland0.16%
Australia2.50%
New Zealand0.05%
Singapore0.50%
Israel0.16%
Austria0.10%
Belgium0.42%
Denmark0.67%
Finland0.35%
Norway0.25%
Portugal0.06%
United States
United Kingdom
Japan
Switzerland
Germany
South Korea
Hong Kong
Canada
China
France
Netherlands
Italy
Spain
Sweden
Ireland
Australia
New Zealand
Singapore
Israel
Austria
Belgium
Denmark
Finland
Norway
Portugal
Other

TOP 10 HOLDINGS as of 30 Nov 2017

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 5.1
Citigroup, Inc. United States Banks 3.5
Microsoft Corp. United States Software & Services 3.2
Barclays Plc United Kingdom Banks 3.2
China Mobile Ltd. Hong Kong Telecommunication Services 2.9
KDDI Corp. Japan Telecommunication Services 2.7
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.7
East Japan Railway Co. Japan Transportation 2.6
Eli Lilly & Co. United States Pharmaceuticals & Biotechnology 2.6
Halliburton Co. United States Energy 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 31 Oct 2017


The synchronized global economic recovery continued in October, boosting equity market performance. The top performing markets in our investable universe included South Korea, Singapore, Japan, China, and the United States. The worst performing markets included New Zealand, Israel, Finland, Portugal, and Switzerland. The best performing sectors in the MSCI World Index (“Index”) were information technology, materials, and utilities. The worst performing sectors were telecommunication services, health care, and consumer staples.

The Portfolio underperformed the Index during the month, due primarily to stock selection. Portfolio holdings in the retailing, semiconductors & semi equipment, banks, and materials industry groups, along with an overweight position in the pharmaceuticals & biotechnology industry group, detracted from relative performance. Holdings in the automobiles & components, energy, telecommunication services, transportation, and capital goods industry groups offset a portion of the underperformance. The largest detractor was automobile components retailer, Advance Auto Parts, Inc. (United States). Additional detractors included pharmaceutical & consumer healthcare company, GlaxoSmithKline Plc (United Kingdom), pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland), energy exploration & production company, Halliburton Co. (United States), and global entertainment content company, Viacom, Inc. (United States). The top contributor to return was automobile manufacturer, Volkswagen AG (Germany). Other notable contributors included software giant, Microsoft Corp. (United States), energy exploration & production company, SM Energy Co. (United States), electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), and electrical & electronic equipment manufacturer, Hitachi Ltd. (Japan).*

*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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