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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 % 2.0%10.5%16.6%4.9%12.0%5.6%11.1%
Net % 2.0%10.2%16.1%4.4%11.4%5.0%10.4%
MSCI World 2.4%13.7%16.8%7.2%12.3%5.0%7.5%

Portfolio

Asset Allocation as of 31 Jul 2017

Stocks 99%
Cash 1%

Characteristics as of 31 Jul 2017

Causeway MSCI World
No. of Holdings 49 1654
Wtd. Avg. Market Cap (Mn $US)$80,860$107,150
FY2 Price/Earnings12.715.9
Price/Book Value1.62.3
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 31 Jul 2017

Information Technology19.68%
Financials14.59%
Health Care14.14%
Industrials14.10%
Energy12.10%
Telecommunication Services9.40%
Consumer Discretionary8.87%
Consumer Staples2.08%
Materials2.01%
Real Estate1.23%
Utilities0.84%

(VS. Benchmark)

Information Technology15.93%
Financials18.22%
Health Care12.28%
Industrials11.35%
Energy6.12%
Telecommunication Services3.01%
Consumer Discretionary12.27%
Consumer Staples9.43%
Materials5.01%
Real Estate3.20%
Utilities3.18%
Information Technology
Financials
Health Care
Industrials
Energy
Telecommunication Services
Consumer Discretionary
Consumer Staples
Materials
Real Estate
Utilities
Other

TOP 10 COUNTRIES as of 31 Jul 2017

United States37.29%
United Kingdom19.45%
Japan9.31%
Switzerland7.09%
Hong Kong5.26%
South Korea4.22%
Germany3.82%
France3.23%
China2.43%
Canada2.04%
Netherlands2.01%
Italy1.68%
Spain1.23%
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 States58.97%
United Kingdom6.66%
Japan8.69%
Switzerland3.12%
Hong Kong1.32%
South Korea0.00%
Germany3.51%
France3.90%
China0.00%
Canada3.57%
Netherlands1.38%
Italy0.90%
Spain1.34%
Sweden1.07%
Ireland0.17%
Israel0.24%
Austria0.09%
Belgium0.45%
Denmark0.68%
Finland0.38%
Australia2.68%
New Zealand0.06%
Singapore0.50%
Norway0.25%
Portugal0.06%
United States
United Kingdom
Japan
Switzerland
Hong Kong
South Korea
Germany
France
China
Canada
Netherlands
Italy
Spain
Sweden
Ireland
Israel
Austria
Belgium
Denmark
Finland
Australia
New Zealand
Singapore
Norway
Portugal
Other

TOP 10 HOLDINGS as of 31 Jul 2017

Security Country Industry % of Total
Citigroup, Inc. United States Banks 4.2
Volkswagen AG Germany Automobiles & Components 3.8
Royal Dutch Shell Plc United Kingdom Energy 3.5
Novartis AG Switzerland Pharmaceuticals & Biotechnology 2.9
Oracle Corp. United States Software & Services 2.9
China Mobile Ltd. Hong Kong Telecommunication Services 2.9
East Japan Railway Co. Japan Transportation 2.8
Microsoft Corp. United States Software & Services 2.8
KDDI Corp. Japan Telecommunication Services 2.7
Barclays Plc United Kingdom Banks 2.7

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 Jul 2017


Positive economic data emerged across regions in July, with Europe leading the charge, boosting the demand for global equities. The top performing markets in our investable universe included Norway, China, Austria, Belgium, and Italy. The worst performing markets included Israel, Ireland, Sweden, Switzerland, and Germany. The best performing sectors in the MSCI World Index (“Index”) were telecommunication services, materials, and information technology. The worst performing sectors were health care, consumer staples, and industrials.

The Portfolio underperformed the Index during the month, due primarily to stock selection. Portfolio holdings in the pharmaceuticals & biotechnology, capital goods, semiconductors & semi equipment, and retailing industry groups, along with an underweight position in the materials industry group, detracted from relative performance. Holdings in the software & services, technology hardware & equipment, energy, health care equipment & services, and real estate industry groups offset some of the underperformance. The largest detractor was British American Tobacco plc (United Kingdom). Additional detractors included refining equipment manufacturer, Flowserve Corp. (United States), pharmaceutical company, AstraZeneca Plc (United Kingdom), pharmaceutical & consumer healthcare company, GlaxoSmithKline Plc (United Kingdom), and power & automation technology company, ABB Ltd. (Switzerland). The top contributor to return was internet services provider, Baidu (China). Other notable contributors included electrical & electronic equipment manufacturer, Hitachi Ltd. (Japan), oil exploration & production company, PDC Energy, Inc. (United States), energy supermajor, Royal Dutch Shell Plc (United Kingdom), and wireless communications operator, SK Telecom Co., Ltd. (South Korea).*

*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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