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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 MSCI World

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
Gross % 3.3%0.6%11.9%5.6%9.9%7.2%11.1%
Net % 3.2%0.4%11.3%5.1%9.4%6.5%10.4%
MSCI World 1.2%0.0%13.8%8.2%9.9%6.1%7.6%

Portfolio

Asset Allocation as of 30 Apr 2018

Stocks 98.2%
Cash 1.8%

Characteristics as of 30 Apr 2018

Causeway MSCI World
No. of Holdings 49 1648
Wtd. Avg. Market Cap (Mn $US)$81,493$120,933
FY2 Price/Earnings0.00.0
Price/Book Value1.82.4
Dividend Yield (%)2.82.4

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 Apr 2018

Financials16.54%
Health Care15.67%
Information Technology14.97%
Industrials11.17%
Consumer Discretionary8.90%
Telecommunication Services8.88%
Energy7.67%
Materials5.03%
Consumer Staples4.49%
Utilities4.20%
Real Estate0.67%

(VS. Benchmark)

Financials17.86%
Health Care11.71%
Information Technology17.45%
Industrials11.44%
Consumer Discretionary12.82%
Telecommunication Services2.66%
Energy6.56%
Materials5.11%
Consumer Staples8.38%
Utilities3.01%
Real Estate3.00%
Financials
Health Care
Information Technology
Industrials
Consumer Discretionary
Telecommunication Services
Energy
Materials
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 30 Apr 2018

United States38.76%
United Kingdom20.39%
Japan9.18%
Switzerland6.76%
Germany6.69%
Canada3.94%
Hong Kong3.62%
China2.30%
Netherlands2.16%
South Korea1.97%
Italy1.76%
Spain0.67%
Sweden0.00%
New Zealand0.00%
Singapore0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
France0.00%
Australia0.00%
Norway0.00%
Portugal0.00%
Ireland0.00%

(VS. Benchmark)

United States59.12%
United Kingdom6.64%
Japan9.11%
Switzerland2.83%
Germany3.63%
Canada3.39%
Hong Kong1.36%
China0.00%
Netherlands1.35%
South Korea0.00%
Italy0.97%
Spain1.21%
Sweden0.95%
New Zealand0.06%
Singapore0.53%
Israel0.17%
Austria0.10%
Belgium0.40%
Denmark0.64%
Finland0.39%
France4.19%
Australia2.48%
Norway0.26%
Portugal0.06%
Ireland0.17%
United States
United Kingdom
Japan
Switzerland
Germany
Canada
Hong Kong
China
Netherlands
South Korea
Italy
Spain
Sweden
New Zealand
Singapore
Israel
Austria
Belgium
Denmark
Finland
France
Australia
Norway
Portugal
Ireland
Other

TOP 10 HOLDINGS as of 30 Apr 2018

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 3.8
China Mobile Ltd. Hong Kong Telecommunication Services 3.0
British American Tobacco plc United Kingdom Food Beverage & Tobacco 3.0
Eli Lilly & Co. United States Pharmaceuticals & Biotechnology 3.0
Linde AG Germany Materials 2.9
Citigroup, Inc. United States Banks 2.8
Microsoft Corp. United States Software & Services 2.7
Oracle Corp. United States Software & Services 2.7
Halliburton Co. United States Energy 2.6
Barclays Plc United Kingdom Banks 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 Apr 2018


Developed market equities rose during the month, despite the resumption of stock market volatility. The top performing markets in our investable universe included Singapore, Italy, Finland, France, and the United Kingdom. The worst performing markets included Belgium, Denmark, Austria, Sweden, and New Zealand. The best performing sectors in the MSCI World Index (“Index”) were energy, utilities, and consumer discretionary. The worst performing sectors were consumer staples, industrials, and information technology.

The Portfolio outperformed the Index during the month, due primarily to stock selection. Portfolio holdings in the energy, technology hardware & equipment, software & services, capital goods, and telecommunication services industry groups contributed to relative performance. Holdings in the retailing, pharmaceuticals & biotechnology, and food beverage & tobacco industry groups, along with an underweight position in the consumer durables & apparel and food & staples retailing industry groups, offset a portion of the outperformance. The top contributor to return was electronic payment services provider, VeriFone Systems, Inc. (United States). Other notable contributors included energy exploration & production company, SM Energy Co. (United States), energy exploration & production company, Halliburton Co. (United States), internet services provider, Baidu (China), and enterprise infrastructure software company, Micro Focus International Plc (United Kingdom). The largest detractor was Takeda Pharmaceutical Co., Ltd.(Japan). Additional detractors included British American Tobacco plc (United Kingdom), digital wireless communications equipment manufacturer, QUALCOMM, Inc. (United States), pharmaceutical & consumer healthcare products producer, Novartis AG (Switzerland), and automobile components retailer, Advance Auto Parts, 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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