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International Opportunities

Strategy Profile

The Causeway International Opportunities strategy is a blend of Causeway’s best skills, combining our international value (bottom-up, fundamental, developed international markets) and emerging markets (quantitatively managed with a targeted tracking error of 5%) equity strategies. Tracking error is a measurement of dispersion from a benchmark index. Our quantitative research team developed a multi-factor model that measures the relative attractiveness of emerging markets, and guides the portfolio managers in tactically allocating between the developed and emerging portfolio segments.

Inception Date30 June 2007
BenchmarkMSCI ACWI ex US

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
Gross % 4.8%4.8%17.8%-0.7%5.6%2.5%
Net % 4.8%4.8%17.4%-1.1%5.2%2.2%
MSCI ACWI ex US 5.2%5.2%19.9%0.3%4.0%0.8%

Portfolio

Asset Allocation as of 28 Feb 2017

Stocks 98.5%
Cash 1.5%

Characteristics as of 28 Feb 2017

Causeway MSCI ACWI ex US
No. of Holdings 183 1854
Wtd. Avg. Market Cap (Mn $US)$46,907$42,426
FY2 Price/Earnings11.313.5
Price/Book Value1.41.7
Dividend Yield (%)3.33.0

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 28 Feb 2017

Financials20.71%
Industrials15.20%
Health Care10.47%
Consumer Discretionary10.35%
Information Technology10.31%
Energy8.05%
Materials7.55%
Consumer Staples5.77%
Utilities4.21%
Telecommunication Services3.96%
Real Estate1.87%

(VS. Benchmark)

Financials23.42%
Industrials11.79%
Health Care8.16%
Consumer Discretionary11.31%
Information Technology9.70%
Energy6.68%
Materials8.13%
Consumer Staples9.83%
Utilities3.10%
Telecommunication Services4.59%
Real Estate3.29%
Financials
Industrials
Health Care
Consumer Discretionary
Information Technology
Energy
Materials
Consumer Staples
Utilities
Telecommunication Services
Real Estate
Other

TOP 10 COUNTRIES as of 28 Feb 2017

United Kingdom22.89%
Switzerland12.48%
Japan12.30%
France8.73%
Germany7.55%
China5.66%
South Korea3.75%
Canada3.69%
Netherlands3.58%
Taiwan3.55%
India2.36%
Italy1.94%
Brazil1.66%
Thailand1.39%
Spain1.27%
Russia1.26%
Sweden0.86%
Australia0.78%
South Africa0.63%
Malaysia0.32%
Turkey0.32%
Poland0.32%
United Arab Emirates0.28%
Indonesia0.27%
Mexico0.22%
Qatar0.13%
Hungary0.09%
Czech Republic0.07%
Hong Kong0.06%
Philippines0.05%
Egypt0.00%
Greece0.00%
New Zealand0.00%
Singapore0.00%
Norway0.00%
Portugal0.00%
Ireland0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Peru0.00%
Chile0.00%
Colombia0.00%

(VS. Benchmark)

United Kingdom12.56%
Switzerland6.12%
Japan16.92%
France6.84%
Germany6.44%
China6.33%
South Korea3.46%
Canada6.84%
Netherlands2.34%
Taiwan2.90%
India1.98%
Italy1.41%
Brazil1.92%
Thailand0.52%
Spain2.17%
Russia0.91%
Sweden2.01%
Australia5.32%
South Africa1.61%
Malaysia0.57%
Turkey0.25%
Poland0.29%
United Arab Emirates0.19%
Indonesia0.58%
Mexico0.81%
Qatar0.20%
Hungary0.07%
Czech Republic0.04%
Hong Kong2.38%
Philippines0.28%
Egypt0.03%
Greece0.08%
New Zealand0.13%
Singapore0.92%
Norway0.46%
Portugal0.10%
Ireland0.32%
Israel0.48%
Austria0.14%
Belgium0.80%
Denmark1.16%
Finland0.66%
Peru0.09%
Chile0.28%
Colombia0.10%
United Kingdom
Switzerland
Japan
France
Germany
China
South Korea
Canada
Netherlands
Taiwan
India
Italy
Brazil
Thailand
Spain
Russia
Sweden
Australia
South Africa
Malaysia
Turkey
Poland
United Arab Emirates
Indonesia
Mexico
Qatar
Hungary
Czech Republic
Hong Kong
Philippines
Egypt
Greece
New Zealand
Singapore
Norway
Portugal
Ireland
Israel
Austria
Belgium
Denmark
Finland
Peru
Chile
Colombia
Other

TOP 10 HOLDINGS as of 28 Feb 2017

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 3.6
Akzo Nobel NV Netherlands Materials 2.9
British American Tobacco Plc United Kingdom Food Beverage & Tobacco 2.8
Royal Dutch Shell Plc United Kingdom Energy 2.7
ABB Ltd. Switzerland Capital Goods 2.5
East Japan Railway Co. Japan Transportation 2.5
Novartis AG Switzerland Pharmaceuticals & Biotechnology 2.4
Schneider Electric SE France Capital Goods 2.3
Hitachi Ltd. Japan Technology Hardware & Equipment 2.3
KDDI Corp. Japan Telecommunication Services 2.3

Holdings are subject to change.

Approach

The Causeway International Opportunities strategy is a blend of Causeway’s best skills, combining our international value (bottom-up, fundamental, developed international markets) and emerging markets (quantitatively managed with a targeted tracking error of 5%) equity strategies. Tracking error is a measurement of dispersion from a benchmark index. Our quantitative research team developed a multi-factor model that measures the relative attractiveness of emerging markets, and guides the portfolio managers in tactically allocating between the developed and emerging portfolio segments.

Our developed markets exposure aims to add value through intensive fundamental research implemented via a disciplined value approach.

Our emerging markets exposure is the result of a quantitative strategy tailored to the unique growth, momentum, and risk characteristics of developing markets. Our proprietary tactical allocation model is designed to add additional value.

The Causeway International Opportunities portfolio is a fully invested, 120-200 stock portfolio. Allocation between developed and emerging markets can range from 0-2x the allocation of the MSCI All Country World Index ex-US, but is scalable to clients’ desired parameters.

Commentary

PERFORMANCE REVIEW for the month ended 28 Feb 2017


Global equities continued to appreciate in February, as promising economic data across regions strengthened business and consumer confidence. Emerging markets equities outperformed developed markets. The top performing markets in our investable universe included Egypt, India, Turkey, Poland, and Taiwan. The worst performing markets included Russia, Colombia, Hungary, Norway, and Peru. The best performing sectors in the MSCI ACWI ex US Index (“Index”) were health care, consumer staples, and real estate. The worst performing sectors were energy, materials, and telecommunication services.

The Portfolio underperformed the Index this month, due primarily to stock selection. Portfolio holdings in the capital goods, consumer durables & apparel, automobiles & components, energy, and technology hardware & equipment industry groups detracted from relative performance. Holdings in the pharmaceuticals & biotechnology, materials, food beverage & tobacco, banks, and software & services industry groups offset some of the relative underperformance. The largest detractor was automobile manufacturer, Volkswagen AG (Germany). Additional detractors included oil & natural gas producer, Encana (Canada), energy management solutions company, Schneider Electric SE (France), power & automation technology company, ABB Ltd. (Switzerland), and luxury goods manufacturer & retailer, Compagnie Financiere Richemont (Switzerland). The top contributor to performance was pharmaceutical company, AstraZeneca Plc (United Kingdom). Other notable contributors included pharmaceutical & consumer healthcare products producer, Novartis AG (Switzerland), baked goods food producer, Aryzta AG (Switzerland), pharmaceutical & consumer healthcare company, GlaxoSmithKline Plc (United Kingdom), and pharmaceutical giant, Sanofi (France).*

*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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