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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
Benchmark BofA ML 3M US TBill

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
Gross % 3.5%28.4%31.9%6.8%8.9%4.3%4.4%
Net % 3.5%28.0%31.4%6.4%8.5%3.9%4.0%
MSCI ACWI ex US 2.7%24.9%28.2%6.2%7.5%1.9%2.4%

Portfolio

Asset Allocation as of 30 Nov 2017

Stocks 99%
Cash 1%

Characteristics as of 30 Nov 2017

Causeway MSCI ACWI ex US
No. of Holdings 185 1858
Wtd. Avg. Market Cap (Mn $US)$59,043$52,780
FY2 Price/Earnings12.114.0
Price/Book Value1.51.7
Dividend Yield (%)3.12.8

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

Financials20.25%
Industrials15.82%
Information Technology10.81%
Consumer Discretionary10.13%
Health Care9.44%
Materials9.10%
Energy8.85%
Telecommunication Services5.07%
Consumer Staples5.03%
Utilities3.01%
Real Estate1.49%

(VS. Benchmark)

Financials23.08%
Industrials11.81%
Information Technology11.59%
Consumer Discretionary11.37%
Health Care7.63%
Materials7.90%
Energy6.66%
Telecommunication Services4.16%
Consumer Staples9.59%
Utilities3.03%
Real Estate3.17%
Financials
Industrials
Information Technology
Consumer Discretionary
Health Care
Materials
Energy
Telecommunication Services
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 30 Nov 2017

United Kingdom25.79%
Japan11.71%
Germany10.67%
Switzerland10.02%
China8.29%
Canada6.09%
France4.75%
South Korea4.00%
Taiwan3.19%
India2.45%
Netherlands1.86%
Italy1.65%
Thailand1.35%
Russia1.31%
Brazil1.00%
Turkey0.83%
Sweden0.76%
Australia0.71%
Malaysia0.63%
Spain0.59%
South Africa0.57%
Poland0.28%
United Arab Emirates0.19%
Mexico0.14%
Indonesia0.09%
Czech Republic0.08%
Egypt0.00%
Greece0.00%
Hungary0.00%
New Zealand0.00%
Singapore0.00%
Qatar0.00%
Pakistan0.00%
Philippines0.00%
Norway0.00%
Portugal0.00%
Hong Kong0.00%
Ireland0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Peru0.00%
Chile0.00%
Colombia0.00%

(VS. Benchmark)

United Kingdom12.05%
Japan16.79%
Germany6.77%
Switzerland5.58%
China7.33%
Canada6.52%
France7.39%
South Korea3.81%
Taiwan2.78%
India2.10%
Netherlands2.51%
Italy1.66%
Thailand0.54%
Russia0.82%
Brazil1.67%
Turkey0.24%
Sweden1.90%
Australia4.67%
Malaysia0.52%
Spain2.32%
South Africa1.67%
Poland0.31%
United Arab Emirates0.16%
Mexico0.75%
Indonesia0.53%
Czech Republic0.04%
Egypt0.03%
Greece0.07%
Hungary0.08%
New Zealand0.10%
Singapore0.93%
Qatar0.12%
Pakistan0.02%
Philippines0.27%
Norway0.46%
Portugal0.11%
Hong Kong2.41%
Ireland0.30%
Israel0.31%
Austria0.18%
Belgium0.78%
Denmark1.26%
Finland0.66%
Peru0.10%
Chile0.27%
Colombia0.10%
United Kingdom
Japan
Germany
Switzerland
China
Canada
France
South Korea
Taiwan
India
Netherlands
Italy
Thailand
Russia
Brazil
Turkey
Sweden
Australia
Malaysia
Spain
South Africa
Poland
United Arab Emirates
Mexico
Indonesia
Czech Republic
Egypt
Greece
Hungary
New Zealand
Singapore
Qatar
Pakistan
Philippines
Norway
Portugal
Hong Kong
Ireland
Israel
Austria
Belgium
Denmark
Finland
Peru
Chile
Colombia
Other

TOP 10 HOLDINGS as of 30 Nov 2017

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.6
Barclays Plc United Kingdom Banks 3.0
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.7
Schneider Electric SE France Capital Goods 2.6
KDDI Corp. Japan Telecommunication Services 2.6
Linde AG Germany Materials 2.4
Royal Dutch Shell Plc United Kingdom Energy 2.4
BASF SE Germany Materials 2.3
BP Plc United Kingdom Energy 2.3
ABB Ltd. Switzerland Capital Goods 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, typically 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 31 Oct 2017


The synchronized global economic recovery continued in October, boosting developed equity market performance; emerging markets equities also rallied after a brief late September setback. The top performing markets in our investable universe included South Korea, India, Taiwan, Singapore, and Hungary. The worst performing markets included Colombia, Pakistan, Mexico, New Zealand, and Brazil. The best performing sectors in the MSCI ACWI ex US Index (“Index”) were information technology, industrials, and materials. The worst performing sectors were health care, telecommunication services, and financials. Currency proved a headwind as major currencies declined against the US dollar.

The Portfolio modestly outperformed the Index during the month, due primarily to stock selection. Portfolio holdings in the automobiles & components, technology hardware & equipment, transportation, and energy industry groups, as well as an underweight position in the diversified financials industry group, contributed to relative performance. Holdings in the pharmaceuticals & biotechnology, banks, consumer durables & apparel, and insurance industry groups, along with an underweight position in the semiconductors & semi equipment industry group, detracted from relative performance. The top contributor to return was automobile manufacturer, Volkswagen AG (Germany). Other notable contributors included construction & mining equipment manufacturer, Komatsu Ltd. (Japan), electrical & electronic equipment manufacturer, Hitachi Ltd. (Japan), crude oil & natural gas company, BP Plc (United Kingdom), and power & automation technology company, ABB Ltd. (Switzerland). The largest detractor was banking & financial services company, UniCredit S.p.A. (Italy). Additional detractors included pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland), pharmaceutical & consumer healthcare company, GlaxoSmithKline Plc (United Kingdom), banking & financial services company, Barclays Plc (United Kingdom), and aerospace & defense manufacturer, Cobham Plc (United Kingdom).*

*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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