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International Value Equity

Strategy Profile

The international value portfolio is constructed from an equity universe spanning primarily non-US, developed markets. 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 Date11 June 2001
BenchmarkMSCI EAFE

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
Gross % 7.3%21.8%23.1%5.0%9.3%3.8%8.4%
Net % 7.2%21.4%22.6%4.6%8.8%3.4%8.0%
MSCI EAFE 5.5%20.5%19.7%5.5%8.9%1.8%5.8%

Portfolio

Asset Allocation as of 30 Sep 2017

Stocks 97.9%
Cash 2.1%

Characteristics as of 30 Sep 2017

Causeway MSCI EAFE
No. of Holdings 57 926
Wtd. Avg. Market Cap (Mn $US)$60,515$51,629
FY2 Price/Earnings13.014.5
Price/Book Value1.51.7
Dividend Yield (%)3.23.1

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 Sep 2017

Industrials17.95%
Financials16.17%
Energy10.49%
Health Care10.34%
Consumer Discretionary9.53%
Telecommunication Services8.83%
Information Technology7.84%
Materials7.79%
Consumer Staples5.09%
Utilities3.04%
Real Estate0.83%

(VS. Benchmark)

Industrials14.41%
Financials21.46%
Energy5.05%
Health Care10.57%
Consumer Discretionary12.20%
Telecommunication Services4.07%
Information Technology6.27%
Materials7.85%
Consumer Staples11.22%
Utilities3.35%
Real Estate3.54%
Industrials
Financials
Energy
Health Care
Consumer Discretionary
Telecommunication Services
Information Technology
Materials
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 30 Sep 2017

United Kingdom30.12%
Japan13.15%
Switzerland11.96%
Germany10.66%
Canada7.00%
France6.23%
Hong Kong5.21%
South Korea3.65%
Netherlands2.91%
China2.38%
Italy2.04%
Sweden0.96%
Australia0.83%
Spain0.66%
Ireland0.16%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
New Zealand0.00%
Singapore0.00%
Norway0.00%
Portugal0.00%

(VS. Benchmark)

United Kingdom17.82%
Japan23.03%
Switzerland8.24%
Germany9.76%
Canada0.00%
France10.77%
Hong Kong3.45%
South Korea0.00%
Netherlands3.72%
China0.00%
Italy2.47%
Sweden2.93%
Australia6.83%
Spain3.46%
Ireland0.46%
Israel0.48%
Austria0.25%
Belgium1.18%
Denmark1.86%
Finland1.00%
New Zealand0.16%
Singapore1.27%
Norway0.70%
Portugal0.16%
United Kingdom
Japan
Switzerland
Germany
Canada
France
Hong Kong
South Korea
Netherlands
China
Italy
Sweden
Australia
Spain
Ireland
Israel
Austria
Belgium
Denmark
Finland
New Zealand
Singapore
Norway
Portugal
Other

TOP 10 HOLDINGS as of 30 Sep 2017

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.3
Royal Dutch Shell Plc United Kingdom Energy 3.5
Schneider Electric SE France Capital Goods 3.3
British American Tobacco plc United Kingdom Food Beverage & Tobacco 3.2
BASF SE Germany Materials 2.9
Barclays Plc United Kingdom Banks 2.9
KDDI Corp. Japan Telecommunication Services 2.8
BP Plc United Kingdom Energy 2.7
ABB Ltd. Switzerland Capital Goods 2.6
China Mobile Ltd. Hong Kong Telecommunication Services 2.5

Holdings are subject to change.

Approach

The international value portfolio is constructed from an equity universe spanning primarily non-US, developed markets. 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 international 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 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 International Value portfolio is a fully invested, typically 50-80 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 Sep 2017


Developed equity markets rose during the month as rising employment and improving consumer confidence data indicated a healthy global economy. The top performing markets in our investable universe included Ireland, Germany, France, Israel, and Norway. The worst performing markets included Singapore, Australia, Denmark, Hong Kong, and New Zealand. The best performing sectors in the MSCI EAFE Index (“Index”) were energy, consumer discretionary, and industrials. The worst performing sectors were utilities, consumer staples, and real estate.

The Portfolio outperformed the Index during the month, due primarily to stock selection. Portfolio holdings in the energy, capital goods, materials, technology hardware & equipment, and banks industry groups contributed to relative performance. Holdings in the consumer services industry group, along with an overweight position in the telecommunication services industry group and an underweight position in the semiconductors & semi equipment, diversified financials, and commercial & professional services industry groups, offset a portion of the outperformance. The top contributor to return was oil & natural gas producer, Encana (Canada). Other notable contributors included automobile manufacturer, Volkswagen AG (Germany), energy supermajor, Royal Dutch Shell Plc (United Kingdom), pharmaceutical company, AstraZeneca Plc (United Kingdom), and crude oil & natural gas company, BP Plc (United Kingdom). The largest detractor was cruise ship operator, Carnival Plc (United Kingdom). Additional detractors included mobile telecommunications operator, China Mobile Ltd. (Hong Kong), diversified mining company, BHP Billiton Plc (United Kingdom), telecommunication services provider, Vodafone Group (United Kingdom), and telecommunication services provider, KDDI Corp. (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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