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International Value Select

Strategy Profile

The international value select portfolio is constructed from an equity universe spanning the non US, developed markets. Emerging markets investments may also be included. The strategy uses our international value equity strategy with two distinctions: the select portfolio has greater liquidity (eligible companies have market capitalizations generally greater than $5 billion) and fewer holdings. We believe that concentrating the holdings can compensate for the loss of small/mid cap exposure. The investment process is comprised of three stages: quantitative screening and initial analysis, fundamental research, and portfolio construction.

Inception Date31 Mar 2005
BenchmarkMSCI EAFE

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
Gross % 4.0%4.0%16.5%-0.7%6.9%3.4%6.0%
Net % 3.9%3.9%16.1%-1.1%6.5%3.0%5.5%
MSCI EAFE 4.4%4.4%16.3%-0.2%5.6%1.5%4.6%

Portfolio

Asset Allocation as of 28 Feb 2017

Stocks 98.8%
Cash 1.2%

Characteristics as of 28 Feb 2017

Causeway MSCI EAFE
No. of Holdings 57 928
Wtd. Avg. Market Cap (Mn $US)$51,645$45,619
FY2 Price/Earnings12.314.1
Price/Book Value1.51.7
Dividend Yield (%)3.33.2

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

Financials18.59%
Industrials15.76%
Health Care10.97%
Consumer Discretionary10.03%
Telecommunication Services10.01%
Energy8.14%
Information Technology7.90%
Materials6.64%
Consumer Staples5.81%
Utilities3.89%
Real Estate1.09%

(VS. Benchmark)

Financials21.12%
Industrials14.24%
Health Care10.84%
Consumer Discretionary12.26%
Telecommunication Services4.46%
Energy4.99%
Information Technology5.63%
Materials8.05%
Consumer Staples11.33%
Utilities3.31%
Real Estate3.77%
Financials
Industrials
Health Care
Consumer Discretionary
Telecommunication Services
Energy
Information Technology
Materials
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 28 Feb 2017

United Kingdom26.36%
Japan13.96%
Switzerland13.82%
France9.34%
Germany8.66%
Hong Kong5.32%
Netherlands4.76%
South Korea4.66%
Canada4.26%
Italy2.20%
China2.00%
Spain1.37%
Sweden1.07%
Australia1.03%
New Zealand0.00%
Singapore0.00%
Norway0.00%
Portugal0.00%
Ireland0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%

(VS. Benchmark)

United Kingdom18.03%
Japan24.28%
Switzerland8.79%
France9.82%
Germany9.24%
Hong Kong3.41%
Netherlands3.35%
South Korea0.00%
Canada0.00%
Italy2.03%
China0.00%
Spain3.11%
Sweden2.88%
Australia7.64%
New Zealand0.19%
Singapore1.32%
Norway0.66%
Portugal0.15%
Ireland0.46%
Israel0.68%
Austria0.20%
Belgium1.15%
Denmark1.66%
Finland0.95%
United Kingdom
Japan
Switzerland
France
Germany
Hong Kong
Netherlands
South Korea
Canada
Italy
China
Spain
Sweden
Australia
New Zealand
Singapore
Norway
Portugal
Ireland
Israel
Austria
Belgium
Denmark
Finland
Other

TOP 10 HOLDINGS as of 28 Feb 2017

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.2
Akzo Nobel NV Netherlands Materials 3.3
Royal Dutch Shell Plc United Kingdom Energy 3.2
British American Tobacco Plc United Kingdom Food Beverage & Tobacco 3.0
ABB Ltd. Switzerland Capital Goods 3.0
KDDI Corp. Japan Telecommunication Services 2.9
East Japan Railway Co. Japan Transportation 2.9
Novartis AG Switzerland Pharmaceuticals & Biotechnology 2.8
Schneider Electric SE France Capital Goods 2.7
China Mobile Ltd. Hong Kong Telecommunication Services 2.7

Holdings are subject to change.

Approach

The international value select portfolio is constructed from an equity universe spanning primarily developed markets, including the United States. Emerging markets investments may also be included. The strategy uses our international value equity strategy with two distinctions: the select portfolio has greater liquidity (eligible companies have market capitalizations generally greater than $5 billion) and fewer holdings. We believe that concentrating the holdings can compensate for the loss of small/mid cap exposure. The investment process is comprised of three stages: quantitative screening and initial analysis, fundamental research, and portfolio construction.

Our 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 International Value Select portfolio is a fully invested, 35-60 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 28 Feb 2017


Global equities continued to appreciate in February, as promising economic data emerged across regions which added strength to business and consumer confidence. The top performing markets in our investable universe included Australia, Portugal, South Korea, Finland, and China. The worst performing markets included Ireland, Norway, Belgium, the Netherlands, and Canada. The best performing sectors in the MSCI EAFE Index (“Index”) were health care, real estate, and information technology. The worst performing sectors were energy, materials, and consumer discretionary.

The Portfolio underperformed the Index this month, due primarily to stock selection. Portfolio holdings in the capital goods, energy, technology hardware & equipment, consumer durables & apparel, and automobiles & components industry groups detracted from relative performance. Holdings in the food beverage & tobacco, materials, and insurance industry groups, as well as an overweight position in the pharmaceuticals & biotechnology industry group and an underweight position in the banks industry group, 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 oil & gas exploration company, CNOOC Ltd. (Hong Kong). The top contributor to performance was pharmaceutical company, AstraZeneca Plc (United Kingdom). Other notable contributors included pharmaceutical & consumer healthcare products producer, Novartis AG (Switzerland), wireless communications operator, SK Telecom Co., Ltd. (South Korea), 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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