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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 Date||31 Mar 2005|
|Fund||Quarter to Date||Year to Date||1 Year||3 Year||5 Year||10 Year||Since Inception|
Account returns for the Causeway International Value Select Composite ("International Value Select Composite") are calculated daily. Monthly account returns are calculated by geometrically linking the daily returns. The return of the International Value Select Composite is calculated monthly by weighting monthly account returns by the beginning market values. Valuations and returns are computed and stated in U.S. dollars. Returns include the reinvestment of interest, dividends and any capital gains. Returns are calculated gross of withholding taxes on dividends, interest income, and capital gains. Past performance is no guarantee of future performance. Gross-of-fees returns are presented before management, performance and custody fees but after trading expenses. Net-of-fees returns are presented after the deduction of actual management fees, performance-based fees, and all trading expenses, but before custody fees. Causeway’s basic management fee schedules are described in its firm brochure pursuant to Part 2 of Form ADV. A complete list and description of firm composites is available upon request. This information supplements the composite presentation at the following link. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. Investing involves risk including loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Diversification does not prevent all investment losses.
|No. of Holdings||55||926|
|Wtd. Avg. Market Cap (Mn $US)||$58,194||$50,545|
|Dividend Yield (%)||3.3||3.1|
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.
|Security||Country||Industry||% of Total|
|Volkswagen AG||Germany||Automobiles & Components||4.3|
|Royal Dutch Shell Plc||United Kingdom||Energy||3.4|
|Schneider Electric SE||France||Capital Goods||3.0|
|Novartis AG||Switzerland||Pharmaceuticals & Biotechnology||2.9|
|KDDI Corp.||Japan||Telecommunication Services||2.8|
|China Mobile Ltd.||Hong Kong||Telecommunication Services||2.8|
|Barclays Plc||United Kingdom||Banks||2.7|
|British American Tobacco plc||United Kingdom||Food Beverage & Tobacco||2.7|
|ABB Ltd.||Switzerland||Capital Goods||2.7|
Holdings are subject to change.
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, typically 35-60 stock portfolio, typically with a value bias. Sector and regional weights are by-products of our bottom-up approach to stock selection.
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