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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 % 3.0%17.6%21.5%3.7%10.4%3.8%6.9%
Net % 3.0%17.3%21.0%3.3%9.9%3.4%6.4%
MSCI EAFE 2.9%17.5%18.3%3.3%9.6%1.9%5.4%

Portfolio

Asset Allocation as of 31 Jul 2017

Stocks 99.1%
Cash 0.9%

Characteristics as of 31 Jul 2017

Causeway MSCI EAFE
No. of Holdings 55 926
Wtd. Avg. Market Cap (Mn $US)$58,194$50,545
FY2 Price/Earnings12.414.3
Price/Book Value1.51.7
Dividend Yield (%)3.33.1

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 31 Jul 2017

Financials18.04%
Industrials16.71%
Telecommunication Services10.17%
Consumer Discretionary10.16%
Energy9.92%
Health Care8.65%
Materials8.16%
Information Technology8.11%
Consumer Staples4.37%
Utilities3.79%
Real Estate0.89%

(VS. Benchmark)

Financials21.94%
Industrials14.32%
Telecommunication Services4.27%
Consumer Discretionary11.97%
Energy4.81%
Health Care10.40%
Materials7.74%
Information Technology6.10%
Consumer Staples11.44%
Utilities3.38%
Real Estate3.62%
Financials
Industrials
Telecommunication Services
Consumer Discretionary
Energy
Health Care
Materials
Information Technology
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 31 Jul 2017

United Kingdom27.63%
Japan13.49%
Switzerland12.51%
Germany10.35%
Canada6.94%
France6.58%
Hong Kong5.35%
South Korea4.33%
Netherlands3.84%
Italy2.65%
China2.45%
Sweden0.99%
Australia0.89%
Spain0.82%
Ireland0.33%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
New Zealand0.00%
Singapore0.00%
Norway0.00%
Portugal0.00%

(VS. Benchmark)

United Kingdom17.79%
Japan23.21%
Switzerland8.32%
Germany9.38%
Canada0.00%
France10.42%
Hong Kong3.51%
South Korea0.00%
Netherlands3.68%
Italy2.39%
China0.00%
Sweden2.86%
Australia7.15%
Spain3.57%
Ireland0.44%
Israel0.65%
Austria0.25%
Belgium1.20%
Denmark1.83%
Finland1.01%
New Zealand0.17%
Singapore1.33%
Norway0.67%
Portugal0.15%
United Kingdom
Japan
Switzerland
Germany
Canada
France
Hong Kong
South Korea
Netherlands
Italy
China
Sweden
Australia
Spain
Ireland
Israel
Austria
Belgium
Denmark
Finland
New Zealand
Singapore
Norway
Portugal
Other

TOP 10 HOLDINGS as of 31 Jul 2017

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
BASF SE Germany Materials 2.7
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.

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, 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.

Commentary

PERFORMANCE REVIEW for the month ended 31 Jul 2017


Positive economic data emerged across regions in July, with Europe leading the charge, boosting the demand for global equities. The top performing markets in our investable universe included Norway, Austria, the Netherlands, Portugal, and Belgium. The worst performing markets included Israel, Sweden, Japan, Germany, and Switzerland. The best performing sectors in the MSCI EAFE Index (“Index”) were materials, financials, and energy. The worst performing sectors were health care, consumer staples, and industrials. Every major currency except the Swiss franc appreciated versus the US dollar during the period, thus amplifying overall returns on overseas assets for US dollar-based investors.

The Portfolio modestly outperformed the Index during the month, due primarily to stock selection. Portfolio holdings in the software & services, technology hardware & equipment, energy, and utilities industry groups, as well as an underweight position in the media industry group, contributed to relative performance. Holdings in the telecommunication services and materials industry groups, along with an overweight position in the food beverage & tobacco and transportation industry groups and an underweight position in the banks industry group, offset some of the outperformance. The top contributor to return was internet services provider, Baidu (China). Other notable contributors included oil & natural gas producer, Encana (Canada), electrical & electronic equipment manufacturer, Hitachi Ltd.(Japan), energy supermajor, Royal Dutch Shell Plc (United Kingdom), and wireless communications operator,SK Telecom Co., Ltd. (South Korea). The largest detractor was British American Tobacco plc (United Kingdom). Additional detractors included pharmaceutical company, AstraZeneca Plc (United Kingdom), power & automation technology company, ABB Ltd. (Switzerland), pharmaceutical & consumer healthcare company, GlaxoSmithKline Plc (United Kingdom), and major passenger railway operator, East Japan Railway Co. (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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