PERFORMANCE REVIEW for the month ended 30 Sep 2018

Emerging market equities posted negative returns in September as country-specific challenges and continuing trade tensions weighed on performance. The MSCI Emerging Markets Index (“Index”) returned -1.13% in local currency terms during the month. Emerging Asia was the poorest performing region group during the month as Chinese and Indian equities, which together comprise 40% of the overall Index, both underperformed. Within the emerging Europe, Middle East, and Africa (“EMEA”) region, Russian equities contributed to performance, partially offsetting negative returns posted by South African stocks during the month. Led by Brazil, emerging Latin America was the best performing region group within the Index in local currency terms. Real estate, consumer discretionary, and health care were the weakest sectors within the Index during the month. Energy, industrials, and communication services were the top performing sectors in local currency terms.

Causeway Emerging Markets Fund (“Fund”) underperformed the Index in September 2018. We use both bottom-up and top-down factor categories to forecast alpha (return in excess of the Index) for the stocks in the Fund’s investable universe. Our bottom-up value factor category was a strong indicator in September and the factor has delivered positive returns for the year-to-date period. The earnings growth factor category was also a positive indicator during the month and it has been the strongest factor over most recent trailing periods. The price momentum factor category, as measured by our technical factors, was negative in September. Of our top-down factors, the sector and currency factors were positive indicators of performance while the macroeconomic and country factors were negative.

Over the month, Fund positioning in emerging Asia detracted from relative performance versus the Index, primarily driven by negative stock selection in Taiwan, India, and South Korea. Within the emerging Latin America region, stock selection in Brazil detracted from relative performance. Positioning in the EMEA region, including holdings in Russia, South Africa, and Turkey, contributed to relative performance. From a sector perspective, the largest detractors from relative performance were information technology, consumer discretionary, and consumer staples. Positioning in the energy, communication services, and financials sectors contributed to relative performance. The largest stock-level detractors from relative performance were overweight positions in electronic components manufacturer, Yageo Corp.(Taiwan), mortgage lender, Indiabulls Housing Finance Ltd. (India), and products & services provider for the electronic components industry, SK hynix, Inc. (South Korea). The greatest stock level-contributors to relative performance were overweight positions in oil exploration & production company, Lukoil (Russia), financial & industrial holdings company, Investimentos Itau (Brazil), and integrated oil & gas company, SK Innovation Co., Ltd. (South Korea).

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 Fund holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Any securities identified and described in this report 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. Diversification does not protect against market loss.