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Global Value Fund

Seeking value primarily in developed markets worldwide

NAV (as of 21 Mar 2019)

$10.17, -0.01

YTD

+12.50%

INCEPTION

29 Apr 2008

TICKER/CUSIP

CGVIX/14949P307

Fact Sheet Prospectus

Fund Profile

The Fund invests primarily in common stocks of companies in developed countries located outside the U.S. and of companies in the U.S. Normally, the Fund invests the majority of its total assets in companies that pay dividends or repurchase their shares. The Fund may invest up to 20% of its total assets in companies located in emerging (less developed) markets. Under normal circumstances, the Fund will invest at least 40% of its total assets in companies located in a number of countries outside the U.S.

Minimum Investment$1,000,000
Sales ChargeNone
Net Expense Ratio1.05%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
Benchmark MSCI ACWI

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CGVIX 11.7%11.7%-0.6%11.1%4.0%14.7%4.8%
MSCI ACWI 10.9%10.9%-0.3%13.5%6.9%13.3%5.3%
MSCI World 11.1%11.1%1.0%13.3%7.1%13.7%5.8%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CGVIX -15.5%-11.1%-11.1%4.1%2.2%10.6%3.8%
MSCI ACWI -12.7%-8.9%-8.9%7.2%4.8%10.0%4.4%
MSCI World -13.3%-8.2%-8.2%6.9%5.1%10.3%4.8%

Portfolio

Asset Allocation as of 28 Feb 2019

Stocks 97%
Cash 3%

Characteristics as of 28 Feb 2019

Causeway MSCI ACWI
No. of Holdings 50 2756
Wtd. Avg. Market Cap (Mn $US) $69,265 $122,912
FY2 Price/Earnings 10.7 13.7
Price/Book Value 1.4 2.2

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 2019

Financials19.12%
Information Technology14.10%
Industrials12.78%
Communication Services12.52%
Health Care10.04%
Energy8.54%
Materials7.45%
Consumer Discretionary4.55%
Consumer Staples4.27%
Utilities3.62%
Real Estate0.00%

(VS. Benchmark)

Financials17.21%
Information Technology15.33%
Industrials10.61%
Communication Services8.68%
Health Care11.70%
Energy6.28%
Materials4.92%
Consumer Discretionary10.71%
Consumer Staples8.14%
Utilities3.24%
Real Estate3.17%
Financials
Information Technology
Industrials
Communication Services
Health Care
Energy
Materials
Consumer Discretionary
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 28 Feb 2019

United States34.35%
United Kingdom21.26%
Japan10.60%
Germany6.94%
China5.98%
Switzerland5.54%
Canada3.83%
Italy3.44%
South Korea2.39%
Netherlands2.26%
Turkey0.38%
United Arab Emirates0.00%
Brazil0.00%
Chile0.00%
Colombia0.00%
Mexico0.00%
Peru0.00%
India0.00%
Indonesia0.00%
Malaysia0.00%
Pakistan0.00%
Philippines0.00%
Taiwan0.00%
Thailand0.00%
Czech Republic0.00%
Egypt0.00%
Greece0.00%
Hungary0.00%
Poland0.00%
Qatar0.00%
Russia0.00%
South Africa0.00%
Norway0.00%
Portugal0.00%
Spain0.00%
Sweden0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
France0.00%
Ireland0.00%
New Zealand0.00%
Singapore0.00%
Australia0.00%
Hong Kong0.00%

(VS. Benchmark)

United States54.85%
United Kingdom5.18%
Japan7.32%
Germany2.66%
China3.75%
Switzerland2.67%
Canada3.10%
Italy0.70%
South Korea1.60%
Netherlands1.06%
Turkey0.08%
United Arab Emirates0.09%
Brazil0.89%
Chile0.13%
Colombia0.05%
Mexico0.31%
Peru0.05%
India0.99%
Indonesia0.26%
Malaysia0.27%
Pakistan0.00%
Philippines0.13%
Taiwan1.30%
Thailand0.28%
Czech Republic0.02%
Egypt0.02%
Greece0.03%
Hungary0.04%
Poland0.14%
Qatar0.11%
Russia0.44%
South Africa0.71%
Norway0.22%
Portugal0.05%
Spain0.94%
Sweden0.81%
Israel0.17%
Austria0.07%
Belgium0.30%
Denmark0.53%
Finland0.32%
France3.41%
Ireland0.17%
New Zealand0.07%
Singapore0.40%
Australia2.11%
Hong Kong1.24%
United States
United Kingdom
Japan
Germany
China
Switzerland
Canada
Italy
South Korea
Netherlands
Turkey
United Arab Emirates
Brazil
Chile
Colombia
Mexico
Peru
India
Indonesia
Malaysia
Pakistan
Philippines
Taiwan
Thailand
Czech Republic
Egypt
Greece
Hungary
Poland
Qatar
Russia
South Africa
Norway
Portugal
Spain
Sweden
Israel
Austria
Belgium
Denmark
Finland
France
Ireland
New Zealand
Singapore
Australia
Hong Kong
Other

TOP 10 HOLDINGS as of 28 Feb 2019

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 3.8
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 3.6
UniCredit S.p.A. Italy Banks 3.4
Micro Focus International Plc United Kingdom Software & Services 3.4
China Mobile Ltd. China Telecommunication Services 3.0
Prudential Plc United Kingdom Insurance 2.9
Citigroup, Inc. United States Banks 2.9
Halliburton Co. United States Energy 2.8
Oracle Corp. United States Software & Services 2.8
Barclays Plc United Kingdom Banks 2.7

Holdings are subject to change.

Approach

Causeway Global Value Fund is constructed from an equity universe spanning primarily developed markets, including the United States. 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 global 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.

Causeway Global Value Fund is a fully invested, typically 35-55 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 2019


Equity markets continued to ascend in February – likely buoyed by anticipated accommodative monetary policy globally as well as constructive US-China trade negotiations. The top performing markets in our investable universe were Hong Kong, Denmark, Ireland, Greece, and Colombia. The worst performing markets were South Africa, Qatar, Pakistan, Indonesia, and Brazil. The best performing sectors in the MSCI ACWI Index* (“Index”) were information technology, industrials, and financials. The worst performing sectors were real estate, communication services, and consumer discretionary.

The Fund outperformed the Index during the month, due primarily to stock selection. Fund holdings in the software & services, banks, materials, health care equipment & services, and retailing industry groups contributed to relative performance. Holdings in the telecommunication services, energy, capital goods, and media & entertainment industry groups, along with an underweight position in the technology hardware & equipment industry group, offset some of the outperformance. The top contributor to return was enterprise infrastructure software company, Micro Focus International Plc (United Kingdom). Other notable contributors included banking & financial services company, UniCredit S.p.A. (Italy), pharmaceutical company, AstraZeneca Plc (United Kingdom), paints & coatings producer, Akzo Nobel (Netherlands), and life insurer, Prudential Plc (United Kingdom). The largest detractor was internet services provider, Baidu (China). Additional notable detractors included oil refiner, Marathon Petroleum Corp. (United States), telecommunication services provider, KDDI Corp. (Japan), energy exploration & production company, Halliburton Co.(United States), and travel & tourism technology company, Sabre Corp. (United States).

*Effective October 1, 2018, the Global Value Fund’s benchmark changed from the MSCI World Index (Gross) to the MSCI ACWI Index (Gross). Causeway believes that the MSCI ACWI Index (Gross), which includes emerging as well as developed markets, better represents the types of securities in which the strategy invests. 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.

Dividends

2018$0.1956
2017$0.2363
2016$0.1493
2015$0.1251
2014$0.2232
2013$0.1162
2012$0.0968
2011$0.0959
2010$0.0800
2009$0.0793
2008$0.1306
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Short-term Capital Gains

2018$0.2508
2017$0.41672
2016$0.0000
2015$0.0000
2014$0.3781
2013$0.2969
2012$0.0094
2011$0.0000
2010$0.0000
2009$0.0000
2008$0.0000
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Long-term Capital Gains

2018$1.2062
2017$0.13304
2016$0.0000
2015$0.2089
2014$0.5989
2013$0.1573
2012$0.0380
2011$0.0000
2010$0.0000
2009$0.0000
2008$0.0000
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Distributions are per share. Distribution amounts are based on gains and losses realized and income earned by the Fund through October 31 (or earlier under certain circumstances).

Documents

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Duration of Election and Consent

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