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Global Value Fund

Seeking value primarily in developed markets worldwide

NAV (as of 17 Jan 2019)

$9.62, +0.03

YTD

+6.42%

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 -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%
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 31 Dec 2018

Stocks 98.5%
Cash 1.5%

Characteristics as of 31 Dec 2018

Causeway MSCI ACWI
No. of Holdings 51 2757
Wtd. Avg. Market Cap (Mn $US) $64,121 $112,201
FY2 Price/Earnings 10.1 12.9
Price/Book Value 1.3 2.1

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 Dec 2018

Financials19.01%
Information Technology14.25%
Communication Services12.91%
Industrials12.87%
Health Care10.32%
Materials8.50%
Energy6.64%
Consumer Discretionary6.28%
Consumer Staples4.15%
Utilities3.58%
Real Estate0.00%

(VS. Benchmark)

Financials17.22%
Information Technology14.85%
Communication Services8.98%
Industrials10.29%
Health Care12.11%
Materials4.98%
Energy6.18%
Consumer Discretionary10.44%
Consumer Staples8.43%
Utilities3.36%
Real Estate3.18%
Financials
Information Technology
Communication Services
Industrials
Health Care
Materials
Energy
Consumer Discretionary
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 31 Dec 2018

United States34.26%
United Kingdom20.09%
Japan10.71%
Germany10.07%
China5.95%
Switzerland5.83%
Italy3.17%
Canada3.12%
South Korea2.48%
Netherlands2.46%
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 States54.41%
United Kingdom5.21%
Japan7.58%
Germany2.71%
China3.60%
Switzerland2.66%
Italy0.70%
Canada2.95%
South Korea1.63%
Netherlands1.06%
Turkey0.07%
United Arab Emirates0.09%
Brazil0.89%
Chile0.13%
Colombia0.05%
Mexico0.33%
Peru0.05%
India1.11%
Indonesia0.27%
Malaysia0.29%
Pakistan0.00%
Philippines0.13%
Taiwan1.35%
Thailand0.29%
Czech Republic0.02%
Egypt0.01%
Greece0.03%
Hungary0.04%
Poland0.15%
Qatar0.13%
Russia0.44%
South Africa0.74%
Norway0.23%
Portugal0.05%
Spain0.95%
Sweden0.84%
Israel0.17%
Austria0.07%
Belgium0.29%
Denmark0.54%
Finland0.32%
France3.42%
Ireland0.17%
New Zealand0.07%
Singapore0.42%
Australia2.13%
Hong Kong1.20%
United States
United Kingdom
Japan
Germany
China
Switzerland
Italy
Canada
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 31 Dec 2018

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.0
Linde Plc Germany Materials 3.5
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 3.5
UniCredit S.p.A. Italy Banks 3.2
China Mobile Ltd. China Telecommunication Services 3.1
Oracle Corp. United States Software & Services 2.9
Prudential Plc United Kingdom Insurance 2.9
Micro Focus International Plc United Kingdom Software & Services 2.9
Citigroup, Inc. United States Banks 2.8
Sabre Corp. United States Software & Services 2.8

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 31 Dec 2018


Heightened geopolitical tensions and concerns of a broader slowdown in global economic growth pressured equity markets in December. The top performing markets in our investable universe were Mexico, Malaysia, the Philippines, Peru, and Indonesia. The worst performing markets were Israel, Austria, Pakistan, Belgium, and the United States. The best performing sectors in the MSCI ACWI Index (“Index”) were utilities, materials, and real estate. The worst performing sectors were energy, health care, and financials.

Causeway Global Value Fund ("Fund") underperformed the Index during the month, due primarily to stock selection. Attractive valuations did not provide immunity from the selling, especially in non-US equity markets. Fund holdings in the banks, retailing, software & services, media & entertainment, and insurance industry groups detracted from relative performance. Holdings in the telecommunication services, utilities, and pharmaceuticals & biotechnology industry groups, as well as an overweight position in the materials industry group and an underweight position in the technology hardware & equipment industry group, offset some of the underperformance. The largest detractor was global financial services giant, Citigroup, Inc. (United States). Additional notable detractors included specialty retail jeweler, Signet Group (United States), refining equipment manufacturer, Flowserve Corp. (United States), travel & tourism technology company, Sabre Corp. (United States), and energy exploration & production company, Halliburton Co. (United States). The top contributor to return was telecommunication services provider, KDDI Corp. (Japan). Other notable contributors included design-to-distribution business process services technology company, SYNNEX Corp. (United States), FedEx Corp. (United States), industrial gas company, Linde Plc (Germany), and electric & natural gas utility, Dominion Energy, Inc. (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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