Advisor Login

Forgot Password?

Don't have an account?

An email has been sent to you with further instructions on how to reset your password.Please make sure to check your spam folder just in case.

Please reset your password with the form below.

Get instant access by filling out this form.

Global Value Fund

Seeking value primarily in developed markets worldwide

NAV (as of 09 Nov 2018)

$11.81, -0.16

YTD

-1.50%

INCEPTION

31 Jan 2011

TICKER/CUSIP

CGVVX/14949P604

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$5,000
Sales ChargeNone
Net Expense Ratio1.30%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
Benchmark MSCI ACWI

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CGVVX -7.1%-2.3%1.1%6.3%4.7%7.0%
MSCI ACWI -7.5%-3.5%0.0%8.3%6.7%7.7%
MSCI World -7.3%-1.9%1.7%8.5%7.4%8.6%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CGVVX 6.2%5.1%10.0%11.0%7.0%8.1%
MSCI ACWI 4.4%4.3%10.3%14.0%9.2%8.8%
MSCI World 5.1%5.9%11.8%14.2%9.9%9.8%

Portfolio

Asset Allocation as of 30 Sep 2018

Stocks 98.1%
Cash 1.9%

Characteristics as of 30 Sep 2018

Causeway MSCI ACWI
No. of Holdings 50 2790
Wtd. Avg. Market Cap (Mn $US) $74,719 $138,371
FY2 Price/Earnings 12.0 14.5
Price/Book Value 1.7 2.4

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 30 Sep 2018

Financials17.79%
Information Technology14.74%
Health Care12.16%
Industrials11.57%
Consumer Discretionary9.70%
Telecommunication Services8.80%
Materials8.00%
Utilities5.85%
Energy5.09%
Consumer Staples4.39%
Real Estate0.00%

(VS. Benchmark)

Financials17.09%
Information Technology19.96%
Health Care11.85%
Industrials10.68%
Consumer Discretionary12.24%
Telecommunication Services2.82%
Materials5.04%
Utilities2.85%
Energy6.73%
Consumer Staples7.89%
Real Estate2.85%
Financials
Information Technology
Health Care
Industrials
Consumer Discretionary
Telecommunication Services
Materials
Utilities
Energy
Consumer Staples
Real Estate
Other

TOP 10 COUNTRIES as of 30 Sep 2018

United States35.74%
United Kingdom18.58%
Japan9.96%
Germany9.61%
Switzerland7.30%
China5.58%
Italy3.04%
Canada3.02%
South Korea2.74%
Netherlands2.24%
Turkey0.28%
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 States55.12%
United Kingdom5.40%
Japan7.57%
Germany2.90%
Switzerland2.54%
China3.43%
Italy0.71%
Canada2.98%
South Korea1.65%
Netherlands1.03%
Turkey0.07%
United Arab Emirates0.07%
Brazil0.68%
Chile0.12%
Colombia0.05%
Mexico0.35%
Peru0.05%
India0.94%
Indonesia0.22%
Malaysia0.27%
Pakistan0.01%
Philippines0.11%
Taiwan1.36%
Thailand0.27%
Czech Republic0.02%
Egypt0.01%
Greece0.03%
Hungary0.03%
Poland0.13%
Qatar0.10%
Russia0.41%
South Africa0.67%
Norway0.24%
Portugal0.05%
Spain0.91%
Sweden0.84%
Israel0.17%
Austria0.07%
Belgium0.31%
Denmark0.52%
Finland0.33%
France3.46%
Ireland0.16%
New Zealand0.07%
Singapore0.39%
Australia2.09%
Hong Kong1.09%
United States
United Kingdom
Japan
Germany
Switzerland
China
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 30 Sep 2018

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 3.9
Linde AG Germany Materials 3.4
Unicredito Italiano Italy Banks 3.0
Citigroup, Inc. United States Banks 3.0
Halliburton Co. United States Energy 3.0
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 2.9
China Mobile Ltd. China Telecommunication Services 2.9
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.9
Oracle Corp. United States Software & Services 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 30 Sep 2018


Developed equity markets appreciated in September following signs of continuing global growth, albeit less synchronized than in 2017 as the US has outpaced other developed markets. The top performing markets in our investable universe included Russia, Brazil, Norway, Japan, and Thailand. The worst performing markets included India, the Philippines, Greece, Egypt, and Denmark. The best performing sectors in the MSCI ACWI Index* (“Index”) were energy, telecommunication services, and health care. The worst performing sectors were real estate, information technology, and utilities.

Causeway Global Value Fund (“Fund”) outperformed the Index during the month, due primarily to stock selection. Fund holdings in the software & services, telecommunication services, automobiles & components, media, and semiconductors & semi equipment industry groups contributed to relative outperformance. Holdings in the utilities, food beverage & tobacco, insurance, capital goods, and materials industry groups offset some of the outperformance. The top contributor to return was automobile manufacturer, Volkswagen AG (Germany). Other notable contributors included enterprise infrastructure software company, Micro Focus International Plc (United Kingdom), global entertainment content company, Viacom, Inc. (United States), wireless communications operator, SK Telecom Co., Ltd.(South Korea), and enterprise management software provider, Oracle Corp. (United States). The largest detractor was utilities provider, SSE Plc (United Kingdom). Additional notable detractors included diversified chemicals manufacturer, BASF SE (Germany), bank, Wells Fargo & Co. (United States), British American Tobaccoplc (United Kingdom), and retail & commercial bank, Bank of America 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

2017$0.2082
2016$0.1309
2015$0.0931
2014$0.1985
2013$0.0921
2012$0.0874
2011$0.8360
2010$0.0000
2009$0.0000
2008$0.0000
Load More

Short-term Capital Gains

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
Load More

Long-term Capital Gains

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
Load More

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

Consent to Electronic Delivery

Consent to Electronic Delivery

By clicking Submit, you consent to the electronic delivery, via download from this website, of the Causeway Fund's prospectuses, privacy policies, account applications, IRA Disclosure Statement(s), IRA Custodial Agreement(s) and any other materials that may be required in connection with the information you requested, on the terms set forth below. You also agree to read these documents before investing, and agree to the terms contained in these documents, particularly the prospectus.

Access to Online Documents

To view and print the documents, you will need Adobe Acrobat Reader. If you do not have Acrobat Reader, you can download it for free at www.adobe.com. If you are unable to download, view, or print the documents, contact Causeway Funds at 866-947-7000 for assistance or to request a free paper copy of any of these documents.

Duration of Election and Consent

Your consent applies only to these documents. If you request additional information, you may be required to consent to electronic delivery again. You may withdraw your consent to electronic delivery by contacting Causeway Funds at 866-947-7000.

Costs and Risks

Causeway Funds does not charge you a fee to use our website, but you could incur expenses from an internet service provider when you access information online. Also, be aware that your internet service provider may occasionally experience system failure, and hyperlinks to documents may not function properly.

Submit
close
Ask Causeway

Ask Causeway

Thank You!