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International Opportunities Fund

Combining our proven abilities in developed and emerging international markets

NAV (as of 21 Mar 2019)

$13.02, -0.05

YTD

+12.53%

INCEPTION

31 Dec 2009

TICKER/CUSIP

CIOIX/14949Q107

Fact Sheet Prospectus

Fund Profile

The Fund invests primarily in companies located both in developed markets — excluding the United States (the “international value portfolio”) — and in emerging markets (the “emerging markets portfolio”). The Investment Adviser allocates substantially all of the Fund’s assets between the international value portfolio and the emerging markets portfolio using a proprietary asset allocation model. Normally, the Fund will invest in companies located in at least ten foreign countries.

International Value Portfolio: The international value portfolio consists primarily of common stocks of companies located in developed countries outside the U.S. Normally, the majority of this portfolio invests in companies that pay dividends or repurchase their shares. The international value portfolio may also invest in companies located in emerging (less developed) markets.

Emerging Markets Portfolio: The emerging markets portfolio is normally invested in equity securities of companies located in emerging (less developed) markets and other investments that are tied economically to emerging markets. Generally, these investments include common stock, preferred and preference stock, American Depositary Receipts, European Depositary Receipts, Global Depositary Receipts, and exchange-traded funds that invest in emerging markets securities.

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

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CIOIX 11.1%11.1%-7.7%9.5%1.5%5.3%
MSCI ACWI ex US 9.7%9.7%-6.0%11.2%3.0%4.7%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CIOIX -13.2%-18.4%-18.4%2.5%-0.5%4.2%
MSCI ACWI ex US -11.4%-13.8%-13.8%5.0%1.1%3.7%

Portfolio

Asset Allocation as of 28 Feb 2019

Stocks 97.6%
Cash 2.4%

Characteristics as of 28 Feb 2019

Causeway MSCI ACWI ex US
No. of Holdings 194 2136
Wtd. Avg. Market Cap (Mn $US)$51,050$50,005
FY2 Price/Earnings10.012.3
Price/Book Value1.21.6

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

Financials25.05%
Industrials14.78%
Materials11.48%
Health Care9.08%
Energy8.64%
Consumer Discretionary8.48%
Information Technology7.19%
Communication Services5.38%
Consumer Staples4.52%
Utilities2.23%
Real Estate0.73%

(VS. Benchmark)

Financials22.19%
Industrials11.74%
Materials7.66%
Health Care8.32%
Energy7.45%
Consumer Discretionary11.22%
Information Technology8.21%
Communication Services6.97%
Consumer Staples9.59%
Utilities3.32%
Real Estate3.33%
Financials
Industrials
Materials
Health Care
Energy
Consumer Discretionary
Information Technology
Communication Services
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 28 Feb 2019

United Kingdom27.51%
Japan11.73%
Germany8.94%
Switzerland7.74%
China6.95%
Canada5.93%
South Korea4.00%
Italy3.16%
Netherlands3.14%
United States2.87%
Taiwan2.74%
India2.68%
France2.44%
Brazil2.17%
Russia1.32%
Thailand1.10%
Spain0.73%
South Africa0.48%
Turkey0.46%
Peru0.36%
Malaysia0.28%
Mexico0.27%
Poland0.18%
Qatar0.12%
United Arab Emirates0.12%
Czech Republic0.09%
Indonesia0.06%
Pakistan0.00%
Philippines0.00%
New Zealand0.00%
Singapore0.00%
Egypt0.00%
Greece0.00%
Hungary0.00%
Sweden0.00%
Ireland0.00%
Australia0.00%
Hong Kong0.00%
Norway0.00%
Portugal0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Chile0.00%
Colombia0.00%

(VS. Benchmark)

United Kingdom11.47%
Japan16.21%
Germany5.88%
Switzerland5.90%
China8.30%
Canada6.86%
South Korea3.54%
Italy1.56%
Netherlands2.36%
United States0.00%
Taiwan2.88%
India2.18%
France7.55%
Brazil1.97%
Russia0.98%
Thailand0.63%
Spain2.07%
South Africa1.57%
Turkey0.17%
Peru0.11%
Malaysia0.60%
Mexico0.69%
Poland0.30%
Qatar0.25%
United Arab Emirates0.19%
Czech Republic0.04%
Indonesia0.57%
Pakistan0.01%
Philippines0.28%
New Zealand0.16%
Singapore0.89%
Egypt0.03%
Greece0.06%
Hungary0.08%
Sweden1.80%
Ireland0.37%
Australia4.68%
Hong Kong2.75%
Norway0.49%
Portugal0.11%
Israel0.37%
Austria0.16%
Belgium0.66%
Denmark1.18%
Finland0.70%
Chile0.28%
Colombia0.12%
United Kingdom
Japan
Germany
Switzerland
China
Canada
South Korea
Italy
Netherlands
United States
Taiwan
India
France
Brazil
Russia
Thailand
Spain
South Africa
Turkey
Peru
Malaysia
Mexico
Poland
Qatar
United Arab Emirates
Czech Republic
Indonesia
Pakistan
Philippines
New Zealand
Singapore
Egypt
Greece
Hungary
Sweden
Ireland
Australia
Hong Kong
Norway
Portugal
Israel
Austria
Belgium
Denmark
Finland
Chile
Colombia
Other

TOP 10 HOLDINGS as of 28 Feb 2019

Security Country Industry % of Total
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 3.4
Volkswagen AG Germany Automobiles & Components 3.4
UniCredit S.p.A. Italy Banks 3.2
Prudential Plc United Kingdom Insurance 3.0
Linde Plc Germany Materials 2.9
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.7
BASF SE Germany Materials 2.6
ABB Ltd. Switzerland Capital Goods 2.6
Barclays Plc United Kingdom Banks 2.4
Akzo Nobel Netherlands Materials 2.2

Holdings are subject to change.

Approach

Causeway International Opportunities Fund is a blend of Causeway’s best skills, combining our bottom-up, fundamental research with our quantitatively managed, emerging markets, research. Our quantitative research team has developed a multi-factor model that gauges the relative attractiveness of emerging markets, and guides the portfolio managers in tactically allocating between developed and emerging market countries.

Our developed markets exposure aims to add value through intensive fundamental research implemented via a disciplined value approach. Our emerging markets exposure is the result of a quantitative strategy tailored to the unique growth, momentum, and risk characteristics of developing markets. Our proprietary tactical allocation model is designed to add additional value.

The Causeway International Opportunities Fund is a fully invested portfolio, typically with 150-220 underlying holdings. Allocation between developed and emerging markets can range from 0-2x the allocation of the MSCI All Country World Index ex-US.

Commentary

PERFORMANCE REVIEW for the month ended 28 Feb 2019


Developed equity markets continued to ascend in February – likely buoyed by anticipated accommodative monetary policy globally as well as constructive US-China trade negotiations. Emerging market equities, led by emerging Asian stocks – also posted positive returns during the month. 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 ex US Index (“Index”) were health care, information technology, and industrials. The worst performing sectors were real estate, communication services, and utilities.

Causeway International Opportunities Fund (“Fund”) outperformed the Index during the month, due primarily to stock selection. Fund holdings in the banks, materials, software & services, capital goods, and pharmaceuticals & biotechnology industry groups contributed to relative performance. Holdings in the telecommunication services and semiconductors & semi equipment industry groups, along with an underweight position in the retailing, health care equipment & services, and commercial & professional services industry groups, offset some of the outperformance. The top contributor to return was banking & financial services company, UniCredit S.p.A. (Italy). Other notable contributors included enterprise infrastructure software company, Micro Focus International Plc (United Kingdom), pharmaceutical company, AstraZeneca Plc (United Kingdom), paints & coatings producer, Akzo Nobel (Netherlands), and life insurer, Prudential Plc (United Kingdom). The largest detractor was telecommunication services provider, KDDI Corp. (Japan). Additional notable detractors included bank, Sumitomo Mitsui Financial Group, Inc. (Japan), power generation & infrastructure company, Reliance Infrastructure Ltd. (India), retail bank, Caixabank SA (Spain), and real estate developer, Shimao Property Holdings Ltd. (China).

Equity Allocation Model Update


We use a proprietary quantitative equity allocation model that assists the portfolio managers in determining the weight of emerging versus developed markets in the Fund. Our allocation relative to the weight of emerging markets in the Index is currently underweight. We identify five primary factors as most indicative of the ideal allocation target: valuation, quality, earnings growth, macroeconomic, and risk aversion. Valuation is currently negative for emerging markets in our model. Our quality metrics, which include such measures as profit margins and return on equity, are neutral. Our earnings growth and macroeconomic factors are negative for emerging markets. Lastly, our risk aversion factor concludes that investors’ appetite for risk is high, a negative indicator for our model.

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$0.2904
2017$0.2145
2016$0.4494
2015$0.1623
2014$0.0000
2013$0.1266
2012$0.2451
2011$0.2756
2010$0.1858
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Short-term Capital Gains

2018$0.0000
2017$0.0000
2016$0.0000
2015$0.0107
2014$0.0000
2013$0.0001
2012$0.0000
2011$0.0000
2010$0.0000
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Long-term Capital Gains

2018$0.0327
2017$0.0000
2016$0.0000
2015$0.0199
2014$0.4943
2013$0.0739
2012$0.0190
2011$0.0303
2010$0.1712
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). During 2014, the Fund restructured from a “fund of funds” to a fund making direct investments in securities.

Documents

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