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International Opportunities Fund

Combining our proven abilities in developed and emerging international markets

NAV (as of 24 May 2019)

$12.43, +0.12

YTD

+7.43%

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
BenchmarkMSCI ACWI ex US

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CIOIX 2.7%13.2%-6.6%7.1%1.8%5.4%
MSCI ACWI ex US 2.7%13.4%-2.8%8.6%3.3%5.0%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CIOIX 10.3%10.3%-8.1%6.9%1.4%5.2%
MSCI ACWI ex US 10.4%10.4%-3.7%8.6%3.0%4.8%

Portfolio

Asset Allocation as of 30 Apr 2019

Stocks 97%
Cash 3%

Characteristics as of 30 Apr 2019

Causeway MSCI ACWI ex US
No. of Holdings 200 2149
Wtd. Avg. Market Cap (Mn $US)$53,739$52,055
FY2 Price/Earnings10.112.6
Price/Book Value1.21.7

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 Apr 2019

Financials22.80%
Industrials14.81%
Materials10.47%
Energy9.45%
Health Care8.91%
Consumer Discretionary8.65%
Information Technology7.76%
Communication Services6.21%
Consumer Staples4.91%
Utilities2.25%
Real Estate0.82%

(VS. Benchmark)

Financials21.97%
Industrials11.87%
Materials7.45%
Energy7.30%
Health Care8.02%
Consumer Discretionary11.40%
Information Technology8.61%
Communication Services7.10%
Consumer Staples9.77%
Utilities3.21%
Real Estate3.31%
Financials
Industrials
Materials
Energy
Health Care
Consumer Discretionary
Information Technology
Communication Services
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 30 Apr 2019

United Kingdom26.93%
Germany12.56%
Japan11.42%
China8.16%
Switzerland6.72%
Canada5.03%
France4.14%
South Korea3.33%
India3.09%
Taiwan2.97%
Netherlands2.79%
Italy2.73%
Brazil2.20%
Russia1.26%
Thailand0.72%
Spain0.69%
South Africa0.38%
Peru0.38%
Turkey0.32%
Ireland0.27%
Malaysia0.26%
Mexico0.22%
Poland0.15%
Qatar0.11%
United Arab Emirates0.10%
Czech Republic0.08%
Indonesia0.06%
Israel0.00%
New Zealand0.00%
Norway0.00%
Pakistan0.00%
Portugal0.00%
Philippines0.00%
Denmark0.00%
Egypt0.00%
Finland0.00%
Chile0.00%
Australia0.00%
Austria0.00%
Belgium0.00%
Colombia0.00%
Greece0.00%
Hong Kong0.00%
Hungary0.00%
Sweden0.00%
Singapore0.00%
0.00%
0.00%

(VS. Benchmark)

United Kingdom11.40%
Germany5.99%
Japan15.93%
China8.61%
Switzerland5.88%
Canada6.76%
France7.70%
South Korea3.34%
India2.38%
Taiwan3.01%
Netherlands2.46%
Italy1.57%
Brazil1.83%
Russia1.00%
Thailand0.60%
Spain2.03%
South Africa1.61%
Peru0.11%
Turkey0.13%
Ireland0.38%
Malaysia0.55%
Mexico0.71%
Poland0.29%
Qatar0.25%
United Arab Emirates0.19%
Czech Republic0.04%
Indonesia0.56%
Israel0.37%
New Zealand0.16%
Norway0.47%
Pakistan0.01%
Portugal0.11%
Philippines0.28%
Denmark1.16%
Egypt0.04%
Finland0.66%
Chile0.26%
Australia4.61%
Austria0.17%
Belgium0.68%
Colombia0.11%
Greece0.06%
Hong Kong2.73%
Hungary0.08%
Sweden1.81%
Singapore0.93%
0.00%
0.00%
United Kingdom
Germany
Japan
China
Switzerland
Canada
France
South Korea
India
Taiwan
Netherlands
Italy
Brazil
Russia
Thailand
Spain
South Africa
Peru
Turkey
Ireland
Malaysia
Mexico
Poland
Qatar
United Arab Emirates
Czech Republic
Indonesia
Israel
New Zealand
Norway
Pakistan
Portugal
Philippines
Denmark
Egypt
Finland
Chile
Australia
Austria
Belgium
Colombia
Greece
Hong Kong
Hungary
Sweden
Singapore
Other

TOP 10 HOLDINGS as of 30 Apr 2019

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.0
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 3.2
Linde Plc Germany Materials 2.8
Prudential Plc United Kingdom Insurance 2.8
UniCredit S.p.A. Italy Banks 2.7
ABB Ltd. Switzerland Capital Goods 2.6
BASF SE Germany Materials 2.6
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.6
Royal Dutch Shell Plc United Kingdom Energy 2.3
KDDI Corp. Japan Telecommunication Services 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 30 Apr 2019


After a first quarter recovery rally, developed and emerging equity markets continued to rise in April as monetary policy remained accommodative in most regions globally, especially in the US and China. The top performing markets in our investable universe were Egypt, South Africa, Germany, Austria, and Ireland. The worst performing markets were Turkey, Pakistan, Colombia, Chile, and the Czech Republic. The best performing sectors in the MSCI ACWI ex US Index (“Index”) were information technology, consumer discretionary, and financials. The worst performing sectors were real estate, health care, and utilities.

Causeway International Opportunities Fund ("Fund") modestly underperformed the Index during the month, due primarily to country allocation (a byproduct of our bottom-up stock selection process). Fund holdings in the pharmaceuticals & biotechnology, energy, transportation, and capital goods industry groups, along with an underweight position in the semiconductors & semi equipment industry group, detracted from relative performance. Holdings in the insurance, banks, automobiles & components, and materials industry groups, as well as an underweight position in the real estate industry group, offset some of the underperformance. The largest detractor was Takeda Pharmaceutical Co., Ltd. (Japan). Additional notable detractors included British American Tobacco plc (United Kingdom), pharmaceutical company, AstraZeneca Plc (United Kingdom), oil & natural gas producer, Encana (Canada), and utilities provider, SSE Plc (United Kingdom). The top contributor to return was automobile manufacturer, Volkswagen AG (Germany). Other notable contributors included life insurer, Prudential Plc (United Kingdom), banking & financial services company, UniCredit S.p.A. (Italy), diversified chemicals manufacturer, BASF SE (Germany), and power & automation technology company, ABB Ltd. (Switzerland).

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 negative. 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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