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International Opportunities Fund

Combining our proven abilities in developed and emerging international markets

NAV (as of 17 Jan 2019)

$12.17, +0.06

YTD

+5.19%

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%
Gross Expense Ratio1.23%
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 -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%
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 31 Dec 2018

Stocks 99%
Cash 1%

Characteristics as of 31 Dec 2018

Causeway MSCI ACWI ex US
No. of Holdings 186 2135
Wtd. Avg. Market Cap (Mn $US)$46,229$45,027
FY2 Price/Earnings9.011.4
Price/Book Value1.11.5

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

Financials24.59%
Industrials13.98%
Materials12.84%
Health Care9.43%
Consumer Discretionary9.03%
Energy8.62%
Information Technology7.40%
Communication Services5.49%
Consumer Staples4.14%
Utilities2.68%
Real Estate0.81%

(VS. Benchmark)

Financials22.16%
Industrials11.70%
Materials7.67%
Health Care8.36%
Consumer Discretionary10.56%
Energy7.30%
Information Technology8.01%
Communication Services7.63%
Consumer Staples9.85%
Utilities3.39%
Real Estate3.35%
Financials
Industrials
Materials
Health Care
Consumer Discretionary
Energy
Information Technology
Communication Services
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 31 Dec 2018

United Kingdom27.63%
Germany11.92%
Japan11.24%
Switzerland8.85%
China6.70%
Canada5.51%
South Korea4.78%
Netherlands3.24%
Taiwan3.22%
India3.20%
Italy2.68%
France2.13%
Brazil1.98%
Russia1.32%
Thailand1.27%
Spain0.86%
Turkey0.52%
South Africa0.50%
Peru0.38%
Malaysia0.36%
Poland0.24%
United Arab Emirates0.13%
Mexico0.13%
Czech Republic0.10%
Indonesia0.08%
New Zealand0.00%
Singapore0.00%
Egypt0.00%
Greece0.00%
Hungary0.00%
Qatar0.00%
Pakistan0.00%
Philippines0.00%
Sweden0.00%
Norway0.00%
Portugal0.00%
Australia0.00%
Hong Kong0.00%
Ireland0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Chile0.00%
Colombia0.00%

(VS. Benchmark)

United Kingdom11.44%
Germany5.96%
Japan16.62%
Switzerland5.84%
China7.90%
Canada6.47%
South Korea3.58%
Netherlands2.32%
Taiwan2.96%
India2.44%
Italy1.52%
France7.50%
Brazil1.95%
Russia0.96%
Thailand0.63%
Spain2.09%
Turkey0.16%
South Africa1.62%
Peru0.11%
Malaysia0.63%
Poland0.33%
United Arab Emirates0.20%
Mexico0.72%
Czech Republic0.04%
Indonesia0.60%
New Zealand0.16%
Singapore0.92%
Egypt0.03%
Greece0.06%
Hungary0.09%
Qatar0.29%
Pakistan0.01%
Philippines0.29%
Sweden1.83%
Norway0.49%
Portugal0.11%
Australia4.68%
Hong Kong2.64%
Ireland0.37%
Israel0.36%
Austria0.16%
Belgium0.64%
Denmark1.18%
Finland0.70%
Chile0.28%
Colombia0.11%
United Kingdom
Germany
Japan
Switzerland
China
Canada
South Korea
Netherlands
Taiwan
India
Italy
France
Brazil
Russia
Thailand
Spain
Turkey
South Africa
Peru
Malaysia
Poland
United Arab Emirates
Mexico
Czech Republic
Indonesia
New Zealand
Singapore
Egypt
Greece
Hungary
Qatar
Pakistan
Philippines
Sweden
Norway
Portugal
Australia
Hong Kong
Ireland
Israel
Austria
Belgium
Denmark
Finland
Chile
Colombia
Other

TOP 10 HOLDINGS as of 31 Dec 2018

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 3.5
Linde Plc Germany Materials 3.0
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 2.8
Prudential Plc United Kingdom Insurance 2.8
UniCredit S.p.A. Italy Banks 2.7
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.6
ABB Ltd. Switzerland Capital Goods 2.6
BASF SE Germany Materials 2.6
Barclays Plc United Kingdom Banks 2.4
Akzo Nobel NV Netherlands Materials 2.4

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 31 Dec 2018


Heightened geopolitical tensions and concerns of a broader slowdown in global economic growth pressured both developed and emerging 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 Canada. The best performing sectors in the MSCI ACWI ex US Index (“Index”) were utilities, materials, and real estate. The worst performing sectors were health care, energy, and industrials.

Causeway International Opportunities 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 insurance, banks, consumer services, food beverage & tobacco, and transportation industry groups detracted from relative performance. Holdings in the capital goods and media & entertainment industry groups, as well as an overweight position in the materials industry group and an underweight position in the retailing and diversified financials industry groups, offset some of the underperformance. The largest detractor was banking & financial services company, UniCredit S.p.A. (Italy). Additional notable detractors included global life insurer, Manulife Financial (Canada), life insurer, Prudential Plc (United Kingdom), Takeda Pharmaceutical Co., Ltd. (Japan), and cruise ship operator, Carnival Plc (United Kingdom). The top contributor to return was diversified mining company, BHP Group Plc (United Kingdom). Other notable contributors included telecommunication services provider, KDDI Corp. (Japan), real estate developer, Shimao Property Holdings Ltd. (China), bank, Banco do Brasil SA (Brazil), and electric infrastructure company, REC Ltd.(India).

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 factor and our macroeconomic factors are negative for emerging markets. Lastly, our risk aversion factor concludes that investors’ appetite for risk is low, a positive 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
Load More

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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