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.

International Opportunities Fund

Combining our proven abilities in developed and emerging international markets

NAV (as of 14 Aug 2018)

$13.51, -0.01

YTD

-7.34%

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 2.6%-3.5%5.7%4.7%5.0%6.4%
MSCI ACWI ex US 2.4%-1.1%6.4%6.5%6.1%5.6%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year Since Inception
CIOIX -3.9%-5.9%6.5%3.7%5.6%6.2%
MSCI ACWI ex US -2.4%-3.4%7.8%5.6%6.5%5.4%

Portfolio

Asset Allocation as of 31 Jul 2018

Stocks 98.2%
Cash 1.8%

Characteristics as of 31 Jul 2018

Causeway MSCI ACWI ex US
No. of Holdings 232 2154
Wtd. Avg. Market Cap (Mn $US)$57,361$50,956
FY2 Price/Earnings10.612.7
Price/Book Value1.41.7

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 31 Jul 2018

Financials22.24%
Industrials14.29%
Materials12.39%
Health Care10.25%
Energy9.45%
Information Technology8.80%
Consumer Discretionary7.88%
Consumer Staples5.00%
Telecommunication Services4.22%
Utilities2.89%
Real Estate0.76%

(VS. Benchmark)

Financials22.18%
Industrials11.66%
Materials8.17%
Health Care8.29%
Energy7.46%
Information Technology11.68%
Consumer Discretionary11.01%
Consumer Staples9.62%
Telecommunication Services3.76%
Utilities3.01%
Real Estate3.17%
Financials
Industrials
Materials
Health Care
Energy
Information Technology
Consumer Discretionary
Consumer Staples
Telecommunication Services
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 31 Jul 2018

United Kingdom27.92%
Germany11.26%
Japan10.71%
Switzerland9.24%
China7.19%
Canada6.48%
South Korea4.33%
France2.93%
Netherlands2.81%
Taiwan2.78%
Italy2.42%
India2.08%
Brazil1.38%
Russia1.33%
Spain1.08%
Thailand1.00%
South Africa0.98%
Turkey0.59%
Malaysia0.44%
Peru0.32%
United Arab Emirates0.17%
Poland0.16%
Mexico0.13%
Denmark0.12%
Indonesia0.10%
Czech Republic0.09%
Qatar0.06%
Hungary0.04%
Philippines0.02%
Pakistan0.00%
New Zealand0.00%
Singapore0.00%
Egypt0.00%
Greece0.00%
Finland0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Ireland0.00%
Sweden0.00%
Norway0.00%
Portugal0.00%
Australia0.00%
Hong Kong0.00%
Chile0.00%
Colombia0.00%

(VS. Benchmark)

United Kingdom12.12%
Germany6.64%
Japan16.13%
Switzerland5.55%
China7.76%
Canada6.65%
South Korea3.50%
France7.61%
Netherlands2.50%
Taiwan2.94%
Italy1.67%
India2.24%
Brazil1.59%
Russia0.88%
Spain2.12%
Thailand0.57%
South Africa1.68%
Turkey0.17%
Malaysia0.60%
Peru0.10%
United Arab Emirates0.16%
Poland0.30%
Mexico0.78%
Denmark1.17%
Indonesia0.48%
Czech Republic0.05%
Qatar0.22%
Hungary0.07%
Philippines0.25%
Pakistan0.02%
New Zealand0.14%
Singapore0.86%
Egypt0.03%
Greece0.08%
Finland0.70%
Israel0.36%
Austria0.17%
Belgium0.74%
Ireland0.37%
Sweden1.81%
Norway0.50%
Portugal0.11%
Australia4.75%
Hong Kong2.46%
Chile0.28%
Colombia0.11%
United Kingdom
Germany
Japan
Switzerland
China
Canada
South Korea
France
Netherlands
Taiwan
Italy
India
Brazil
Russia
Spain
Thailand
South Africa
Turkey
Malaysia
Peru
United Arab Emirates
Poland
Mexico
Denmark
Indonesia
Czech Republic
Qatar
Hungary
Philippines
Pakistan
New Zealand
Singapore
Egypt
Greece
Finland
Israel
Austria
Belgium
Ireland
Sweden
Norway
Portugal
Australia
Hong Kong
Chile
Colombia
Other

TOP 10 HOLDINGS as of 31 Jul 2018

Security Country Industry % of Total
Linde AG Germany Materials 3.4
Volkswagen AG Germany Automobiles & Components 3.4
British American Tobacco plc United Kingdom Food Beverage & Tobacco 3.2
BP Plc United Kingdom Energy 2.6
Novartis AG Switzerland Pharmaceuticals & Biotechnology 2.5
UniCredit S.p.A. Italy Banks 2.4
Barclays Plc United Kingdom Banks 2.4
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 2.3
BASF SE Germany Materials 2.3
Akzo Nobel NV Netherlands Materials 2.3

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 July 2018


Despite increasing trade tensions, global equity markets appreciated in July, with a tailwind of positive earnings surprises and benign economic conditions. Emerging markets equities also rebounded in July, after posting negative returns in the second quarter of 2018. The top performing markets in our investable universe included Brazil, Qatar, Poland, Mexico, and Thailand. The worst performing markets included Egypt, China, Colombia, South Korea, and New Zealand. The best performing sectors in the MSCI ACWI ex US Index (“Index”) were telecommunication services, health care, and financials. The worst performing sectors were consumer discretionary, information technology, and real estate.

Causeway International Opportunities Fund (“Fund”) modestly outperformed the Index during the month, due primarily to stock selection. Fund holdings in the pharmaceuticals & biotechnology, materials, automobiles & components, food beverage & tobacco, and transportation industry groups contributed to relative performance. Holdings in the energy, telecommunication services, insurance, banks, and utilities industry groups offset some of the outperformance. The top contributor to return was British American Tobacco Plc (United Kingdom). Other notable contributors included pharmaceutical & consumer healthcare products producer, Novartis AG (Switzerland), automobile manufacturer, Volkswagen AG (Germany), pharmaceutical company, AstraZeneca Plc (United Kingdom), and pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland). The largest detractor was online services company, Tencent Holdings Ltd. (China). Additional notable detractors included apparel manufacturer, Gildan Activewear (Canada), electronic components manufacturer, Yageo Corp. (Taiwan), enterprise infrastructure software company, Micro Focus International Plc (United Kingdom), and major passenger railway operator, East Japan Railway Co. (Japan).

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 neutral for emerging markets in our model. Our quality metrics, which include such measures as profit margins and return on equity, are positive. 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 neutral.

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$0.2145
2016$0.4494
2015$0.1623
2014$0.0000
2013$0.1266
2012$0.2451
2011$0.2756
2010$0.1858
Load More

Short-term Capital Gains

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

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

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!