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International Small Cap Fund

NAV (as of 24 May 2017)

$11.79, +0.05

YTD

+11.97%

INCEPTION

20 Oct 2014

TICKER/CUSIP

CVISX/14949P802

Fact Sheet Prospectus

Fund Profile

The Fund invests primarily in common stocks of companies with smaller market capitalizations located in developed and emerging markets outside the U.S. The Fund normally invests at least 80% of its total assets in equity securities of companies with smaller market capitalizations. Smaller market capitalization companies are companies with market capitalizations that do not exceed the highest market capitalization of a company within the Fund’s benchmark, the MSCI ACWI ex USA Small Cap Index (Gross), at the time of purchase. Some of these companies, although small by U.S. standards, might be large companies in their local markets. The Fund may continue to hold securities of a portfolio company that appreciate above the smaller market capitalization threshold and thus may from time to time hold less than 80% of its total assets in equity securities of companies with smaller market capitalizations. The Fund may invest in a wide range of industries.

Minimum Investment$5,000
Sales ChargeNone
Net Expense Ratio1.58%
Gross Expense Ratio3.71%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
BenchmarkMSCI AC World ex USA Small Cap

Performance

Fund Quarter to Date Year to Date 1 Year Since Inception
CVISX 2.0%10.4%14.3%8.0%
MSCI AC World ex USA Small Cap 3.0%12.2%12.9%8.0%
Fund Quarter to Date Year to Date 1 Year Since Inception
CVISX 8.4%8.4%12.9%7.5%
MSCI AC World ex USA Small Cap 8.9%8.9%12.7%7.0%

Portfolio

Asset Allocation as of 30 Apr 2017

Stocks 98.7%
Cash 1.3%

Characteristics as of 30 Apr 2017

Causeway MSCI AC World ex USA Small Cap
No. of Holdings 114 4259
Wtd. Avg. Market Cap (Mn $US)$1,116$1,619
FY2 Price/Earnings8.814.3
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 30 Apr 2017

Industrials15.26%
Financials15.00%
Materials14.46%
Consumer Discretionary14.21%
Real Estate11.62%
Information Technology10.82%
Energy5.36%
Consumer Staples5.35%
Health Care3.10%
Utilities2.13%
Equity Funds1.39%
Telecommunication Services0.00%

(VS. Benchmark)

Industrials20.12%
Financials10.29%
Materials10.82%
Consumer Discretionary15.78%
Real Estate10.18%
Information Technology11.97%
Energy3.56%
Consumer Staples6.42%
Health Care7.21%
Utilities2.63%
Equity Funds0.00%
Telecommunication Services1.00%
Industrials
Financials
Materials
Consumer Discretionary
Real Estate
Information Technology
Energy
Consumer Staples
Health Care
Utilities
Equity Funds
Telecommunication Services
Other

TOP 10 COUNTRIES as of 30 Apr 2017

Japan16.99%
United Kingdom9.92%
Canada8.75%
Australia7.46%
Italy7.35%
China6.40%
Norway4.31%
South Korea3.75%
Thailand3.23%
Taiwan3.20%
Netherlands2.81%
Germany2.74%
Mexico2.40%
Belgium2.18%
Indonesia2.12%
Sweden2.00%
Austria1.93%
Singapore1.90%
Turkey1.89%
India1.39%
Spain1.33%
France1.13%
Greece1.08%
Denmark0.58%
Israel0.56%
New Zealand0.55%
Egypt0.50%
Switzerland0.27%
Malaysia0.00%
Philippines0.00%
Hungary0.00%
Poland0.00%
Qatar0.00%
Russia0.00%
South Africa0.00%
Czech Republic0.00%
Finland0.00%
Ireland0.00%
Portugal0.00%
Hong Kong0.00%
United Arab Emirates0.00%
Brazil0.00%
Chile0.00%
Colombia0.00%

(VS. Benchmark)

Japan21.44%
United Kingdom12.93%
Canada6.99%
Australia4.53%
Italy2.99%
China4.81%
Norway1.13%
South Korea3.64%
Thailand0.78%
Taiwan3.92%
Netherlands1.47%
Germany4.58%
Mexico0.63%
Belgium1.39%
Indonesia0.52%
Sweden3.66%
Austria0.59%
Singapore1.18%
Turkey0.25%
India3.05%
Spain1.81%
France3.14%
Greece0.14%
Denmark1.12%
Israel1.07%
New Zealand0.74%
Egypt0.09%
Switzerland3.49%
Malaysia0.72%
Philippines0.24%
Hungary0.03%
Poland0.27%
Qatar0.13%
Russia0.18%
South Africa1.17%
Czech Republic0.03%
Finland1.10%
Ireland0.72%
Portugal0.26%
Hong Kong1.63%
United Arab Emirates0.14%
Brazil1.01%
Chile0.25%
Colombia0.06%
Japan
United Kingdom
Canada
Australia
Italy
China
Norway
South Korea
Thailand
Taiwan
Netherlands
Germany
Mexico
Belgium
Indonesia
Sweden
Austria
Singapore
Turkey
India
Spain
France
Greece
Denmark
Israel
New Zealand
Egypt
Switzerland
Malaysia
Philippines
Hungary
Poland
Qatar
Russia
South Africa
Czech Republic
Finland
Ireland
Portugal
Hong Kong
United Arab Emirates
Brazil
Chile
Colombia
Other

TOP 10 ACTIVE HOLDINGS as of 30 Apr 2017

Security Country Industry Active Weight*
Redrow Plc United Kingdom Consumer Durables & Apparel 2.2
Tosoh Corp. Japan Materials 2.0
DIC Asset AG Germany Real Estate 2.0
BGEO Group Plc United Kingdom Banks 1.9
AGF Management Canada Diversified Financials 1.9
UNIQA Insurance Group AG Austria Insurance 1.9
Soda Sanayii A.S. Turkey Materials 1.9
Yanlord Land Group Ltd. Singapore Real Estate 1.9
ASTM SpA Italy Transportation 1.9
PT Indo Tambangraya Megah Tbk Indonesia Energy 1.8

*Active defined as Fund weight minus MSCI ACWI ex USA Small Cap Index weight. Holdings are subject to change.

Approach

For Causeway International Small Cap Fund, our quantitative process examines a multitude of factors within four main categories to gauge the return potential of a stock. First, we seek relatively inexpensive valuations. Second, we want to see accelerating earnings growth prospects and upward earnings estimate revisions from the sell-side analysts who cover the stock. Third, we look for positive recent momentum, since recent trends tend to persist. And fourth, we want to find quality by seeking stocks with a focus on strong free cash flow generation rather than simply sales growth. We then rank the stocks on these factors to identify candidates that we believe should produce the most attractive risk-adjusted returns. Before we establish new positions, our fundamental portfolio managers and analysts have the opportunity to review stocks in their sector of coverage and report any “red flags” that may be outside the scope of quantitative analysis.

We take many steps to monitor and manage risk within the portfolio. We start by including in our tradable universe only the roughly 2,800 stocks that trade at least $1 million per day on average, to seek sufficient liquidity and to minimize market impact when we enter and exit positions. We intend for the portfolio to also typically contain between 120 and 200 stocks at any one time, and this breadth is intended to limit idiosyncratic risk.

Commentary

PERFORMANCE REVIEW for the month ended 30 Apr 2017


International smaller capitalization equities continued to appreciate during April, boosted by continued optimism in the global economy, with a particularly favorable outlook for European economic recovery. The strongest returns within the MSCI ACWI ex USA Small Cap Index (“Index”) came from the industrials, health care, and financials sectors. Energy was the only sector to deliver negative returns, and the materials and utilities sectors delivered the next weakest sector returns. Lastly, smaller capitalization equities outperformed larger capitalization equities in developed markets, and slightly underperformed in emerging markets.

Causeway International Small Cap Fund (“Fund”) underperformed the Index during the month. To evaluate stocks in our investable universe, our multi-factor quantitative model employs four broad bottom-up factor categories: valuation, earnings growth, technical indicators, and quality. Value continued its run in April, marking the seventh month in a row of positive returns, and is now the best performing factor group in 2017 year-to-date, and over the past 12 months by a large margin. Earnings growth factors were modestly positive in April. Technical factors rebounded with strong positive performance in the month of April after a difficult start to the year; however, technical indicators remains the weakest factor group in the last 12 months. Our quality factors posted slightly negative returns. All factor group returns are positive for the last 12 months and are all positive on an inception- to- date basis as well.

Fund holdings in the industrials, materials, and information technology sectors detracted the most from relative returns. Holdings in the financials, consumer discretionary, and consumer staples sectors offset some of the underperformance. The largest detractor to relative performance was rolled steel manufacturer, Tokyo Steel Manufacturing Co., Ltd. (Japan). Additional top detractors flat product steel producer, Bluescope Steel Limited (Australia), healthcare equipment & services company, Medical Facilities (Canada), technology hardware and equipment manufacturer, Elite Computer Systems Co. Ltd. (Taiwan), and petrochemical manufacturer, Korea Petro Chemical Ind. Co., Ltd. (South Korea). The largest positive contributor to relative performance was residential & general construction company, Redrow plc (United Kingdom). Additional top contributors included bank holding company, BGEO Group PLC (United Kingdom), real estate holding company, Corporacion Financiera Alba, S.A. (Spain), retail apparel company, KappAhl AB (Sweden), and diversified financial company, AGF Management (Canada).

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

2016$0.2619
2015$0.2095
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Short-term Capital Gains

2016$0.0000
2015$0.0000
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Long-term Capital Gains

2016$0.0000
2015$0.0000
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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

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