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International Value Fund

A fundamentally different approach to international value investing

NAV (as of 22 Sep 2017)

$16.69, +0.04

YTD

+20.33%

INCEPTION

26 Oct 2001

TICKER/CUSIP

CIVIX/14949P208

Fact Sheet Prospectus

Fund Profile

The Fund invests primarily in common stocks of companies located in developed countries outside the U.S. Normally, the Fund invests at least 80% of its total assets in stocks of companies located in at least ten foreign countries and invests the majority of its total assets in companies that pay dividends or repurchase their shares. There is no limit on investments in any one country. The Fund may invest up to 10% of its total assets in companies in emerging (less developed) markets.

Minimum Investment$1,000,000
Sales ChargeNone
Net Expense Ratio0.91%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
BenchmarkMSCI EAFE

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CIVIX 2.7%16.2%17.9%1.7%7.9%2.5%7.8%
MSCI EAFE 2.9%17.5%18.2%3.3%9.0%2.1%6.6%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CIVIX 5.0%13.2%20.8%0.5%8.3%1.9%7.7%
MSCI EAFE 6.4%14.2%20.8%1.6%9.2%1.5%6.5%

Portfolio

Asset Allocation as of 31 Aug 2017

Stocks 97.1%
Cash 2.9%

Characteristics as of 31 Aug 2017

Causeway MSCI EAFE
No. of Holdings 55 924
Wtd. Avg. Market Cap (Mn $US)$57,334$50,090
FY2 Price/Earnings12.414.2
Price/Book Value1.51.7

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 Aug 2017

Industrials17.45%
Financials15.82%
Health Care10.14%
Energy9.75%
Consumer Discretionary9.67%
Telecommunication Services9.59%
Materials8.23%
Information Technology7.23%
Consumer Staples4.91%
Utilities3.45%
Real Estate0.83%

(VS. Benchmark)

Industrials14.49%
Financials21.40%
Health Care10.36%
Energy4.81%
Consumer Discretionary11.99%
Telecommunication Services4.22%
Materials7.93%
Information Technology6.09%
Consumer Staples11.55%
Utilities3.49%
Real Estate3.67%
Industrials
Financials
Health Care
Energy
Consumer Discretionary
Telecommunication Services
Materials
Information Technology
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 31 Aug 2017

United Kingdom29.07%
Japan13.23%
Switzerland11.89%
Germany10.24%
France6.50%
Canada6.43%
Hong Kong5.54%
South Korea3.69%
Netherlands3.48%
China2.29%
Italy2.04%
Sweden0.93%
Australia0.83%
Spain0.72%
Ireland0.17%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
New Zealand0.00%
Singapore0.00%
Norway0.00%
Portugal0.00%

(VS. Benchmark)

United Kingdom17.58%
Japan23.29%
Switzerland8.28%
Germany9.44%
France10.58%
Canada0.00%
Hong Kong3.56%
South Korea0.00%
Netherlands3.67%
China0.00%
Italy2.45%
Sweden2.92%
Australia7.11%
Spain3.53%
Ireland0.44%
Israel0.47%
Austria0.26%
Belgium1.19%
Denmark1.89%
Finland1.02%
New Zealand0.17%
Singapore1.31%
Norway0.68%
Portugal0.16%
United Kingdom
Japan
Switzerland
Germany
France
Canada
Hong Kong
South Korea
Netherlands
China
Italy
Sweden
Australia
Spain
Ireland
Israel
Austria
Belgium
Denmark
Finland
New Zealand
Singapore
Norway
Portugal
Other

TOP 10 HOLDINGS as of 31 Aug 2017

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.1
Royal Dutch Shell Plc United Kingdom Energy 3.4
Schneider Electric SE France Capital Goods 3.2
KDDI Corp. Japan Telecommunication Services 2.9
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.9
China Mobile Ltd. Hong Kong Telecommunication Services 2.9
BASF SE Germany Materials 2.7
Barclays Plc United Kingdom Banks 2.6
BP Plc United Kingdom Energy 2.5
Compagnie Financiere Richemont Switzerland Consumer Durables & Apparel 2.5

Holdings are subject to change.

Approach

Causeway International Value Fund is constructed from an equity universe spanning primarily developed international markets. Emerging markets investments may also be included. Eligible companies have market capitalizations generally greater than $1 billion. The investment process is comprised of three stages: quantitative screening and initial analysis, fundamental research, and portfolio construction.

Our international investment philosophy is value-driven with a fundamentally based, bottom-up approach to stock selection. We believe that companies derive their value from the contribution of yield and profitable re-investment of earnings back into the company.

Our philosophy on risk management is simple. We believe risk is best measured by the volatility of a portfolio's returns, not its dispersion from a benchmark. In our view, investors are rewarded over the long term by a reduction in volatility. Our goal is to construct a portfolio that provides consistent long-term, risk-adjusted returns.

Causeway International Value Fund is a fully invested, typically 50-80 stock portfolio, typically with a value bias. Sector and regional weights are by-products of our bottom-up approach to stock selection.

Commentary

PERFORMANCE REVIEW for the month ended 31 Aug 2017


Strengthening economic data in developed markets was offset by an upsurge in geopolitical risk, resulting in largely unchanged equity market performance for the month. The top performing markets in our investable universe included Portugal, China, Denmark, Norway, and Italy. The worst performing markets included Israel, South Korea, New Zealand, Belgium, and Spain. The best performing sectors in the MSCI EAFE Index (“Index”) were utilities, materials, and real estate. The worst performing sectors were financials, telecommunication services, and health care.

Causeway International Value Fund (“Fund”) modestly underperformed the Index during the month, due primarily to currency allocation (a byproduct of our bottom-up stock selection process). Fund holdings in the automobiles & components, technology hardware & equipment, insurance, and energy industry groups, along with an underweight position in the real estate industry group, detracted from relative performance. Holdings in the consumer durables & apparel and consumer services industry groups, as well as an underweight position in the diversified financials, media, and banks industry groups, offset some of the underperformance. The largest detractor was wireless communications operator, SK Telecom Co., Ltd. (South Korea). Additional detractors included banking & financial services company, Barclays Plc (United Kingdom), oil & natural gas producer, Encana (Canada), automobile manufacturer, Volkswagen AG (Germany), and insurance company, Aviva Plc (United Kingdom). The top contributor to return was Japan Airlines Co., Ltd. (Japan). Other notable contributors included mobile telecommunications operator, China Mobile Ltd. (Hong Kong), oil & gas exploration company, CNOOC Ltd. (Hong Kong), luxury goods manufacturer & retailer, Compagnie Financiere Richemont (Switzerland), and banking & financial services company, UniCredit S.p.A. (Italy).

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$0.2901
2015$0.2750
2014$0.3788
2013$0.1645
2012$0.2757
2011$0.3813
2010$0.1939
2009$0.1875
2008$0.5135
2007$0.4536
2006$0.2289
2005$0.3718
2004$0.2647
2003$0.1813
2002$0.1196
2001$0.0000
Load More

Short-term Capital Gains

2016$0.0000
2015$0.0000
2014$0.0000
2013$0.0000
2012$0.0000
2011$0.0000
2010$0.0000
2009$0.0000
2008$0.0000
2007$0.6606
2006$0.0222
2005$0.1962
2004$0.1379
2003$0.0037
2002$0.0000
2001$0.0000
Load More

Long-term Capital Gains

2016$0.0000
2015$0.0000
2014$0.0000
2013$0.0000
2012$0.0000
2011$0.0000
2010$0.0000
2009$0.0000
2008$0.4558
2007$3.3443
2006$0.8650
2005$0.3833
2004$0.3093
2003$0.0550
2002$0.0000
2001$0.0000
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).

Documents

Consent to Electronic Delivery

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Access to Online Documents

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Duration of Election and Consent

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Costs and Risks

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