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International Value Fund

Seeking value primarily in the non, U.S. developed markets

NAV (as of 21 Mar 2019)

$15.37, -0.10

YTD

+12.93%

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 Ratio0.88%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
Benchmark MSCI EAFE

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CIVIX 12.0%12.0%-5.5%8.7%0.8%10.8%7.1%
MSCI EAFE 9.3%9.3%-5.6%9.9%2.5%10.1%6.1%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CIVIX -14.7%-18.6%-18.6%1.3%-1.1%6.9%6.4%
MSCI EAFE -12.5%-13.4%-13.4%3.4%1.0%6.8%5.6%

Portfolio

Asset Allocation as of 28 Feb 2019

Stocks 99.2%
Cash 0.8%

Characteristics as of 28 Feb 2019

Causeway MSCI EAFE
No. of Holdings 55 921
Wtd. Avg. Market Cap (Mn $US)$53,659$49,911
FY2 Price/Earnings10.612.6
Price/Book Value1.31.6

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 28 Feb 2019

Financials23.96%
Industrials15.64%
Materials10.78%
Communication Services10.75%
Health Care10.10%
Consumer Discretionary8.36%
Energy7.89%
Information Technology5.15%
Consumer Staples3.79%
Utilities2.73%
Real Estate0.00%

(VS. Benchmark)

Financials19.55%
Industrials14.42%
Materials7.50%
Communication Services5.43%
Health Care11.16%
Consumer Discretionary11.19%
Energy5.86%
Information Technology6.12%
Consumer Staples11.35%
Utilities3.70%
Real Estate3.73%
Financials
Industrials
Materials
Communication Services
Health Care
Consumer Discretionary
Energy
Information Technology
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 28 Feb 2019

United Kingdom32.93%
Germany14.37%
Japan13.90%
Switzerland9.33%
Canada6.98%
China5.56%
South Korea4.28%
Italy3.65%
Netherlands3.63%
France3.21%
Spain0.90%
Turkey0.41%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Hong Kong0.00%
New Zealand0.00%
Singapore0.00%
Sweden0.00%
Australia0.00%
Norway0.00%
Portugal0.00%
Ireland0.00%

(VS. Benchmark)

United Kingdom17.03%
Germany8.74%
Japan24.08%
Switzerland8.77%
Canada0.00%
China0.00%
South Korea0.00%
Italy2.31%
Netherlands3.50%
France11.21%
Spain3.08%
Turkey0.00%
Israel0.55%
Austria0.25%
Belgium0.98%
Denmark1.75%
Finland1.04%
Hong Kong4.08%
New Zealand0.23%
Singapore1.32%
Sweden2.67%
Australia6.95%
Norway0.73%
Portugal0.16%
Ireland0.55%
United Kingdom
Germany
Japan
Switzerland
Canada
China
South Korea
Italy
Netherlands
France
Spain
Turkey
Israel
Austria
Belgium
Denmark
Finland
Hong Kong
New Zealand
Singapore
Sweden
Australia
Norway
Portugal
Ireland
Other

TOP 10 HOLDINGS as of 28 Feb 2019

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.2
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 3.9
UniCredit S.p.A. Italy Banks 3.7
Linde Plc Germany Materials 3.6
Prudential Plc United Kingdom Insurance 3.5
BASF SE Germany Materials 3.1
ABB Ltd. Switzerland Capital Goods 3.0
Barclays Plc United Kingdom Banks 2.9
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.9
China Mobile Ltd. China Telecommunication Services 2.9

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 28 Feb 2019


Equity markets continued to ascend in February – likely buoyed by anticipated accommodative monetary policy globally as well as constructive US-China trade negotiations. The top performing markets in our investable universe were Hong Kong, Denmark, Ireland, the Netherlands, and Switzerland. The worst performing markets were Turkey, South Korea, Israel, Singapore, and Japan. The best performing sectors in the MSCI EAFE Index (“Index”) were health care, financials, and information technology. The worst performing sectors were real estate, utilities, and communication services.

Causeway International Value Fund (“Fund”) outperformed the Index during the month, due primarily to stock selection. Fund holdings in the banks, materials, software & services, capital goods, and energy industry groups contributed to relative performance. Holdings in the telecommunication services, media & entertainment, and technology hardware & equipment industry groups, along with an underweight position in the health care equipment & services and commercial & professional services industry groups, offset some of the outperformance. The top contributor to return was banking & financial services company, UniCredit S.p.A. (Italy). Other notable contributors included enterprise infrastructure software company, Micro Focus International Plc (United Kingdom), pharmaceutical company, AstraZeneca Plc (United Kingdom), life insurer, Prudential Plc (United Kingdom), and paints & coatings producer, Akzo Nobel (Netherlands). The largest detractor was internet services provider, Baidu (China). Additional notable detractors included telecommunication services provider, KDDI Corp. (Japan), bank, Sumitomo Mitsui Financial Group, Inc. (Japan), electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), and retail bank, Caixabank SA (Spain).

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$0.3750
2017$0.3165
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

2018$0.0000
2017$0.0000
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

2018$0.1083
2017$0.0000
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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Duration of Election and Consent

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