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International Value Fund

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

NAV (as of 18 Apr 2019)

$15.35, -0.11

YTD

+13.54%

INCEPTION

26 Oct 2001

TICKER/CUSIP

CIVVX/14949P109

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$5,000
Sales ChargeNone
Net Expense Ratio1.13%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
Benchmark MSCI EAFE

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CIVVX 10.2%10.2%-6.9%6.2%0.6%9.5%6.7%
MSCI EAFE 10.1%10.1%-3.2%7.8%2.8%9.5%6.1%
Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
CIVVX 10.2%10.2%-6.9%6.2%0.6%9.5%6.7%
MSCI EAFE 10.1%10.1%-3.2%7.8%2.8%9.5%6.1%

Portfolio

Asset Allocation as of 31 Mar 2019

Stocks 98.1%
Cash 1.9%

Characteristics as of 31 Mar 2019

Causeway MSCI EAFE
No. of Holdings 56 920
Wtd. Avg. Market Cap (Mn $US)$55,568$51,066
FY2 Price/Earnings10.412.7
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 31 Mar 2019

Financials21.91%
Industrials15.53%
Communication Services10.97%
Materials10.41%
Health Care10.10%
Energy9.41%
Consumer Discretionary7.32%
Information Technology5.71%
Consumer Staples4.26%
Utilities2.49%
Real Estate0.00%

(VS. Benchmark)

Financials18.91%
Industrials14.36%
Communication Services5.42%
Materials7.46%
Health Care11.27%
Energy5.85%
Consumer Discretionary10.96%
Information Technology6.33%
Consumer Staples11.84%
Utilities3.73%
Real Estate3.87%
Financials
Industrials
Communication Services
Materials
Health Care
Energy
Consumer Discretionary
Information Technology
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 31 Mar 2019

United Kingdom32.42%
Germany14.19%
Japan13.64%
Switzerland8.61%
Canada6.64%
China5.56%
France4.53%
South Korea4.25%
Netherlands3.51%
Italy3.36%
Spain0.81%
Turkey0.36%
Ireland0.06%
Sweden0.00%
Australia0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Hong Kong0.00%
New Zealand0.00%
Singapore0.00%
Norway0.00%
Portugal0.00%
0.00%

(VS. Benchmark)

United Kingdom17.08%
Germany8.57%
Japan23.96%
Switzerland8.90%
Canada0.00%
China0.00%
France11.26%
South Korea0.00%
Netherlands3.57%
Italy2.36%
Spain2.99%
Turkey0.00%
Ireland0.54%
Sweden2.64%
Australia6.94%
Israel0.54%
Austria0.24%
Belgium1.01%
Denmark1.79%
Finland1.02%
Hong Kong4.12%
New Zealand0.24%
Singapore1.33%
Norway0.72%
Portugal0.16%
0.00%
United Kingdom
Germany
Japan
Switzerland
Canada
China
France
South Korea
Netherlands
Italy
Spain
Turkey
Ireland
Sweden
Australia
Israel
Austria
Belgium
Denmark
Finland
Hong Kong
New Zealand
Singapore
Norway
Portugal
Other

TOP 10 HOLDINGS as of 31 Mar 2019

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.0
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 4.0
Linde Plc Germany Materials 3.4
UniCredit S.p.A. Italy Banks 3.4
British American Tobacco plc United Kingdom Food Beverage & Tobacco 3.3
Prudential Plc United Kingdom Insurance 3.2
BASF SE Germany Materials 3.0
ABB Ltd. Switzerland Capital Goods 2.9
China Mobile Ltd. China Telecommunication Services 2.9
Royal Dutch Shell Plc United Kingdom Energy 2.8

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 Mar 2019


Increasingly dovish commentary from the US Federal Reserve (“Fed”) and the European Central Bank ("ECB"), along with progress on US-China trade negotiations, supported equity markets in March. The top performing markets in our investable universe were New Zealand, Denmark, Belgium, Switzerland, and China. The worst performing markets were Turkey, South Korea, Austria, Norway, and Spain. The best performing sectors in the MSCI EAFE Index (“Index”) were consumer staples, real estate, and information technology. The worst performing sectors were financials, consumer discretionary, and energy.

Causeway International Value Fund (“Fund”) underperformed the Index during the month, due primarily to stock selection. Fund holdings in the capital goods, banks, telecommunication services, materials, and automobiles & components industry groups detracted from relative performance. Holdings in the food beverage & tobacco, software & services, and pharmaceuticals & biotechnology industry groups, as well as an underweight position in the diversified financials and food & staples retailing industry groups, offset some of the underperformance. The largest detractor was automobile manufacturer, Volkswagen AG (Germany). Additional notable detractors included banking & financial services company, Barclays Plc (United Kingdom), banking & financial services company, UniCredit Sp.A. (Italy), telecommunication services provider, KDDI Corp. (Japan), and power & automation technology company, ABB Ltd.(Switzerland). The top contributor to return was British American Tobacco Plc (United Kingdom). Other notable contributors included pharmaceutical & consumer healthcare products producer, Novartis AG (Switzerland), Takeda Pharmaceutical Co., Ltd. (Japan), business software & services provider, SAP SE (Germany), and baked goods food producer, Aryzta AG (Switzerland).

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$0.3394
2017$0.2972
2016$0.2619
2015$0.2382
2014$0.3395
2013$0.1315
2012$0.2502
2011$0.3540
2010$0.1625
2009$0.1672
2008$0.4799
2007$0.4051
2006$0.1856
2005$0.3366
2004$0.2380
2003$0.1618
2002$0.1068
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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