Causeway Capital Management: Compelling Case for Value

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After the extraordinary performance of growth and momentum stocks in 2017, many investors are asking, why bother with value stocks? In a late-stage global bull market exhibiting global synchronized gross domestic product growth, why should value – often associated with early-stage economic recovery – succeed? We argue that now is precisely the time to emphasize value, especially with growth stocks trading at extreme premiums to value stocks and dispersion in market multiples well above long-term averages. History has also indicated that maintaining a value discipline, particularly when valuations are high and interest rates have reached a floor and turned upward, has produced stronger relative returns than a growth orientation over full market cycles. In this Insights piece, we identify a confluence of dynamics favoring value over growth.

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Causeway Funds plc (the "Fund") is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352 of 2011) of Ireland, as amended.

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