In recent months, political turmoil across Europe has contributed to the underperformance of the region’s bank stocks. We see a compelling opportunity to invest in banks with abundant capital, disciplined underwriting, and rising dividend payout ratios at valuations that are near crisis levels.
Causeway Funds invites you to view our 3Q18 series of quarterly webcasts. During these webcasts, we review performance of our funds and share our investment outlook.
This paper is the first in a series, highlighting how new areas of convergence have empowered our portfolio managers to address the challenges of value investing in today’s markets.
We approach the question of where there is alpha in ESG by constructing new governance and ESG scores, drawing on economic concepts from the academic literature.
Causeway Funds invites you to view our 2Q18 series of quarterly webcasts. During these webcasts, we review performance of our funds and share our investment outlook.
We identify a confluence of dynamics in favor of value investing in 2018.
With the inclusion of China A share stocks in select MSCI indices, the emerging markets opportunity set continues to evolve. We assess opportunities and risks to consider when evaluating this growing market.
Causeway Funds invites you to view our 1Q18 series of quarterly webcasts. During these webcasts, we review performance of our funds and share our investment outlook.
Causeway Funds invites you to view our 4Q17 series of quarterly webcasts. During these webcasts, we review performance of our funds and share our investment outlook.
Our team assesses what upside potential and risks remain for global bank stocks.
We explore investment opportunities in Chinese healthcare from fundamental and quantitative angles.
Our ESG Insights series explores the complexities and opportunities of Environmental, Social, and Governance investing.
Causeway's hedge fund research is published in the Journal of Alternative Investments.
Perhaps nowhere is the burden of investor skepticism more evident today than in the global energy sector. We share our fundamental approach to valuing stocks in the sector.
Causeway's May 2017 International Small Cap webinar is available for replay. Hear members of Causeway's investment research team discuss the investment opportunity today in international small cap equities.
Our research team shares their analysis of the upcoming French election, the ongoing Brexit negotiations, and potential market impacts.
We share insights on the value investing cycle from our March 2017 client conference.
Video highlights of our 2017 client conference feature the benefits of integrating fundamental and quantitative research for equity portfolios.
We demonstrate that small caps have the potential to reduce, not increase, portfolio volatility, and make strong arguments for an actively managed approach.
Causeway fundamental and quantitative research colleagues compare thoughts on the opportunity in India.
Causeway's research team provides portfolio analysis of the US November election results.
Our research team describes the "self-help" theme embedded in client global and international value portfolios.
We examine the wide performance dispersion between US and international value equities.
Our research team shares their analysis of the "Brexit" outcome.
Our quantitative analyses argue in favor of mean reversion for value.
After a period of substantial underperformance, value stocks may be poised to outperform global markets.
We evaluate the downside risk of a UK withdrawal from the European Union, including implications for the UK financial sector.
Causeway shares our outlook for the energy sector.
Passive strategies have garnered an increasing share of institutional mandates within international equities. Read our December newsletter to learn why we believe the merits of investing actively persist in today’s environment.
How is your investment manager “spending” your portfolio’s risk budget?
This report from Causeway's energy & utilities research cluster details drivers of global oil supply and demand, and outlines our team's forecast assumptions for the sector.
How has the deceleration in Chinese real gross domestic product growth and the government’s boosting of stock markets shaped how we have positioned client portfolios? We present our research view of China in 2015.
We review the changing situation in Europe and highlight some of the opportunities in European banks presented by the Greek debt crisis.
What are the implications of adding new markets to the widely followed MSCI Emerging Markets benchmark? We examine the effects of "graduating" markets on the emerging markets investable universe.
How has Causeway positioned its emerging markets portfolios to weather an inevitable change in the US monetary regime?
What if a lot of what we think we know about hedge funds isn't true? Causeway's investment team offers unique viewpoints about hedge fund misconceptions.
The European Central Bank announced its monetary stimulus package on January 22, 2015. In this piece sent to our clients, Causeway examines the impact of additional liquidity on the Eurozone economy, currency, and equity markets.
We urge our clients to free themselves from regional constraints and invest globally. By definition, an expanded opportunity set of investments brings more buy candidates—and a greater opportunity to capture upside potential.
We focus on the elusive “alpha” component of investment return, which is not derived from beta (a measure of an asset’s sensitivity to market movements) or common factor risks.
We combine quantitative research with fundamental industry knowledge to access lucrative opportunities in small cap stocks.
Technology stocks have presented two related challenges for global value investors: valuation and geographic concentration. Nevertheless, Causeway has found overlooked opportunities in the sector.
After six cumulative years of lagging returns, why bother with emerging markets? We find opportunities in the struggling asset class.
Although more efficient, on average, than its foreign peers, the US equity market invariably offers opportunities to exploit mispricing. The breadth and depth of the US equity market lends itself well to a developed markets portfolio without geographic limits.
The future of global economic growth may lie with developing economies, but the emerging markets equity landscape is a minefield that requires careful navigation.
In this period of change for banks following the 2008 global financial crisis, why has Causeway added significantly to both global and international portfolio weights in bank stocks? We explain the Causeway rationale for banks in the years ahead.
Portfolio managers Arjun Jayaraman and MacDuff Kuhnert address the challenges facing emerging market equities, and why now might be the right time to buy.
We demonstrate how the fundamental and quantitative members of our research team collaborate to evaluate emerging markets equities.
Causeway sheds light on energy’s undervaluation in global equity markets and how high a price investors will pay for peace of mind.
We share our assessment of the Japanese market environment, including the economy’s prospects for improvement and the implications of current equity valuations.
Undervalued emerging market stocks lacking any near-term prospect of earnings growth will disappoint. We discuss our approach to emerging markets investing.
We discuss how an environmental, social, and governance (ESG) perspective affects our decision making.
Portfolio managers Arjun Jayaraman, MacDuff Kuhnert, and Kevin Durkin discuss how Causeway implements its view of China in both developed and emerging markets portfolios.
Causeway gives our view on restructuring of the Spanish banking system and its implication for Europe.
Causeway's approach to investing in emerging markets companies across the market capitalization spectrum.
Causeway shares specifics on the most acute undervaluation in today's equity markets.
Central banks globally have realized they must do everything in their power to avert the cataclysm of a eurozone break up.
As investors discard Europe, we face the sovereign debt crisis head-on.
Our financials research cluster performs a health check on the global financial system and evaluates the potential for contagion in Europe.
Equity performance liberated from market cycles--this is the goal of Causeway’s Global Absolute Return Fund, an innovative long/short mutual fund that combines Causeway’s fundamental and quantitative research capabilities.
We estimate the economic damage to the region and determine the implications for the global manufacturing supply chain, following the record-breaking March 2011 Japanese earthquake, tsunami, and nuclear crisis.
We debut a groundbreaking study of the geographical economic exposure of today’s developed markets equity portfolios, and make the case for borderless investing.
What is the optimal amount of emerging markets equity in a global portfolio? We set forth a methodology for dynamic tactical allocation to emerging markets.
It is time to abolish the division of labor between US and international equity mandates by using global managers.
A proliferation of free trade has contributed significantly to prosperity and rapid growth in developing regions of the world.
The end of the massive credit and housing bubble implies more subdued private sector revenue and profit growth over the next few years. We focus on valuation of stocks in cyclical sectors.
Specialists in deepwater and harsh environment engineering are the most attractive stocks in the energy sector at present.
We want our clients’ portfolios geared into the future recovery, the stage beyond the current economic malaise.