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The Fund's investment objective is to seek long-term growth of capital and income. The Fund invests primarily in common stocks of companies in developed and emerging countries outside the United States and of companies in the United States. Normally, the Fund invests the majority of its total assets in companies that pay dividends or repurchase their shares. A company may reduce or eliminate its dividend, causing losses to the fund.
|Net Expense Ratio||1.05%|
|Gross Expense Ratio||5.62%|
|Capital Gain Frequency||Annual|
|NAV Total Return||0.39%|
Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. The Fund’s performance at market price will differ from its results at NAV. The market price used to calculate the Market Price return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading at 4:00 PM ET when NAV is normally determined for most funds. If you trade your shares at another time, your return may differ. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested at NAV or closing market price (as applicable) on the payment date of the distribution, and are net of management fees and other expenses. Performance less than one year is cumulative. Brokerage commissions will reduce returns. Please see www.nextshares.com for the Funds’ current performance. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted. The Causeway Global Value NextShares gross expense ratio is 5.62% and net expense ratio is 1.05%. Contractual fee waivers are in effect until 2/28/19. Investment performance reflects fee waivers in effect. In the absence of such fee waivers, total return would be reduced.
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.
|United Arab Emirates||0.00%|
|United Arab Emirates||0.08%|
|Security||Country||Industry||% of Total|
|Takeda Pharmaceutical Co., Ltd.||Japan||Pharmaceuticals & Biotechnology||3.5|
|British American Tobacco plc||United Kingdom||Food Beverage & Tobacco||3.4|
|Volkswagen AG||Germany||Automobiles & Components||3.4|
|Micro Focus International Plc||United Kingdom||Software & Services||3.1|
|China Mobile Ltd.||China||Telecommunication Services||3.0|
|Halliburton Co.||United States||Energy||2.9|
|Oracle Corp.||United States||Software & Services||2.8|
|Prudential Plc||United Kingdom||Insurance||2.7|
Holdings are subject to change.
Causeway Global Value NextShares Fund is constructed from an equity universe spanning primarily developed markets, including the United States. The Fund may invest up to 40% of its total assets in companies in emerging (less developed) markets, including common stock, preferred and preference stocks, and depositary receipts. 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 global 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 competitive long-term, risk-adjusted returns. There is no guarantee that risk can be managed successfully.
Causeway Global Value Fund is a fully invested, typically 35-55 stock portfolio, typically with a value bias. Sector and regional weights are by-products of our bottom-up approach to stock selection.
SEI Investments Distribution Co. (1 Freedom Valley Drive, Oaks, PA, 19456) is the distributor for the Causeway Funds. Check the background of SIDCO on FINRA's BrokerCheck.
About NextShares: As a new type of actively managed fund that differs from mutual funds and exchange-traded funds, NextShares funds have a limited operating history and may initially be available through a limited number of brokers. There can be no guarantee that an active trading market for shares will develop or be maintained, or their listing will continue or remain unchanged. Trading prices of shares may be above, at or below net asset value per share ("NAV"), and may vary significantly from anticipated levels. Buyers and sellers of shares will not know the value of their purchases and sales until the fund’s NAV is determined at the end of the trading day. Trading prices of shares are linked to the fund’s next-computed NAV and will vary from NAV by a market determined premium or discount, which may be zero. Trading in shares does not offer the opportunity to transact intraday based on current (versus end-of-day) determinations of the share value. Although limit orders can be used to control differences in trade price versus NAV (cost of trade execution), they cannot be used to control or limit execution price.
Shares of NextShares funds are normally bought and sold in the secondary market through a broker, and may not be individually purchased or redeemed from the fund. In the secondary market, buyers and sellers transact with each other, rather than with the fund. NextShares funds issue and redeem shares only in specified creation unit quantities in transactions by or through Authorized Participants. In such transactions, a fund issues and redeems shares in exchange for a basket of securities, other instruments and/or cash that the fund specifies each business day. By transacting in kind, a NextShares fund can lower its trading costs and enhance fund tax efficiency by avoiding forced sales of securities to meet redemptions. Redemptions may be effected partially or entirely in cash. A fund’s basket is not intended to be representative of the fund’s current portfolio positions and likely will diverge, and may diverge significantly, from current positions. Buying and selling shares will require payment of brokerage commissions and expose transacting shareholders to other trading costs. Brokerage commissions will reduce returns. Frequent trading may detract from realized investment returns. The return on a shareholder’s investment will be reduced if the shareholder sells shares at a greater discount or narrower premium to NAV than he or she acquired the shares.
For more information about Causeway International Value NextShares and Causeway Global Value NextShares, please see www.NextShares.com. Causeway Funds are not responsible or liable for the content on www.NextShares.com.
Investing involves risk including loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Diversification does not prevent all investment losses. There is no guarantee that Causeway NextShares will meet their stated objectives.
The MSCI ACWI Index is a free float-adjusted market capitalization weighted index, designed to measure the equity market performance of developed and emerging markets, consisting of 47 country indices. The Index is gross of withholding taxes, assumes reinvestment of dividends and capital gains, and assumes no management, custody, transaction or other expenses. The Fund’s value discipline may prevent or restrict investment in major stocks in the benchmark index. It is not possible to invest directly in an index.
NextShares™ is a trademark of NextShares Solutions LLC. All rights reserved. Used with permission
#This information must be preceded or accompanied by the current prospectus for Causeway International Value NextShares and Causeway Global Value NextShares. Please read the summary or full prospectus carefully before you invest. To obtain additional information including charges, expenses, investment objectives, or risk factors, call 1.866.947.7000, or visit us online at www.causewayfunds.com.
There is no guarantee that the Causeway NextShares Funds will meet their stated objectives. The Funds are available to U.S. investors only.
Causeway Capital Management LLC serves as investment adviser for the Causeway International Value NextShares and Causeway Global Value NextShares. The Funds are distributed by SEI Investments Distribution Co., which is not affiliated with Causeway Capital Management LLC.
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