Advisor Login

Forgot Password?

Don't have an account?

An email has been sent to you with further instructions on how to reset your password.Please make sure to check your spam folder just in case.

Please reset your password with the form below.

Get instant access by filling out this form.

Global Value Equity

Strategy Profile

The global value portfolio is constructed from an equity universe composed of companies with market capitalizations greater than $1 billion located throughout the global developed and emerging market countries. The investment process is comprised of three stages: quantitative screening and initial analysis, fundamental research, and portfolio construction.

Inception Date30 Sept 2001
Benchmark MSCI ACWI

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
Gross % -7.0%-0.9%0.7%8.0%5.7%14.3%10.6%
Net % -7.1%-1.3%0.2%7.5%5.2%13.6%10.0%
MSCI ACWI -6.1%-2.1%-0.5%9.2%6.7%11.3%7.4%
MSCI World -6.2%-0.7%0.7%9.1%7.3%11.5%7.3%

Portfolio

Asset Allocation as of 30 Nov 2018

Stocks 97.9%
Cash 2.1%

Characteristics as of 30 Nov 2018

Causeway MSCI ACWI
No. of Holdings 51 2783
Wtd. Avg. Market Cap (Mn $US) $68,596 $125,188
FY2 Price/Earnings 11.2 13.7
Price/Book Value 1.5 2.2
Dividend Yield (%) 3.1 2.6

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 30 Nov 2018

Financials18.92%
Information Technology15.47%
Industrials12.92%
Health Care9.52%
Consumer Discretionary9.40%
Telecommunication Services9.08%
Materials7.75%
Energy6.29%
Utilities4.51%
Consumer Staples4.08%
Real Estate0.00%

(VS. Benchmark)

Financials17.45%
Information Technology19.11%
Industrials10.40%
Health Care12.35%
Consumer Discretionary12.03%
Telecommunication Services3.00%
Materials4.81%
Energy6.29%
Utilities3.13%
Consumer Staples8.33%
Real Estate3.09%
Financials
Information Technology
Industrials
Health Care
Consumer Discretionary
Telecommunication Services
Materials
Energy
Utilities
Consumer Staples
Real Estate
Other

TOP 10 COUNTRIES as of 30 Nov 2018

United States35.06%
United Kingdom19.37%
Japan9.69%
Germany9.58%
China5.97%
Switzerland5.70%
Canada4.19%
Italy3.21%
South Korea2.60%
Netherlands2.19%
Turkey0.39%
United Arab Emirates0.00%
Brazil0.00%
Chile0.00%
Colombia0.00%
Mexico0.00%
Peru0.00%
India0.00%
Indonesia0.00%
Malaysia0.00%
Pakistan0.00%
Philippines0.00%
Taiwan0.00%
Thailand0.00%
Czech Republic0.00%
Egypt0.00%
Greece0.00%
Hungary0.00%
Poland0.00%
Qatar0.00%
Russia0.00%
South Africa0.00%
Norway0.00%
Portugal0.00%
Spain0.00%
Sweden0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
France0.00%
Ireland0.00%
New Zealand0.00%
Singapore0.00%
Australia0.00%
Hong Kong0.00%

(VS. Benchmark)

United States55.72%
United Kingdom5.20%
Japan7.45%
Germany2.67%
China3.49%
Switzerland2.62%
Canada2.96%
Italy0.69%
South Korea1.56%
Netherlands1.04%
Turkey0.08%
United Arab Emirates0.07%
Brazil0.84%
Chile0.12%
Colombia0.05%
Mexico0.29%
Peru0.05%
India1.03%
Indonesia0.25%
Malaysia0.27%
Pakistan0.01%
Philippines0.12%
Taiwan1.27%
Thailand0.27%
Czech Republic0.02%
Egypt0.01%
Greece0.03%
Hungary0.04%
Poland0.14%
Qatar0.12%
Russia0.42%
South Africa0.69%
Norway0.22%
Portugal0.05%
Spain0.92%
Sweden0.80%
Israel0.17%
Austria0.07%
Belgium0.30%
Denmark0.52%
Finland0.30%
France3.29%
Ireland0.15%
New Zealand0.07%
Singapore0.39%
Australia2.05%
Hong Kong1.11%
United States
United Kingdom
Japan
Germany
China
Switzerland
Canada
Italy
South Korea
Netherlands
Turkey
United Arab Emirates
Brazil
Chile
Colombia
Mexico
Peru
India
Indonesia
Malaysia
Pakistan
Philippines
Taiwan
Thailand
Czech Republic
Egypt
Greece
Hungary
Poland
Qatar
Russia
South Africa
Norway
Portugal
Spain
Sweden
Israel
Austria
Belgium
Denmark
Finland
France
Ireland
New Zealand
Singapore
Australia
Hong Kong
Other

TOP 10 HOLDINGS as of 30 Nov 2018

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.0
UniCredit S.p.A. Italy Banks 3.2
Linde Plc Germany Materials 3.2
China Mobile Ltd. China Telecommunication Services 3.0
Sabre Corp. United States Software & Services 3.0
Micro Focus International Plc United Kingdom Software & Services 2.9
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 2.8
Citigroup, Inc. United States Banks 2.8
Oracle Corp. United States Software & Services 2.8
Prudential Plc United Kingdom Insurance 2.7

Holdings are subject to change.

Approach

The global value portfolio is constructed from an equity universe composed of companies with market capitalizations greater than $1 billion located throughout the global developed and emerging market countries. 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 consistent long-term, risk-adjusted returns.

The Causeway Global Value portfolio 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.

Commentary

PERFORMANCE REVIEW for the month ended 30 Nov 2018


Equity markets fluctuated in November as geopolitical events influenced market movements. The top performing markets in our investable universe included Turkey, Indonesia, India, Hungary, and South Africa. The worst performing markets included Ireland, Pakistan, the United Arab Emirates, Norway, and Finland. The best performing sectors in the MSCI ACWI Index* (“Index”) were generally economically-defensive or trade tariff immune sectors, led by health care, real estate, and telecommunication services. The worst performing sectors were energy, information technology, and materials.

The Portfolio underperformed the Index during the month, due primarily to stock selection. Portfolio holdings in the energy, pharmaceuticals & biotechnology, food beverage & tobacco, materials, and insurance industry groups detracted from relative performance. Holdings in the software & services, transportation, telecommunication services, and retailing industry groups, as well as an underweight position in the technology hardware & equipment industry group, offset some of the underperformance. The largest detractor was British American Tobacco plc (United Kingdom). Additional notable detractors included oil & natural gas producer, Encana (Canada), energy exploration & production company, Halliburton Co. (United States), Takeda Pharmaceutical Co., Ltd. (Japan), and banking & financial services company, Barclays Plc (United Kingdom). The top contributor to return was enterprise infrastructure software company, Micro Focus International Plc (United Kingdom). Other notable contributors included Alaska Air Group, Inc. (United States), automobile components retailer,Advance Auto Parts, Inc. (United States), wireless communications operator,SK Telecom Co., Ltd. (South Korea), and telecommunication services provider, Vodafone Group (United Kingdom).**

*Effective October 1, 2018, the Global Value Equity Composite’s benchmark changed from the MSCI World Index to the MSCI ACWI Index. The MSCI ACWI Index is a free float-adjusted market capitalization index, designed to measure the equity market performance of developed and emerging markets, consisting of 23 developed country indices, including the U.S, and 24 emerging market country indices. Prior to October 1, 2018, the benchmark index for the Global Value Equity Composite was the MSCI World Index. This Index is a free float-adjusted market capitalization weighted index, designed to measure developed market equity performance, consisting of 23 developed country indices, including the U.S. The Indices are gross of withholding taxes, assume reinvestment of dividends and capital gains, and assume no management, custody, transaction or other expenses. It is not possible to invest directly in an index.

**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 portfolio holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass.The securities identified and described above 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.  Past performance does not guarantee future results.  For a description of our performance attribution methodology, or to obtain a list showing every holding's contribution to the overall account's performance during the quarter, please contact our product manager, Kevin Moutes, at 310-231-6116 or moutes@causewaycap.com.

Consent to Electronic Delivery

Consent to Electronic Delivery

By clicking Submit, you consent to the electronic delivery, via download from this website, of the Causeway Fund's prospectuses, privacy policies, account applications, IRA Disclosure Statement(s), IRA Custodial Agreement(s) and any other materials that may be required in connection with the information you requested, on the terms set forth below. You also agree to read these documents before investing, and agree to the terms contained in these documents, particularly the prospectus.

Access to Online Documents

To view and print the documents, you will need Adobe Acrobat Reader. If you do not have Acrobat Reader, you can download it for free at www.adobe.com. If you are unable to download, view, or print the documents, contact Causeway Funds at 866-947-7000 for assistance or to request a free paper copy of any of these documents.

Duration of Election and Consent

Your consent applies only to these documents. If you request additional information, you may be required to consent to electronic delivery again. You may withdraw your consent to electronic delivery by contacting Causeway Funds at 866-947-7000.

Costs and Risks

Causeway Funds does not charge you a fee to use our website, but you could incur expenses from an internet service provider when you access information online. Also, be aware that your internet service provider may occasionally experience system failure, and hyperlinks to documents may not function properly.

Submit
close
Ask Causeway

Ask Causeway

Thank You!