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International Value Equity

Strategy Profile

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

Inception Date11 June 2001
Benchmark MSCI EAFE

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
Gross % -8.8%-12.4%-10.5%4.0%1.6%9.9%7.3%
Net % -8.9%-12.7%-10.9%3.6%1.2%9.4%6.9%
MSCI EAFE -8.1%-9.0%-7.5%4.6%2.3%8.0%5.1%

Portfolio

Asset Allocation as of 30 Nov 2018

Stocks 98.9%
Cash 1.1%

Characteristics as of 30 Nov 2018

Causeway MSCI EAFE
No. of Holdings 56 921
Wtd. Avg. Market Cap (Mn $US)$51,671$48,108
FY2 Price/Earnings10.512.4
Price/Book Value1.31.5
Dividend Yield (%)3.83.5

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

Financials21.48%
Industrials15.37%
Materials11.85%
Health Care10.40%
Telecommunication Services9.84%
Consumer Discretionary9.46%
Information Technology7.04%
Energy6.66%
Consumer Staples3.87%
Utilities2.94%
Real Estate0.00%

(VS. Benchmark)

Financials19.74%
Industrials14.35%
Materials7.32%
Health Care11.68%
Telecommunication Services3.99%
Consumer Discretionary11.96%
Information Technology6.61%
Energy5.79%
Consumer Staples11.47%
Utilities3.51%
Real Estate3.58%
Financials
Industrials
Materials
Health Care
Telecommunication Services
Consumer Discretionary
Information Technology
Energy
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 30 Nov 2018

United Kingdom32.61%
Germany14.34%
Japan13.23%
Switzerland10.71%
Canada6.99%
China5.93%
South Korea4.50%
Italy3.22%
Netherlands3.18%
France2.61%
Spain1.05%
Turkey0.40%
Denmark0.14%
Finland0.00%
Hong Kong0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Sweden0.00%
New Zealand0.00%
Singapore0.00%
Australia0.00%
Ireland0.00%
Norway0.00%
Portugal0.00%

(VS. Benchmark)

United Kingdom17.30%
Germany8.88%
Japan24.76%
Switzerland8.72%
Canada0.00%
China0.00%
South Korea0.00%
Italy2.29%
Netherlands3.47%
France10.94%
Spain3.06%
Turkey0.00%
Denmark1.72%
Finland1.00%
Hong Kong3.68%
Israel0.56%
Austria0.24%
Belgium0.99%
Sweden2.66%
New Zealand0.22%
Singapore1.31%
Australia6.83%
Ireland0.49%
Norway0.74%
Portugal0.15%
United Kingdom
Germany
Japan
Switzerland
Canada
China
South Korea
Italy
Netherlands
France
Spain
Turkey
Denmark
Finland
Hong Kong
Israel
Austria
Belgium
Sweden
New Zealand
Singapore
Australia
Ireland
Norway
Portugal
Other

TOP 10 HOLDINGS as of 30 Nov 2018

Security Country Industry % of Total
Volkswagen AG Germany Automobiles & Components 4.4
Linde Plc Germany Materials 3.8
UniCredit S.p.A. Italy Banks 3.2
Prudential Plc United Kingdom Insurance 3.1
China Mobile Ltd. China Telecommunication Services 3.1
ABB Ltd. Switzerland Capital Goods 3.0
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 2.9
BASF SE Germany Materials 2.8
Barclays Plc United Kingdom Banks 2.8
British American Tobacco plc United Kingdom Food Beverage & Tobacco 2.8

Holdings are subject to change.

Approach

The international value portfolio is constructed from an equity universe composed of companies with market capitalizations greater than $1 billion located throughout the non-U.S. developed and emerging market countries. 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 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 International Value portfolio 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 30 Nov 2018


Equity markets fluctuated in November as geopolitical events influenced market movements. The top performing markets in our investable universe included Turkey, Hong Kong, China, Israel, and New Zealand. The worst performing markets included Ireland, Norway, Finland, Austria, and Portugal. The best performing sectors in the MSCI EAFE Index (“Index”) were generally economically-defensive or trade tariff immune sectors, led by telecommunication services, utilities, and real estate. The worst performing sectors were energy, materials, and consumer discretionary.

The Portfolio underperformed the Index during the month, due primarily to stock selection. Portfolio holdings in the food beverage & tobacco, energy, banks, utilities, and pharmaceuticals & biotechnology industry groups detracted from relative performance. Holdings in the software & services and consumer durables & apparel industry groups, as well as an overweight position in the telecommunication services and transportation industry groups and an underweight position in the diversified financials industry group, offset some of the underperformance. The largest detractor was oil & natural gas producer, Encana (Canada). Additional notable detractors included British American Tobacco plc (United Kingdom), Takeda Pharmaceutical Co., Ltd. (Japan), luxury goods manufacturer & retailer, Compagnie Financiere Richemont (Switzerland), and crude oil & natural gas company, BP Plc (United Kingdom). The top contributor to return was enterprise infrastructure software company, Micro Focus International Plc (United Kingdom). Other notable contributors included telecommunication services provider, Vodafone Group (United Kingdom), wireless communications operator, SK Telecom Co., Ltd. (South Korea), mobile telecommunications operator, China Mobile Ltd.(China), and global life insurer, Manulife Financial (Canada).*

*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.

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