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.

International Value Select

Strategy Profile

The international value select portfolio is constructed from an equity universe spanning the non US, developed and emerging market countries. The strategy uses our international value equity strategy with two distinctions: the select portfolio has greater liquidity (eligible companies have market capitalizations generally greater than $5 billion) and fewer holdings. We believe that concentrating the holdings can compensate for the loss of small/mid cap exposure. The investment process is comprised of three stages: quantitative screening and initial analysis, fundamental research, and portfolio construction.

Inception Date31 Mar 2005
Benchmark MSCI EAFE

Performance

Fund Quarter to Date Year to Date 1 Year3 Year5 Year10 Year Since Inception
Gross % 10.6%10.6%-4.9%8.0%2.5%11.0%6.1%
Net % 10.5%10.5%-5.2%7.6%2.1%10.6%5.6%
MSCI EAFE 10.1%10.1%-3.2%7.8%2.8%9.5%4.9%

Portfolio

Asset Allocation as of 31 Mar 2019

Stocks 98.9%
Cash 1.1%

Characteristics as of 31 Mar 2019

Causeway MSCI EAFE
No. of Holdings 55 920
Wtd. Avg. Market Cap (Mn $US)$56,691$51,066
FY2 Price/Earnings10.412.7
Price/Book Value1.21.6
Dividend Yield (%)4.03.5

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 31 Mar 2019

Financials22.82%
Industrials14.25%
Communication Services11.17%
Materials10.72%
Health Care10.44%
Energy9.54%
Consumer Discretionary7.38%
Information Technology5.63%
Consumer Staples4.36%
Utilities2.56%
Real Estate0.00%

(VS. Benchmark)

Financials18.91%
Industrials14.36%
Communication Services5.42%
Materials7.46%
Health Care11.27%
Energy5.85%
Consumer Discretionary10.96%
Information Technology6.33%
Consumer Staples11.84%
Utilities3.73%
Real Estate3.87%
Financials
Industrials
Communication Services
Materials
Health Care
Energy
Consumer Discretionary
Information Technology
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 31 Mar 2019

United Kingdom31.65%
Germany14.43%
Japan13.89%
Switzerland8.48%
Canada6.72%
China5.99%
France4.54%
South Korea4.44%
Netherlands3.57%
Italy3.56%
Spain1.02%
Turkey0.35%
Ireland0.22%
Sweden0.00%
Australia0.00%
Israel0.00%
Austria0.00%
Belgium0.00%
Denmark0.00%
Finland0.00%
Hong Kong0.00%
New Zealand0.00%
Singapore0.00%
Norway0.00%
Portugal0.00%
0.00%

(VS. Benchmark)

United Kingdom17.08%
Germany8.57%
Japan23.96%
Switzerland8.90%
Canada0.00%
China0.00%
France11.26%
South Korea0.00%
Netherlands3.57%
Italy2.36%
Spain2.99%
Turkey0.00%
Ireland0.54%
Sweden2.64%
Australia6.94%
Israel0.54%
Austria0.24%
Belgium1.01%
Denmark1.79%
Finland1.02%
Hong Kong4.12%
New Zealand0.24%
Singapore1.33%
Norway0.72%
Portugal0.16%
0.00%
United Kingdom
Germany
Japan
Switzerland
Canada
China
France
South Korea
Netherlands
Italy
Spain
Turkey
Ireland
Sweden
Australia
Israel
Austria
Belgium
Denmark
Finland
Hong Kong
New Zealand
Singapore
Norway
Portugal
Other

TOP 10 HOLDINGS as of 31 Mar 2019

Security Country Industry % of Total
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 4.1
Volkswagen AG Germany Automobiles & Components 4.0
UniCredit S.p.A. Italy Banks 3.6
Linde Plc Germany Materials 3.4
British American Tobacco plc United Kingdom Food Beverage & Tobacco 3.4
Prudential Plc United Kingdom Insurance 3.3
BASF SE Germany Materials 3.1
China Mobile Ltd. China Telecommunication Services 2.9
ABB Ltd. Switzerland Capital Goods 2.9
Royal Dutch Shell Plc United Kingdom Energy 2.8

Holdings are subject to change.

Approach

The international value select portfolio is constructed from an equity universe spanning the non US, developed and emerging market countries. The strategy uses our international value equity strategy with two distinctions: the select portfolio has greater liquidity (eligible companies have market capitalizations generally greater than $5 billion) and fewer holdings. We believe that concentrating the holdings can compensate for the loss of small/mid cap exposure. The investment process is comprised of three stages: quantitative screening and initial analysis, fundamental research, and portfolio construction.

Our 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 International Value Select portfolio is a fully invested, typically 35-60 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 28 Feb 2019


Equity markets continued to ascend in February – likely buoyed by anticipated accommodative monetary policy globally as well as constructive US-China trade negotiations. The top performing markets in our investable universe were Hong Kong, Denmark, Ireland, the Netherlands, and Switzerland. The worst performing markets were Turkey, South Korea, Israel, Singapore, and Japan. The best performing sectors in the MSCI EAFE Index (“Index”) were health care, financials, and information technology. The worst performing sectors were real estate, utilities, and communication services.

The Portfolio outperformed the Index during the month, due primarily to stock selection. Portfolio holdings in the banks, materials, software & services, pharmaceuticals & biotechnology, and energy industry groups contributed to relative performance. Holdings in the telecommunication services, media & entertainment, and technology hardware & equipment industry groups, along with an underweight position in the health care equipment & services and commercial & professional services industry groups, offset some of the outperformance. The top contributor to return was banking & financial services company, UniCredit S.p.A. (Italy). Other notable contributors included enterprise infrastructure software company, Micro Focus International Plc (United Kingdom), pharmaceutical company, AstraZeneca Plc (United Kingdom), life insurer, Prudential Plc (United Kingdom), and paints & coatings producer, Akzo Nobel (Netherlands). The largest detractor was internet services provider, Baidu (China). Additional notable detractors included telecommunication services provider, KDDI Corp. (Japan), bank, Sumitomo Mitsui Financial Group, Inc. (Japan), retail bank, Caixabank SA (Spain), and electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea).*

*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!