Seeking value primarily in developed markets worldwide

The Fund invests primarily in common stocks of companies in developed countries located 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 otherwise seek to return capital to shareholders, such as by repurchasing their shares.

The Fund may invest up to 20% of its total assets in companies located in emerging (less developed) markets. Under normal circumstances, the Fund will invest at least 40% of its total assets in companies located in a number of developed countries outside the United States. The Fund is not required to allocate its investments in any specific percentages in any particular countries. The Investment Manager determines the country where a company is located, and thus whether a company is located in a developed country, outside the United States or in an emerging market, by referring to: its stock exchange listing; where it is registered, organized or incorporated; where its headquarters are located; its MSCI Country Classification; where it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed; or where at least 50% of its assets are located. These categories are designed to identify investments that are tied economically to, and subject to the risks of, investing internationally or in emerging markets. The Fund considers a country to be an emerging market if the country is included in the MSCI Emerging Markets Index.

Please see the Prospectus and Supplement for more information. Please contact for a Fund Application.

YTD Return*
$ 9.73, +0.04
August 13, 2015
Minimum investment
Total expense ratio
*As of June 10, 2019

Strategy overview

The portfolio managers discuss our Global Value strategy.

Portfolio managers

Chief Executive Officer
Fundamental Portfolio Manager
Head of Fundamental Research
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager


QTD YTD 1 year3 years Since inception
Fund -6.3%3.7%-7.2%4.7%2.1%
MSCI ACWI -3.5%6.3%-1.7%7.8%5.5%
QTD YTD 1 year3 years Since inception
Fund -6.3%3.7%-7.2%4.7%2.1%
MSCI ACWI -3.5%6.3%-1.7%7.8%5.5%
Fund -11.1%17.8%7.7%
MSCI ACWI -8.7%22.4%7.5%
Fund -11.1%17.8%7.7%
MSCI ACWI -8.7%22.4%7.5%

Portfolio (as of May 31, 2019)

Asset Allocation
Stocks 98.9%
Cash 1.1%
Fund Characteristics
Fund Benchmark
Holdings 50 2851
Weighted avg. market cap (US $MM) $70,672 $125,986
FY2 price/earnings 10.1 13.5
Price/book value 1.3 2.2
Net assets $1,937,478.67 -
Security Country Percent
Volkswagen AG Germany 3.8%
Takeda Pharmaceutical Co., Ltd. Japan 3.6%
China Mobile Ltd. China 3.1%
UniCredit S.p.A. Italy 3.1%
Alaska Air Group, Inc. United States 2.9%
Linde Plc United States 2.8%
Sabre Corp. United States 2.7%
ABB Ltd. Switzerland 2.7%
BASF SE Germany 2.7%
Micro Focus International Plc United Kingdom 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.

Holdings are subject to change.

Sector Fund Benchmark
Information Technology 15.7% 15.7%
Financials 15.2% 17.0%
Industrials 15.0% 10.5%
Communication Services 12.2% 8.9%
Health Care 10.8% 11.4%
Materials 9.0% 4.8%
Energy 8.5% 5.9%
Consumer Discretionary 4.4% 10.7%
Utilities 4.1% 3.3%
Consumer Staples 4.1% 8.5%
Real Estate 0.0% 3.3%
Country Strategy Benchmark
United States 34.7% 54.9%
United Kingdom 21.0% 5.2%
Japan 10.8% 7.3%
Germany 6.9% 2.7%
China 5.9% 3.7%
Switzerland 5.7% 2.7%
Canada 3.7% 3.1%
Italy 3.4% 0.7%
South Korea 2.4% 1.6%
Netherlands 2.3% 1.1%
Regional Allocation
  • North America 40.5%
  • Europe – other 36.9%
  • Pacific 11.5%
  • Emerging Asia 9.6%
  • Emerging Europe, Middle East, Africa 0.3%

Commentary (As of April 30, 2019)


  • Increasingly dovish commentary from the US Federal Reserve and the European Central Bank, along with progress on US-China trade negotiations, supported equity markets in the first quarter of 2019.

Portfolio Attribution

Causeway Global Value UCITS Fund ("Fund") underperformed the Index during the quarter, due primarily to industry group allocation (a byproduct of our bottom-up stock selection process). Fund holdings in the telecommunication services, retailing, semiconductors & semi equipment, transportation, and automobiles & components industry groups detracted from relative performance. Holdings in the pharmaceuticals & biotechnology, banks, food beverage & tobacco, and health care equipment & services industry groups, as well as an overweight position in the software & services industry group, offset some of the underperformance. The largest detractor was wireless communications operator, SK Telecom Co., Ltd. (South Korea). Additional notable detractors included telecommunication services provider, KDDI Corp. (Japan), passenger & cargo airline, Alaska Air Group, Inc. (United States), specialty retail jeweler, Signet Group (United States), and digital wireless communications equipment manufacturer, QUALCOMM, Inc. (United States). The top contributor to return was enterprise infrastructure software company, Micro Focus International Plc (United Kingdom). Other notable contributors included Takeda Pharmaceutical Co., Ltd. (Japan), British American Tobacco plc (United Kingdom), global financial services giant, Citigroup, Inc. (United States), and enterprise management software provider, Oracle Corp. (United States).

Investment Outlook

With abundant liquidity underpinning the demand for investable assets, long duration equities responded favorably to the dovish policy indications from the Fed. Investors appear indifferent to valuation, focusing instead on growth and the promise of earnings and cash flow further into the future. Money remains cheap, facilitating more public and private sector financial leverage. As investors are willing to pay sizable valuation multiples for growth, companies that must restructure operationally to expand earnings are having a tough time attracting investor interest. We are most interested in undervalued stocks, often in cyclical industries, with managements committed to streamlining operations. We prefer companies that reward shareholders with generous dividend payments and/or share buybacks. We believe these efforts to boost profitability through cost savings and revenue enhancements should position these companies well in times of leaner global growth. We recognize style investing is cyclical and believe the value characteristics currently embedded in client portfolios should prove effective if growth does not meet lofty market expectations.

Effective October 1, 2018, the Global Value Fund’s benchmark changed from the MSCI World Index (Gross) to the MSCI ACWI Index (Gross). Causeway believes that the MSCI ACWI Index (Gross), which includes emerging as well as developed markets, better represents the types of securities in which the strategy invests. 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 Fund holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Any securities identified and described in this report 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. Diversification does not protect against market loss. Current and future holdings are subject to risk.


Fund information: