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Insights

Causeway’s deeply ingrained research culture produces an environment in which ideas are vigorously debated, expertise shared, and assumptions challenged. Here, read published capital markets insights from our integrated research effort.

July 2014

What Happened to Hedge Fund Alpha?

In our July 2014 newsletter, we focus on the elusive “alpha” component of investment return, which is not derived from beta (a measure of an asset’s sensitivity to market movements) or common factor risks. Alpha matters because it captures the portion of returns that moves independently of stock market cycles. Causeway’s Global Absolute Return portfolio managers explain how they designed the strategy to eliminate dependency on a variety of market environments, and deliver diversification of returns to our clients.

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April 2014

Global Opportunities in Technology

Technology stocks have presented two related challenges for global value investors: valuation and geographic concentration. Nevertheless, Causeway has found overlooked opportunities in the sector. Our April newsletter sheds some light on investing in information technology stocks.

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March 2014

Broken Mirror

After six cumulative years of lagging returns versus developed market indices, one might ask, why bother with emerging markets? Our March newsletter, attached, provides insight into how we continue to find value in the struggling asset class.

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January 2014

Beyond Boundaries

When Causeway first launched global value equity over 12 years ago, we did not fully anticipate the potential of investing in global versus international developed markets. Although more efficient, on average, than its foreign peers, the US equity market invariably offers opportunities to exploit mispricing. The breadth and depth of the US equity market lends itself well to a developed markets portfolio without geographic limits.

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October 2013

The Banking Evolution

In this period of change for banks following the 2008 global financial crisis, why has Causeway added significantly to both global and international portfolio weights in bank stocks? For our October newsletter, we asked Causeway portfolio managers, Conor Muldoon and Alessandro Valentini, to explain the Causeway rationale for banks in the years ahead.

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August 2013

Emerging Markets: Shoot First, Ask Questions Later?

Portfolio managers Arjun Jayaraman and MacDuff Kuhnert address the challenges facing emerging market equities, and why now might be the right time to buy.

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August 2013

Synergy for Better Performance

For our August 2013 newsletter, we spoke to Causeway’s senior quantitative analyst, Joe Gubler, and fundamental portfolio manager and head of our firm’s financials and materials research cluster, Conor Muldoon, to understand how our fundamental and quantitative research team collaborate to evaluate emerging markets equities.

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May 2013

Income — at the Right Price

Causeway fundamental portfolio manager Kevin Durkin sheds light on energy’s undervaluation in global equity markets, and our quantitative research team examines how high a price investors will pay for peace of mind.

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April 2013

Hope Over Experience in the Japanese Market

Investors are optimistic that aggressive new monetary and fiscal policy will jumpstart the Japanese economy and revitalize the country’s long-suffering equity market. For our April 2013 newsletter, Causeway president and head of fundamental research Harry Hartford shares our research team’s assessment of the Japanese market environment, including the economy’s prospects for improvement and the implications of current equity valuations.

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January 2013

Capturing Growth and Value in Emerging Markets

Over the years, we’ve learned that buying undervalued emerging market stocks lacking any near-term prospect of earnings growth leads to disappointing performance. Without the inducement of a rapid expansion in earnings, why take the risk of investing in volatile countries with unpredictable legal systems? In our January 2013 newsletter, Causeway discusses our approach to emerging markets investing.

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November 2012

Sustainable Investing: Finding the Right Balance

Recently, clients have asked us how we evaluate companies from an environmental, social, and governance (ESG) perspective, and how this affects our decision making. For our November newsletter, we spoke to Causeway fundamental portfolio managers Jamie Doyle and Jonathan Eng about their experiences with ESG criteria.

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July 2012

China: Valuation is the Lure

Despite its deceleration, China (and much of Asia) offers relatively better economic expansion potential than just about any other region. Portfolio managers Arjun Jayaraman, MacDuff Kuhnert, and Kevin Durkin discuss how Causeway implements its view of China in both developed and emerging markets portfolios.

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June 2012

European Credit Crisis Update

Causeway gives our view on restructuring of the Spanish banking system and its implication for Europe.

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May 2012

European Debt Crisis Update

Causeway updates our thoughts and views on the current Eurozone debt crisis.

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March 2012

The Right Balance: Size Exposure in Emerging Markets

Portfolio managers Arjun Jayaraman, MacDuff Kuhnert and senior analyst, Joe Gubler discuss Causeway's approach to investing in emerging markets and their ability to invest in companies across the market capitalization spectrum.

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January 2012

Stocks for 2012: "Safety" vs. Valuation

Causeway portfolio manager, Kevin Durkin, and senior analysts Foster Corwith and Ellen Lee share specifics on the most acute undervaluation in today's equity markets.

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January 2012

Causeway Market and Economic Commentary

A review of 2011 and investment outlook for global equities, from Causeway's fundamental research team.

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