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International Value Fund

INVESTMENT OVERVIEW

Causeway International Value Fund is constructed from an equity universe spanning developed international markets. Eligible companies generally have market capitalizations greater than $750 million. The investment process is comprised of three stages: 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.

Causeway International Value Fund is a fully invested, 50-80 stock portfolio, typically with a value bias. Sector and regional weights are by-products of our bottom-up approach to stock selection.

FUND FACTS

 
INVESTOR CLASS
INSTITUTIONAL CLASS
Ticker Symbol
CIVVX
CIVIX
CUSIP
14949P109
14949P208
Inception Date
10/26/2001
10/26/2001
Minimum Investment
$5,000
$1,000,000
Sales Charge
None
None
Expense Ratio
1.20%
0.95%
Dividend Frequency
Annual
Annual
Capital Gain Frequency
Annual
Annual
Causeway
International Value Fund

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morningstar gold rated
 
INVESTOR
INSTITUTIONAL
Daily Price
as of 7/21/2014
$16.07 (-0.08)
$16.20 (-0.08)
YTD:
0.00 %
0.19 %

Please click here for standardized and month-end Fund performance

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted.

DAILY PERFORMANCE as of 7/21/2014

Class
Share Price
Change
Year
To Date
Inception
Date
Investor
$16.07
-0.08
0.00 %
10/26/2001
Institutional
$16.20
-0.08
0.19 %
10/26/2001

MONTHLY PERFORMANCE as of 6/30/2014

Class
Year
To Date
1 Year
3 Year
5 Year
10 Year
Since
Inception
Inception
Date
Investor
1.87 %
21.39 %
9.12 %
14.34 %
7.22 %
9.18 %
10/26/2001
Institutional
2.04 %
21.80 %
9.39 %
14.64 %
7.47 %
9.45 %
10/26/2001

QUARTERLY PERFORMANCE as of 6/30/2014

Class
Year
To Date
1 Year
3 Year
5 Year
10 Year
Since
Inception
Inception
Date
Investor
1.87 %
21.39 %
9.12 %
14.34 %
7.22 %
9.18 %
10/26/2001
Institutional
2.04 %
21.80 %
9.39 %
14.64 %
7.47 %
9.45 %
10/26/2001

ASSET ALLOCATION as of 3/31/2014

ALLOCATION
Stocks
95.4%
Cash
4.6%
Total
100.0%

TOP TEN HOLDINGS as of 3/31/2014

Security
Country
Industry
% of Total
AKZO NOBEL
Netherlands
Materials
3.5
NOVARTIS AG
Switzerland
Pharmaceuticals & Biotechnology
3.1
UBS AG
Switzerland
Diversified Financials
3.0
SANOFI
France
Pharmaceuticals & Biotechnology
2.9
SIEMENS AG
Germany
Capital Goods
2.9
REED ELSEVIER NV
Netherlands
Media
2.9
KDDI CORP
Japan
Telecom Services
2.7
BRITISH AMERICAN TOBACCO PLC
United Kingdom
Food Beverage & Tobacco
2.7
BARCLAYS PLC
United Kingdom
Banks
2.3
DAIMLER AG
Germany
Automobiles & Components
2.2

*Holdings are subject to change

CHARACTERISTICS as of 3/31/2014

Fund
MSCI EAFE
FY2 Price/ Earnings
11.6
13.1
Price/ Book Value
1.6
1.7
No. of Holdings
64
906
Wtd Avg Mkt Cap (Mn $US)
58,185.00
54,221.00

SECTOR WEIGHTS as of 3/31/2014

% of Total
MSCI EAFE
Utilities
2.3
3.8
Materials
10.8
8.1
Information Technology
3.0
4.5
Consumer Staples
6.6
10.0
Energy
10.9
6.9
Health Care
9.5
10.4
Consumer Discretionary
10.4
11.8
Telecom Services
6.2
5.0
Industrials
14.6
12.9
Financials
21.2
25.6
Cash
4.6
-

TOP TEN COUNTRIES as of 3/31/2014

% of Total
MSCI EAFE
United Kingdom
22.9
21.1
Switzerland
13.6
9.3
France
13.4
10.4
Japan
12.9
19.7
Germany
8.9
9.5
Netherlands
8.4
2.7
South Korea
4.8
0.0
Hong Kong
3.4
2.8
Singapore
1.5
1.5
Canada
1.5
0.0

PEFORMANCE REVIEW for the quarter ended 3/31/2014

After such significant returns in calendar 2013, demand for international equities waned during the first few weeks of 2014 but recovered in late March. Other than the depreciating Canadian dollar, most major currencies appreciated versus the US dollar. Therefore exchange rates proved to be a modest tailwind for US dollar-based investors’ overseas investments this period. The best performing markets this quarter included Israel, New Zealand, Denmark, Italy, and Ireland. The biggest laggards included Japan, Hong Kong, Austria, South Korea, and Singapore. The best performing sectors in the MSCI EAFE Index were utilities, health care, energy, materials, and consumer staples, and the worst performing sectors were telecom services, consumer discretionary, information technology, financials, and industrials.

Due primarily to adverse currency allocation (a byproduct of our bottom-up stock selection process), the Fund underperformed the MSCI EAFE Index during the quarter. Fund holdings in the banks, energy, pharmaceuticals & biotechnology, telecom services, and consumer durables & apparel industry groups detracted from the relative performance of the Fund versus the Index. This relative underperformance was partially offset by strong industry group contributions from automobiles & components, food beverage & tobacco, diversified financials, and insurance, as well as an underweighting in real estate. The largest single detractor from performance this quarter was energy giant, CNOOC Ltd. (Hong Kong). Other notable top detractors included bank, Barclays Plc (United Kingdom), optical & camera equipment manufacturer, Nikon Corp. (Japan), bank, Sumitomo Mitsui Financial Group, Inc. (Japan), and jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). The largest individual contributor to return was pharmaceutical & consumer healthcare products producer, Novartis AG (Switzerland). Additional top contributors to return included lowvoltage electronics manufacturer, Legrand SA (France), automobile manufacturer, Peugeot SA (France), global investment bank, UBS AG (Switzerland), and British American Tobacco Plc (United Kingdom).

*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.

DIVIDENDS

INVESTOR CLASS (CIVVX)
2013
$0.1315
2012
$0.2502
2011
$0.3540
2010
$0.1624
2009
$0.1672
2008
$0.4799
2007
$0.4051
2006
$0.1856
2005
$0.3366
2004
$0.2380
2003
$0.1618
2002
$0.1068
2001
$0.0000
INSTITUTIONAL CLASS (CIVIX)
2013
$0.1645
2012
$0.2757
2011
$0.3813
2010
$0.1939
2009
$0.1875
2008
$0.5135
2007
$0.4536
2006
$0.2289
2005
$0.3718
2004
$0.2647
2003
$0.1813
2002
$0.1196
2001
$0.0000

CAPITAL GAINS

SHORT-TERM CAPITAL GAINS
2013
$0.0000
2012
$0.0000
2011
$0.0000
2010
$0.0000
2009
$0.0000
2008
$0.0000
2007
$0.6606
2006
$0.0222
2005
$0.1962
2004
$0.1379
2003
$0.0337
2002
$0.0000
2001
$0.0000
LONG-TERM CAPITAL GAINS
2013
$0.0000
2012
$0.0000
2011
$0.0000
2010
$0.0000
2009
$0.0000
2008
$0.4548
2007
$3.3443
2006
$0.8650
2005
$0.3833
2004
$0.3093
2003
$0.0550
2002
$0.0000
2001
$0.0000

© Causeway Capital Management LLC 2011