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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 8/27/2014
$16.26 (+0.03)
$16.39 (+0.03)
YTD:
1.18 %
1.36 %

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 8/27/2014

Class
Share Price
Change
Year
To Date
Inception
Date
Investor
$16.26
+0.03
1.18 %
10/26/2001
Institutional
$16.39
+0.03
1.36 %
10/26/2001

MONTHLY PERFORMANCE as of 7/31/2014

Class
Year
To Date
1 Year
3 Year
5 Year
10 Year
Since
Inception
Inception
Date
Investor
-0.44 %
11.36 %
8.89 %
11.38 %
7.33 %
8.92 %
10/26/2001
Institutional
-0.25 %
11.64 %
9.16 %
11.66 %
7.59 %
9.19 %
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 6/30/2014

ALLOCATION
Stocks
95.9%
Cash
4.1%
Total
100.0%

TOP TEN HOLDINGS as of 6/30/2014

Security
Country
Industry
% of Total
AKZO NOBEL
Netherlands
Materials
3.6
NOVARTIS AG
Switzerland
Pharmaceuticals & Biotechnology
3.1
REED ELSEVIER NV
Netherlands
Media
3.0
SANOFI
France
Pharmaceuticals & Biotechnology
3.0
KDDI CORP
Japan
Telecom Services
3.0
UBS AG
Switzerland
Diversified Financials
2.6
BRITISH AMERICAN TOBACCO PLC
United Kingdom
Food Beverage & Tobacco
2.6
TECHNIP SA
France
Energy
2.6
SK TELECOM CO LTD
South Korea
Telecom Services
2.3
LLOYDS BANKING GROUP PLC
United Kingdom
Banks
2.2

*Holdings are subject to change

CHARACTERISTICS as of 6/30/2014

Fund
MSCI EAFE
FY2 Price/ Earnings
11.7
13.3
Price/ Book Value
1.6
1.7
No. of Holdings
64
899
Wtd Avg Mkt Cap (Mn $US)
58,423.00
56,132.00

SECTOR WEIGHTS as of 6/30/2014

% of Total
MSCI EAFE
Utilities
2.4
3.9
Materials
10.8
8.0
Information Technology
3.4
4.4
Consumer Staples
5.5
11.1
Energy
10.6
7.3
Health Care
9.6
10.5
Consumer Discretionary
10.9
11.9
Telecom Services
8.9
4.9
Industrials
14.1
12.7
Financials
19.7
25.3
Cash
4.1
-

TOP TEN COUNTRIES as of 6/30/2014

% of Total
MSCI EAFE
United Kingdom
20.7
21.4
France
15.1
10.1
Japan
14.0
20.2
Switzerland
12.8
9.0
Germany
8.7
9.3
Netherlands
8.5
2.7
Hong Kong
5.7
2.8
South Korea
5.3
0.0
Singapore
1.6
1.4
Canada
1.0
0.0

PEFORMANCE REVIEW for the quarter ended 6/30/2014

Thanks to abundant liquidity globally, equities appreciated during the second quarter. Top performing markets in the developed world included Norway, Canada, Hong Kong, Spain, and Japan. The biggest laggards (each posted negative returns) included Ireland, Portugal, New Zealand, Sweden, and Austria. The best performing sectors in the MSCI EAFE Index (“Index”) included energy, utilities, consumer staples, health care, and telecommunication services. The worst performing sectors in the Index included information technology, industrials, financials, consumer discretionary, and materials. All major currencies except the euro and the Swiss franc appreciated versus the US dollar this period, which provided an added translation boost to the Index’s return for US dollar-based investors.

Due primarily to less effective stock selection in the industrials and financials sectors, the Fund underperformed the Index for the second quarter. Holdings in the banks, transportation, capital goods, diversified financials, and materials industry groups detracted from relative performance, while holdings in the telecommunication services, media, and food beverage & tobacco industry groups, as well as an overweight position in the energy industry group and an underweight position in the retailing industry group contributed favorably to relative performance. The largest individual detractor from absolute performance was global investment bank, UBS AG (Switzerland). Additional top detractors included paints & coatings producer, Akzo Nobel NV (Netherlands), banking and financial services company, BNP Paribas SA (France), multinational airline holding company, International Consolidated Airlines Group SA (United Kingdom), and airline, Deutsche Lufthansa AG (Germany). The largest individual contributor to performance this quarter was oil & gas exploration company, CNOOC Ltd. (Hong Kong). Additional significant contributors included telecommunications operator, SK Telecom Co., Ltd. (South Korea), tobacco & ginseng products company, KT&G Corp. (South Korea), print & publishing company, Reed Elsevier NV (Netherlands), and oil & gas exploration company, BG Group Plc (United Kingdom).

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.

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