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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 11/26/2014
$15.68 (+0.04)
$15.82 (+0.04)
YTD:
-2.43 %
-2.16 %

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 11/26/2014

Class
Share Price
Change
Year
To Date
Inception
Date
Investor
$15.68
+0.04
-2.43 %
10/26/2001
Institutional
$15.82
+0.04
-2.16 %
10/26/2001

MONTHLY PERFORMANCE as of 10/31/2014

Class
Year
To Date
1 Year
3 Year
5 Year
10 Year
Since
Inception
Inception
Date
Investor
-3.73 %
-0.63 %
12.24 %
9.41 %
6.29 %
8.46 %
10/26/2001
Institutional
-3.53 %
-0.41 %
12.53 %
9.68 %
6.53 %
8.72 %
10/26/2001

QUARTERLY PERFORMANCE as of 9/30/2014

Class
Year
To Date
1 Year
3 Year
5 Year
10 Year
Since
Inception
Inception
Date
Investor
-1.62 %
4.69 %
17.24 %
8.99 %
6.83 %
8.70 %
10/26/2001
Institutional
-1.36 %
5.00 %
17.52 %
9.27 %
7.08 %
8.97 %
10/26/2001

ASSET ALLOCATION as of 9/30/2014

ALLOCATION
Stocks
95.1%
Cash
4.9%
Total
100.0%

TOP TEN HOLDINGS as of 9/30/2014

Security
Country
Industry
% of Total
AKZO NOBEL
Netherlands
Materials
3.4
REED ELSEVIER NV
Netherlands
Media
3.2
SANOFI
France
Pharmaceuticals & Biotechnology
3.2
NOVARTIS AG
Switzerland
Pharmaceuticals & Biotechnology
3.1
KDDI CORP
Japan
Telecom Services
3.1
BRITISH AMERICAN TOBACCO PLC
United Kingdom
Food Beverage & Tobacco
2.7
SK TELECOM CO LTD
South Korea
Telecom Services
2.6
TECHNIP SA
France
Energy
2.6
UBS AG
Switzerland
Diversified Financials
2.5
CHINA MOBILE LTD.
Hong Kong
Telecommunication Services
2.4

*Holdings are subject to change

CHARACTERISTICS as of 9/30/2014

Fund
MSCI EAFE
FY2 Price/ Earnings
12.1
13.4
Price/ Book Value
1.7
1.7
Dividend Yield
2.9
3.3
No. of Holdings
61
901
Wtd Avg Mkt Cap (Mn $US)
58,227.00
53,559.00

SECTOR WEIGHTS as of 9/30/2014

% of Total
MSCI EAFE
Financials
19.5
25.7
Industrials
13.7
12.5
Consumer Discretionary
11.5
11.6
Materials
11.3
7.7
Health Care
10.1
11.2
Telecom Services
9.5
4.9
Energy
9.1
6.9
Consumer Staples
5.5
10.9
Information Technology
3.2
4.7
Utilities
1.6
3.9
Cash
4.9
-

TOP TEN COUNTRIES as of 9/30/2014

% of Total
MSCI EAFE
United Kingdom
20.7
21.3
France
15.9
9.9
Japan
14.2
21.0
Switzerland
13.0
9.2
Netherlands
8.2
2.7
Germany
7.6
8.8
South Korea
5.9
0.0
Hong Kong
4.7
2.9
Singapore
1.4
1.5
Belgium
1.0
1.3

PERFORMANCE REVIEW for the quarter ended 9/30/2014

After a liquidity-fueled ascent in the first half of 2014, international equities reached a plateau during the third quarter. The MSCI EAFE Index (“Index”) posted a small positive return in local terms, but US dollar strength versus international currencies pushed dollar-denominated returns into negative territory. The top performing countries during the quarter were Israel, Singapore, Japan, Hong Kong, and Finland. Several markets declined steeply over the period including Portugal, Austria, Germany, New Zealand, and Italy. The best performing sectors in the Index were health care, information technology, financials, telecommunication services, and utilities. The worst performing sectors were energy, materials, consumer discretionary, industrials, and consumer staples.

The Fund outperformed the Index for the third quarter due to positive stock selection across regions and industry groups. Holdings in the telecommunication services, banks, pharmaceuticals & biotechnology, consumer services, and utilities industry groups contributed to relative performance, while holdings in the capital goods and automobiles & components industry groups, along with an overweight position in the energy industry group and underweight position in the health care equipment & services and technology hardware & equipment industry groups detracted from relative performance. The largest individual contributor to positive performance this quarter was mobile telecommunications operator, China Mobile Ltd. (Hong Kong). Additional top contributors included wireless communications operator, SK Telecom Co., Ltd. (South Korea), electric utility, Korea Electric Power Corp. (South Korea), pharmaceutical giant, Sanofi (France), and PVC pipe & silicon chip producer, Shin-Etsu Chemical Co., Ltd. (Japan). The top individual detractor from performance was energy services firm, Technip SA (France). Other top detractors included luxury automobile & truck manufacturer, Daimler AG (Germany), paints & coatings producer, Akzo Nobel NV (Netherlands), energy management firm, Schneider Electric SE (France), and lowvoltage electronics manufacturer, Legrand SA (France).

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