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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 3/26/2015
$15.42 (-0.08)
$15.53 (-0.08)
YTD:
5.51 %
5.54 %

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 3/26/2015

Class
Share Price
Change
Year
To Date
Inception
Date
Investor
$15.42
-0.08
5.51 %
10/26/2001
Institutional
$15.53
-0.08
5.54 %
10/26/2001

MONTHLY PERFORMANCE as of 2/28/2015

Class
Year
To Date
1 Year
3 Year
5 Year
10 Year
Since
Inception
Inception
Date
Investor
5.45 %
-2.92 %
10.22 %
9.45 %
5.14 %
8.44 %
10/26/2001
Institutional
5.48 %
-2.65 %
10.50 %
9.70 %
5.39 %
8.70 %
10/26/2001

QUARTERLY PERFORMANCE as of 12/31/2014

Class
Year
To Date
1 Year
3 Year
5 Year
10 Year
Since
Inception
Inception
Date
Investor
-6.50 %
-6.50 %
12.90 %
7.53 %
4.85 %
8.11 %
10/26/2001
Institutional
-6.22 %
-6.22 %
13.18 %
7.80 %
5.10 %
8.38 %
10/26/2001

ASSET ALLOCATION as of 12/31/2014

ALLOCATION
Stocks
98.8%
Cash
1.2%
Total
100.0%

TOP TEN HOLDINGS as of 12/31/2014

Security
Country
Industry
% of Total
AKZO NOBEL NV
Netherlands
Materials
3.7
REED ELSEVIER NV
Netherlands
Media
3.4
NOVARTIS AG
Switzerland
Pharmaceuticals & Biotechnology
3.2
KDDI CORP
Japan
Telecom Services
3.1
BRITISH AMERICAN TOBACCO PLC
United Kingdom
Food Beverage & Tobacco
2.9
SANOFI
France
Pharmaceuticals & Biotechnology
2.6
SK TELECOM CO LTD
South Korea
Telecom Services
2.5
UBS GROUP AG
Switzerland
Diversified Financials
2.5
CHINA MOBILE LTD.
Hong Kong
Telecommunication Services
2.5
BARCLAYS PLC
United Kingdom
Banks
2.3

*Holdings are subject to change

CHARACTERISTICS as of 12/31/2014

Fund
MSCI EAFE
FY2 Price/ Earnings
12.3
14.0
Price/ Book Value
1.7
1.6
Dividend Yield
3.0
3.2
No. of Holdings
61
910
Wtd Avg Mkt Cap (Mn $US)
54,851.00
50,319.00

SECTOR WEIGHTS as of 12/31/2014

% of Total
MSCI EAFE
Financials
19.4
25.9
Industrials
13.7
12.6
Consumer Discretionary
13.1
12.4
Materials
12.5
7.6
Health Care
11.1
11.0
Telecom Services
9.7
5.0
Energy
9.0
5.7
Consumer Staples
5.4
11.1
Information Technology
3.3
4.8
Utilities
1.6
3.9
Cash
1.2
-

TOP TEN COUNTRIES as of 12/31/2014

% of Total
MSCI EAFE
United Kingdom
24.8
21.1
Japan
15.3
21.2
France
14.9
9.7
Switzerland
13.4
9.3
Netherlands
8.7
2.8
Germany
6.5
9.2
South Korea
5.9
0.0
Hong Kong
4.9
3.1
Belgium
1.1
1.3
Singapore
1.0
1.6

PERFORMANCE REVIEW for the quarter ended 12/31/2014

Oil prices and economic weakness weighed heavily on equity performance during the quarter. Reflecting oversupply and concerns about demand, crude oil prices fell to their lowest level in over five years, and global equities echoed this downward trend. The weakest performing developed markets included Norway, Portugal, Italy, Spain, and Canada. The top performing markets in the MSCI EAFE Index (Index) included Hong Kong, New Zealand, Ireland, Israel, and Belgium. The worst performing sectors during the final quarter of calendar year 2014 were energy, health care, materials, utilities, and industrials while the best performing sectors in the Index were consumer discretionary, telecommunication services, information technology, consumer staples, and financials. Every major currency except the Hong Kong dollar depreciated versus the US dollar during the period, thus diminishing returns on overseas assets for US dollar-based investors.

The Fund underperformed the Index for the quarter, due primarily to adverse stock selection. Fund holdings in the food beverage & tobacco, pharmaceuticals & biotechnology, consumer durables & apparel, and capital goods industry groups, along with an overweight position in the energy industry group, detracted from relative performance. In contrast, holdings in the transportation, materials, and consumer services industry groups, as well as an overweight position in the telecommunication services and media industry groups, were positive relative contributors during the quarter. The largest individual detractor from performance was energy services firm, Technip SA (France). Additional top detractors included pharmaceutical giant, Sanofi (France), oil & gas exploration company, BG Group Plc (United Kingdom), integrated oil & gas company, Total SA (France), and tobacco & ginseng products company, KT&G Corp. (South Korea). The top individual contributor to return was multinational airline holding company, International Consolidated Airlines Group SA (United Kingdom). Additional top contributors to absolute return included cruise ship operator, Carnival Plc (United Kingdom), print & publishing company, Reed Elsevier NV (Netherlands), telecommunication services provider, KDDI Corp. (Japan), and flavors & fragrances ingredients manufacturer, Givaudan SA (Switzerland).

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