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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 4/22/2014
$16.16 (+0.13)
$16.28 (+0.13)
YTD:
0.56 %
0.68 %

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 4/22/2014

Class
Share Price
Change
Year
To Date
Inception
Date
Investor
$16.16
+0.13
0.56 %
10/26/2001
Institutional
$16.28
+0.13
0.68 %
10/26/2001

MONTHLY PERFORMANCE as of 3/31/2014

Class
Year
To Date
1 Year
3 Year
5 Year
10 Year
Since
Inception
Inception
Date
Investor
0.00 %
22.31 %
9.05 %
19.19 %
7.24 %
9.21 %
10/26/2001
Institutional
0.06 %
22.57 %
9.30 %
19.50 %
7.48 %
9.47 %
10/26/2001

QUARTERLY PERFORMANCE as of 3/31/2014

Class
Year
To Date
1 Year
3 Year
5 Year
10 Year
Since
Inception
Inception
Date
Investor
0.00 %
22.31 %
9.05 %
19.19 %
7.24 %
9.21 %
10/26/2001
Institutional
0.06 %
22.57 %
9.30 %
19.50 %
7.48 %
9.47 %
10/26/2001

ASSET ALLOCATION as of 12/31/2013

ALLOCATION
Stocks
96.2%
Cash
3.8%
Total
100.0%

TOP TEN HOLDINGS as of 12/31/2013

Security
Country
Industry
% of Total
AKZO NOBEL
Netherlands
Materials
3.5
REED ELSEVIER NV
Netherlands
Media
3.3
SIEMENS AG
Germany
Capital Goods
3.0
NOVARTIS AG
Switzerland
Pharmaceuticals & Biotechnology
2.9
SANOFI
France
Pharmaceuticals & Biotechnology
2.9
KDDI CORP
Japan
Telecom Services
2.8
BRITISH AMERICAN TOBACCO PLC
United Kingdom
Food Beverage & Tobacco
2.5
UBS AG
Switzerland
Diversified Financials
2.4
VODAFONE GROUP PLC
United Kingdom
Telecom Services
2.4
IMPERIAL OIL LTD
Canada
Energy
2.4

*Holdings are subject to change

CHARACTERISTICS as of 12/31/2013

Fund
MSCI EAFE
FY2 Price/ Earnings
12.7
13.8
Price/ Book Value
1.8
1.7
Dividend Yield
2.8
3.0
No. of Holdings
64
904
Wtd Avg Mkt Cap (Mn $US)
63,899.00
56,154.00

SECTOR WEIGHTS as of 12/31/2013

% of Total
MSCI EAFE
Utilities
1.7
3.5
Materials
10.7
8.0
Information Technology
2.7
4.5
Consumer Staples
6.3
10.9
Energy
13.2
6.8
Health Care
9.2
10.0
Consumer Discretionary
10.0
11.9
Telecom Services
6.2
5.7
Industrials
15.4
12.9
Financials
20.7
25.6
Cash
3.8
-

TOP TEN COUNTRIES as of 12/31/2013

% of Total
MSCI EAFE
United Kingdom
26.2
21.9
France
12.6
10.0
Switzerland
11.3
8.9
Japan
11.2
20.9
Germany
9.1
9.5
Netherlands
8.6
2.7
Hong Kong
3.7
2.8
South Korea
3.6
0.0
Canada
2.4
0.0
Spain
2.2
3.4

PEFORMANCE REVIEW for the quarter ended 12/31/2013

Fueled by continued accommodative support from monetary policymakers in the United States, Europe, and Japan, global developed equities rallied during the final quarter of the year. From a regional perspective, the best performing equity markets in the MSCI EAFE Index were all eurozone markets, including Germany, Finland, Spain, Ireland, and Italy. Each gained over 10% in the quarter (measured in US dollars). The biggest laggards included New Zealand and Australia (the only markets to post negative returns), followed by Singapore, Portugal, and Japan. Every sector in the Index posted positive returns this quarter. The top performers were telecommunication services, information technology, health care, energy, and financials; the biggest laggards were utilities, materials, consumer staples, industrials, and consumer discretionary. European currencies and the Korean won appreciated versus the US dollar over the period. However, these gains were more than offset by the Australian dollar, Canadian dollar, and the Japanese yen, which depreciated versus the US dollar. Japanese yen weakness was most pronounced, losing nearly 7% relative to the US dollar in the fourth quarter and 18% for the full calendar year.

Due primarily to favorable currency exposure (a byproduct of our bottom-up stock selection process), Causeway’s International Value Equity Composite outperformed the MSCI EAFE Index this quarter. Relative outperformance resulted from underweights to the Japanese yen and Australian dollar and overweights to the euro, Swiss franc, pound sterling, and Korean won. Portfolio holdings in the materials, banks, transportation, insurance, and telecommunication services industry groups contributed the most to relative performance. Relative performance was negatively impacted by holdings in the energy, diversified financials, automobiles & components, food & staples retailing, and media industry groups. The largest individual contributor to absolute return was paints & coatings manufacturer, Akzo Nobel (Netherlands). Additional top contributors included telecommunication services provider, KDDI (Japan), industrial conglomerate, Siemens (Germany), telecommunication services provider, Vodafone (United Kingdom), and bank, BNP Paribas (France). The largest individual detractor was energy services firm, Technip (France). Additional notable top detractors included energy exploration & production company, CNOOC (Hong Kong), investment bank, UBS (Switzerland), automobile manufacturer, Toyota (Japan), and food & staples retailer, Tesco (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