An independent firm, majority-owned by employees

Our People

Overview
Portfolio Managers
research analysts
Sales / client service

Our ability to deliver long-term, high quality portfolio management services for our clients is wholly dependent upon our employees. In order to maintain the continuity of our investment process, we must have a stable organization. To that end, employees of Causeway are also the majority owners of Causeway. We believe this leads to continuity of operations and consistent investment performance.

Our Organization

Sarah H. Ketterer

Chief Executive Officer

Fundamental Portfolio Manager

Ms. Ketterer is the chief executive officer of Causeway since June 2001.

PRIOR EXPERIENCE

From November 1996 to June 2001, Ms. Ketterer worked for the Hotchkis and Wiley division of Merrill Lynch Investment Managers ("HW-MLIM"). At HW-MLIM, she was a managing director and co-head of the firm's HW-MLIM International and Global Value team. Ms. Ketterer and the HW-MLIM international team were responsible for approximately $3.4 billion in international and global assets under management including the $1.1 billion Mercury HW International Value Fund. From 1990 to 1996, Ms. Ketterer was a portfolio manager at Hotchkis and Wiley, where she co-founded the international equity product. From 1987 to 1990, Ms. Ketterer was an associate with Bankers Trust Company's Merchant Banking Group and its affiliate, BT Securities Company, based in New York. At Bankers Trust, she evaluated merger, acquisition and restructuring opportunities for the Bank's major corporate clients in the U.S. and overseas. From 1983 to 1985, Ms. Ketterer was a financial analyst with Dean Witter Reynolds in the Corporate Finance Department. At Dean Witter, she analyzed potential investments, conducted financial due diligence on prospective acquisitions, and structured equity transactions in the public and private markets.

Investment Experience: 26 Years

Education: BA, Economics & Political Science, Stanford University MBA, Amos Tuck School, Dartmouth College

Harry W. Hartford

President, Head of Fundamental Research

Fundamental Portfolio Manager

Mr. Hartford is the president of Causeway since June 2001.

PRIOR EXPERIENCE

From 1996 to June 2001, Mr. Hartford was a managing director for the Hotchkis and Wiley division of MLIM ("HW-MLIM") and co-head of the firm's HW-MLIM International and Global Value team. Mr. Hartford and the HW-MLIM international team were responsible for approximately $3.4 billion in international and global assets under management, including the $1.1 billion Mercury HW International Value Fund. From 1994 to 1996, Mr. Hartford was a portfolio manager for Hotchkis and Wiley. From 1984 to 1994, Mr. Hartford was with The Investment Bank of Ireland, where he gained ten years experience in both international and global equity management. At IBI, he managed the Bank's U.S. asset base of $1.5 billion invested primarily in international equities. During this time, Mr. Hartford also managed the Irish Investment Fund, a closed-end country fund quoted on the NYSE. Prior to that, he was responsible for the management of a range of international unit trusts and global funds registered in the U.K. and the Isle of Man. Before entering the investment business, Mr. Hartford lectured in micro and macro Economics at Oklahoma State University.

Investment Experience: 28 Years

Education: Mr. Hartford has a BA, with honors, in Economics from the University of Dublin, Trinity College, an MSc in Economics from Oklahoma State University, and is a Phi Kappa Phi member.

James A. Doyle

Fundamental Portfolio Manager

Mr. Doyle is a director of Causeway and has been with the firm since June 2001. He is responsible for investment research in the global health care, information technology and telecommunication services sectors.

PRIOR EXPERIENCE

From 1997 to June 2001, Mr. Doyle worked for the Hotchkis and Wiley division of Merrill Lynch Investment Managers ("HW-MLIM") as a vice president and head of investment research for the HW-MLIM International and Global Value team. From 1996 to 1997, while a student at Wharton, Mr. Doyle was an equity research consultant for Morgan Stanley Asset Management, Inc. where he covered domestic and international property companies. From 1992 to 1995, he worked as a financial analyst at LaSalle Partners Limited, analyzing real estate investments for institutional clients.

Investment Experience: 19 Years

Education: Mr. Doyle has a BA in Economics from Northwestern University and an MBA in Finance from the Wharton School, University of Pennsylvania.

Jonathan P. Eng

Fundamental Portfolio Manager

Mr. Eng is a director of Causeway and has been with the firm since July 2001. He is responsible for investment research in the global consumer discretionary, industrials and materials sectors. He has been a portfolio manager since February 2002.

PRIOR EXPERIENCE

From 1997 to July 2001, Mr. Eng was an equity research associate for the Hotchkis and Wiley division of Merrill Lynch Investment Managers. In 1996, Mr. Eng worked as a summer research associate for Hotchkis and Wiley, performing U.K. and European equity research. From 1993 to 1995, Mr. Eng analyzed merger and acquisition candidates at Slusser Associates. From 1990 to 1993, Mr. Eng worked as a middle market corporate lender for Bank of Boston.

Investment Experience: 20 Years

Education: Mr. Eng has a BA in History and Economics from Brandeis University and an MBA from the Anderson Graduate School of Management at UCLA.

Kevin V. Durkin

Fundamental Portfolio Manager

Mr. Durkin is a director of Causeway and has been with the firm since July 2001. He is responsible for investment research in the global consumer discretionary, consumer staples, energy, and utilities sectors. He has been a portfolio manager since January 2006.

PRIOR EXPERIENCE

From 1999 to July 2001, Mr. Durkin worked as an equity research associate for the Hotchkis and Wiley division of Merrill Lynch Investment Managers. During the summer of 1998, he worked as a research associate at Putnam Investments, where he was responsible for small cap equity research. From 1996 to 1998, Mr. Durkin was a research analyst at Lazard Freres covering high yield and distressed companies in various industries such as food manufacturing, beverages, supermarkets, restaurants and electric utilities. From 1995 to 1996, Mr. Durkin was a financial analyst in the Corporate Finance division of Chase Manhattan Bank where he performed credit analysis on large insurance companies.

Investment Experience: 16 Years

Education: Mr. Durkin has a BS, cum laude, from Boston College and an MBA from the University of Chicago.

Conor Muldoon, CFA

Fundamental Portfolio Manager

Mr. Muldoon is a director of Causeway and is responsible for investment research in the global financials and materials sectors. He joined the firm in August 2003 and has been a portfolio manager since September 2010.

PRIOR EXPERIENCE

From 1995 to June 2003, Mr. Muldoon was an investment consultant for Fidelity Investments where he served as a liaison between institutional clients and investment managers within Fidelity. He was responsible for communicating current information on the financial markets, the economy and investment performance.

Investment Experience: 17 Years

Education: Mr. Muldoon has a BSc and MA from the University of Dublin, Trinity College and an MBA, with high honors, from the University of Chicago. Mr. Muldoon was inducted into the Beta Gamma Sigma honors society and is also a CFA charterholder.

Arjun Jayaraman, PhD, CFA

Head of Quantitative Research

Quantitative Portfolio Manager

Dr. Jayaraman is a director of Causeway. He joined the firm in January 2006 and is head of the quantitative research group. He has been a quantitative portfolio manager since January 2006.

PRIOR EXPERIENCE

From 2004 to 2005, Dr. Jayaraman was a portfolio manager at PanAgora Asset Management. He was the lead portfolio manager on the non-U.S. large cap core equity portfolios and was the co-portfolio manager on the global large cap core equity portfolios. From 2000-2004, Dr. Jayaraman managed the same portfolios at Putnam Investments, in addition to working closely with the teams that managed Putnam's traditional non-U.S. strategies. From 1998-2000, Dr. Jayaraman worked as a quantitative analyst at Harborview Trading Associates.

Investment Experience: 14 Years

Education: Dr. Jayaraman has a PhD from New York University (Stern School of Business), a BA in Economics from Columbia University, and is a CFA charterholder.

MacDuff Kuhnert, CFA

Quantitative Portfolio Manager

Mr. Kuhnert is a director of Causeway and performs quantitative research for Causeway. His responsibilities include product development, asset allocation, risk management, and the design and implementation of proprietary valuation models and other quantitative tools. He joined the firm in July 2001 and has been a quantitative portfolio manager since July 2003.

PRIOR EXPERIENCE

From 1996 to July 2001, Mr. Kuhnert worked for the International and Global Value Equity Team of the Hotchkis and Wiley division of Merrill Lynch Investment Managers (HW-MLIM) as a quantitative research associate. During his tenure at HW-MLIM, Mr. Kuhnert created and developed advanced quantitative models used in the international value investment process. In 1998, he attended the Mercury Asset Management Fund Manager Training Programme in London.

Investment Experience: 17 Years

Education: Mr. Kuhnert has a BA in Chemistry from Dartmouth College. He is a CFA charterholder and member of the Los Angeles Society of Financial Analysts.

Research Structure

Our fundamental portfolio managers and analysts have global sector coverage responsibilities. Portfolio managers and analysts belong to specific research clusters, organized by global sectors. This format brings a cross-trained group of Causeway sector specialists together to critique and debate each investment idea. Our quantitative portfolio managers and analysts manage Causeway’s emerging markets and absolute return strategies, and provide screening and risk tools to the fundamental investment process.

Portfolio Managers

Causeway manages portfolios as a team. Each portfolio manager engages in all aspects of the investment process. Portfolio managers' responsibilities include investment research, portfolio construction, risk assessment, and continuous monitoring of clients’ accounts.

Victor Liu, CFA

Fundamental Research Associate

Mr. Liu is a research associate at Causeway. He joined the firm in April 2005.

PRIOR EXPERIENCE

From 2002 to 2004, Mr. Liu worked for Merrill Lynch's Investment Banking Group conducting merger & acquisition and corporate finance transactions. From 1999 to 2001, Mr. Liu worked at McKinsey & Company advising companies on strategy issues.

Investment Experience: 10 Years

Education: Mr. Liu has a BA, magna cum laude, in Economics from Pomona College and is a Phi Beta Kappa member. Mr. Liu also completed Chinese language studies at the Inter-University Program (IUP) at National Taiwan University through a Rotary Ambassadorial Scholarship. Mr. Liu is a CFA charterholder.

Foster Corwith, CFA

Fundamental Research Associate

Mr. Corwith is a research associate at Causeway. He joined the firm in July 2006.

PRIOR EXPERIENCE

During the summer of 2005, Mr. Corwith worked as a research analyst at Deutsche Asset Management, where he was responsible for researching consumer staples companies. From 2003 to 2004, Mr. Corwith was an analyst in the corporate services group for the Pershing division of Bank of New York where he led the connectivity conversions of over 200 companies and was responsible for establishing firm-wide policies on data communication and transmission policies. From 2001- 2003, Mr. Corwith was a project manager at Credit Suisse First Boston where he managed the department's strategic relationships with technology vendors. From 2000-2001, Mr. Corwith was a management trainee at Donaldson Lufkin & Jenrette working with the equity research team.

Investment Experience: 10 Years

Education: Mr. Corwith has an MBA from the University of Chicago and a BA, cum laude, from Tufts University. Mr. Corwith is a CFA charterholder.

Alessandro Valentini, CFA

Fundamental Research Associate

Mr. Valentini is a research associate at Causeway. He joined the firm in July 2006.

PRIOR EXPERIENCE

During the summer of 2005, Mr. Valentini worked as a research analyst at Thornburg Investment Management where he conducted fundamental research for the international value and domestic value departments, focusing on the European telecommunication and Canadian oil sectors. From 2004-2005, Mr. Valentini worked as a research analyst intern at Miura Global Capital where he developed and updated financial models for the firm's investments. From 2000-2004, Mr. Valentini worked as a financial analyst at Goldman Sachs where he analyzed and screened European companies and industries.

Investment Experience: 10 Years

Education: Mr. Valentini has an MBA from Columbia Business School, with honors, an MA in Economics from Georgetown University and a BS, magna cum laude, from Georgetown University. Mr. Valentini was inducted into the Beta Gamma Sigma honors society and is a Phi Beta Kappa member. Mr. Valentini is also a CFA charterholder.

Ellen Lee

Fundamental Research Associate

Ms. Lee is a research associate at Causeway. She joined the firm in August 2007.

PRIOR EXPERIENCE

From 2001-2004, Ms. Lee was an associate in the Mergers and Acquisitions division of Credit Suisse First Boston in Seoul, and from 1999-2000, she was an analyst in the Mergers and Acquisitions division of Credit Suisse First Boston in Hong Kong.

Investment Experience: 8 Years

Education: Ms. Lee has a BA in Business Administration from Seoul National University and an MBA from the Stanford Graduate School of Business.

James Pak

Fundamental Research Associate

Mr. Pak is a research associate at Causeway. He joined the firm in May 2010.

PRIOR EXPERIENCE

From 2004 to 2006, Mr. Pak was an analyst and associate in the Industrials Mergers and Acquisitions group at Dresdner Kleinwort Wasserstein conducting merger and acquisition and corporate finance transactions. From 2002 to 2004, Mr. Pak was an investment banking analyst at TM Capital Corporation. From 2000 to 2001, Mr. Pak was an analyst in the Investment Banking Department at ING Barings primarily covering the Industrial sector.

Investment Experience: 8 Years

Education: Mr. Pak has a BS, cum laude, in Finance from Boston College and an MBA, with honors, from Columbia Business School.

Andrew Ralph

Fundamental Research Associate

Mr. Ralph is a research associate at Causeway. He joined the firm in September 2010.

PRIOR EXPERIENCE

During the summer of 2009, Mr. Ralph was an analyst at T. Rowe Price covering Canadian, Australian and African uranium mining companies. In 2006, Mr. Ralph was an analyst at Brightpoint Capital, a hedge fund focusing on small cap companies. From 2003 to 2005, Mr. Ralph was an analyst in the M&A/ Corporate Finance Department at Deutsche Bank Securities covering the technology sector.

Investment Experience: 5 Years

Education: Mr. Ralph has a BA, summa cum laude, in Economics from Dartmouth College, a JD from Stanford Law School and an MBA from the Stanford Graduate School of Business. Mr. Ralph is a Phi Beta Kappa member.

Joe Gubler, CFA

Quantitative Research Associate

Mr. Gubler is a quantitative research associate at Causeway since April 2005.

PRIOR EXPERIENCE

From 2002 to April 2005, Mr. Gubler worked as Director of Engineering for the MonsterTRAK division of Monster.com. He was responsible for a cross-functional team that developed, enhanced, and maintained the software that powers the monstertrak.com website. From 1999 to 2002, Mr. Gubler developed database-enabled web applications for a wide range of companies, including the National Academy of Recording Arts and Sciences, the Recording Industry Association of America, Disney, NameSafe.com, and Array Networks. While studying astrophysics at UC San Diego, Mr. Gubler worked as a Graduate Research Assistant in the Jet Propulsion Laboratory's stellar interferometry group.

Investment Experience: 6 Years

Education: Mr. Gubler has a BS, cum laude, in Physics from UC Irvine, an MS in Physics from UC San Diego, and an MBA from the UCLA Anderson Graduate School of Management. Mr. Gubler is a CFA charterholder.

Seung Han

Quantitative Research Associate

Mr. Han is a research associate at Causeway. He joined the firm full-time in July 2011.

PRIOR EXPERIENCE

From 2006 to 2008, Mr. Han was a portfolio management associate for AQR Capital Management, where he was the lead analyst for US equity portfolios, including long/short market neutral, long-only benchmarked, relaxed constraint, and small cap portfolios. From 2005-2006, Mr. Han was an investment banking analyst for Lehman Brothers in the Global Healthcare group. From 2004-2005, Mr. Han was with ACNielsen BASES as a client consulting analyst. At ACNielsen BASES, he developed forecast models and analyzed sales potential of pharmaceutical DTC and physician marketing plans.

Investment Experience: 4 Years

Education: Mr. Han has a BA in Chemistry and Economics from Swarthmore College and an MBA from the UCLA Anderson School of Management.

Research Structure

Research Analysts

Causeway’s research capability is a fusion of our fundamental and quantitative process and disciplines. Together, our fundamental and quantitative analysts work diligently to identify mispriced securities through detailed analysis, closely monitor risk, and focus on delivering superior risk-adjusted returns.

Mark Cone

Chief Marketing Officer

Mr. Cone is the chief marketing officer of Causeway and is responsible for all sales and marketing functions. Mr. Cone is a member of Causeway’s operating committee. He joined the firm in June 2001.

PRIOR EXPERIENCE

From 1996 to May 2001, Mr. Cone led third-party distribution for Merrill Lynch Investment Managers in the United States and Latin America. This new initiative, started by Mr. Cone, marketed U.S.-manufactured products in North America, Europe and Asia. From 1994 to 1996, Mr. Cone was the director of marketing and client development for retail distribution at Hotchkis and Wiley. From 1990 to 1994, Mr. Cone was a regional director of Neuberger & Berman Asset Management where he was responsible for marketing its mutual funds to various distribution channels.

Education: Mr. Cone has a BA in Economics from the University of Vermont. He holds Series 7, 24, and 63 licenses from FINRA.

Kevin A. Moutes

Vice President, Product Manager

In addition to overall product management, Mr. Moutes is responsible for supporting sales and marketing for Causeway. He joined the firm in June 2001.

PRIOR EXPERIENCE

From 1999 to June 2001, Mr. Moutes was an assistant vice president for the Hotchkis and Wiley division of Merrill Lynch Investment Managers (HW-MLIM). While employed at HW-MLIM, Mr. Moutes supported a sales and marketing team of approximately forty professionals and assisted with new product development. From 1997 to 1999, Mr. Moutes worked at T. Rowe Price Associates in its financial institutions group in Los Angeles. From 1996 to 1997, Mr. Moutes worked as an analyst at Southern Pacific Bank where he developed real estate investment trusts and performed loan securitizations for large private and institutional clientele.

Education: Mr. Moutes has a BA in Political Science from Loyola Marymount University. He holds Series 7, 24, and 63 licenses from FINRA.

Paul O’Grady

Director of National Accounts

Mr. O’Grady is the director of national accounts at Causeway. He joined the firm in April 2003.

PRIOR EXPERIENCE

From 2000 to April 2003, Mr. O’Grady was a regional account director for the Intermediary Distribution Group at Turner Investment Partners, Inc. Mr. O’Grady was named a principal at Turner in 2002. His responsibilities focused on marketing Turner’s investment strategies to intermediary distribution channels. From 1996 to 2000, Mr. O’Grady served as a teacher, counselor and coach at The Episcopal Academy, an independent, co-educational school. From 1990 to 1995, Mr. O’Grady was a teacher, counselor and coach at The Haverford School.

Education: Mr. O’Grady has a BA from Villanova University with a concentration in history. He holds Series 7 and 63 licenses from FINRA.

Jerry MacDonald

Director of Sales

Mr. MacDonald primarily focuses on sales of the Causeway mutual funds in the United States. He joined the firm in February 2011.

PRIOR EXPERIENCE

From 2008 to 2011, Mr. MacDonald helped build and lead a successful U.S. mutual fund distribution business for Brown Brothers Harriman & Co., the firm's inaugural effort to market its Investment Management Group’s capabilities to intermediaries. Mr. MacDonald also helped develop and lead a sales strategy for BBH's Alternative Investment Group’s Asian-focused hedge fund-of-funds. From 2006 to 2008, Mr. MacDonald was a regional sales director for SEI’s Investment Manager Services Division, where he helped build out SEI’s Total Outsourced Operations service platform to institutional investment managers throughout the United States. From 2000 to 2006, Mr. MacDonald was a director of sales for institutional investment analytics and ASP provider, InvestorForce. He was responsible for marketing its traditional and hedge fund investment manager search and analytics platforms to institutional investment consulting firms.

Education: Mr. MacDonald has a BS in Marketing from Towson University. He holds Series 6, 7, 63 and 65 licenses from FINRA.

Eric Crabtree

Chief Client Service Officer

Mr. Crabtree is the chief client service officer of Causeway. He joined the firm in May 2004.

PRIOR EXPERIENCE

From March of 2000 to April 2004, Mr. Crabtree was a senior vice president with Roxbury Capital Management where he was responsible for client service and business development for the firm’s western United States institutional and high net worth clients and their advisers. From 1995 to December 1999, Mr. Crabtree was a principal and chief operating officer of Finacorp Securities where he was responsible for marketing high quality fixed income securities. His additional responsibilities included training, compliance and client service. Mr. Crabtree began his career in the financial services industry in April 1993 as a financial consultant at Merrill Lynch.

Education: Mr. Crabtree has a BA in English Literature from Bucknell University and an MBA from the Marshall School of Business at the University of Southern California.

Sarah D. Van Ness

Vice President, Client Service

Ms. Van Ness is a vice president of client service for Causeway. She joined the firm in April 2005.

PRIOR EXPERIENCE

From 2001-2004, Ms. Van Ness worked for several non-profit organizations.

Education: Ms. Van Ness has a BA in English from the University of California, Berkeley and an MBA, with honors, from the Anderson Graduate School of Management at UCLA.

JoAnna L. Apfel

Vice President, Client Service

Ms. Apfel is a vice president of client service for Causeway. She joined the firm in March 2003.

PRIOR EXPERIENCE

From February 1997 to November 2002, Ms. Apfel was a senior relationship manager with Morningstar, Inc. where she was responsible for client service within the institutional data sales group. Additional responsibilities included coordinating Morningstar and client resources to ensure successful project implementation. Ms. Apfel also identified new opportunities for growth within existing client accounts and supported the resulting sales and implementation of products and services.

Education: Ms. Apfel has a BS in Business Management from DePaul University.

Sales / Client Service

We measure our success through client satisfaction. Causeway sales and client service teams aim to create strong relationships, consistently support all needs, keep our clients informed, and exceed their expectations. Over 50% of Causeway’s client relationships are at least seven years old. Several of our clients’ relationships extend for over 15 years, a testament to our long-term commitment.