Seeking value primarily in the non-US developed markets

The Fund invests primarily in common stocks of companies in developed countries outside the US. Normally, the Fund invests at least 80% of its total assets in stocks of companies in a number of foreign countries and invests the majority of its total assets in companies that pay dividends or repurchase their shares. The Fund may invest up to 15% of its total assets in companies in emerging (less developed) markets.

YTD Return*
+18.83%
Nav*
$18.93, -0.22
Inception
October 26, 2001
Cusip
14949P208
Benchmark
MSCI EAFE
Minimum Investment
$1,000,000
Sales Charge
None
Gross Expense Ratio
0.91%
Net Expense Ratio
0.88%
*As of August 15, 2023
**Contractual fee waivers are in effect until 1/31/2026.
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Strategy overview

The portfolio managers discuss our International Value strategy.

Portfolio managers

Brian Woonhyung Cho

Fundamental Portfolio Manager

Mr. Cho is a fundamental portfolio manager at Causeway. He joined the firm in September 2013 and has been a portfolio manager since January 2021. His current responsibilities include coverage of companies in the technology and communication services sectors.
 
From 2011 to 2013, Mr. Cho was a vice president at BofA-ML Equity Research, covering the IT hardware and supply chain sector. From 2007 to 2011, he worked as an associate at Goldman Sachs Equity Research covering the same sector. From 2006 to 2007, he worked as an analyst at Morgan Stanley Equity Research covering the internet and interactive software sector. Prior to that, he worked as an analyst at PA Consulting Group in the financial services practice.

Mr. Cho earned a BSc in management science from Massachusetts Institute of Technology.

Read our interview with Brian about value investing in the technology sector.

Jonathan Eng

Fundamental Portfolio Manager

Mr. Eng is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global consumer discretionary, industrials, and energy sectors. He joined the firm in July 2001 and has been a portfolio manager since February 2002.
 
From 1997 to 2001, Mr. Eng was an equity research associate for the Hotchkis and Wiley division of Merrill Lynch Investment Managers (HW-MLIM). 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.

Mr. Eng earned a BA in history and economics from Brandeis University and an MBA from the UCLA Anderson Graduate School of Management

Harry Hartford

President
Head of Fundamental Research
Fundamental Portfolio Manager

Mr. Hartford is the president at Causeway, fundamental portfolio manager, and head of fundamental research. Mr. Hartford co-founded the firm in June 2001 and is a member of the operating committee.

From 1996 to June 2001, Mr. Hartford was a managing director for the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM) and co-head of the firm's HW-MLIM international and global value team. 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. During this time, Mr. Hartford also managed the Irish Investment Fund, a closed-end country fund quoted on the NYSE. Before entering the investment business, Mr. Hartford lectured in micro and macroeconomics at Oklahoma State University.

Mr. Hartford earned 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. Mr. Hartford is a member of The Ireland Funds America Board of Directors.

Sarah Ketterer

Chief Executive Officer
Fundamental Portfolio Manager

Ms. Ketterer is the chief executive officer at Causeway, fundamental portfolio manager, and is responsible for investment research across all sectors. Ms. Ketterer co-founded the firm in June 2001 and is a member of the operating committee. 

From 1996 to 2001, Ms. Ketterer worked for the Hotchkis & 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. From 1990 to 1996, Ms. Ketterer was a portfolio manager at Hotchkis & Wiley, where she founded the International Equity product.

Ms. Ketterer earned a BA in economics and political science from Stanford University and an MBA from the Tuck School, Dartmouth College. Ms. Ketterer serves on the Stanford University Board of Trustees, is a member of UT Southwestern President’s Advisory Board, is on the advisory board of Portal Schools, and is a supporter of Girls Who Invest. She previously served as a board member and chair of the Los Angeles World Affairs Council and Town Hall and chair of the investment committee of the Music Center Foundation.

Ellen Lee

Fundamental Portfolio Manager

Ms. Lee is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global consumer and utilities sectors. Prior to the current role, she also covered transportation and autos. She joined the firm in August 2007 and has been a portfolio manager since January 2015.
 
During the summer of 2006, Ms. Lee interned at Tiger Asia, a long short equity hedge fund focused on China, Japan, and Korea. From 2001 to 2004, Ms. Lee was an associate in the mergers and acquisitions division of Credit Suisse First Boston in Seoul, where she advised Korean corporates and multinational corporations. From 1999 to 2000, she was an analyst in the mergers and acquisitions division of Credit Suisse First Boston in Hong Kong.

Ms. Lee earned a BA in business administration from Seoul National University and an MBA from the Stanford Graduate School of Business. She currently serves on the audit and investment committee at the Center for Early Education in West Hollywood.

Read our profile of Ellen .

Conor Muldoon, CFA

Fundamental Portfolio Manager

Mr. Muldoon is a director and fundamental portfolio manager at 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. He is also a member of the operating committee.
 
From 1995 to 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.

Mr. Muldoon earned a BSc and an 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.

Steven Nguyen, CFA

Fundamental Portfolio Manager

Mr. Nguyen is a director and fundamental portfolio manager at Causeway and is responsible for investment research in utilities & renewables, healthcare, and business services. He joined the firm in April 2012 and has been a portfolio manager since January 2019.
 
From 2006 to 2012, Mr. Nguyen was a senior credit analyst at Bradford & Marzec covering high yield and investment grade companies in the telecommunication services, cable, media, gaming, insurance, and REIT industries. From 2003 to 2006, Mr. Nguyen was a credit analyst/portfolio manager in the corporate bond department of Allegiance Capital.

 

Mr. Nguyen earned a BA in business economics from Brown University and an MBA, with honors, from the UCLA Anderson School of Management. Mr. Nguyen was the president of the Anderson Student Asset Management association. Mr. Nguyen is a CFA charterholder and has completed the CFA Institute Certificate in ESG Investing program.

 

Alessandro Valentini, CFA

Fundamental Portfolio Manager

Mr. Valentini is a director and fundamental portfolio manager at Causeway and is responsible for investment research in the global healthcare, financials, and real estate sectors. He joined the firm in July 2006 and has been a portfolio manager since April 2013.
 
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 Fund and the Value Fund, focusing on the European telecommunication and Canadian oil sectors. From 2000 to 2004, Mr. Valentini worked as a financial analyst at Goldman Sachs in the European equities research-sales division in New York.

Mr. Valentini earned 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, is a Phi Beta Kappa member, and is a CFA charterholder.

Performance

Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 6.7%17.5%13.8%15.1%16.4%6.4%7.7%
MSCI EAFE 9.4%16.9%13.3%11.5%11.4%6.0%6.3%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 6.7%17.5%13.8%15.1%16.4%6.4%7.7%
MSCI EAFE 9.4%16.9%13.3%11.5%11.4%6.0%6.3%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.1%10.1%11.2%12.7%18.0%6.1%7.5%
MSCI EAFE 6.9%6.9%4.9%6.1%11.8%5.4%6.0%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 10.1%10.1%11.2%12.7%18.0%6.1%7.5%
MSCI EAFE 6.9%6.9%4.9%6.1%11.8%5.4%6.0%
Table Header 20242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002
Fund 3.7%27.3%-6.8%9.1%5.4%20.1%-18.6%27.2%0.4%-3.0%-6.2%24.2%24.5%-10.6%12.3%32.3%-41.9%7.9%26.1%8.1%26.6%45.9%-10.9%
MSCI EAFE 3.8%18.2%-14.5%11.3%7.8%22.0%-13.8%25.0%1.0%-0.8%-4.9%22.8%17.3%-12.1%7.8%31.8%-43.4%11.2%26.3%13.5%20.2%38.6%-15.9%
Table Header
Fund
MSCI EAFE
20242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002
3.7%27.3%-6.8%9.1%5.4%20.1%-18.6%27.2%0.4%-3.0%-6.2%24.2%24.5%-10.6%12.3%32.3%-41.9%7.9%26.1%8.1%26.6%45.9%-10.9%
3.8%18.2%-14.5%11.3%7.8%22.0%-13.8%25.0%1.0%-0.8%-4.9%22.8%17.3%-12.1%7.8%31.8%-43.4%11.2%26.3%13.5%20.2%38.6%-15.9%

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. Returns greater than one year are average annual total returns. Total returns assume reinvestment of dividends and capital gains distributions at net asset value when paid. All information is as of the date shown. Investment performance reflects fee waivers. In the absence of such fee waivers, total return would be reduced. *Gross expenses before investment adviser fee waivers are 0.91% for Institutional Class shares and 1.16% for Investor Class shares. The waivers are contractual and in effect until 1/31/2024. Investor Class shares charge up to a 0.25% annual shareholder service fee.

Portfolio (as of May 31, 2025)

Benchmark: MSCI EAFE
Asset Allocation
Table Header Fund
Stocks 96.9%
Cash 3.1%
Fund Characteristics
Table Header Fund Benchmark
No. of holdings 68 694
Weighted avg. market cap (US $MM) $71,916 $82,400
FY2 price/earnings 11.3 13.8
Price/book value 1.5 2.0
Net assets $6,294,923,717 -
TOP 10 HOLDINGS
Security Country Percent
Rolls-Royce Holdings Plc United Kingdom 3.8%
Kering SA France 3.6%
Reckitt Benckiser Group Plc United Kingdom 3.5%
Samsung Electronics Co., Ltd. South Korea 3.4%
Barclays PLC United Kingdom 3.4%
Alstom SA France 3.3%
Renesas Electronics Corp. Japan 3.0%
AstraZeneca PLC United Kingdom 3.0%
Canadian Pacific Kansas City Ltd. Canada 2.5%
Roche Holding AG Switzerland 2.4%

A “weighted average” measures a characteristic by the market capitalization of each stock. Price/book ratio is the weighted average of the price/book ratios of all the stocks in a portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company’s per-share book value. The price/earnings ratio is the weighted average of the price/earnings ratios of the stocks in a portfolio. The FY2 P/E ratio is a forward P/E ratio using a next-twenty-four months EPS estimate in the denominator.

Holdings are subject to change.

SECTOR WEIGHTS
Sector Fund Benchmark
Financials 18.8% 23.7%
Industrials 17.1% 18.6%
Information Technology 14.2% 8.3%
Health Care 12.8% 11.5%
Consumer Staples 9.8% 8.3%
Consumer Discretionary 8.1% 10.2%
Materials 7.0% 5.7%
Communication Services 3.4% 5.2%
Utilities 2.6% 3.4%
Energy 2.2% 3.1%
Real Estate 0.8% 1.9%
TOP 10 COUNTRIES
Country Fund Benchmark
United Kingdom 29.5% 14.9%
France 17.5% 11.2%
Japan 11.6% 22.0%
Germany 8.4% 10.4%
Netherlands 6.7% 4.6%
South Korea 4.9% 0.0%
Italy 3.5% 3.2%
Canada 3.2% 0.0%
Switzerland 2.7% 9.7%
Belgium 2.6% 1.0%
Regional Allocation
  • Euro 38.6%
  • Europe - Other 34.0%
  • Pacific 12.6%
  • Emerging Asia 6.1%
  • North America 5.5%
  • Emerging Latin America 0.0%

Commentary (As of July 31, 2023)

Highlights

  • Global equity markets marched higher in July, fueled by waning excesses of liquidity in the global financial system.
  • The Federal Reserve’s rate-hiking cycle may be ending, but the lagged effect of sharp rate rises, an inverted yield curve, and negative money supply growth should weigh on the US economy in 2024. Higher borrowing costs for governments and corporations create spending headwinds for economic objectives.
  • After one of the longest cycles on record of US stock market outperformance versus developed non-US, the US valuation premium (measured by relative price-to-earnings ratios) is unusually high, over two standard deviations above the long-term average. We believe this stretched US premium—and greater emphasis on valuation—makes a reversion to the norm and relative outperformance of undervalued international equities increasingly likely.
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Portfolio attribution

The Causeway International Value Fund ("Fund") underperformed the Index during the month, due primarily to industry group allocation (a byproduct of our bottom-up stock selection process). Fund holdings in the transportation, health care equipment & services, and software & services industry groups detracted from relative performance. Holdings in the capital goods, semiconductors & semi equipment, and consumer durables & apparel industry groups offset some of the underperformance. The largest detractor was robotics manufacturer, FANUC Corp. (Japan). Additional notable detractors included low-budget airline, Ryanair Holdings Plc (Ireland), and contract food service company, Compass Group Plc (United Kingdom). The top contributor to return was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Other notable contributors included banking & financial services company, UniCredit S.p.A. (Italy), and electric, gas & renewables power generation & distribution company, Enel SpA (Italy).

Economic outlook

The Federal Reserve’s rate-hiking cycle may be ending, but the lagged effect of sharp rate rises, an inverted yield curve, and negative money supply growth should weigh on the US economy in 2024. Higher borrowing costs for governments and corporations create spending headwinds for economic objectives. Monetary tightening may be felt more deeply in Europe, given its greater credit demand sensitivity to variable interest rates (including through mortgages). Recession looms in the UK, where stubborn inflation has prompted unrelenting rate hikes. The Bank of Japan modestly relaxed its yield curve control, allowing yields to rise to 1% (from a prior ceiling of 0.5%), but appears committed to ultra-loose monetary policy for the near term. In China, policy makers announced measures to boost production of consumer goods and showed support for the nation’s ailing property market.

Investment outlook

After one of the longest cycles on record of US stock market outperformance versus developed non-US, the US valuation premium (measured by relative price-to-earnings ratios) is unusually high, over two standard deviations above the long-term average. We believe this stretched US premium—and greater emphasis on valuation—makes a reversion to the norm and relative outperformance of undervalued international equities increasingly likely.

With interest rates remaining higher for longer, valuation has become relevant again, an investing environment we believe is conducive to Causeway’s fundamental stock selection process. Passive indices emphasize past performers and may be especially vulnerable to compression of inflated valuation multiples. We focus instead on stocks that have underperformed peers, exhibiting valuations we believe are undemanding. Corporate earnings, in aggregate, should decline as economies slow. We seek companies engaged in operational restructuring that can improve earnings and cash flow through cost cutting and efficiency measures. We are especially interested in identifying companies we believe are capable of returning increasing quantities of capital to shareholders (via dividends and share buybacks), to maximize performance.

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. Current and future holdings are subject to risk. A company may reduce or eliminate its dividend, causing losses to a fund. International and emerging markets investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Emerging markets and smaller companies involve additional risks and higher volatility.

Distributions

Table Header Dividends Short-term capital gains Long-term capital gains
2022 $0.2834 $0.0000 $0.0000
2021 $0.3170 $0.0000 $0.0000
2020 $0.2231 $0.0000 $0.0000
2019 $0.4953 $0.0497 $0.1781
2018 $0.3750 $0.0000 $0.1083
2017 $0.3165 $0.0000 $0.0000
2016 $0.2901 $0.0000 $0.0000
2015 $0.2750 $0.0000 $0.0000
2014 $0.3788 $0.0000 $0.0000
2013 $0.1645 $0.0000 $0.0000
2012 $0.2757 $0.0000 $0.0000
2011 $0.3813 $0.0000 $0.0000
2010 $0.1939 $0.0000 $0.0000
2009 $0.1875 $0.0000 $0.0000
2008 $0.5135 $0.0000 $0.4558
2007 $0.4536 $0.6606 $3.3443
2006 $0.2289 $0.0222 $0.8650
2005 $0.3718 $0.1962 $0.3833
2004 $0.2647 $0.1379 $0.3093
2003 $0.1813 $0.0037 $0.0550
2002 $0.1196 $0.0000 $0.0000
2001 $0.0000 $0.0000 $0.0000
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Distributions are per share. Distribution amounts are based on gains and losses realized and income earned by the Fund through October 31 (or earlier under certain circumstances).

Documents

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Please read the following before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which Causeway Funds plc is authorised for sale.

Causeway Funds plc (the "Fund") is authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011 (S.I. 352 of 2011) of Ireland, as amended.

The Fund and its sub-funds are only authorised in certain jurisdictions.

This website is not aimed at any US person (as defined by Regulations S of the US Securities Act of 1933) and is not for distribution and does not constitute an offer to or solicitation to buy any securities in the United States. Purchase orders from US investors or other ineligible investors will not be accepted. This site is not intended for US persons. If you are trying to find information about the Causeway Funds registered for sale in the United States, please go to our Funds page . Restrictions may also apply to residents of other countries.

Subscriptions will only be received and shares issued on the basis of the current prospectus for the Fund and relevant supplement for a sub-fund. It is your responsibility to use such prospectus and supplement, and by making an application you will be deemed to represent that you have read such prospectus and supplement and agree to be bound by its contents. Copies of the prospectus, supplements and, when available, other reports can be obtained from this website. The Fund prices contained in this website are indicative only and should not be relied upon for dealing. No warranty or representation is made with respect to the information contained in this website, including, without limitation, that the information is accurate, complete or timely. None of the information, whether in part or full, should be copied, reproduced or redistributed in any form. Past performance is not indicative of future results.

The information on this website is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced on or through this website. Unless otherwise specified, it is not intended to be directed to any person(s) in particular. Information from this website must not be used in any jurisdiction where prohibited by law and must not be used in a way that would be contrary to local law or legislation. You should not access this site or information on this site if you know that your access would contravene applicable local, national or international laws. No investment advice, tax advice, or legal advice is provided through this website, and you agree that this website will not be used by you for these purposes. No representation is given that shares, products, or services identified on, or accessible through, this website are suitable for any particular investor.

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