The webcast’s market commentary expresses the portfolio managers’ views as of the date hereof, and should not be relied on by the reader as research or investment advice regarding any stock or sector. These views and any portfolio holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Our investment portfolios may or may not hold the securities mentioned, and the securities identified and described 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 is no guarantee of future performance. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Investments in smaller companies involve additional risks and typically exhibit higher volatility. Please see Risk Disclosures for additional risks associated with investing in Causeway’s strategies.