International Value Select Seeking value primarily in the non-US developed markets The International Value Select portfolio is constructed from an equity universe composed of companies with market capitalizations typically greater than $5 billion located in non-US developed and emerging market countries. The strategy uses our international value equity strategy with two distinctions: the select portfolio has greater liquidity (by way of investing in larger capitalization companies) and fewer holdings. We believe that concentrating the holdings can compensate for the loss of small/mid cap exposure. The investment process comprises three stages: quantitative screening and initial analysis, fundamental research, and portfolio construction. BENCHMARK MSCI EAFE INCEPTION March 31, 2005 Download Profile Sheet Download Flash Report Download Quarterly Review Contact Us Strategy overview The portfolio managers discuss our International Value Select strategy. Portfolio managers Brian Cho Fundamental Portfolio Manager Jonathan Eng Fundamental Portfolio Manager Harry Hartford President Head of Fundamental Research Fundamental Portfolio Manager Sarah Ketterer Chief Executive Officer Fundamental Portfolio Manager Ellen Lee Fundamental Portfolio Manager Conor Muldoon, CFA Fundamental Portfolio Manager Steven Nguyen, CFA Fundamental Portfolio Manager Alessandro Valentini, CFA Fundamental Portfolio Manager Performance Month end (as of October 31, 2021) Quarter end (as of September 30, 2021) Calendar year QTD YTD 1 year 3 years 5 years 10 years Since inception Strategy (gross) Strategy (net) MSCI EAFE QTD YTD 1 year 3 years 5 years 10 years Since inception Strategy (gross) 1.0% 10.0% 46.5% 9.6% 9.4% 8.2% 6.7% Strategy (net) 0.9% 9.7% 45.9% 9.2% 9.0% 7.8% 6.3% MSCI EAFE 2.5% 11.5% 34.8% 12.1% 10.3% 7.9% 6.0% Account returns for the Causeway International Value Select Composite ("International Value Select Composite") are calculated daily. Monthly account returns are calculated by geometrically linking the daily returns. The return of the International Value Select Composite is calculated monthly by weighting monthly account returns by the beginning market values. Valuations and returns are computed and stated in US dollars. Returns include the reinvestment of interest, dividends and any capital gains. Returns are calculated gross of withholding taxes on dividends, interest income, and capital gains. Past performance is no guarantee of future performance. Gross-of-fees returns are presented before management, performance and custody fees but after trading expenses. Net-of-fees returns are presented after the deduction of actual management fees, performance-based fees, and all trading expenses, but before custody fees. Causeway’s basic management fee schedules are described in its firm brochure pursuant to Part 2 of Form ADV. A complete list and description of firm composites is available upon request. This information supplements the composite presentation at Composite Performance. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. Investing involves risk including loss of principal. 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. Diversification does not prevent all investment losses. Portfolio (as of October 31, 2021) Benchmark: MSCI EAFE ASSET ALLOCATION Strategy Stocks 99.3% Cash 0.7% STRATEGY CHARACTERISTICS Strategy Benchmark No. of holdings 59 843 Weighted avg. market cap (US $MM) $74,005 $70,595 FY2 price/earnings 12.1 15.0 Price/book value 1.7 1.9 Dividend yield (%) 2.7 2.5 TOP 10 HOLDINGS Security Country Percent Rolls-Royce Holdings Plc United Kingdom 4.5% BP Plc United Kingdom 3.4% UniCredit S.p.A. Italy 3.4% TotalEnergies SE France 3.2% SAP SE Germany 3.2% FANUC Corp. Japan 3.1% Novartis AG Switzerland 3.1% Amadeus IT Group SA Spain 3.1% Sanofi France 3.0% Samsung Electronics Co., Ltd. South Korea 2.8% 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 Strategy Benchmark Financials 21.7% 17.4% Industrials 20.5% 15.6% Health Care 14.6% 12.7% Information Technology 12.0% 9.7% Energy 7.9% 3.5% Consumer Discretionary 6.8% 12.9% Consumer Staples 6.6% 10.2% Utilities 4.6% 3.4% Materials 4.5% 7.3% Real Estate 0.0% 2.8% Communication Services 0.0% 4.5% TOP 10 COUNTRIES Country Strategy Benchmark United Kingdom 20.1% 14.6% France 17.1% 11.5% Germany 12.5% 9.0% Switzerland 10.8% 9.9% Japan 9.5% 22.9% Spain 7.6% 2.4% Italy 5.9% 2.5% Netherlands 4.2% 5.0% South Korea 3.8% 0.0% Ireland 1.6% 0.7% REGIONAL ALLOCATION Europe – other 80.7% Pacific 10.8% North America 1.6% Emerging Asia 5.1% Emerging Latin America 1.0% Commentary (As of September 30, 2021) Highlights Equities declined in September amid concerns over a moderation in economic growth rates, supply chain disruptions, and rising inflation. Global economic data in September revealed a modest loss of momentum in the recovery, including headwinds from China. Virtually all companies we queried reported rising input costs across geographies as supply chain disruptions exacerbated inflationary pressures. We believe that many of the, in our view, world class companies in aviation, travel, leisure, and hospitality that we added to our clients’ portfolios in prior months should continue to outperform markets. With a turnaround in cash flows, many of these companies should be well positioned for a return to normalcy. Download Flash Report Portfolio attribution The Portfolio outperformed the Index during the month, due primarily to stock selection. Portfolio holdings in the capital goods, software & services, and transportation industry groups, as well as an overweight position in the banks and energy industry groups, contributed to relative performance. Holdings in the consumer services and utilities industry groups, along with an overweight position in the pharmaceuticals & biotechnology industry group and an underweight position in the automobiles & components and telecommunication services industry groups, offset some of the outperformance compared to the Index. The top contributor to return was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Other notable contributors included crude oil & natural gas company, BP Plc (United Kingdom), integrated oil & gas company, TotalEnergies SE (France), electronic components manufacturer, Murata Manufacturing Co. Ltd. (Japan), and travel & tourism information technology provider, Amadeus IT Group SA (Spain). The largest detractor was integrated resort developer & operator, Sands China Ltd. (Hong Kong). Additional notable detractors included electric, gas and renewables power generation and distribution company, Enel SpA (Italy), pharmaceutical producer, Novartis AG (Switzerland), business software & services provider, SAP SE (Germany), and pharmaceuticals & biotechnology company, Roche Holding AG (Switzerland). Investment outlook As the global economy recovers from the pandemic, stocks in Covid-impacted industries performed well in September. We believe that many of the, in our view, world class companies in aviation, travel, leisure, and hospitality that we added to our clients’ portfolios in prior months should continue to outperform markets. With a turnaround in cash flows, many of these companies should be well positioned for a return to normalcy. We believe improvements to their cost structures, balance sheets, and competitive position (as weaker competitors lost market share) suggest that future levels of profitability should exceed pre-pandemic levels, even at lower volumes. After pausing dividends and share buybacks for much of the Covid era, key regulators in our investable universe have approved banks to resume capital returns in the fourth quarter. Many of these companies held in our client portfolios have accrued dividends throughout the pandemic, which we believe should result in not only normal dividend payments but also the return of excess capital. With dividend income constituting an important component of total return, we eagerly anticipate the normalization of dividend policy for portfolio companies that have maintained strong capital positions over the last year and a half. Finally, the prospect of global bond yields rising further—even to levels that are still low versus historical yields—should favor undervaluation and exposure to economic recovery. 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 portfolio holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. 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. Funds MUTUAL FUNDS (US INVESTORS) Concentrated Equity Fund Global Value Fund International Value Fund Emerging Markets Fund International Opportunities Fund International Small Cap Fund UCITS (NON-US INVESTORS) Global Value UCITS Fund Emerging Markets UCITS Fund Institutional Strategies Global Value Equity International Value Equity International Value Select Emerging Markets Equity International Opportunities International Small Cap About Us Research Structure People Culture and Diversity News and Press Careers Contact Us Glossary Insights Causeway Analytics Contact Us Documents © 2021 Causeway Capital Management LLC Terms and Conditions of Use Privacy Form ADV Form CRS Relationship Summary Follow us