Global Value Fund Institutional Shares (CGVIX) Investor Shares (CGVVX) Seeking value primarily in developed markets worldwide The Fund invests primarily in common stocks of companies in developed countries located outside the US and of companies in the US. Normally, the Fund invests the majority of its total assets in companies that pay dividends or repurchase their shares. The Fund may invest up to 20% of its total assets in companies located in emerging (less developed) markets. Under normal circumstances, the Fund will invest at least 40% of its total assets in companies located in a number of countries outside the US. The Fund’s investment objective is to seek long-term growth of capital and income. YTD RETURN* +14.17% NAV* $12.65, -0.02 INCEPTION April 29, 2008 CUSIP 14949P307 BENCHMARK MSCI ACWI MINIMUM INVESTMENT $1,000,000 SALES CHARGE None NET EXPENSE RATIO 0.85% GROSS EXPENSE RATIO 1.25% *As of November 23, 2021 Download Profile Sheet Download Prospectus Contact Us Strategy overview The portfolio managers discuss our Global Value 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 Fund MSCI ACWI QTD YTD 1 year 3 years 5 years 10 years Since inception Fund 1.1% 15.5% 57.3% 11.0% 10.5% 9.6% 6.2% MSCI ACWI 5.1% 17.2% 37.9% 18.1% 15.3% 11.9% 7.8% 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 effect. In the absence of such fee waivers, total return would be reduced. Contractual fee waivers are in effect until 1/31/21. The net expense ratio for Institutional Class shares is 1.05%. The net expense ratio for Investor Class shares is 1.30%. Effective October 1, 2018, the Global Value Fund’s benchmark changed from the MSCI World Index (Gross) to the MSCI ACWI Index (Gross). Causeway believes that the MSCI ACWI Index (Gross), which includes emerging as well as developed markets, better represents the types of securities in which the strategy invests. Portfolio (as of October 31, 2021) Benchmark: MSCI ACWI ASSET ALLOCATION Fund Stocks 98.2% Cash 1.8% FUND CHARACTERISTICS Fund Benchmark No. of holdings 53 2975 Weighted avg. market cap (US $MM) $123,700 $349,757 FY2 price/earnings 14.3 17.6 Price/book value 2.3 3.1 Net assets $61,137,882 - TOP 10 HOLDINGS Security Country Percent Rolls-Royce Holdings Plc United Kingdom 3.9% Alphabet, Inc. United States 3.8% Booking Holdings, Inc. United States 2.9% General Electric Co. United States 2.9% Novartis AG Switzerland 2.9% Genpact Ltd. United States 2.8% Samsung Electronics Co., Ltd. South Korea 2.8% FANUC Corp. Japan 2.7% Fiserv, Inc. United States 2.7% Sanofi France 2.7% 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 Information Technology 21.5% 22.7% Industrials 16.6% 9.6% Financials 13.0% 14.4% Health Care 9.4% 11.5% Materials 9.0% 4.6% Consumer Discretionary 9.0% 12.8% Communication Services 8.4% 9.0% Utilities 5.1% 2.6% Energy 4.6% 3.6% Consumer Staples 1.5% 6.6% Real Estate 0.0% 2.6% TOP 10 COUNTRIES Country Fund Benchmark United States 50.4% 60.6% United Kingdom 9.5% 3.6% France 7.8% 2.9% Switzerland 7.0% 2.5% Japan 5.8% 5.7% Germany 5.4% 2.2% Italy 3.8% 0.6% South Korea 3.7% 1.4% Spain 2.7% 0.6% Canada 1.6% 2.9% REGIONAL ALLOCATION North America 52.0% Europe – other 36.1% Pacific 5.8% Emerging Asia 5.8% Emerging Latin America 0.5% Commentary (As of October 31, 2021) Highlights Global equities regained momentum in October as progress in vaccination campaigns appeared to have assuaged investor concerns over new mobility restrictions. Though the company management teams we speak with are generally reporting higher input costs, we believe many supply chain issues should be resolved by mid-2022. In our view, if labor retains bargaining power, this may raise unit labor costs. We believe that the level at which inflation expectations get anchored should have the biggest impact on whether inflation is transitory or more permanent. For many of our portfolio companies, we believe the earnings growth outlook is underpinned by pent up demand, strong balance sheets, and structurally lower costs than those prior to the pandemic. Download Flash Report Portfolio attribution The Causeway Global Value Fund ("Fund") underperformed the Index during the month, due primarily to stock selection. Fund holdings in the software & services, capital goods, pharmaceuticals & biotechnology, and technology hardware & equipment industry groups, along with an underweight position in the automobiles & components industry group, detracted from relative performance. Holdings in the consumer durables & apparel, utilities, and insurance industry groups, as well as an underweight position in the telecommunication services and household & personal products industry groups, offset some of the underperformance compared to the Index. The largest detractor was Takeda Pharmaceutical Co., Ltd. (Japan). Additional notable detractors included travel & tourism technology company, Sabre Corp. (United States), financial services technology company, Fiserv, Inc. (United States), robotics manufacturer, FANUC Corp. (Japan), and electronic components manufacturer, Murata Manufacturing Co. Ltd. (Japan). The top contributor to return was technology conglomerate, Alphabet, Inc. (United States). Other notable contributors included luxury goods manufacturer & retailer, Compagnie Financière Richemont SA (Switzerland), mortgage insurance provider, Essent Group (United States), specialty chemicals manufacturer, Ashland Global Holdings, Inc. (United States), and semiconductor manufacturer, Broadcom Corp. (United States). Investment outlook Although equity markets reached new highs during the month, we continue to find plenty of opportunities in undervalued stocks. We aim to identify companies poised to deliver improved earnings that can potentially rerate upwards as investors recognize the positive transformation these management teams have delivered. As central banks embark on a monetary tightening cycle to combat inflationary pressures, we expect rising discount rates to act as a headwind for the high-flying valuations of long-duration growth stocks. This should translate into an attractive environment for fundamental, value-oriented research. We have positioned our clients’ portfolios to take advantage of what is, in our view, mispricing in stocks heavily exposed to Covid (e.g., travel, leisure, aerospace, and aviation), balanced with companies in more defensive and cash flow generative industries such as pharmaceutical and utilities. In recent months, we have also increased the portfolio’s energy exposure. Many European integrated oil companies have rationed capital expenditures, diverting investments away from exploration and production towards renewables, leading to a dearth of supply amid the current surging demand. We, therefore, expect oil and gas prices to remain elevated and potentially rise further this winter. For many of our portfolio companies, we believe the earnings growth outlook is underpinned by pent up demand, strong balance sheets, and structurally lower costs than those prior to the pandemic. With many companies resuming dividend payments and share buybacks, we believe income should bolster the total return profile of portfolio holdings in the remainder of 2021 and into 2022. Effective October 1, 2018, the Global Value Fund’s benchmark changed from the MSCI World Index (Gross) to the MSCI ACWI Index (Gross). Causeway believes that the MSCI ACWI Index (Gross), which includes emerging as well as developed markets, better represents the types of securities in which the strategy invests. 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 Dividends Short-term capital gains Long-term capital gains 2020 $0.1510 $0.0000 $0.0000 2019 $0.3324 $0.1359 $0.0305 2018 $0.1956 $0.2508 $1.2062 2017 $0.2363 $0.4167 $0.1330 Load more 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 Fund information: Institutional Shares Profile Sheet Investor Shares Profile Sheet Flash Report Quarterly Report Summary Prospectus Prospectus Annual Report Semi-Annual Report Statement of Additional Information Holdings - December 31, 2020 Holdings - June 30, 2021 Forms: New Account Application IRA Application Non-IRA Redemption Form IRA Distribution Election Form IRA Custodial Agreement Disclosure Statement IRA Asset Transfer/Direct Rollover Request Change of Account Ownership Form Download all Download selected SEI Investments Distribution Co. (1 Freedom Valley Drive, Oaks, PA, 19456) is the distributor for the Causeway Funds. Check the background of SIDCO on FINRA’s BrokerCheck. 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 A company may reduce or eliminate its dividend, causing losses to a fund. Effective October 1, 2018, the Global Value Fund’s benchmark changed from the MSCI World Index to the MSCI ACWI Index. The MSCI ACWI Index is a free float-adjusted market capitalization index, designed to measure the equity market performance of developed and emerging markets, consisting of 23 developed country indices, including the US, and 24 emerging market country indices. Prior to October 1, 2018, the benchmark index for the Global Value Fund was the MSCI World Index. This Index is a free float-adjusted market capitalization weighted index, designed to measure developed market equity performance, consisting of 23 developed country indices, including the US. The Indices are gross of withholding taxes, assume reinvestment of dividends and capital gains, and assume no management, custody, transaction or other expenses. It is not possible to invest directly in an index. The Fund offers two classes of shares. Investor Class shares charge a shareholder service fee of up to 0.25% per annum of average daily net assets. Institutional Class shares charge no shareholder service fee. For more information, please see the prospectus. 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. To determine if a Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the downloadable fund prospectus, which may also be requested in print by calling 1-866-947-7000. Read it carefully before investing. There is no guarantee that the Causeway Funds will meet their stated objectives. The Funds are available to US investors only.