These are Causeway International Value Fund's own holdings, not the firm's. Percentages are of the stock positions in its latest filing — the fund's cash and bonds are not included. A fund built around cheap stocks in the developed world outside the United States, this offering normally keeps at least 80% of its assets in companies headquartered in mature foreign markets, with a taste for firms that pay dividends or buy back their own shares. Up to 15% of the book may wander into emerging markets, but the core stays with steady companies whose earnings power can improve over a two-to-three-year horizon and whose shares sit at what manager Sarah Ketterer calls a "yawning gap" to their U.S. peers or their own histories. Value screening does the stock picking, then statistical risk models police the result — the discipline Ketterer has said a manager without is "completely blind." The fund launched on October 26, 2001, only months after its managers led a team out of Hotchkis & Wiley to found Causeway Capital Management in Los Angeles, making it the firm's first and defining expression of investing beyond America. It opened into the gloom of the dot-com hangover and the weeks after September 11, a season that tested exactly the patience its two-to-three-year outlook demanded. Sarah Ketterer, Causeway's co-founder and CEO, has managed the fund since its inception and continues to guide it today as part of a team that spans research across every sector.
$1.54B