Causeway International Value Fund

Sarah Ketterer

Part of Causeway Capital Management

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.

100%

based on 4 of 22 closed positions