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Morningstar FundInvestor
January 2
015
Morningstar Analyst Rating
12-18-14
Œ
Morningstar Pillars
Process
Performance
People
Parent
Price
§
Positive
Positive
Positive
Positive
Negative
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
14.69
13.08
10.73
12.43
11.25
8.65
16.67
19.70
16.52
16.17
13.36
9.36
Total Return %
-6.50
23.90
24.23
-10.79
11.98
32.01
-42.06
7.64
25.74
7.87
26.31
45.53
+/-MSCI WexUS
-2.63
8.61
7.40
2.92
0.83
-9.44
3.47
-9.01
-0.91
-8.75
5.40
4.70
+/-MSCI WexUS
-2.63
8.61
7.40
2.92
0.83
-9.44
3.47
-9.01
-0.91
-8.75
5.40
4.70
Income Return %
2.11
1.01
2.33
2.85
1.44
1.93
2.88
2.06
1.12
2.08
1.78
1.73
Capital Return %
-8.61
22.89
21.90
-13.64
10.54
30.08
-44.94
5.58
24.62
5.79
24.53
43.80
Total Rtn % Rank Cat
73
15
2
21
12
36
41
67
57
95
13
17
Income $
0.34
0.25
0.35
0.16
0.17
0.48
0.41
0.19
0.34
0.24
0.16
0.07
Capital Gains $
0.00
0.00
0.00
0.00
0.00
0.45
4.00
0.89
0.58
0.45
0.09
0.04
Expense Ratio %
1.16
0.75
0.63
0.60
0.55
0.49
0.48
0.47
0.47
0.45
0.49
0.51
Income Ratio %
2.55
1.27
1.52
2.15
2.25
2.61
4.27
4.95
4.18
3.17
2.77
1.77
Turnover Rate %
27
105
58
45
88
105
54
49
51
56
128
.
Net Assets $mil
831
9
11
13
15
17
16
26
34
43
52
64
Performance
12-31-14
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2010
2011
2012
2013
2014
3.64 -13.81 17.11 7.03 -10.79
5.87 1.67 -22.12 6.41 24.23
15.56 -7.02
8.50 6.55 23.90
1.38 2.56 11.99 6.41 -6.50
0.00 1.87
-3.42
. .
Trailing
Total +/- MSCI
+/- MSCI
%Rank Growth of
Return% WexUS WexUS
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
-4.96 -1.09
-1.09
88 9,504
-8.21 0.72
0.72
40 9,179
-6.50 -2.63
-2.63
72 9,350
12.90 3.91
3.91
13 14,391
7.53 3.10
3.10
8 14,376
4.85 -0.28
-0.28
34 16,058
. . . . .
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
12.15
9
0.66
36
6.76
6
0.72
55
3.36
43
1.42
84
Potential Capital Gain Exposure: -6% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
-6.50
3 Yr
12.90
+Avg
Avg
5 Yr
7.53
High
High
10 Yr
4.85
Avg
+Avg
Incept
8.11
Other Measures
Standard Index
Best Fit Index
MSCI WexUS
MSCI Eur
Alpha
4.1
2.6
Beta
0.94
0.84
R-Squared
88
92
Standard Deviation
13.08
Mean
12.90
Sharpe Ratio
0.99
Morningstar’s Take
by Kevin McDevitt, CFA 12-18-14
This fund is lagging so far in 2014 but not because of
the current correction. Although the fund has
historically been more volatile than its average foreign
large-blend peer, it’s faring slightly better than most
during this downturn. Since June 19, the MSCI EAFE
Index is down about 11.3%, but the fund has dropped
10.6%. That’s because the distressed companies the
fund is known for sometimes holding are not as
common these days given a dearth of attractive
opportunities. Lead managers Harry Hartford and Sarah
Ketterer keep the fund’s estimated prospective beta
relative to EAFE at 1.0.
The fund is still paying for its overweighting in the
weak energy and materials sectors, two of this year’s
worst-performing sectors. Despite cutting energy from
13.1% heading into this year to 9.1% in September,
there’s still a 3.3 percentage point overweighting
relative to EAFE. With oil down about 50% this year,
these holdings have gotten whacked, especially French
services company Technip, which is down nearly 40%
after announcing an unanticipated acquisition. Partly
as a result of such positions, as well as
underweightings in relatively strong health-care and
utilities companies, it is on pace for its first
bottom-half calendar-year finish since 2007.
Usually a correction offers the silver lining of
attractive valuations, but that’s not necessarily the
case this time. That’s because the current correction
owes almost entirely to the strong dollar. In local
currency terms, EAFE has fallen less than 4%. As a
result, Hartford and Ketterer have not been adding to
the riskier companies that they’re known for. Indeed,
much of the fund’s long-term success owes to their
discipline in buying such names only when valuations
are firmly in their favor, which isn’t the case currently.
On the bright side, weakness in major currencies such
as the euro and yen could help the earnings of
export-oriented foreign companies.
Investors should take the current underperformance
in stride. This fund has been remarkably consistent
over the years. The team’s current discretion is a
reminder of the good judgment behind the record.
Address:
Causeway Capital Management Trust
Los Angeles, CA 90025
866-947-7000
Web Address:
www.causewayfunds.comInception:
10-26-01
Advisor:
Causeway Capital Management LLC
Subadvisor:
None
NTF Plans:
Fidelity Retail-NTF, CommonWealth NTF
Minimum Purchase:
$5000
Add: $0 IRA: $4000
Min Auto Inv Plan:
$5000
Add: $100
Sales Fees:
No-load, 2.00%R
Management Fee:
0.80%, 0.06%A
Actual Fees:
Mgt:0.80% Dist:
.
Expense Projections:
3Yr:$381
5Yr:$660 10Yr:$1455
Income Distribution:
Annually
Data through December 31, 2014
Causeway International Value Inv
Ticker
Status Yield Total Assets
Mstar Category
CIVVX Open
2.3% $6,292 mil
Foreign Large Blend
98% 99% 98% 99% 95% 99% 96% 95% 94%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 12-14
Historical Profile
Return
Risk
Rating
Above Avg
Above Avg
Above Avg
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
MSCI WexUS
Performance Quartile
(within Category)
History
10.0
14.0
18.0
22.8
28.4
Portfolio Analysis
09-30-14
Share change since 06-14 Total Stocks:61 Sector
Country
% Assets
Dreyfus Cash Management
.
United States
5.70
Akzo Nobel NV
Basic Mat
Netherlands
3.35
Reed Elsevier NV
Cnsmr Cyc Netherlands
3.20
Sanofi
Hlth care France
3.17
Novartis AG
Hlth care Switzerland
3.13
KDDI Corp
Comm Svs Japan
3.06
British American Tobacco
Cnsmr Def
U.K.
2.72
SK Telecom Co Ltd
Comm Svs Korea
2.62
Technip
Energy
France
2.58
UBS AG
Finan Svs Switzerland
2.52
China Mobile Ltd
Comm Svs China
2.35
BNP Paribas
Finan Svs France
2.21
Lloyds Banking Group PLC
Finan Svs U.K.
2.11
Roche Holding AG Dividen
Hlth care Switzerland
2.07
Barclays PLC
Finan Svs U.K.
2.02
Legrand SA
Technology France
2.00
International Consolidat
Industrl
Spain
1.97
HSBC Holdings PLC
Finan Svs U.K.
1.93
Hitachi Ltd
Technology Japan
1.86
KT&G Corp
Cnsmr Def
Korea
1.81
Current Investment Style
Market Cap %
Giant
65.9
Large
29.4
Mid
4.7
Small
0.0
Micro
0.0
Avg $mil:
40,768
Value Blnd Growth
Large Mid Small
Country Exposure
% Stock
U.K.
20
France
17
Japan
15
Switzerland 14
Netherlands 9
Regional Exposure
% Stock
UK/W. Europe 71
Japan
15
Asia X Japan 13
N. America 1
Latn America 0
Other
0
Sector
Weightings
% of
Stocks
Rel MSCI
WexUS High
3 Year
Low
Cyclical 44.46
.
BasicMat 11.01
.
11 8
CnsmrCyc12.97
.
14 11
FinanSvs 19.93
.
21 17
Real Est 0.55
.
1 1
Sensitive 37.41
.
CommSrvs10.00
.
10 4
Energy 8.63
.
14 9
Industrl 13.27
.
30 10
Technlgy 5.51
.
7 2
Defensive18.12
.
CnsmrDef 5.81
.
9 5
Hlthcare 10.68
.
11 9
Utilities 1.63
.
6 0
h
r
t
y
u
j
i
o
p
a
k
s
d
f
Composition - Net
(% of Stock)
Cash
5.7
Stocks
94.3
Bonds
0.0
Other
0.0
Foreign
100.0
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
10.96
2.92
-0.33
7.82
0.22
0.99
1.03
NMF
0.48
0.00
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
14.34
1.57
1.03
4.08
3.55
1.09
0.99
1.05
0.75
1.27
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2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobe accurate, correct, completeor
timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at
To order reprints, call 312-696-6100.
mfb.morningstar.com.
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