international opportunities fund · british american tobacco plc 2.3% united kingdom food beverage...

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SITIV

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ATIVE

(1) Ending period weights

(2) Geometric average using daily returns and weights

FUND DETAILS as of March 31, 2020

Ticker CUSIP Total Expenses Net Assets ($)

138,131,0541.05%14949Q107CIOIXIntl Opps Fund - Instl Class

8,543,8281.30%14949Q206CIOVXIntl Opps Fund - Investor Class

PERFORMANCE PRIOR QUARTER PERFORMANCEas of March 31, 2020, Inception date: December 31, 2009 as of December 31, 2019

1 YearSince

Inception10 Years5 Years3 Years

21.71% 8.77% 4.26% 5.80%5.80%

21.40% 8.53% 4.01% 5.54%5.54%

22.13% 10.40% 6.01% 5.44%5.45%

16.44% 7.53% 4.26% 4.23%4.23%

Month 5 Years3 Years1 YearQuarterSince

Inception10 Years

-20.28% -30.74% -23.56% -3.87% 1.94%1.66%-6.45%Intl Opps Fund - Instl Class (Net)

-20.34% -30.79% -23.74% -4.10% 1.68%1.40%-6.69%Intl Opps Fund - Investor Class (Net)

-14.40% -23.26% -15.14% -0.17% 2.62%2.52%-1.48%MSCI ACWI ex US (Gross)

-18.17% -28.45% -23.18% -2.92% 0.78%0.68%-5.92%MSCI ACWI ex US Value (Gross)

Performance greater than one year is annualized. 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. For performance as of the most recent month-end, please call 1-866-947-7000. Investment performance reflects fee waivers. In the absence of such fee waivers, total return would be reduced. Gross expenses before investment adviser fee waivers are 1.06% for Institutional Class shares and 1.31% for Investor Class shares. The waivers are contractual and in effect until 1/31/21. Investor Class shares charge up to a 0.25% annual shareholder service fee. Total returns assume reinvestment of dividends and capital gains distributions at net asset value when paid.

TOP 10 HOLDINGS as of March 31, 2020

Company Name Weight Country Industry Group

Volkswagen AG 3.6%1. Germany Automobiles & Components

Takeda Pharmaceutical Co., Ltd. 3.1%2. Japan Pharmaceuticals & Biotechnology

BASF SE 3.0%3. Germany Materials

UniCredit S.p.A. 2.9%4. Italy Banks

FANUC Corp. 2.9%5. Japan Capital Goods

Siemens AG 2.7%6. Germany Capital Goods

ABB Ltd. 2.6%7. Switzerland Capital Goods

Novartis AG 2.3%8. Switzerland Pharmaceuticals & Biotechnology

British American Tobacco plc 2.3%9. United Kingdom Food Beverage & Tobacco

Barclays Plc 2.2%10. United Kingdom Banks

Holdings are subject to change

LARGEST CONTRIBUTORS for the month ended March 31, 2020

Company NameContribution to

ReturnWeight Return Country Industry Group(1) (2)

United KingdomCompass Group Plc Consumer Services0.4% 41.3% 0.09%

SwitzerlandRoche Holding AG Pharmaceuticals & Biotechnology1.2% 4.9% 0.06%

ChinaVipshop Holdings Retailing0.3% 21.2% 0.04%

FranceSafran SA Capital Goods0.1% 48.7% 0.04%

United KingdomWH Smith Plc Retailing0.1% 53.7% 0.04%

SwitzerlandNovartis AG Pharmaceuticals & Biotechnology2.3% 2.1% 0.03%

FranceVinci Capital Goods0.1% 34.2% 0.02%

ChinaJd.com Retailing0.4% 5.0% 0.02%

United KingdomAstraZeneca Plc Pharmaceuticals & Biotechnology1.4% 3.4% 0.01%

United KingdomRio Tinto Plc Materials0.4% 20.5% 0.01%

ItalyUniCredit S.p.A. Banks2.9% -38.1% -1.17%

United KingdomRollsRoyce Holdings Plc Capital Goods1.7% -46.7% -1.16%

GermanyVolkswagen AG Automobiles & Components3.6% -28.2% -1.06%

United KingdomBarclays Plc Banks2.2% -37.5% -0.87%

FranceBNP Paribas SA Banks1.6% -38.0% -0.62%

International Opportunities FundFLASH REPORT March 31, 2020

International OpportunitiesCAUSEWAY FLASH REPORT March 31, 2020 PAGE 1

70.7%

29.0%

0.4%

Cash Weight

Emerging Weight

Developed Weight

72.3%

27.7%

Emerging Weight

Developed Weight

International Opportunities Fund

MSCI ACWI ex US

*Excludes cash component of the Portfolio

**Relative attractiveness of emerging markets versus developed markets;factors are not equally weighted

CHARACTERISTICS as of March 31, 2020

InternationalOpportunities Fund


EMMSCI World ex US


DMMSCI ACWI ex USMSCI EmergingMarkets in USD

189 2,410 58 131 1,4031,007No. of Holdings

57,495 56,706 45,283 87,253 81,31847,347Wtd Avg Mkt Cap (Mn)

8.5x 11.4x 8.8x 7.7x 10.0x12.1xFY2 P/E

0.9x 1.3x 0.9x 1.1x 1.4x1.3xP/B Value

13.8% 15.9% 12.7% 16.6% 15.4%16.0%Return on Equity

SIGNIFICANT CHANGES for the month ended March 31, 2020

Company Name Reason*Industry GroupCountryWgt

Beginning %Wgt

Ending %

Increases

Infineon Technologies AG Germany Semiconductors & Semi Equipment CD, IL0.83% 1.52%

Murata Manufacturing Co. Ltd. Japan Technology Hardware & Equipment IL0.82% 1.48%

RELX Plc United Kingdom Commercial & Professional Services CD1.03% 1.57%

Akzo Nobel Netherlands Materials CD1.15% 1.67%

Siemens AG Germany Capital Goods CD, IL2.24% 2.65%

Decreases

Royal Dutch Shell Plc United Kingdom Energy FR1.63% 0.00%

KDDI Corp. Japan Telecommunication Services RV1.07% 0.00%

BP Plc United Kingdom Energy FR1.77% 0.67%

Ovintiv Canada Energy FR0.90% 0.00%

East Japan Railway Co. Japan Transportation RV0.41% 0.00%

*Key: CA = Corporate Action CD = Cyclical Discount ER = Earnings Revision FM = Factor Model FR = Fundamental Review IL = Industry Laggard RB = Rebalance of Security WeightingsRV = Relative Value

ACTIVE EMERGING MARKETS ALLOCATION DECISION as of March 31, 2020

Current Emerging Markets Allocation Relative to Index*:

Significant Overweight

X Overweight

Neutral

Underweight

Significant Underweight

Factors Allocation Model**:

Positive Valuation

Positive Quality

Positive Earnings Growth

Negative Macro

Positive Risk Aversion


International Opportunities Current DatetimeCAUSEWAY FLASH REPORT PAGE 2

-5.0

-4.0

-3.0

-2.0

-1.0

0.0

1.0

Per

cen

tage

*Total effects include cash

This chart shows where the Fund's investments in a region performed better or worse than the region in the benchmark index during the period. Attribution is based on the return of the Fund's holdings gross of management fees and other expenses and before any Fund fair valuation. Past performance is not an indication of future results.

COUNTRY ALLOCATION as of March 31, 2020

MSCI ACWI ex US (%)FUND (%)

Israel 0.0 0.4

0.0 0.4Developed Middle East

Austria 0.0 0.1

Belgium 0.0 0.6

Finland 0.0 0.7

France 6.0 7.1

Germany 19.0 5.5

Ireland 1.6 0.4

Italy 2.9 1.4

Netherlands 3.2 2.7

Portugal 0.0 0.1

Spain 1.8 1.7

34.5 20.3Euro

Denmark 0.0 1.4

Norway 0.0 0.4

Sweden 0.2 1.8

Switzerland 7.9 7.1

United Kingdom 16.6 10.0

24.8 20.6Europe - Other

Canada 1.4 6.3

1.4 6.3North America

Australia 0.0 3.9

Hong Kong 0.0 2.5

Japan 10.0 17.4

New Zealand 0.0 0.2

Singapore 0.0 0.8

10.0 24.7Pacific

70.7 72.3DEVELOPED SUBTOTAL

28.9 27.7EMERGING SUBTOTAL

0.4 0.0CASH

100.0 100.0TOTAL

MSCI ACWI ex US (%)FUND (%)

China 12.3 11.3

India 2.1 2.1

Indonesia 0.1 0.4

Malaysia 0.2 0.5

Pakistan 0.0 0.0

Philippines 0.0 0.2

South Korea 4.1 3.3

Taiwan 4.6 3.4

Thailand 0.6 0.6

24.0 21.9Emerging Asia

Czech Republic 0.0 0.0

Egypt 0.0 0.0

Greece 0.0 0.1

Hungary 0.0 0.1

Poland 0.2 0.2

Qatar 0.1 0.3

Russia 1.6 0.9

Saudi Arabia 0.0 0.7

South Africa 0.2 1.0

Turkey 0.3 0.1

United Arab Emirates 0.2 0.2

2.5 3.6Emerging Europe, Middle East, Africa

Argentina 0.0 0.0

Brazil 2.1 1.4

Chile 0.0 0.2

Colombia 0.0 0.1

Mexico 0.2 0.5

Peru 0.2 0.1

2.4 2.2Emerging Latin America

RELATIVE REGIONAL ATTRIBUTION VS. MSCI ACWI ex US for the month ended March 31, 2020

EmergingAsia

EuroNorth

America

EmergingLatin

America

EmergingEurope,Middle

East,Africa

Total*Developed

MiddleEast

Europe -Other

Pacific

0.11 0.00 -0.03 -1.58-0.50 -1.54-0.57 -4.14-0.02Stock Selection

0.05 0.01 0.06 -0.430.15 -0.09-0.02 -0.37-0.10Country Allocation

0.12 0.00 -0.05 0.140.15 -0.09-0.02 0.22-0.02Currency

0.28 0.01 -0.03 -1.87-0.21 -1.72-0.61 -4.29-0.14Total



-4.0 -2.0 0.0 2.0 4.0 6.0

Diversified Financials

Telecommunication Services

Household & Personal Products

Utilities

Real Estate

Health Care Equipment & Services

Energy

Media & Entertainment

Consumer Durables & Apparel

Retailing

Food Beverage & Tobacco

Food & Staples Retailing

Software & Services

Consumer Services

Commercial & Professional Services

Insurance

Automobiles & Components

Technology Hardware & Equipment

Semiconductors & Semi Equipment

Pharmaceuticals & Biotechnology

Transportation

Materials

Banks

Capital Goods

-0.05

0.00

0.05

0.10

0.15

0.20

0.25

Co

ntr

ibu

tio

n

Rea l Est

ate

Con sum

er Ser vic

es

Divers

ified

Financials

Comm

ercia

l &

Pr ofessio

n al Ser vices

Tech

no logy

H

ardw

are

& Equ ip

men t

Stock Selection & Interaction Industry Allocation

Top 5

-2.00

-1.50

-1.00

-0.50

0.00

0.50

Det

ract

ion

Hou se

hold &

Per sonal

P roducts

Ene rgy

Autom

ob iles &

Compone nts

Cap it al G

oods

Banks

Stock Selection & Interaction Industry Allocation

Bottom 5

Relative Weight (%)Underweight Overweight

INDUSTRY GROUP ALLOCATION as of March 31, 2020

MSCI ACWIxUSPortfolioWeights (%)

vs IndexWeights (%)Weights (%)

Media & Entertainment 2.1 3.4 -1.3

Telecommunication Services 1.7 4.1 -2.4

3.8 7.5Communication Services -3.7

Automobiles & Components 4.0 3.1 0.9

Consumer Durables & Apparel 1.9 3.1 -1.2

Consumer Services 1.4 1.3 0.0

Retailing 3.2 4.3 -1.2

10.4 11.8Consumer Discretionary -1.4

Food & Staples Retailing 1.3 1.8 -0.5

Food Beverage & Tobacco 5.4 6.0 -0.6

Household & Personal Products 0.3 2.6 -2.3

7.0 10.5Consumer Staples -3.5

Energy 3.5 5.2 -1.7

3.5 5.2Energy -1.7

Banks 16.2 11.2 5.0

Diversified Financials 0.3 3.0 -2.7

Insurance 5.1 5.0 0.1

21.6 19.2Financials 2.3

Health Care Equipment & Services 0.3 2.1 -1.8

Pharmaceuticals & Biotechnology 10.0 8.4 1.5

10.3 10.5Health Care -0.2

Capital Goods 12.8 7.3 5.5

Commercial & Professional Services 1.6 1.5 0.1

Transportation 4.6 2.6 2.0

18.9 11.4Industrials 7.5

Semiconductors & Semi Equipment 4.5 3.2 1.3

Software & Services 2.7 2.9 -0.3

Technology Hardware & Equipment 5.0 4.1 1.0

12.1 10.2Information Technology 1.9

Materials 9.7 7.0 2.7

9.7 7.0Materials 2.7

Real Estate 0.8 3.0 -2.2

0.8 3.0Real Estate -2.2

Utilities 1.5 3.7 -2.2

1.5 3.7Utilities -2.2

99.6 100.0EQUITY -

0.4 0.0CASH -

100.0 100.0TOTAL -

ATTRIBUTION ANALYSIS: CONTRIBUTORS TO RELATIVE PERFORMANCE BY INDUSTRY for the month ended March 31, 2020



Causeway International Opportunities FundReview for Month Ended March 31, 2020

Commentary Highlights

· With large parts of the global economy shuttered, the question of COVID-19’s impact on economic growth hasshifted from whether it will spark a recession to how long the downturn will last. Central banks andgovernments began unleashing unprecedented levels of stimulus to shore up economies and target aid toareas most vulnerable to weakened demand.

· We are taking advantage of the current conditions by opportunistically buying industry-leading companies insome of the hardest hit areas of the markets that we believe have mistakenly been priced for permanentdemand destruction. These include industrials (transportation, capital goods, and especially aerospace),consumer discretionary (travel & tourism, automotive, and retail), and financials (banks and insurance).

· Some hallmarks of our economically exposed portfolio companies are strong balance sheets, abundant cashflows, and excellent management teams that should enable these companies to weather near-term challengesand remain well-positioned for a rebound in demand. Several of the most promising of these beaten downstocks trade at historically low single digit price-to-earnings multiples, implying the potential for significantrecoveries in their share prices over time.

Performance ReviewGlobal equities tumbled in March and market volatility spiked to levels last seen during the 2008 Global Financial Crisis(“GFC”), amid great uncertainty over COVID-19’s economic consequences. The top performing markets in our investableuniverse were Denmark, Switzerland, China, Japan, and Malaysia. The worst performing markets were Colombia, Brazil,Pakistan, Argentina, and Austria. The best performing sectors in the MSCI ACWI ex US Index (“Index”) were traditionallyeconomically defensive: health care, consumer staples, and communication services. The worst performing sectors were themost cyclically exposed: energy, financials, and real estate. Every major currency except the Swiss franc depreciated versus theUS dollar during the period, thus diminishing overall returns on overseas assets for US dollar-based investors.

Causeway International Opportunities Fund (“Fund”) underperformed the Index during the month, due primarily to stockselection. Fund holdings in the banks, capital goods, automobiles & components, and materials industry groups, along with anunderweight position in the household & personal products industry group, detracted from relative performance. Holdings inthe consumer services, commercial & professional services, and technology hardware & equipment industry groups, as well asan underweight position in the real estate and diversified financials industry groups, offset some of the underperformanceversus the Index. The largest detractor was banking & financial services company, UniCredit S.p.A. (Italy). Additional notabledetractors included jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom), automobile manufacturer,Volkswagen AG (Germany), banking & financial services company, Barclays Plc (United Kingdom), and banking & financialservices company, BNP Paribas SA (France). The top contributor to return was contract foodservice company, Compass GroupPlc (United Kingdom). Other notable contributors included pharmaceuticals & biotechnology company, Roche Holding AG(Switzerland), e-commerce retailer, Vipshop Holdings (China), aerospace component manufacturer, Safran SA (France), andretailer, WH Smith Plc (United Kingdom).

Economic OutlookWith large parts of the global economy shuttered, the question of COVID-19’s impact on economic growth has shifted fromwhether it will spark a recession to how long the downturn will last. Central banks and governments began unleashingunprecedented levels of stimulus to shore up economies and target aid to areas most vulnerable to weakened demand. TheUS Federal Reserve committed to purchase as many government bonds as necessary to ensure ample liquidity in financial




US Federal Reserve committed to purchase as many government bonds as necessary to ensure ample liquidity in financialmarkets and keep government borrowing costs low. The US’s $2.2 trillion stimulus package to support the economy shouldhelp industries most affected. But we anticipate additional measures will be needed to offset some of the effects of theeconomic shock, as ten million Americans apply for jobless benefits and a greater than 10% unemploymentrate appears likelyin the short term. The initiation of an oil price war between Saudi Arabia and Russia concurrent with the COVID-19 slowdownhas led to a rare two-pronged supply and demand shock for the energy industry and oil and gas producing countries globally.In the short term, the financial stability of many companies in the energy production and services industries in severalcountries will be threatened. For now, the federal coronavirus relief bill (CARES Act) notably omitted the energy industry.

Fiscal policy responses in Europe–such as in Germany and France and in the UK–included paying a dominant portion ofworkers’ wages during the shutdown to help companies avoid layoffs. This financial support may allow these economies torebound quickly once some of the draconian measures being used to fight the pandemic are withdrawn. The European CentralBank and Bank of England have also committed to using monetary policy tools at their disposal to provide liquidity for theduration of the crisis, including additional asset purchases. Low interest rates globally will only partially offset widened creditspreads, and less credit-worthy borrowers are paying a premium to refinance their debt. We expect this repricing of risky debtto accelerate. From examining how countries most affected at the onset of the outbreak have reacted, we believe reaching apeak in new cases could provide clarity on the severity of a near-term recession and the effectiveness of mitigation efforts,such as social distancing mandates. The existence of widespread diagnostic testing of COVID-19 will pave the way for peopleto congregate with confidence, a prerequisite for a sustained economic recovery.

Within emerging markets, China’s central bank has injected liquidity into financial markets, lowered required reserve ratios forbanks, and lowered prime interest rates. While official spending figures have not been confirmed, there are reports that localChinese governments have issued nearly $400 billion of special bonds to spur infrastructure investment. Governments inIndia, Brazil and South Korea have also loosened monetary policy and enacted fiscal spending to combat the economic impactof the virus.

Equity Allocation Model UpdateWe use a proprietary quantitative equity allocation model that assists the portfolio managers in determining the weight ofemerging versus developed markets in the Fund. Our allocation relative to the weight of emerging markets in the Index iscurrently overweight. We identify five primary factors as most indicative of the ideal allocation target: valuation, quality,earnings growth, macroeconomic, and risk aversion. Valuation is currently positive for emerging markets in our model. Ourquality metrics, which include such measures as profit margins and return on equity, are positive. Our earnings growth factoris positive, while our macroeconomic factor is negative for emerging markets. Lastly, our risk aversion factor is positive in ourmodel.

Investment OutlookInvestors appear to be exhibiting herding behavior in the current market environment, selling off swaths of stocks in variousindustries with little regard for companies’ valuations. In our view, volatility and indiscriminate selling can provide rareinvestment opportunities; we seek to purchase into other investors’ fear, in anticipation of the inevitable economic andmarket recovery. From a fundamental perspective, we are taking advantage of the current conditions by opportunisticallybuying industry-leading companies in some of the hardest hit areas of the markets that we believe have mistakenly beenpriced for permanent demand destruction. These include industrials (transportation, capital goods, and especially aerospace),consumer discretionary (travel & tourism, automotive, and retail), and financials (banks and insurance). When the recoveryinevitably comes, which we believe will happen, the market should be led by cyclicals, at least if past drawdowns are anyindication. Some hallmarks of our economically exposed portfolio companies are strong balance sheets, abundant cash flows,and excellent management teams that should enable these companies to weather near-term challenges and remain well-positioned for a rebound in demand. We believe we are buying some of the world’s best-managed banks at sizable discountsto their tangible book values. Economic disruption brings the strongest banks more profitable credit and lendingopportunities. While several US and European bank stocks already discount a severe recession, banks are better capitalized


opportunities. While several US and European bank stocks already discount a severe recession, banks are better capitalizedthan at any point since the GFC. Industrials stocks, notably those with exposure to aviation, are trading at deep recessionlevels. We believe some of these stocks hold more upside potential in the next two years than we have observed since 2008.With more buying opportunities than capital to invest, we are funding purchases with sales of stocks that we believe exhibitlower risk-adjusted return potential. These include stocks that may face longer-term structural challenges (such as those in theenergy sector) or those in defensive areas of the market that have outperformed, like utilities and communication services.Amid the demand contraction, many companies are conserving cash and some are suspending dividend payments until thecrisis abates. Despite the delay in income, we believe our portfolio companies should have the financial flexibility to withstanda multi-quarter sharp reduction in revenues, then resume growth. Several of the most promising of these beaten down stockstrade at historically low single digit price-to-earnings multiples, implying the potential for significant recoveries in their shareprices over time.

In the emerging markets asset class, an external shock like the novel coronavirus presents a challenging environment for valuestocks. After weak performance in 2019, the MSCI Emerging Markets Value Index has underperformed the MSCI EmergingMarkets Growth Index by 8.7 percentage points year-to-date. We continue to observe a dichotomy between performance ofthe value index and our value factor. The disconnect can be attributed to the fact that our value factor has a sector-relativecomponent while MSCI’s classification scheme does not. We maintain a value emphasis in our multi-factor quantitativeprocess. The MSCI Emerging Markets Value Index is trading at a sizable discount to the MSCI Emerging Markets Growth Indexbased on both price-to-earnings and price-to-bookvalue ratios. Value stocks tend to underperform in times of uncertainty, butgiven these wide disparities between growth and value, as more clarity emerges on the coronavirus situation globally, webelieve value stocks should rebound.


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 any portfolio holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Any securities identified anddescribed do not represent all of the securities purchased, sold or recommended for the Fund. Index returns, if any, are gross of withholding taxes, assume reinvestment ofdividends and capital gains, and assume no management, custody, transaction or other expenses. The reader should not assume that an investment in any securities identifiedwas or will be profitable.

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. Youmay not redistribute the MSCI data or use it as a basis for other indices or investment products.


To determine if the Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expenses before investing. Please read the full or summary prospectus carefully before you invest or send money. To obtain additional information, call 1-866-947-7000 or visit us online at www.causewayfunds.com.

Mutual fund investing involves risk, including possible loss of principal. In addition to the normal risks associated with equity investing, international investing may involve risk of capital loss from unfavorable fluctuations 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. Current and future holdings are subject to risk. There is no assurance that any securities exposures mentioned will remain in or out of the Fund. Diversification may not protect against market risk.

FY2 P/E is the weighted harmonic average 2-year analysts' consensus forecast price-to-earnings ratio. Price-to-book value ratio is weighted harmonic average, and return on equity is weighted average.

Asset Allocation Methodology: The Investment Adviser uses quantitative signals from systems developed and managed by its quantitative portfolio managers and qualitative input from its fundamental portfolio managers to determine the allocation of assets between the international value portfolio and the emerging markets portfolio. Quantitative signals are generated by a proprietary asset allocation model designed by the quantitative portfolio managers to indicate when allocations to emerging markets should increase or decrease relative to the Fund’s benchmark, the MSCI ACWI ex USA Index (Gross) (“ACWI ex USA Index”). The model currently analyzes factors in five categories: valuation, earnings growth, financial strength (quality), macroeconomics, and risk aversion. The Investment Adviser’s fundamental portfolio managers evaluate these quantitative signals in light of fundamental analysis and the portfolio managers, as a team, determine the allocation between the international value portfolio and the emerging markets portfolio. The allocation is reassessed by the quantitative model daily and adjusted periodically when deemed appropriate by the investment team.

Dividend Yield shows how much a company pays out in dividends each year relative to its share price. A company may reduce or eliminate its dividend, causing losses to the Fund. Beta is a measurement of sensitivity to the benchmark index. A beta of 1 indicates that a portfolio’s value will move in line with the index. A beta of less than 1 means that the portfolio will be less volatile than the index; a beta of greater than 1 indicates that the security's price will be more volatile than the index.

Performance attribution charts show where the Fund's investments performed better or worse than the benchmark index during the month. Attribution is based on the return of the Fund's holdings gross of management fees and other expenses, and before any Fund fair valuation. Past performance does not guarantee future results.

A company may reduce or eliminate its dividend, causing losses to the Fund. Dividend Yield shows how much a company pays out in dividends each year relative to its share price. Alpha defined as fund return in excess of the index. Holdings are subject to change.

There is no guarantee that risk can be managed successfully.

The Fund's benchmark, the MSCI ACWI ex USA Index, is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S. The MSCI ACWI ex USA Value Index captures large and mid cap securities exhibiting overall value style characteristics across 22 Developed and 26 Emerging Markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. The Indices are gross of withholding taxes, assumes reinvestment of dividends and capital gains, and assumes no management, custody, transaction or other expenses. It is not possible to invest directly in an index.

The MSCI Emerging Markets Growth Index captures large and mid cap securities exhibiting overall growth style characteristics. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend. The MSCI Emerging Markets Value Index captures large and mid cap securities exhibiting overall value style characteristics across 26 emerging country indices. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. The Indices are gross of withholding taxes, assumes reinvestment of dividends and capital gains, and assumes no management, custody, transaction, or other expenses. It is not possible to invest directly in an index.

Distributed by SEI Investments Distribution Co., which is not affiliated with Causeway International Opportunities Fund or the investment adviser.



Pension & Investments © Crain Communications Inc. All rights reserved. The annual survey and recognition program hosted by Pension & Investments is dedicated to identifying, measuring and recognizing the best employers in the money management industry. Announced December 9, 2019, Causeway Capital Management LLC is a first-time winner, awarded fourth place in the Managers with 100 to 499 Employees category. As of the survey period, Causeway had 101 employees. For a complete list of the 2019 winners, visit www.pionline.com.

Pensions & Investments partnered with Best Companies Group, an independent research firm specializing in identifying great places to work, to conduct a two-part survey process of employers and their employees. The first portion consisted of evaluating each nominated company's workplace policies, practices, philosophy, systems and demographics. This part of the process was worth approximately 25% of the total evaluation. The second portion consisted of an employee survey to measure the employee experience. This part of the process was worth approximately 75% of the total evaluation. The combined scores determined the top companies.



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