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Causeway International Opportunities Fund
mutual fund
CIOIX
Payout Change
Pending
Price as of:
$17.02
+0.03
+0.18%
primary theme
International Large-Cap Value Equity
share class
CIOIX (Mutual Fund)
Causeway International Opportunities Fund
Payout Change
Pending
Price as of:
$17.02
+0.03
+0.18%
primary theme
International Large-Cap Value Equity
share class
CIOIX (Mutual Fund)
Causeway International Opportunities Fund
Payout Change
Pending
Price as of:
$17.02
+0.03
+0.18%
primary theme
International Large-Cap Value Equity
share class
Name
As of 12/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
8.2%
1 yr return
9.7%
3 Yr Avg Return
7.5%
5 Yr Avg Return
6.3%
Net Assets
$280 M
Holdings in Top 10
25.1%
52 WEEK LOW AND HIGH
$17.0
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.02%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 45.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
$5,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
CIOIX - Profile
Distributions
- YTD Total Return 8.2%
- 3 Yr Annualized Total Return 7.5%
- 5 Yr Annualized Total Return 6.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.67%
- Dividend Yield 2.4%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameCauseway International Opportunities Fund
-
Fund Family NameCAUSEWAY CAPITAL MANAGEMENT TRUST
-
Inception DateDec 31, 2009
-
Shares Outstanding15013156
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJonathan Eng
Fund Description
The Fund invests primarily in companies both in developed markets — excluding the United States (the “international value portfolio”) — and in emerging markets (the “emerging markets portfolio”). The Investment Adviser allocates substantially all of the Fund’s assets between the international value portfolio and the emerging markets portfolio using a proprietary asset allocation model. Normally, the Fund will invest in companies in at least ten foreign countries.
International Value Portfolio: The international value portfolio consists primarily of common stocks of companies in developed countries outside the U.S. Normally, the majority of this portfolio invests in companies that pay dividends or repurchase their shares. The international value portfolio may also invest in companies in emerging (less developed) markets.
When investing the international value portfolio, the Investment Adviser follows a value style, performing fundamental research supplemented by quantitative analysis. Beginning with a universe of all publicly listed companies throughout the non-U.S. developed and emerging markets, the Investment Adviser applies market capitalization and liquidity thresholds to reduce investment candidates to approximately 2,000 equity securities. The Investment Adviser uses quantitative valuation screens to further narrow the potential investment candidates. The Investment Adviser then performs fundamental research, which generally includes company-specific research, company visits, and interviews of suppliers, customers, competitors, industry analysts, and experts. The Investment Adviser also applies a proprietary quantitative risk model to adjust return forecasts based on risk assessments. This process results in risk-adjusted return forecasts for a closely followed group of potential investment candidates. Using a value style means that the Investment Adviser buys stocks that it believes have lower prices than their true worth. For example, stocks may be “undervalued” because the issuing companies are in industries that are currently out of favor with investors. However, even in those industries, certain companies may have high rates of growth of earnings and be financially sound.
The Investment Adviser considers whether a company has each of the following value characteristics in purchasing or selling securities for the international value portfolio:
| • | Low price-to-earnings ratio (stock price divided by earnings per share) relative to the sector |
| • | High yield (percentage rate of return paid on a stock in dividends and share repurchases) relative to the market |
| • | Low price-to-book value ratio (stock price divided by book value per share) relative to the market |
| • | Low price-to-cash flow ratio (stock price divided by net income plus non-cash charges per share) relative to the market |
| • | Financial strength |
Generally, price-to-earnings ratio and yield are the most important factors.
The international value portfolio may invest in companies of any market capitalization, and is not required to invest a minimum amount and is not limited to investing a maximum amount in companies in any particular country.
Emerging Markets Portfolio: The emerging markets portfolio is normally invested in equity securities of companies in emerging (less developed) markets and other investments that are tied economically to emerging markets. Generally, these investments include common stock, preferred and preference stock, depositary receipts, and exchange-traded funds that invest in emerging markets.
The Investment Adviser uses a quantitative investment approach to purchase and sell investments for the emerging markets portfolio. To select securities, the Investment Adviser’s proprietary computer model analyzes “stock-specific” factors relating to valuation, growth, technical indicators, and competitive strength, and “top-down” factors relating to macroeconomics, currency, and country-sector aggregate. Currently, the valuation factor category receives the highest overall weight in the model and stock-specific factors comprise approximately 75% of the score for a company. For each stock, the relative weight assigned to each stock-specific factor differs
depending on its classification (for example, value, growth, momentum, capitalization or other classifications). The relative weights of these stock-specific factors are sometimes referred to as “contextual weights.” Factors and their weightings may change over time as the model is revised and updated, or if the classification of a stock changes. In addition to its quantitative research, the Investment Adviser’s fundamental research analysts review certain of the quantitative outputs to attempt to identify and address special issues, such as mergers and acquisitions or management changes, that may not be captured by the quantitative model.
If the emerging markets portfolio invests in a country, the percentage of the emerging markets portfolio’s total assets attributable to that country is not expected to be greater than the weight of that country in the MSCI Emerging Markets Index (Net) (the “EM Index”) plus 5 percentage points, or less than the weight of that country in the EM Index minus 5 percentage points. In addition, at the discretion of the Investment Adviser, up to 10% of the emerging markets portfolio may be invested in companies in less developed emerging markets not included in the EM Index, such as countries included in the MSCI Frontier Markets Index and countries with similar economic characteristics. The emerging markets portfolio generally invests in companies with market capitalizations of US $500 million or greater at the time of investment and may invest in a wide range of industries.
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 (Net) (“ACWI ex USA Index”). The model currently analyzes factors in five categories: valuation, earnings growth, financial strength, 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.
The Fund considers a country to be an emerging market if the country is included in the EM Index. The percentage of the Fund’s total assets in emerging markets investments is not expected to be greater than the weight of emerging markets in the ACWI ex USA Index multiplied by two, and can be as low as zero. As of December 31, 2023, the emerging markets portion of the ACWI ex USA Index was 28.1%.
CIOIX - Performance
Return Ranking - Trailing
| Period | CIOIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.2% | -13.9% | 14.6% | 7.64% |
| 1 Yr | 9.7% | -11.9% | 18.3% | 3.32% |
| 3 Yr | 7.5%* | -4.4% | 78.6% | 9.36% |
| 5 Yr | 6.3%* | -0.6% | 44.0% | 16.37% |
| 10 Yr | 5.1%* | -0.3% | 22.8% | 18.58% |
* Annualized
Return Ranking - Calendar
| Period | CIOIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 21.4% | 1.0% | 26.9% | 2.29% |
| 2022 | -13.5% | -27.8% | 166.1% | 54.43% |
| 2021 | 4.9% | -66.6% | 64.4% | 77.67% |
| 2020 | 4.0% | -17.0% | 17.3% | 17.07% |
| 2019 | 18.7% | 4.4% | 31.6% | 10.39% |
Total Return Ranking - Trailing
| Period | CIOIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.2% | -13.9% | 14.6% | 7.64% |
| 1 Yr | 9.7% | -11.9% | 18.3% | 3.32% |
| 3 Yr | 7.5%* | -4.4% | 78.6% | 9.36% |
| 5 Yr | 6.3%* | -0.6% | 44.0% | 16.37% |
| 10 Yr | 5.1%* | -0.3% | 22.8% | 18.58% |
* Annualized
Total Return Ranking - Calendar
| Period | CIOIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 24.6% | 5.4% | 31.0% | 2.29% |
| 2022 | -11.1% | -19.9% | 344.3% | 61.97% |
| 2021 | 6.6% | -0.2% | 75.3% | 92.00% |
| 2020 | 5.4% | -11.8% | 18.9% | 19.16% |
| 2019 | 21.7% | 11.2% | 32.1% | 15.05% |
NAV & Total Return History
CIOIX - Holdings
Concentration Analysis
| CIOIX | Category Low | Category High | CIOIX % Rank | |
|---|---|---|---|---|
| Net Assets | 280 M | 3.42 M | 46.7 B | 71.66% |
| Number of Holdings | 243 | 2 | 2513 | 18.57% |
| Net Assets in Top 10 | 73.3 M | 628 K | 14.6 B | 71.66% |
| Weighting of Top 10 | 25.12% | 6.2% | 100.0% | 57.19% |
Top 10 Holdings
- ISHARES MSCI EAFE ETF MUTUAL FUND 4.66%
- ROLLS-ROYCE HOLDINGS PLC COMMON STOCK 3.36%
- ALSTOM COMMON STOCK 2.64%
- BARCLAYS PLC COMMON STOCK 2.39%
- TAIWAN SEMICONDUCTOR MANUFAC COMMON STOCK 2.24%
- RECKITT BENCKISER GROUP PLC COMMON STOCK 2.18%
- AKZO NOBEL N.V. COMMON STOCK 2.00%
- ROCHE HOLDING AG-GENUSSCHEIN COMMON STOCK 1.93%
- TENCENT HOLDINGS LTD COMMON STOCK 1.87%
- RENESAS ELECTRONICS CORP COMMON STOCK 1.85%
Asset Allocation
| Weighting | Return Low | Return High | CIOIX % Rank | |
|---|---|---|---|---|
| Stocks | 98.33% | 6.62% | 104.54% | 32.90% |
| Cash | 1.49% | 0.00% | 13.78% | 56.35% |
| Preferred Stocks | 0.17% | 0.00% | 3.92% | 50.49% |
| Other | 0.00% | -1.10% | 29.32% | 43.97% |
| Convertible Bonds | 0.00% | 0.00% | 0.15% | 91.86% |
| Bonds | 0.00% | 0.00% | 100.21% | 91.86% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | CIOIX % Rank | |
|---|---|---|---|---|
| Financial Services | 22.25% | 0.00% | 42.76% | 36.18% |
| Industrials | 14.05% | 1.03% | 36.79% | 44.08% |
| Healthcare | 13.44% | 0.00% | 23.28% | 26.64% |
| Technology | 11.44% | 0.00% | 24.16% | 15.46% |
| Consumer Cyclical | 8.67% | 0.00% | 27.46% | 59.54% |
| Energy | 8.65% | 0.00% | 26.59% | 36.18% |
| Consumer Defense | 8.35% | 0.00% | 31.84% | 49.01% |
| Basic Materials | 5.98% | 0.00% | 30.76% | 77.63% |
| Utilities | 4.20% | 0.00% | 27.46% | 31.58% |
| Communication Services | 2.96% | 0.29% | 22.75% | 87.50% |
| Real Estate | 0.00% | 0.00% | 17.06% | 98.36% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | CIOIX % Rank | |
|---|---|---|---|---|
| Non US | 89.44% | 0.00% | 99.66% | 67.43% |
| US | 8.89% | 0.00% | 100.40% | 27.36% |
CIOIX - Expenses
Operational Fees
| CIOIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.02% | 0.01% | 5.99% | 47.56% |
| Management Fee | 0.80% | 0.00% | 1.25% | 84.64% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.03% | 0.47% | 31.07% |
Sales Fees
| CIOIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| CIOIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.25% | 2.00% | 79.17% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| CIOIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 45.00% | 2.00% | 158.16% | 56.88% |
CIOIX - Distributions
Dividend Yield Analysis
| CIOIX | Category Low | Category High | CIOIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.36% | 0.00% | 13.19% | 73.53% |
Dividend Distribution Analysis
| CIOIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Quarterly | Quarterly | Quarterly |
Net Income Ratio Analysis
| CIOIX | Category Low | Category High | CIOIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.67% | 0.18% | 7.85% | 79.73% |
Capital Gain Distribution Analysis
| CIOIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 20, 2023 | $0.401 | OrdinaryDividend |
| Dec 22, 2022 | $0.360 | OrdinaryDividend |
| Dec 21, 2021 | $0.240 | OrdinaryDividend |
| Dec 17, 2020 | $0.197 | OrdinaryDividend |
| Dec 19, 2019 | $0.350 | OrdinaryDividend |
| Dec 20, 2018 | $0.033 | CapitalGainLongTerm |
| Dec 20, 2018 | $0.290 | OrdinaryDividend |
| Dec 21, 2017 | $0.215 | OrdinaryDividend |
| Dec 22, 2016 | $0.449 | OrdinaryDividend |
| Dec 23, 2015 | $0.011 | CapitalGainShortTerm |
| Dec 23, 2015 | $0.020 | CapitalGainLongTerm |
| Dec 23, 2015 | $0.162 | OrdinaryDividend |
| Dec 18, 2014 | $0.494 | CapitalGainLongTerm |
| Dec 19, 2013 | $0.000 | CapitalGainShortTerm |
| Dec 19, 2013 | $0.074 | CapitalGainLongTerm |
| Dec 19, 2013 | $0.127 | OrdinaryDividend |
| Dec 20, 2012 | $0.019 | CapitalGainLongTerm |
| Dec 20, 2012 | $0.245 | OrdinaryDividend |
| Dec 21, 2011 | $0.030 | CapitalGainLongTerm |
| Dec 21, 2011 | $0.276 | OrdinaryDividend |
| Dec 08, 2010 | $0.186 | OrdinaryDividend |
CIOIX - Fund Manager Analysis
Managers
Jonathan Eng
Start Date
Tenure
Tenure Rank
Dec 31, 2009
12.42
12.4%
Mr. Eng is a director and fundamental portfolio manager of Causeway and has been with the firm since July 2001. He is responsible for investment research in the global consumer discretionary, industrials and materials sectors. He has been a portfolio manager since February 2002. PRIOR EXPERIENCE From 1997 to July 2001, Mr. Eng was an equity research associate for the Hotchkis and Wiley division of Merrill Lynch Investment Managers. In 1996, Mr. Eng worked as a summer research associate for Hotchkis and Wiley, performing U.K. and European equity research.
MacDuff Kuhnert
Start Date
Tenure
Tenure Rank
Dec 31, 2009
12.42
12.4%
MacDuff Kuhnert, CFA, is a director of Causeway Capital Management LLC and performs quantitative research. He joined the firm in July 2001. His responsibilities include product development, asset allocation, risk management, and the design and implementation of proprietary valuation models and other quantitative tools. From 1996 to July 2001, Mr. Kuhnert worked for HW-MLIM as a quantitative research associate, where he created and developed advanced quantitative models used in the international value investment process. Mr. Kuhnert has a BA in Chemistry from Dartmouth College. He is a CFA charterholder and member of the Los Angeles Society of Financial Analysts and the Los Angeles Quantitative Investment Association.
Arjun Jayaraman
Start Date
Tenure
Tenure Rank
Dec 31, 2009
12.42
12.4%
Arjun Jayaraman, PhD, CFA, is head of the quantitative research group at Causeway Capital Management LLC. He has been a portfolio manager at the firm since January 2006. From 2004 to 2005, Dr. Jayaraman was a portfolio manager for quantitative strategies at PanAgora Asset Management. He was the lead portfolio manager of its non-U.S. large cap core equity portfolios and was the co-portfolio manager of its global large cap core equity portfolios. From 2000-2004, Dr. Jayaraman managed similar portfolios at Putnam Investments in addition to working closely with the teams that managed Putnam’s traditional non-U.S. strategies. Dr. Jayaraman has a BA in Economics from Columbia University, a PhD from New York University (Stern School of Business), and is a CFA charterholder.
Conor Muldoon
Start Date
Tenure
Tenure Rank
Dec 31, 2010
11.42
11.4%
Mr. Muldoon is a director and fundamental portfolio manager of Causeway and is responsible for investment research in the global financials and materials sectors. He joined the firm in August 2003 and has been a portfolio manager since September 2010. PRIOR EXPERIENCE From 1995 to June 2003, Mr. Muldoon was an investment consultant for Fidelity Investments where he served as a liaison between institutional clients and investment managers within Fidelity.
Alessandro Valentini
Start Date
Tenure
Tenure Rank
Dec 31, 2013
8.42
8.4%
Alessandro Valentini is a Director and fundamental portfolio manager of Causeway and is responsible for research in the global health care and financial sectors. Mr. Valentini joined the firm in July 2006 as a Research Associate and became a Portfolio Manager in 2013. During the summer of 2005, Mr. Valentini worked as a research analyst at Thornburg Investment Management. From 2000 to 2004, Mr. Valentini worked as a financial analyst at Goldman Sachs in the European Equities Research-Sales division in New York.
Joe Gubler
Start Date
Tenure
Tenure Rank
Jan 28, 2014
8.34
8.3%
Joe Gubler, CFA, is a director of Causeway Capital Management LLC and performs quantitative research. He joined Causeway Capital Management LLC in April 2005. From 2002 to April 2005, Mr. Gubler worked as Director of Engineering for the MonsterTRAK division of Monster.com. He was responsible for a cross-functional team that developed, enhanced, and maintained the software that powers the monstertrak.com website. From 1999 to 2002, Mr. Gubler developed database-enabled web applications for a wide range of companies, including the National Academy of Recording Arts and Sciences, the Recording Industry Association of America, Disney, NameSafe.com, and Array Networks. While studying astrophysics at UC San Diego, Mr. Gubler worked as a Graduate Research Assistant in the Jet Propulsion Laboratory’s stellar interferometry group. Mr. Gubler has a BS, cum laude, in Physics from UC Irvine, an MS in Physics from UC San Diego, and an MBA from the UCLA Anderson Graduate School of Management. He is a CFA charterholder.
Ellen Lee
Start Date
Tenure
Tenure Rank
Jan 28, 2015
7.34
7.3%
Ms. Lee is a director and fundamental portfolio manager at Causeway. She joined the firm in August 2007 and has been a portfolio manager since January 2015. During the summer of 2006, Ms. Lee interned at Tiger Asia. From 2001 to 2004, Ms. Lee was an associate in the mergers and acquisitions division of Credit Suisse First Boston in Seoul. From 1999 to 2000, she was an analyst in the mergers and acquisitions division of Credit Suisse First Boston in Hong Kong.
Steven Nguyen
Start Date
Tenure
Tenure Rank
Jan 25, 2019
3.35
3.4%
Steven Nguyen is a Director and Fundamental Portfolio Manager of Causeway and is responsible for investment research in the global energy, utilities and health care sectors. He joined the firm in April 2012. From 2006 to 2012, Mr. Nguyen was a Senior Credit Analyst at Bradford & Marzec covering high yield and investment grade companies in the telecommunication services, cable, media, gaming, insurance, and REIT industries. From 2003 to 2006, Mr. Nguyen was a Credit Analyst/Portfolio Manager in the corporate bond department of Allegiance Capital.
Brian Cho
Start Date
Tenure
Tenure Rank
Jan 28, 2021
1.34
1.3%
Mr. Cho is a fundamental portfolio manager at Causeway. He joined the firm in September 2013 and has been a portfolio member since January 2021. His current responsibilities include coverage of companies in the technology and communication services sectors. From 2011 to 2013, Mr. Cho was a vice president at BofA-ML Equity Research, covering the IT hardware and supply chain sector. From 2007 to 2011, he worked as an associate at Goldman Sachs Equity Research covering the same sector. From 2006 to 2007, he worked as an analyst at Morgan Stanley Equity Research covering the internet and interactive software sector. Prior to that, he worked as an analyst at PA Consulting Group in the financial services practice. Mr. Cho earned a BSc in management science from Massachusetts Institute of Technology.
Ryan Myers
Start Date
Tenure
Tenure Rank
Jan 28, 2021
1.34
1.3%
Mr. Myers is a quantitative portfolio manager at Causeway. He joined the firm in June 2013 and has been a portfolio manager since January 2021. His responsibilities include alpha research, stock selection, and portfolio construction. From 2010 to 2012, Mr. Myers served as chief investment officer of Iron Castle Asset Management, an investment partnership focused on mid-cap U.S. equities. From 2007 to 2008, Mr. Myers worked as an analyst at Canyon Partners, where he covered the cable, media, telecom and satellite sectors. From 2005 to 2007, Mr. Myers was an associate for Oaktree Capital Management in the distressed opportunities group. Mr. Myers began his professional career in 2003 as an investment banking analyst at Goldman Sachs in the technology, media and telecom group. Mr. Myers earned a BA, magna cum laude, in economics from Harvard University, where he was elected to Phi Beta Kappa. He earned an MBA from the Stanford Graduate School of Business, where he was an Arjay Miller Scholar. Mr. Myers currently serves on the Board of Trustees of the Yosemite Conservancy, an organization dedicated to supporting projects and programs that preserve Yosemite National Park and enrich the visitor experience.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.25 | 29.68 | 7.74 | 0.54 |
