Global equities declined in the month of August, reacting, in part, to China’s surprising yuan devaluation and evidence of slower economic growth in China. Every developed equity market in the MSCI World Index (“Index”) delivered negative returns this month, and emerging markets underperformed developed markets. The top performing markets in our investable universe included Ireland, Denmark, Italy, New Zealand, and South Korea. The worst performing markets included Hong Kong, Norway, Singapore, Australia, and the Netherlands. The best performing sectors in the Index in August were telecommunication services, utilities, energy, information technology, and industrials. The worst performing sectors were financials, materials, health care, consumer discretionary, and consumer staples.

The Fund outperformed the Index this month. Fund holdings in the consumer durables & apparel, transportation, pharmaceuticals & biotechnology, energy, and diversified financials industry groups contributed to relative performance. Holdings in the software & services, technology hardware & equipment, and insurance industry groups, along with an underweight position in the retailing and capital goods industry groups, offset a portion of the relative outperformance. The top individual contributor to return was design-to-distribution business process services technology company, SYNNEX Corp. (NYSE:SNX)(United States). Additional top contributors included apparel designer & manufacturer, PVH Corp. (NYSE:PVH)(United States), toy manufacturer, Mattel, Inc. (NASDAQ:MAT)(United States), oil field equipment manufacturer, National Oilwell Varco, Inc. (NYSE:NOV)(United States), and airline holding company, United Continental Holdings, Inc. (NYSE:UAL)(United States). The largest individual detractor from performance was global financial services giant, Citigroup, Inc.(United States). Additional top detractors included electrical & electronic equipment manufacturer, Hitachi Ltd. (Japan), digital wireless communications equipment manufacturer, QUALCOMM, Inc. (United States), banking & financial services company, Barclays Plc (United Kingdom), and insurance company, Aviva Plc (United Kingdom).

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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 the Fund holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Any securities identified and described in this report do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. Diversification does not protect against market loss.

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. Returns greater than one year are average annual total returns. Total returns assume reinvestment of dividends and capital gains distributions at net asset value when paid. All information is as of the date shown. Investment performance reflects fee waivers in effect. In the absence of such fee waivers, total return would be reduced. Contractual fee waivers are in effect until 1/31/16. The expense ratios for Institutional Class shares are 1.19% and 1.06% after adviser fee waiver. The expense ratios for Investor Class shares are 1.44% and 1.31% after adviser fee waiver.

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

The Fund offers two classes of shares. Investor Class shares charge a shareholder service fee of up to 0.25% per annum of average daily net assets. Institutional Class shares charge no shareholder service fee. For more information, please see the prospectus.

Investing involves risk including loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation 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. Diversification does not prevent all investment losses.

To determine if a Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be viewed and downloaded by clicking here or by calling 1-866-947-7000. Read it carefully before investing.

There is no guarantee that the Causeway Funds will meet their stated objectives. The Funds are available to U.S. investors only. There is a 2% redemption fee on shares held less than 60 days to protect shareholders from short-term investors. If your account incurred a redemption fee, your performance will be lower than the performance quoted. If you invest through a financial intermediary, it may apply the Fund’s redemption fee or other frequent trading restrictions.