Causeway International Value Fund performance review for the month ended June 30, 2015.

Causeway International Value Fund: Commentary

Concerns of US monetary tightening, weakening global growth, and the Greek debt crisis pressured global equity markets in the month of June.  All but one developed market, Ireland, delivered negative returns in the period.  Other top performing markets in the developed world included Belgium, Israel, Singapore, and Japan.  The biggest laggards in our investable universe included New Zealand, Australia, South Korea, Switzerland, and Norway.  The best performing sectors in the MSCI EAFE Index (“Index”) were telecommunication services, financials, health care, consumer staples, and consumer discretionary.  The worst performing sectors in the Index were utilities, materials, energy, information technology, and industrials.  Every major currency except the Canadian dollar appreciated versus the US dollar during the period, thus improving overall returns on overseas assets for US dollar-based investors.

Causeway International Value Fund

Causeway International Value Fund: Performance review

The Fund modestly underperformed the Index during the month. Fund holdings in the automobiles & components, food beverage & tobacco, consumer durables & apparel, utilities, and insurance industry groups detracted from relative performance versus the Index in June.  Fund holdings in the consumer services, materials, and commercial  & professional services industry groups, as well as an overweight position in the telecommunication services industry group and  an underweight position in the real estate industry group, offset some of this relative underperformance. The largest single detractor from performance was automaker,  Hyundai Motor Co., Ltd. (South Korea).  Other notable detractors included baked goods food producer, Aryzta AG (Switzerland), energy management firm, Schneider Electric SE (France), paints & coatings producer, Akzo Nobel NV (Netherlands), and pharmaceutical & consumer healthcare company, GlaxoSmithKline Plc (United Kingdom).  The largest individual positive contributor to return was telecommunication services provider,  KDDI Corp. (Japan).  Additional top contributors during the period included cruise ship operator, Carnival (United Kingdom), financial services provider, Credit Suisse (Switzerland), low-budget airline, Ryanair Holdings Plc (Ireland), and low-voltage electronics manufacturer, Legrand SA (France).

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Causeway International Value Fund

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.

Causeway International Value Fund