UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________
FORM N-CSR
________
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-10467
Causeway Capital Management Trust
(Exact name of registrant as specified in charter)
________
11111 Santa Monica Boulevard, 15th Floor
c/o Causeway Capital Management LLC
Los Angeles, CA 90025
(Address of principal executive offices) (Zip code)
The Corporation Trust Company
Corporation Trust Center
1209 Orange Street
Wilmington DE, 19801
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-866-947-7000
Date of fiscal year end: September 30, 2024
Date of reporting period: September 30, 2024
Item 1. Reports to Stockholders.
(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1) is attached hereto.
Causeway Capital Management Trust
Causeway International Value Fund
Institutional Class - CIVIX
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about the Institutional Class of the Causeway International Value Fund (the "Fund") for the period from October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.causewaycap.com/documents/#documents-international-value-fund. You can also request this information by contacting us at 1-866-947-7000.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Causeway International Value Fund, Institutional Class | $95 | 0.85% |
How did the Fund perform in the last year?
• The Fund’s Institutional Class underperformed the MSCI EAFE Index (“Index”) during the twelve months ended September 30, 2024. The performance for the period is shown in the Average Annual Total Returns table below.
• The top performing markets in our investable universe were Ireland, the Netherlands, and Sweden. The worst performing markets were Norway, South Korea, and Portugal. The best performing sectors in the Index were financials, information technology, and industrials. The worst performing sectors were energy, consumer staples, and consumer discretionary.
• On a gross return basis, holdings in the technology hardware & equipment, household & personal products, and insurance industry groups detracted from relative performance. Fund holdings in the capital goods, banks, and health care equipment & services industry groups offset some of the underperformance.
• The largest stock-level detractor from absolute return was multinational luxury conglomerate, Kering SA (France). Additional notable detractors included household & personal care products company, Reckitt Benckiser Group Plc (United Kingdom), and crude oil & natural gas company, BP Plc (United Kingdom). The top contributor to absolute return was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Other notable contributors included banking & financial services company, UniCredit S.p.A. (Italy), and banking & financial services company, Barclays PLC (United Kingdom).
How did the Fund perform during the last 10 years?
Total Return Based on $1,000,000 Investment
| Causeway International Value Fund, Institutional Class - $1771402 | MSCI EAFE Index (Net) (USD)* - $1741869 | MSCI EAFE Index (Gross) (USD) - $1828057 |
|---|
| Sep/14 | $1000000 | $1000000 | $1000000 |
| Sep/15 | $897397 | $913414 | $917347 |
| Sep/16 | $922529 | $972940 | $982070 |
| Sep/17 | $1120978 | $1158812 | $1175090 |
| Sep/18 | $1124644 | $1190529 | $1213274 |
| Sep/19 | $1034560 | $1174585 | $1203355 |
| Sep/20 | $953549 | $1180394 | $1214552 |
| Sep/21 | $1312029 | $1484115 | $1533911 |
| Sep/22 | $1005182 | $1111141 | $1154278 |
| Sep/23 | $1430017 | $1396112 | $1457987 |
| Sep/24 | $1771402 | $1741869 | $1828057 |
The line graph represents historical performance of a hypothetical investment of $1,000,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.Call 1-866-947-7000 or visit https://www.causewaycap.com/fund/international-value-fund/ for current month-end performance.
Footnote Reference* The Fund’s benchmark changed from the MSCI EAFE Index (Gross) to the MSCI EAFE Index (Net) in January 2024. The MSCI EAFE Index (Gross) is calculated to reflect reinvestment of distributions without any deductions for tax withholdings on such distributions. The MSCI EAFE Index (Net) is calculated to reflect reinvestment of distributions after accounting for tax withholdings on such distributions by applying a maximum assumed tax withholding rate. The Fund believes “net” benchmarks are regularly used by other registered investment companies and generally better align with the tax impact on the Fund’s foreign security holdings.
Average Annual Total Returns as of September 30, 2024
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
|---|
| Causeway International Value Fund, Institutional Class | 23.87% | 11.36% | 5.88% |
| MSCI EAFE Index (Net) (USD)* | 24.77% | 8.20% | 5.71% |
| MSCI EAFE Index (Gross) (USD) | 25.38% | 8.72% | 6.22% |
Key Fund Statistics as of September 30, 2024
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
|---|
| $11,602,562 | 68 | $65,254 | 49% |
What did the Fund invest in?
Country/Asset WeightingsFootnote Reference*
| Value | Value |
|---|
| Other Countries | 5.3% |
| Short-Term Investment | 2.0% |
| China | 1.7% |
| Canada | 1.8% |
| Belgium | 1.9% |
| Switzerland | 3.3% |
| South Korea | 3.7% |
| Italy | 4.2% |
| Netherlands | 6.6% |
| Germany | 9.0% |
| Japan | 11.3% |
| France | 17.8% |
| United Kingdom | 31.0% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net AssetsFootnote Reference(A) |
|---|
| Rolls-Royce Holdings PLC | | | 4.5% |
| Alstom S.A. | | | 3.5% |
| Samsung Electronics Co. Ltd. | | | 3.3% |
| Barclays PLC | | | 3.2% |
| Kering S.A. | | | 3.2% |
| Reckitt Benckiser Group PLC | | | 2.9% |
| Akzo Nobel NV | | | 2.7% |
| Roche Holding AG | | | 2.5% |
| Prudential PLC | | | 2.5% |
| Renesas Electronics Corp. | | | 2.4% |
| Footnote | Description |
Footnote(A) | Short-Term Investments are not shown in the top ten chart. |
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-947-7000 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
Causeway Capital Management Trust
Causeway International Value Fund / Institutional Class - CIVIX
Annual Shareholder Report - September 30, 2024
CCM-AR-TSR-2024-10
Causeway Capital Management Trust
Causeway International Value Fund
Annual Shareholder Report - September 30, 2024
This annual shareholder report contains important information about the Investor Class of the Causeway International Value Fund (the "Fund") for the period from October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.causewaycap.com/documents/#documents-international-value-fund. You can also request this information by contacting us at 1-866-947-7000.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Causeway International Value Fund, Investor Class | $123 | 1.10% |
How did the Fund perform in the last year?
• The Fund’s Investor Class underperformed the MSCI EAFE Index (“Index”) during the twelve months ended September 30, 2024. The performance for the period is shown in the Average Annual Total Returns table below.
• The top performing markets in our investable universe were Ireland, the Netherlands, and Sweden. The worst performing markets were Norway, South Korea, and Portugal. The best performing sectors in the Index were financials, information technology, and industrials. The worst performing sectors were energy, consumer staples, and consumer discretionary.
• On a gross return basis, holdings in the technology hardware & equipment, household & personal products, and insurance industry groups detracted from relative performance. Fund holdings in the capital goods, banks, and health care equipment & services industry groups offset some of the underperformance.
• The largest stock-level detractor from absolute return was multinational luxury conglomerate, Kering SA (France). Additional notable detractors included household & personal care products company, Reckitt Benckiser Group Plc (United Kingdom), and crude oil & natural gas company, BP Plc (United Kingdom). The top contributor to absolute return was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Other notable contributors included banking & financial services company, UniCredit S.p.A. (Italy), and banking & financial services company, Barclays PLC (United Kingdom).
How did the Fund perform during the last 10 years?
Total Return Based on $10,000 Investment
| Causeway International Value Fund, Investor Class - $17319 | MSCI EAFE Index (Net) (USD)* - $17419 | MSCI EAFE Index (Gross) (USD) - $18281 |
|---|
| Sep/14 | $10000 | $10000 | $10000 |
| Sep/15 | $8954 | $9134 | $9173 |
| Sep/16 | $9183 | $9729 | $9821 |
| Sep/17 | $11132 | $11588 | $11751 |
| Sep/18 | $11156 | $11905 | $12133 |
| Sep/19 | $10234 | $11746 | $12034 |
| Sep/20 | $9409 | $11804 | $12146 |
| Sep/21 | $12922 | $14841 | $15339 |
| Sep/22 | $9880 | $11111 | $11543 |
| Sep/23 | $14017 | $13961 | $14580 |
| Sep/24 | $17319 | $17419 | $18281 |
The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.Call 1-866-947-7000 or visit https://www.causewaycap.com/fund/international-value-fund/ for current month-end performance.
Footnote Reference* The Fund’s benchmark changed from the MSCI EAFE Index (Gross) to the MSCI EAFE Index (Net) in January 2024. The MSCI EAFE Index (Gross) is calculated to reflect reinvestment of distributions without any deductions for tax withholdings on such distributions. The MSCI EAFE Index (Net) is calculated to reflect reinvestment of distributions after accounting for tax withholdings on such distributions by applying a maximum assumed tax withholding rate. The Fund believes “net” benchmarks are regularly used by other registered investment companies and generally better align with the tax impact on the Fund’s foreign security holdings.
Average Annual Total Returns as of September 30, 2024
| Fund/Index Name | 1 Year | 5 Years | 10 Years |
|---|
| Causeway International Value Fund, Investor Class | 23.56% | 11.10% | 5.65% |
| MSCI EAFE Index (Net) (USD)* | 24.77% | 8.20% | 5.71% |
| MSCI EAFE Index (Gross) (USD) | 25.38% | 8.72% | 6.22% |
Key Fund Statistics as of September 30, 2024
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
|---|
| $11,602,562 | 68 | $65,254 | 49% |
What did the Fund invest in?
Country/Asset WeightingsFootnote Reference*
| Value | Value |
|---|
| Other Countries | 5.3% |
| Short-Term Investment | 2.0% |
| China | 1.7% |
| Canada | 1.8% |
| Belgium | 1.9% |
| Switzerland | 3.3% |
| South Korea | 3.7% |
| Italy | 4.2% |
| Netherlands | 6.6% |
| Germany | 9.0% |
| Japan | 11.3% |
| France | 17.8% |
| United Kingdom | 31.0% |
| Footnote | Description |
Footnote* | Percentages are calculated based on total net assets. |
| Holding Name | | | Percentage of Total Net AssetsFootnote Reference(A) |
|---|
| Rolls-Royce Holdings PLC | | | 4.5% |
| Alstom S.A. | | | 3.5% |
| Samsung Electronics Co. Ltd. | | | 3.3% |
| Barclays PLC | | | 3.2% |
| Kering S.A. | | | 3.2% |
| Reckitt Benckiser Group PLC | | | 2.9% |
| Akzo Nobel NV | | | 2.7% |
| Roche Holding AG | | | 2.5% |
| Prudential PLC | | | 2.5% |
| Renesas Electronics Corp. | | | 2.4% |
| Footnote | Description |
Footnote(A) | Short-Term Investments are not shown in the top ten chart. |
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-947-7000 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.
Causeway Capital Management Trust
Causeway International Value Fund / Investor Class - CIVVX
Annual Shareholder Report - September 30, 2024
CCM-AR-TSR-2024-9
(b) Not applicable
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer and principal accounting officer. During the fiscal year ended September 30, 2024, there were no material changes or waivers to the code of ethics.
Item 3. Audit Committee Financial Expert.
(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.
(a)(2) The audit committee financial experts are Eric Sussman, Lawry Meister, John Graham and Victoria B. Rogers. Each audit committee financial expert is “independent” as that term is defined in Form N-CSR Item 3(a)(2).
Item 4. Principal Accountant Fees and Services.
Aggregate fees billed to the registrant for professional services rendered by the registrant’s principal accountant for the fiscal years ended September 30, 2024 and September 30, 2023 were as follows:
| | 2024 | 2023 |
| (a) | Audit Fees | $294,030 | $308,780 |
| (b) | Audit-Related Fees | None | None |
| (c) | Tax Fees(1) | $66,400 | $68,520 |
| (d) | All Other Fees | None | None |
Note:
(1) Tax fees include amounts related to tax return and excise tax calculation reviews and foreign tax reclaim services.
(e)(1) The registrant’s audit committee has adopted a charter that requires it to pre-approve the engagement of auditors to (i) audit the registrant’s financial statements, (ii) provide other audit or non-audit services to the registrant, or (iii) provide non-audit services to the registrant’s investment adviser if the engagement relates directly to the operations and financial reporting of the registrant.
(e)(2) No services included in paragraphs (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) For the fiscal year ended September 30, 2024, the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant and the registrant’s investment adviser were $849,249. For the fiscal year ended September 30, 2023, the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant and the registrant’s investment adviser were $868,973.
(h) The audit committee considered whether the provision of non-audit services rendered to the registrant’s investment adviser by the registrant’s principal accountant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X was compatible with maintaining the principal accountant’s independence.
(i) Not Applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
(j) Not Applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5. Audit Committee of Listed Registrants.
Not applicable to open-end management investment companies.
Item 6. Schedules of Investments.
(a) The Schedules of Investments are included as part of the Financial Statements and Other Information filed under Item 7 of this form.
(b) Not applicable
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
Financial statements and financial highlights are filed herein.
Financial Statements (Form N-CSR Item 7) | |
Schedule of Investments | 2 |
Statement of Assets and Liabilities | 6 |
Statement of Operations | 7 |
Statements of Changes in Net Assets | 8 |
Financial Highlights | 10 |
Notes to Financial Statements | 12 |
Report of Independent Registered Public Accounting Firm | 20 |
Notice to Shareholders | 21 |
Statement Regarding Basis for Renewal of Investment Advisory Agreement (Form N-CSR Item 11) | 22 |
Schedule of Investments
September 30, 2024
Causeway International Value Fund | | Number of Shares | | | Value (000) | |
| | | | | | | | |
COMMON STOCK | | | | | | | | |
Belgium — 1.9% | | | | | | | | |
Anheuser-Busch InBev S.A. | | | 3,261,852 | | | $ | 215,605 | |
| | | | | | | | | |
Brazil — 0.4% | | | | | | | | |
Banco Bradesco SA ADR 1 | | | 15,656,852 | | | | 41,647 | |
| | | | | | | | | |
Canada — 1.8% | | | | | | | | |
Canadian Pacific Kansas City Ltd. | | | 2,382,095 | | | | 203,732 | |
| | | | | | | | | |
China — 1.7% | | | | | | | | |
Li Ning Co. Ltd. | | | 14,967,500 | | | | 37,930 | |
Tencent Holdings Ltd. | | | 2,867,300 | | | | 163,986 | |
| | | | | | | | 201,916 | |
France — 17.8% | | | | | | | | |
Air Liquide SA | | | 611,966 | | | | 118,027 | |
Alstom S.A. 1 | | | 19,852,729 | | | | 411,817 | |
ArcelorMittal S.A. | | | 6,099,160 | | | | 159,820 | |
AXA SA | | | 3,471,982 | | | | 133,453 | |
BNP Paribas SA | | | 1,475,381 | | | | 101,085 | |
Carrefour SA | | | 5,798,186 | | | | 98,815 | |
Cie de Saint-Gobain S.A. | | | 2,308,297 | | | | 209,978 | |
Danone SA | | | 2,313,910 | | | | 168,298 | |
Kering S.A. | | | 1,303,650 | | | | 372,730 | |
Sanofi | | | 1,563,402 | | | | 179,077 | |
Sodexo S.A. | | | 698,574 | | | | 57,272 | |
Worldline S.A. 1 | | | 7,639,385 | | | | 55,598 | |
| | | | | | | | 2,065,970 | |
Germany — 9.0% | | | | | | | | |
Allianz SE | | | 273,826 | | | | 89,919 | |
Deutsche Telekom AG | | | 7,175,967 | | | | 210,802 | |
Infineon Technologies AG | | | 6,310,649 | | | | 220,997 | |
LANXESS AG | | | 4,843,868 | | | | 153,024 | |
RWE AG | | | 3,786,783 | | | | 137,755 | |
SAP SE | | | 1,038,493 | | | | 236,286 | |
| | | | | | | | 1,048,783 | |
Hong Kong — 0.5% | | | | | | | | |
The Link Real Estate Investment Trust 2 | | | 10,713,100 | | | | 54,090 | |
| | | | | | | | | |
The accompanying notes are an integral part of the financial statements.
Causeway International Value Fund
2
Schedule of Investments (continued)
September 30, 2024
Causeway International Value Fund | | Number of Shares | | | Value (000) | |
| | | | | | | | |
Israel — 0.6% | | | | | | | | |
Check Point Software Technologies Ltd. 1 | | | 355,368 | | | $ | 68,519 | |
| | | | | | | | | |
Italy — 4.2% | | | | | | | | |
Enel SpA | | | 33,487,807 | | | | 267,463 | |
UniCredit SpA | | | 5,061,964 | | | | 221,811 | |
| | | | | | | | 489,274 | |
Japan — 11.3% | | | | | | | | |
FANUC Corp. | | | 9,047,400 | | | | 263,758 | |
Fujitsu Ltd. | | | 11,498,700 | | | | 234,854 | |
Murata Manufacturing Co. Ltd. | | | 6,452,000 | | | | 125,988 | |
Renesas Electronics Corp. | | | 19,546,000 | | | | 282,735 | |
Seven & i Holdings Co. Ltd. | | | 11,247,100 | | | | 168,012 | |
SMC Corp. | | | 290,900 | | | | 128,828 | |
Takeda Pharmaceutical Co. Ltd. | | | 3,750,900 | | | | 107,079 | |
| | | | | | | | 1,311,254 | |
Netherlands — 6.6% | | | | | | | | |
Akzo Nobel NV | | | 4,430,119 | | | | 312,157 | |
Heineken NV | | | 924,061 | | | | 81,919 | |
ING Groep NV | | | 6,135,965 | | | | 111,156 | |
Koninklijke Philips NV 1 | | | 8,010,129 | | | | 262,323 | |
| | | | | | | | 767,555 | |
Singapore — 1.0% | | | | | | | | |
United Overseas Bank Ltd. | | | 4,841,500 | | | | 121,183 | |
| | | | | | | | | |
South Korea — 3.7% | | | | | | | | |
Samsung Electronics Co. Ltd. | | | 8,103,401 | | | | 381,096 | |
Shinhan Financial Group Co. Ltd. | | | 1,214,702 | | | | 51,553 | |
| | | | | | | | 432,649 | |
Spain — 1.4% | | | | | | | | |
Aena SME S.A. | | | 282,152 | | | | 62,062 | |
Amadeus IT Group S.A. | | | 1,336,385 | | | | 96,575 | |
| | | | | | | | 158,637 | |
Switzerland — 3.3% | | | | | | | | |
Julius Baer Group Ltd. | | | 1,461,542 | | | | 87,898 | |
Roche Holding AG | | | 912,762 | | | | 291,834 | |
| | | | | | | | 379,732 | |
United Kingdom — 31.0% | | | | | | | | |
AstraZeneca PLC | | | 1,495,556 | | | | 231,701 | |
The accompanying notes are an integral part of the financial statements.
Causeway International Value Fund
3
Schedule of Investments (continued)
September 30, 2024
Causeway International Value Fund | | Number of Shares | | | Value (000) | |
| | | | | | | | |
United Kingdom — (continued) | | | | | | | | |
Barclays PLC | | | 125,478,264 | | | $ | 376,701 | |
Berkeley Group Holdings PLC | | | 1,098,670 | | | | 69,331 | |
BP PLC | | | 52,386,957 | | | | 274,342 | |
British American Tobacco PLC | | | 5,209,047 | | | | 189,706 | |
Compass Group PLC | | | 1,740,971 | | | | 55,723 | |
Diageo PLC | | | 4,829,395 | | | | 168,067 | |
GSK PLC | | | 11,668,201 | | | | 236,571 | |
Kingfisher PLC | | | 23,819,088 | | | | 102,541 | |
Legal & General Group PLC | | | 35,552,397 | | | | 107,565 | |
National Grid PLC | | | 2,895,041 | | | | 39,866 | |
NatWest Group PLC | | | 13,420,968 | | | | 61,707 | |
Prudential PLC | | | 31,397,112 | | | | 291,568 | |
Reckitt Benckiser Group PLC | | | 5,409,179 | | | | 331,000 | |
RELX PLC (EUR) | | | 2,496,073 | | | | 117,197 | |
Rolls-Royce Holdings PLC 1 | | | 73,405,896 | | | | 517,395 | |
Segro PLC 2 | | | 7,259,495 | | | | 84,827 | |
Shell PLC | | | 3,501,155 | | | | 115,224 | |
Standard Chartered PLC | | | 10,518,243 | | | | 111,515 | |
WH Smith PLC | | | 6,089,706 | | | | 118,705 | |
| | | | | | | | 3,601,252 | |
United States — 0.6% | | | | | | | | |
Smurfit WestRock PLC | | | 1,351,926 | | | | 66,812 | |
| | | | | | | | | |
Total Common Stock | | | | | | | | |
(Cost $9,661,633) — 96.8% | | | | | | | 11,228,610 | |
| | | | | | | | | |
EXCHANGE TRADED FUND | | | | | | | | |
iShares MSCI EAFE ETF | | | 1,112,522 | | | | 93,040 | |
| | | | | | | | | |
Total Exchange Traded Fund | | | | | | | | |
(Cost $90,542) — 0.8% | | | | | | | 93,040 | |
The accompanying notes are an integral part of the financial statements.
Causeway International Value Fund
4
Schedule of Investments (concluded)
September 30, 2024
Causeway International Value Fund | | Number of Shares | | | Value (000) | |
| | | | | | | | |
SHORT-TERM INVESTMENT | | | | | | | | |
Invesco Short-Term Investment Trust: Government & Agency Portfolio, Institutional Class, 4.84% * | | | 235,257,991 | | | $ | 235,258 | |
| | | | | | | |
Total Short-Term Investment | | | | | | | |
(Cost $235,258) — 2.0% | | | | | | 235,258 | |
| | | | | | | | |
Total Investments — 99.6% | | | | | | | |
(Cost $9,987,433) | | | | | | 11,556,908 | |
| | | | | | | | |
Other Assets in Excess of Liabilities — 0.4% | | | | | | 45,654 | |
| | | | | | | | |
Net Assets — 100.0% | | | | | $ | 11,602,562 | |
* | The rate reported is the 7-day effective yield as of September 30, 2024. |
1 | Non-income producing security. |
2 | Real Estate Investment Trust. |
ADR | American Depositary Receipt |
EAFE | Europe, Australasia, and the Far East |
ETF | Exchange Traded Fund |
MSCI | Morgan Stanley Capital International |
As of September 30, 2024, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. |
For more information on valuation inputs, see Note 2 in Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
Causeway International Value Fund
5
Statement of Assets and Liabilities (000)*
| | | CAUSEWAY INTERNATIONAL VALUE FUND | |
| | | 9/30/24 | |
| ASSETS: | | | | |
| Investments at Value (Cost $9,987,433) | | $ | 11,556,908 | |
| Foreign Currency (Cost $3,425) | | | 3,425 | |
| Receivable for Tax Reclaims | | | 31,732 | |
| Receivable for Dividends | | | 27,857 | |
| Receivable for Investment Securities Sold | | | 24,061 | |
| Receivable for Fund Shares Sold | | | 12,530 | |
| Unrealized Appreciation on Spot Foreign Currency Contracts | | | 7 | |
| Prepaid Expenses | | | 219 | |
| Total Assets | | | 11,656,739 | |
| LIABILITIES: | | | | |
| Payable for Investment Securities Purchased | | | 35,058 | |
| Payable Due to Adviser | | | 6,743 | |
| Payable for Fund Shares Redeemed | | | 6,495 | |
| Payable for Income Tax Liability | | | 3,934 | |
| Payable for Shareholder Service Fees - Investor Class | | | 339 | |
| Payable Due to Administrator | | | 171 | |
| Payable for Trustees' Fees | | | 113 | |
| Other Accrued Expenses | | | 1,324 | |
| Total Liabilities | | | 54,177 | |
| Net Assets | | $ | 11,602,562 | |
| NET ASSETS: | | | | |
| Paid-in Capital (unlimited authorization — no par value) | | $ | 9,270,494 | |
| Total Distributable Earnings | | | 2,332,068 | |
| Net Assets | | $ | 11,602,562 | |
Net Asset Value Per Share (based on net assets of $11,101,047,466 ÷ 503,756,154 shares) - Institutional Class | | $ | 22.04 | |
Net Asset Value Per Share (based on net assets of
$501,514,248 ÷ 22,967,982 shares) - Investor Class | | $ | 21.84 | |
| * | Except for Net Asset Value Per Share data. |
The accompanying notes are an integral part of the financial statements.
Causeway International Value Fund
6
Statement of Operations (000)
| | | CAUSEWAY INTERNATIONAL VALUE FUND | |
| | | 10/01/23 to
9/30/24 | |
| INVESTMENT INCOME: | | | | |
| Dividend Income (net of foreign taxes withheld of $21,839) | | $ | 261,823 | |
| Total Investment Income | | | 261,823 | |
| EXPENSES: | | | | |
| Investment Advisory Fees | | | 67,235 | |
| Administration Fees | | | 1,575 | |
| Shareholder Service Fees — Investor Class | | | 1,086 | |
| Transfer Agent Fees | | | 1,881 | |
| Custodian Fees | | | 775 | |
| Trustees' Fees | | | 451 | |
| Printing Fees | | | 342 | |
| Registration Fees | | | 231 | |
| Professional Fees | | | 203 | |
| Other Fees | | | 728 | |
| Total Expenses | | | 74,507 | |
| Waiver of Investment Advisory Fees | | | (1,981 | ) |
| Total Waiver | | | (1,981 | ) |
| Net Expenses | | | 72,526 | |
| Net Investment Income | | | 189,297 | |
| | | | | |
| Net Realized Gain (Loss) on: | | | | |
| Investments | | | 671,706 | |
| Foreign Currency Transactions | | | 181 | |
| Net Realized Gain (Loss) | | | 671,887 | |
| | | | | |
| Net Unrealized Appreciation (Depreciation) on: | | | | |
| Investments | | | 1,018,788 | |
| Foreign Currency and Translation of Other Assets and Liabilities Denominated in Foreign Currency | | | 2,044 | |
| Net Unrealized Appreciation (Depreciation) | | | 1,020,832 | |
| Net Realized and Unrealized Gain | | | 1,692,719 | |
| Net Increase in Net Assets Resulting from Operations | | $ | 1,882,016 | |
The accompanying notes are an integral part of the financial statements.
Causeway International Value Fund
7
Statements of Changes in Net Assets (000)
| | CAUSEWAY INTERNATIONAL VALUE FUND | |
| | | | 10/01/23 to 9/30/24 | | | | 10/01/22 to 9/30/24 | |
OPERATIONS: | | | | | | | | |
Net Investment Income | | $ | 189,297 | | | $ | 133,639 | |
Net Realized Gain | | | 671,887 | | | | 193,499 | |
Net Change in Unrealized Appreciation (Depreciation) | | | 1,020,832 | | | | 1,692,965 | |
| | | | | | | | |
Net Increase in Net Assets Resulting From Operations | | | 1,882,016 | | | | 2,020,103 | |
DISTRIBUTIONS: | | | | | | | | |
Institutional Class | | | (243,810 | ) | | | (96,504 | ) |
Investor Class | | | (15,849 | ) | | | (4,817 | ) |
Total Distributions to Shareholders | | | (259,659 | ) | | | (101,321 | ) |
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions(1) | | | 3,322,966 | | | | (151,725 | ) |
Total Increase in Net Assets | | | 4,945,323 | | | | 1,767,057 | |
NET ASSETS: | | | | | | | | |
Beginning of Year | | | 6,657,239 | | | | 4,890,182 | |
End of Year | | $ | 11,602,562 | | | $ | 6,657,239 | |
(1) | See Note 7 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
Causeway International Value Fund
8
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Financial Highlights
For the Fiscal Years Ended September 30,
For a Share Outstanding Throughout the Fiscal Years
| | | | | | | Net Asset
Value,
Beginning
of
Year ($) | | | Net
Investment
Income ($)† | | | Net Realized
and
Unrealized
Gain (Loss) on
Investments ($) | | | Total
from
Operations ($) | | | Dividends
from Net
Investment
Income ($) | | | Distributions
from
Capital
Gains ($) | | | Total
Dividends
and
Distributions ($) | |
Causeway International Value Fund |
Institutional |
2024 | | | 18.45 | | | | 0.46 | | | | 3.83 | | | | 4.29 | | | | (0.36 | ) | | | (0.34 | ) | | | (0.70 | ) |
2023 | | | 13.20 | | | | 0.37 | | | | 5.16 | | | | 5.53 | | | | (0.28 | ) | | | — | | | | (0.28 | ) |
2022 | | | 17.55 | | | | 0.30 | | | | (4.33 | ) | | | (4.03 | ) | | | (0.32 | ) | | | — | | | | (0.32 | ) |
2021 | | | 12.93 | | | | 0.33 | | | | 4.51 | | | | 4.84 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
2020 | | | 14.68 | | | | 0.21 | | | | (1.23 | ) | | | (1.02 | ) | | | (0.50 | ) | | | (0.23 | ) | | | (0.73 | ) |
Investor |
2024 | | | 18.29 | | | | 0.35 | | | | 3.86 | | | | 4.21 | | | | (0.32 | ) | | | (0.34 | ) | | | (0.66 | ) |
2023 | | | 13.09 | | | | 0.35 | | | | 5.09 | | | | 5.44 | | | | (0.24 | ) | | | — | | | | (0.24 | ) |
2022 | | | 17.40 | | | | 0.25 | | | | (4.28 | ) | | | (4.03 | ) | | | (0.28 | ) | | | — | | | | (0.28 | ) |
2021 | | | 12.81 | | | | 0.29 | | | | 4.48 | | | | 4.77 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
2020 | | | 14.55 | | | | 0.16 | | | | (1.21 | ) | | | (1.05 | ) | | | (0.46 | ) | | | (0.23 | ) | | | (0.69 | ) |
† | Per share amounts calculated using average shares method.
|
| Amounts designated as "—" are $0 or round to $0. |
The accompanying notes are an integral part of the financial statements.
Causeway International Value Fund
10
| | Net Asset
Value, End
of Year ($) | | | Total
Return (%) | | | Net Assets,
End of
Year ($000) | | | Ratio of
Expenses to
Average Net
Assets (%) | | | Ratio of
Expenses
to Average
Net Assets
(Excluding
Waivers and
Reimburse-
ments) (%) | | | Ratio
of Net
Investment
Income to
Average
Net Assets (%) | | | Portfolio
Turnover
Rate (%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 22.04 | | | | 23.87 | | | | 11,101,048 | | | | 0.85 | | | | 0.87 | | | | 2.28 | | | | 49 | |
| | 18.45 | | | | 42.26 | | | | 6,176,428 | | | | 0.88 | | | | 0.90 | | | | 2.11 | | | | 54 | |
| | 13.20 | | | | (23.39 | ) | | | 4,628,087 | | | | 0.85 | | | | 0.88 | | | | 1.81 | | | | 58 | |
| | 17.55 | | | | 37.59 | | | | 5,838,585 | | | | 0.85 | | | | 0.89 | | | | 1.94 | | | | 60 | |
| | 12.93 | | | | (7.83 | ) | | | 4,537,029 | | | | 0.88 | | | | 0.88 | | | | 1.51 | | | | 57 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 21.84 | | | | 23.56 | | | | 501,514 | | | | 1.10 | | | | 1.12 | | | | 1.79 | | | | 49 | |
| | 18.29 | | | | 41.87 | | | | 480,811 | | | | 1.13 | | | | 1.15 | | | | 2.02 | | | | 54 | |
| | 13.09 | | | | (23.54 | ) | | | 262,095 | | | | 1.10 | | | | 1.13 | | | | 1.55 | | | | 58 | |
| | 17.40 | | | | 37.33 | | | | 355,468 | | | | 1.08 | | | | 1.12 | | | | 1.73 | | | | 60 | |
| | 12.81 | | | | (8.06 | ) | | | 315,922 | | | | 1.11 | | | | 1.12 | | | | 1.18 | | | | 57 | |
The accompanying notes are an integral part of the financial statements.
Causeway International Value Fund
11
Notes to Financial Statements
Causeway International Value Fund (the “Fund”) is a series of Causeway Capital Management Trust (the “Trust”). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and is a Delaware statutory trust that was established on August 10, 2001. The Fund began operations on October 26, 2001. The Fund is authorized to offer two classes of shares, the Institutional Class and the Investor Class. The Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest of the Fund. The Fund is diversified. The Fund’s prospectus provides a description of the Fund’s investment objectives, policies and strategies. As of September 30, 2024, the Trust has four additional series, the financial statements of which are presented separately.
2. | Significant Accounting Policies |
The following is a summary of the significant accounting policies consistently followed by the Fund.
Use of Estimates in the Preparation of Financial Statements – The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The Fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of net assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during
the reporting period. Actual results could differ from those estimates.
Security Valuation – Except as described below, securities listed on a securities exchange (except the NASDAQ Stock Market (“NASDAQ”)) or Over-the-Counter (“OTC”) for which market quotations are available are valued at the last reported sale price as of the close of trading on each business day, or, if there is no such reported sale, at the last reported bid price for long positions. For securities traded on NASDAQ, the NASDAQ Official Closing Price is used. Securities listed on multiple exchanges or OTC markets are valued on the exchange or OTC market considered by the Fund to be the primary market. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent pricing agent, the Fund seeks to obtain a bid price from at least one independent broker. Investments in money market funds are valued daily at the net asset value per share.
Securities for which market prices are not “readily available” are valued in accordance with fair value pricing procedures approved by the Fund’s Board of Trustees (the “Board”). The Fund's fair value pricing procedures are overseen by the Fund's valuation designee, Causeway Capital Management LLC ("Adviser"), and implemented through a Fair Value Committee (the "Committee"). Some of the more common reasons that may necessitate that a security be valued using fair value pricing procedures include: the security’s trading has been halted or suspended; the security has been delisted from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to pro
Causeway International Value Fund
12
Notes to Financial Statements
(continued)
vide a price. When the Committee values a security in accordance with the fair value pricing procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.
The Fund uses a third party vendor to fair value certain non-U.S. securities if there is a movement in the U.S. market that exceeds thresholds established by the Committee. The vendor provides fair values for foreign securities based on factors and methodologies involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security and such fair values are applied by the administrator if a pre-determined confidence level is reached for the security.
In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The guidance establishes three levels of fair value hierarchy as follows:
| | ● | Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
| | ● | Level 2 — Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets which are not active, or prices based on inputs |
| | | that are observable (either directly or indirectly); and |
| | ● | Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 which fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the reporting period. Changes in the classification between Levels 1 and 2 occur primarily when foreign equity securities are fair valued by the Fund’s third party vendor using other observable market–based inputs in place of closing exchange prices due to events occurring after foreign market closures or when foreign markets are closed.
As of and during the fiscal year ended September 30, 2024, there were no changes to the Fund’s fair value methodologies.
Federal Income Taxes – The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income. Accordingly, no provision for Federal income taxes has been made in the financial statements.
The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits
Causeway International Value Fund
13
Notes to Financial Statements
(continued)
of the position. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. The Fund did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax years, as applicable), and on-going analysis of and changes to tax laws, regulations and interpretations thereof.
As of and during the fiscal year ended September 30, 2024, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any significant interest or penalties.
The Fund may receive payments for Article 63 EU Tax Reclaims (“EU tax reclaims”) related to previously withheld taxes on dividends earned in prior years. EU tax reclaims and associated late interest amounts awarded by European countries, if any, are included in Other Income and Interest Income, respectively, on the Statement of Operations. The Fund has also filed for additional EU tax reclaims. Generally, unless recovery amounts associated with EU tax reclaims are collectible and free from significant contingencies and uncertainties, recoveries will not be recognized in the Fund’s net asset value until collected. The receipt of EU tax reclaims and interest will result in a tax liability to the Fund to offset the tax benefits that shareholders received in the past. The precise amount of the tax liability is uncertain and is subject to settlement negotiations with the U.S. Internal Revenue Service (“U.S. IRS”). Based on information available as of the date of this report, the Fund has accrued an amount of the estimated tax liability payable to the U.S. IRS on behalf of its shareholders which is
recorded as Payable for Income Tax Liability on the Statement of Assets and Liabilities.
Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund or its agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statement of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limit agreement described in Note 3.
Security Transactions and Related Income – Security transactions are accounted for on the date the security is purchased or sold (trade date). Dividend income is recognized on the ex-dividend date, and interest income is recognized using the accrual basis of accounting. Costs used in determining realized gains and losses on the sales of investment securities are those of the specific securities sold.
Foreign Currency Translation – The books and records of the Fund are maintained in U.S. dollars on the following basis:
(1) the market value or fair value of investment securities, assets and liabilities is converted at the current rate of exchange; and
(2) purchases and sales of investment securities, income and expenses are converted at the relevant rates of exchange prevailing on the respective dates of such transactions.
Causeway International Value Fund
14
Notes to Financial Statements
(continued)
The Fund does not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.
Foreign Currency Exchange Contracts – When the Fund purchases or sells foreign securities, it enters into corresponding foreign currency exchange contracts to settle the securities transactions. Losses from these foreign exchange transactions may arise from changes in the value of the foreign currency between trade date and settlement date or if the counterparties do not perform under the contract’s terms.
Expense/Classes – Expenses that are directly related to one Fund of the Trust are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Fund and the other series of the Trust on the basis of relative daily net assets. Expenses of the Shareholder Service Plan and Agreement for the Investor Class are borne by that class of shares. Income, realized and unrealized gains (losses) and non-class specific expenses are allocated to the respective classes on the basis of relative daily net assets.
Dividends and Distributions – Dividends from net investment income, if any, are declared and paid on an annual basis. Any net realized capital gains on sales of securities are distributed to shareholders at least annually.
Cash – Idle cash may be swept into various time deposit accounts and is classified as cash on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested and earned income are available on the same business day.
Other – Brokerage commission recapture payments are credited to realized capital gains and are included
in net realized gains from security transactions on the Statement of Operations. For the fiscal year ended September 30, 2024, the Fund received commission recapture payments of $82,270.
3. | Investment Advisory, Administration, Shareholder Service and Distribution Agreements |
The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Adviser. Under the Advisory Agreement, the Adviser is entitled to a monthly fee equal to an annual rate of 0.80% of the Fund’s average daily net assets. The Adviser has contractually agreed through January 31, 2025 to waive its fee and, to the extent necessary, reimburse the Fund to keep total annual fund operating expenses (excluding brokerage fees and commissions, interest, taxes, shareholder service fees, fees and expenses of other funds in which the Fund invests, tax reclaim-related fees and expenses, and extraordinary expenses) from exceeding 0.85% of Institutional Class and Investor Class average daily net assets. For the fiscal year ended September 30, 2024, the Adviser waived $1,980,853 of its advisory fee. The expense waivers and reimbursements are not subject to recapture.
The Trust and SEI Investments Global Funds Services (the “Administrator”) have entered into an Administration Agreement. Under the terms of the Administration Agreement, the Administrator is entitled to an annual fee which is calculated daily and paid monthly based on the aggregate average daily net assets of the Trust subject to a minimum annual fee.
The Trust has adopted a Shareholder Service Plan and Agreement for Investor Class shares that allows the Trust to pay broker-dealers and other financial intermediaries a fee of up to 0.25% per annum of average daily net assets for services provided to Investor Class shareholders. For the fiscal year ended September 30,
Causeway International Value Fund
15
Notes to Financial Statements
(continued)
2024, the Investor Class paid 0.25% annualized of average daily net assets under this plan.
The Trust and SEI Investments Distribution Co. (the “Distributor”) have entered into a Distribution Agreement. The Distributor receives no fees from the Fund for its distribution services under this agreement.
The officers of the Trust are also officers or employees of the Administrator or Adviser. They receive no fees for serving as officers of the Trust.
As of September 30, 2024, approximately $15,272 (000) of the Fund's net assets were held by investors affiliated with the Adviser.
4. | Investment Transactions |
The cost of security purchases and the proceeds from the sales of securities, other than short-term investments, during the fiscal year ended September 30, 2024, for the Fund were as follows (000):
Purchases | | | Sales | |
$7,173,138 | | | $3,987,166 | |
5. | Risks of Foreign Investing |
Because the Fund invests most of its assets in foreign securities, the Fund is subject to additional risks. For example, the value of the Fund’s securities may be affected by social, political and economic developments and U.S. and foreign laws relating to foreign investments. Further, because the Fund invests in securities denominated in foreign currencies, the Fund’s securities may go down in value depending on foreign exchange rates. Other risks include trading, settlement, custodial, and other operational risks; withholding or other taxes; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign securities less liquid, more volatile and harder to
value than U.S. securities. These risks are higher for emerging markets investments.
Global economies are increasingly interconnected, and political, economic and other conditions and events (including, but not limited to, wars, conflicts, natural disasters, pandemics, epidemics, inflation/deflation, and social unrest) in one country or region might adversely impact a different country or region. Furthermore, the occurrence of severe weather or geological events, fires, floods, earthquakes, climate change or other natural or man-made disasters, outbreaks of disease, epidemics and pandemics, malicious acts, cyber-attacks or terrorist acts, among other events, could adversely impact the performance of the Fund. These events may result in, among other consequences, closing borders, exchange closures, health screenings, healthcare service delays, quarantines, cancellations, supply chain disruptions, lower consumer demand, market volatility and general uncertainty. These events could adversely impact issuers, markets and economies over the short- and long-term, including in ways that cannot necessarily be foreseen. The Fund could be negatively impacted if the value of a portfolio holding were harmed by political or economic conditions or events. Moreover, negative political and economic conditions and events could disrupt the processes necessary for the Fund’s operations.
For example, Russia’s invasion of Ukraine in February 2022, the resulting responses by the U.S. and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The U.S. and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business
Causeway International Value Fund
16
Notes to Financial Statements
(continued)
with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia’s military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the U.S. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Fund invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Fund’s investments. In addition, armed conflict between Israel, Hamas and other groups in the Middle East and related events could cause significant market disruptions and volatility. These and other similar events could negatively affect Fund performance.
6. | Federal Tax Information |
The Fund is classified as a separate taxable entity for Federal income tax purposes. The Fund intends to continue to qualify as a separate “regulated investment company” under Subchapter M of the Internal Revenue Code and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required. To the extent that dividends from net investment income and distributions from net realized capital gains exceed amounts reported in the financial statements, such amounts are reported separately.
The Fund may be subject to taxes imposed by countries in which it invests in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Fund accrues such taxes when the related income is earned. Dividend and interest income is recorded net of non-U.S. taxes paid.
The amounts of distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. The character of distributions made during the year from net investment income or net realized gains, and the timing of distributions made during the year may differ from those during the year that the income or realized gains (losses) were recorded by the Fund. To the extent these differences are permanent, adjustments are made to the appropriate equity accounts in the period that the differences arise.
During the fiscal year ended September 30, 2024, there were no permanent differences credited or charged to Paid-in Capital and Distributable Earnings.
The tax character of dividends and distributions declared during the fiscal years ended September 30, 2024 and September 30, 2023, was as follows (000):
| | | Ordinary Income | | | Long-Term Capital Gain | | | Total | |
2024 | | $ | 195,075 | | | $ | 64,584 | | | $ | 259,659 | |
2023 | | | 101,321 | | | | — | | | | 101,321 | |
| | | | | | | | | | | | | |
Causeway International Value Fund
17
Notes to Financial Statements
(continued)
As of September 30, 2024, the components of distributable earnings (accumulated losses) on a tax basis were as follows (000):
Undistributed Ordinary Income | | $ | 235,805 | |
Undistributed Long-Term Capital Gains | | | 599,309 | |
Unrealized Appreciation | | | 1,496,954 | |
Total Distributable Earnings | | $ | 2,332,068 | |
At September 30, 2024, the total cost of investments for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation on investments for the Fund were as follows (000):
| Federal Tax Cost | | Appreciated Securities | | | Depreciated Securities | |
| Net
Unrealized Appreciation |
| $ | 10,060,511 | | $ | 1,881,878 | | | $ | (384,924 | ) | | $ | 1,496,954 | |
Causeway International Value Fund
18
Notes to Financial Statements
(concluded)
7. | Capital Shares Issued and Redeemed (000) |
| | | Fiscal Year Ended
September 30, 2024 | | | Fiscal Year Ended
September 30, 2023 | |
| | | Shares | | | Value | | | Shares | | | Value | |
Institutional Class | | | | | | | | | | | | | | | | |
Shares Sold | | | 233,091 | | | $ | 4,655,713 | | | | 79,758 | | | $ | 1,400,984 | |
Shares Issued in Reinvestment of Dividends and Distributions | | | 11,065 | | | | 211,344 | | | | 5,483 | | | | 87,181 | |
Shares Redeemed | | | (75,090 | ) | | | (1,488,318 | ) | | | (101,053 | ) | | | (1,752,791 | ) |
Increase (Decrease) in Shares Outstanding Derived from Institutional Class Transactions | | | 169,066 | | | | 3,378,739 | | | | (15,812 | ) | | | (264,626 | ) |
Investor Class | | | | | | | | | | | | | | | | |
Shares Sold | | | 8,781 | | | | 176,298 | | | | 13,822 | | | | 243,405 | |
Shares Issued in Reinvestment of Dividends and Distributions | | | 819 | | | | 15,527 | | | | 298 | | | | 4,716 | |
Shares Redeemed | | | (12,916 | ) | | | (247,598 | ) | | | (7,859 | ) | | | (135,220 | ) |
Increase (Decrease) in Shares Outstanding Derived from Investor Class Transactions | | | (3,316 | ) | | | (55,773 | ) | | | 6,261 | | | | 112,901 | |
Net Increase (Decrease) in Shares Outstanding from Capital Share Transactions | | | 165,750 | | | $ | 3,322,966 | | | | (9,551 | ) | | $ | (151,725 | ) |
8. | Significant Shareholder Concentration |
As of September 30, 2024, two of the Fund's shareholders of record owned 34% of the Institutional Class shares. The Fund may be adversely affected when a shareholder purchases or redeems large amounts of shares, which may impact the Fund in the same manner as a high volume of redemption requests. Such large shareholders may include, but are not limited to, institutional investors and asset allocators who make investment decisions on behalf of underlying clients. Significant shareholder purchases and redemptions may adversely impact the Fund’s portfolio management and may cause the Fund to make investment decisions at inopportune times or prices or miss attractive investment opportunities. Such transactions may also increase the Fund’s transaction costs, accelerate the realization of taxable income if sales of securities result in gains, or otherwise cause the Fund to perform differently than intended.
Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of his or her duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements.
Causeway International Value Fund
19
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Causeway Capital Management Trust and Shareholders of Causeway International Value Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Causeway International Value Fund (one of the funds constituting Causeway Capital Management Trust, referred to hereafter as the "Fund") as of September 30, 2024, the related statement of operations for the year ended September 30, 2024, the statement of changes in net assets for each of the two years in the period ended September 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2024 and the financial highlights for each of the five years in the period ended September 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Los Angeles, California
November 21, 2024
We have served as the auditor of one or more investment companies in Causeway Capital Management Investment Company Complex since 2001.
Causeway International Value Fund
20
Notice to Shareholders (Unaudited)
The information set forth below is for the Fund’s fiscal year as required by federal laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2025. Please consult your tax adviser for proper treatment of this information.
For the fiscal year ended September 30, 2024, the Fund is designating the following items with regard to distributions paid during the year:
(A) | (B) | (C) | (D) | (E) |
Long Term Capital Gains Distributions (Tax Basis) | Ordinary Income Distributions (Tax Basis) | Tax Exempt Distributions (Tax Basis) | Total Distributions (Tax Basis) | Dividends (1)
for Corporate Dividends Received Deduction
(Tax Basis) |
23.58% | 76.42% | 0.00% | 100.00% | 0.00% |
| | | | | |
(F) | (G) | (H) | (I) | |
Qualified Dividend Income | Interest Related Dividends | Qualified Short-Term Capital Gain Dividends | Qualified Foreign Tax Credit Pass Through | |
94.40% | 0.00% | 100.00% | 5.21% | |
(1) Qualified Dividends represent dividends which qualify for the corporate dividends received deduction.
Items (A), (B), (C) and (D) are based on a percentage of the Fund’s total distribution including pass-through as foreign tax credit.
Item (E) is based on a percentage of ordinary income distributions of the Fund.
Item (F) represents the amount of “Qualified Dividend Income” as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a percentage of “Ordinary Income Distributions.” It is the Fund’s intention to designate the maximum amount permitted by the law up to 100%.
Item (G) is the amount of “Interest Related Dividends” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid to foreign investors.
Item (H) is the amount of “Qualified Short-Term Capital Gain Dividends” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.
Item (I) is the amount of “Qualifying Foreign Taxes” as a percentage of ordinary distribution during the fiscal year ended September 30, 2024. The Fund accrued Foreign taxes during the fiscal year ended September 30, 2024, amounted to $14,269,150 and are expected to be passed through to shareholders as foreign tax credits on Form 1099 – Dividend for the year ended December 31, 2024. In addition, for the fiscal year ended September 30, 2024, gross income derived from sources within foreign countries amounted to $206,543,477 for the Fund.
Causeway International Value Fund
21
Statement Regarding Basis for Renewal of Investment Advisory Agreement (Form N-CSR Item 11) (Unaudited)
At a meeting on August 12, 2024, the Trustees considered and approved the renewal of the investment advisory agreement (the “Advisory Agreement”) between Causeway Capital Management Trust (the “Trust”) and Causeway Capital Management LLC (the “Adviser”) with respect to Causeway International Value Fund (the “Fund”) for a twelve-month period beginning September 20, 2024. Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”) requires the Board of Trustees (the “Board”) of the Trust annually to approve continuance of the Advisory Agreement. Continuance of the Advisory Agreement must be approved by a majority of the Trustees and a majority of the independent Trustees (i.e., Trustees who are not “interested persons” of the Trust as defined in the 1940 Act). The Board was comprised of four independent Trustees when the continuation of the Advisory Agreement was considered.
Information Received. At each regular quarterly meeting, the Board reviews a wide variety of materials relating to the nature, extent and quality of the Adviser’s services, including information concerning the Fund’s performance. In addition, at a special meeting on June 26, 2024, the Trustees received and reviewed extensive quantitative and qualitative materials prepared by the Adviser relating to the Advisory Agreement in response to information requested on the independent Trustees’ behalf by their independent legal counsel. At the June special meeting, the Trustees also received and reviewed a report prepared by Broadridge Financial Solutions, Inc. providing comparative expense and performance information about the Fund to assist with the annual review of the Advisory Agreement. Following that meeting, the Trustees requested additional information, and received and reviewed further materials prepared by the Adviser relating to their consideration of the renewal of the Advisory Agreement at the August 12, 2024 meeting.
Factors Considered. In reviewing the Advisory Agreement, the Trustees considered a number of factors including, but not limited to: (1) the nature, extent and quality of the services provided by the Adviser, (2) the investment performance of the Fund, (3) comparisons of the services rendered and the amounts paid under the Advisory Agreement with those of other funds and those of the Adviser under other investment advisory agreements with other registered investment companies and other types of clients, (4) the costs of the services provided and estimated profits realized by the Adviser and its affiliates from their relationship with the Fund, (5) the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors, and (6) any other benefits derived by the Adviser from its relationship with the Fund.
First, regarding the nature, extent and quality of the services provided by the Adviser, the Trustees considered, among other things, the Adviser’s personnel, experience, track record and compliance program. The Trustees considered the qualifications, backgrounds and responsibilities of the Adviser’s principal personnel who provide services to the Fund, as well as the level of attention those individuals provide to the Fund. The Trustees noted the Adviser’s commitment to devoting resources to staffing and technology in support of its investment management services. They also reviewed the Adviser’s investment philosophy and processes and its compliance program, its various administrative, legal and regulatory responsibilities, and considered the scope of the Adviser’s services to the Fund. The Trustees concluded that the nature, extent and quality of the services provided by the Adviser should continue to benefit the Fund and its shareholders.
Causeway International Value Fund
22
Statement Regarding Basis for Renewal of Investment Advisory Agreement (Form N-CSR Item 11) (Unaudited)
(continued)
Second, regarding the investment performance of the Fund, the Trustees reviewed the investment results of the Fund for various periods ended March 31, 2024, compared to the results of the MSCI EAFE Index, the median of the mutual funds included in the Morningstar Foreign Large Value category, and the median of the funds in a peer group selected by Broadridge. They noted that, consistent with Broadridge’s practice, the Broadridge 15(c) Report focused on one class of shares – the Institutional Class – and that Investor Class shares are subject to a 25 basis point shareholder service fee, which increases expenses and reduces performance from that shown. They noted that the Institutional Class had outperformed its Broadridge peer group median for the prior one, and annualized three, five, and ten-year periods. The Trustees considered the Fund’s exposure to the value investment style, and global uncertainties and volatility, and concluded that the overall performance results and other considerations supported their view that the Adviser’s services to the Fund are of a high quality. The Trustees concluded that the Adviser’s record in managing the Fund in a manner consistent with the described investment strategy and style indicated that its continued management had the potential to benefit the Fund and its shareholders.
Third, regarding the Fund’s advisory fee and total expenses as a percentage of the Fund’s average daily net assets:
| | ● | The Trustees compared the Fund’s advisory fee and total expenses with those of other similar mutual funds. They noted that the Fund’s advisory fee was 80 basis points per annum compared to a median of 73 basis points for its Broadridge peer group and a range of 65-100 basis points for the funds in its peer group. The Trustees noted that the Fund’s Institutional Class annual expense ratio, after application of the Adviser’s expense limit, of 88 basis points was 4 basis points higher than the median of the funds in its Broadridge peer group and within the range of 71-104 basis points of the funds in its peer group. |
| | ● | The Trustees compared the Fund’s advisory fee with the fees charged by the Adviser to other clients. The Trustees noted that, although the fees paid by the Adviser’s other accounts were lower than the fee paid by the Fund, the differences appropriately reflected the Adviser’s significantly greater responsibilities with respect to the Fund and the risks of managing a sponsored fund, and are not determinative of whether the fees charged to the Fund are fair. The Trustees noted that the Adviser’s services to the Fund included the provision of many additional or more extensive administrative and shareholder services (such as services related to the Fund’s disclosure documents, financial statements, 1940 Act compliance policies and procedures, preparation of Board and committee materials and meetings, annual Board reports and certifications, oversight of daily valuation, oversight of Fund service providers, negotiation of Fund intermediary agreements, coordination with Fund intermediaries providing shareholder recordkeeping services, shareholder communications, and due diligence for advisers, consultants and institutional investors). |
The Trustees concluded that the Fund’s advisory fee and expense ratio were reasonable and appropriate under the circumstances.
Fourth, the Trustees considered the Adviser’s costs of providing services to the Fund and estimated profits realized by the Adviser from its relationship with the Fund. They reviewed the Adviser’s estimated after-tax profit margin with respect to such services for the twelve months ended March 31, 2024 and the methodology used to gener
Causeway International Value Fund
23
Statement Regarding Basis for Renewal of Investment Advisory Agreement (Form N-CSR Item 11) (Unaudited)
(concluded)
ate that estimate, and noted that the cost allocation methodology presented to the Trustees was reasonable. They also observed that the Adviser’s estimated profitability was within the range cited as reasonable in various court decisions. After consideration of these matters, the Trustees concluded that the Adviser’s operating margin with respect to its relationship with the Fund was reasonable.
Fifth, regarding economies of scale, the Trustees observed that, although the Fund’s advisory fee schedule does not contain fee breakpoints, it is difficult to determine the existence or extent of any economies of scale. They noted that the Adviser is sharing economies of scale through reasonable advisory fee levels, expense limit agreements, and devoting additional resources to staff and technology, including cybersecurity, to focus on continued performance and service to the Fund’s shareholders. They considered certain initiatives and noted that the Adviser continues to innovate and enhance its capabilities, and that innovation is a means of reinvesting in its services. They also noted the entrepreneurial risks taken by the Adviser in forming the Fund and that, in the Fund’s prior years, the Adviser incurred losses in managing the Fund. The Trustees concluded that under the circumstances the Adviser is sharing any economies of scale with the Fund appropriately.
Sixth, regarding any other benefits derived by the Adviser from its relationship with the Fund – often called “fall-out” benefits — the Trustees observed that the Adviser does not earn “fall-out” benefits such as affiliated custody fees, affiliated transfer agency fees, affiliated brokerage commissions, profits from rule 12b-1 fees, “contingent deferred sales commissions” or “float” benefits on short-term cash. The Trustees concluded that the primary “fall-out” benefit received by the Adviser is research services provided by brokers used by the Fund and that this benefit is reasonable in relation to the value of the services that the Adviser provides to the Fund.
Approval. At the June 26, 2024 and August 12, 2024 meetings, the Trustees discussed the information and factors noted above with representatives of the Adviser and, at the August 12, 2024 meeting, the Trustees considered the approval of the Advisory Agreement. The independent Trustees also met in a private session at all meetings with independent counsel at which no representatives of the Adviser were present. In their deliberations, the independent Trustees did not identify any particular information or factor that was determinative or controlling, each Trustee did not necessarily attribute the same weight to each factor, and the foregoing summary does not detail all the matters considered. Based on their review, the Trustees (all of whom are independent) unanimously concluded that the Advisory Agreement is fair and reasonable to the Fund and its shareholders and that the Fund’s advisory fee is reasonable and renewal of the Advisory Agreement is in the best interests of the Fund and its shareholders, and the Board of Trustees unanimously approved renewal of the Advisory Agreement for a twelve-month period beginning September 20, 2024.
Causeway International Value Fund
24
INVESTMENT ADVISER:
Causeway Capital Management LLC
11111 Santa Monica Boulevard
15th Floor
Los Angeles, CA 90025
DISTRIBUTOR:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456
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 summary or full prospectus carefully before you invest or send money. To obtain additional information including charges, expenses, investment objectives, or risk factors, or to open an account, call 1.866.947.7000, or visit us online at www.causewayfunds.com.
CCM-AR-001-2300
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the reporting period.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
The remuneration paid by the company during the period covered by the report to the Trustees on the company’s Board of Trustees is disclosed as part of the financial statements included above in Item 7.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The disclosure regarding the Approval of Advisory Agreement, if applicable, is included as part of the financial statements included above in Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end management investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the registrant’s procedures by which shareholders may recommend nominees to the registrant’s board of trustees during the period covered by the report.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR §270.30a-3(c)) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR §270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR §240.13a-15(b) or §240.15d-15(b)).
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR §270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end management investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits.
(a)(1) Code of Ethics attached hereto.
(a)(2) Not applicable.
(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.
(a)(4) Not applicable to open-end management investment companies.
(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Causeway Capital Management Trust | |
| | | |
| By (Signature and Title) | /s/ Gracie V. Fermelia | |
| | Gracie V. Fermelia, Principal Executive Officer | |
| | | |
| Date: December 6, 2024 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Gracie V. Fermelia | |
| | Gracie V. Fermelia, Principal Executive Officer | |
| | | |
| Date: December 6, 2024 | | |
| | | |
| By (Signature and Title) | /s/ John Bourgeois | |
| | John Bourgeois, Principal Financial Officer | |
| | | |
| Date: December 6, 2024 | | |
