Causeway International Value has struggled thus far in the downturn that began in non-U.S. markets on Jan. 20, 2020. From then through March 16, it fell a painful 38.0%, compared with 34.5% for the MSCI EAFE Value Index. Stock selection has been poor across several sectors, but financial services, consumer cyclicals, and energy holdings--all in economically sensitive parts of the market--most notably weighed on relative results. The managers employ an aggressive approach, often leaning into volatility by embracing firms going through short-term crises when their valuations look attractive. The approach has led to stretches of poor performance, including in certain down markets, but the team's picks have delivered over the long run, albeit with slightly above-average volatility.
Will CIVIX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable CIVIX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the CIVIX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of CIVIX’s parent organization’s priorities and whether they’re in line with investors’ interests.