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An Aggressive Gold-Rated International Stock Fund

An Aggressive Gold-Rated International Stock Fund

Andrew Daniels: Gold-rated Causeway International Value benefits from a deep and talented investment staff as well as a disciplined value approach.

The managers seek non-U.S. firms that are facing operational, but not financial, distress. Causeway's fundamental analysts dive into prospective holdings--meeting with management teams, conducting competitor analyses, and building valuation models--before assigning each with a two-year price target. The firm's quant team helps to offset company-specific risk with a risk overlay that weighs expected return against potential volatility. Management then buys the names that look most attractive on a risk-adjusted basis, and holds on for the long term.

The fund has done quite well throughout the years. Since its October 2001 inception, through November 2017, its 8.2% annualized gain beats the MSCI EAFE Index's 6.6% gain as well as 86% of its foreign large-value peers.

While the fund is a great option for international equity exposure, this is an aggressive strategy, and investors should not expect it to provide much downside protection.

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About the Author

Andrew Daniels

Associate Director
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Andrew Daniels, CFA, CAIA, is associate director of equity strategies for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He helps oversee Morningstar’s U.S.-based equity strategies team and is responsible for qualitative research on prominent equity strategies, including those offered by Harris Associates and Artisan Partners.

From 2018-21, Daniels was based in Morningstar’s Hong Kong office, conducting qualitative research on global emerging-markets and Asia-Pacific equity strategies, in addition to helping on the delivery of manager research services in the region.

Before joining Morningstar in 2015, Daniels worked in corporate finance for Caterpillar and in portfolio management for Evanston Advisors.

Daniels holds bachelor's degrees in finance, economics, and marketing from the University of Iowa, where he graduated with distinction. He also earned a Master of Business Administration from the University of Chicago Booth School of Business. Daniels holds the Chartered Financial Analyst® designation and the Chartered Alternative Investment Analyst® designation. He is also a Certified Management Accountant.

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