Value-Driven International Fund Makes Bold Bets on European Industrials and Luxury Goods
Causeway International Value (Trades, Portfolio), established on October 26, 2001, seeks long-term growth of capital and income by investing in developed markets outside the U.S., with a focus on companies that pay dividends or repurchase shares. The fund’s investment philosophy is value-driven, employing a fundamentally based, bottom-up approach to stock selection, concentrating on mid- to large-cap stocks that offer diversification benefits to U.S. portfolios. The process involves three stages: screening, fundamental research, and portfolio construction, prioritizing companies with experienced management teams.
Summary of New Buys
Causeway International Value (Trades, Portfolio) added a total of 5 stocks during the second quarter of 2026. The most significant addition was Sika AG XSWX:SIKA, with 840,684 shares, accounting for 0.92% of the portfolio and a total value of CHF173.5 million. The second largest addition was Electrolux AB OSTO:ELUX A, consisting of 51,584,314 shares, representing approximately 0.84% of the portfolio, with a total value of kr159.0 million. The third largest addition was Banca Monte dei Paschi di Siena MIL:BMPS, with 9,920,580 shares, accounting for 0.65% of the portfolio and a total value of €123.1 million.
Key Position Increases
Causeway International Value (Trades, Portfolio) also increased stakes in a total of 38 stocks. The most notable increase was Siemens AG XTER:SIE, with an additional 1,349,767 shares, bringing the total to 1,538,070 shares. This adjustment represents a significant 716.81% increase in share count, a 2.29% impact on the current portfolio, and a total value of €494.1 million. The second largest increase was Lvmh Moet Hennessy Louis Vuitton SE XPAR:MC, with an additional 389,128 shares, bringing the total to 610,056 shares. This adjustment represents a significant 176.13% increase in share count, with a total value of €337.4 million.
Summary of Sold Out
Causeway International Value (Trades, Portfolio) completely exited 6 holdings in the second quarter of 2026. Notably, the fund sold all 27,613,932 shares of BP PLC LSE:BP., resulting in a -1.29% impact on the portfolio. Additionally, the fund liquidated all 1,312,423 shares of Akzo Nobel NV XAMS:AKZA, causing a -0.45% impact on the portfolio.
Key Position Reduces
Causeway International Value (Trades, Portfolio) also reduced positions in 18 stocks. The most significant changes include reducing Renesas Electronics Corp TSE:6723 by 17,964,100 shares, resulting in a -42.72% decrease in shares and a -1.53% impact on the portfolio. The stock traded at an average price of ¥3,678.73 during the quarter and has returned -24.45% over the past 3 months and 57.94% year-to-date. Additionally, the fund reduced Capgemini SE XPAR:CAP by 2,000,539 shares, resulting in an -87.83% reduction in shares and a -1.41% impact on the portfolio. The stock traded at an average price of €100.38 during the quarter and has returned 12.29% over the past 3 months and -20.55% year-to-date.
Portfolio Overview
At the end of the second quarter of 2026, Causeway International Value (Trades, Portfolio)’s portfolio included 70 stocks. The top holdings included 4.32% in Kering SA XPAR:KER, 3.76% in Renesas Electronics Corp TSE:6723, 3.15% in Rolls-Royce Holdings PLC LSE:RR., 3.07% in AstraZeneca PLC LSE:AZN, and 2.84% in Reckitt Benckiser Group PLC LSE:RKT.
The holdings are mainly concentrated in 10 of all 11 industries: Financial Services, Industrials, Healthcare, Consumer Cyclical, Technology, Consumer Defensive, Communication Services, Utilities, Basic Materials, and Real Estate.
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