Causeway International Value, renowned for its value-centric investment strategy, recently disclosed its N-PORT filing for the fourth quarter of 2023. Established on October 26, 2001, Causeway International Value prioritizes sustained capital appreciation and income growth by investing in developed international markets.
Through a meticulous three-stage investment process comprising screening, fundamental research, and portfolio construction, Causeway International Value employs a bottom-up approach to stock selection, focusing on dividend-yielding and share-buyback-oriented companies.
This approach aims to complement U.S. portfolios with mid to large-cap stocks, emphasizing long-term value creation and resilience in diverse market conditions. With a track record of strategic investments, Causeway International Value remains poised for continued success in delivering superior returns to its investors.
Summary of New Acquisitions
In the last quarter, Causeway International Value (Trades, Portfolio) expanded its portfolio by introducing 10 new stocks. Notable additions include:
Seven & i Holdings Co Ltd (TSE:3382, Financial): Acquired 1,926,300 shares, constituting 1.06% of the portfolio with a total value of ¥76,437.22 million.
Compagnie Financiere Richemont SA (XSWX:CFR, Financial): Purchased 524,338 shares, representing approximately 1% of the portfolio, valued at CHF 72,162.33 million.
Assa Abloy AB (OSTO:ASSA B, Financial): Added 1,447,931 shares, comprising 0.58% of the portfolio, with a total value of kr 41,674.83 million.
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Notable Increases in Key Positions
Causeway International Value (Trades, Portfolio) increased its stakes in 35 existing holdings, witnessing substantial increments in:
Fanuc Corp (TSE:6954, Financial): Expanded its holdings by 4,717,100 shares, marking a 713.09% increase in share count and a 1.93% portfolio impact, valued at ¥158,191.87 million.
Alstom SA (XPAR:ALO, Financial): Augmented its position by 8,039,844 shares, translating to a 296.92% increase in share count, valued at €144,512.57 million.
Divestments and Reductions
In Q4 2023, Causeway International Value (Trades, Portfolio) divested from several holdings:
Sold Out Positions: Completely exited iShares MSCI EAFE ETF (EFA, Financial), liquidating all 4,745,100 shares, impacting the portfolio by -5.12%.
Key Position Reductions: Noteworthy reductions include Rolls-Royce Holdings PLC (LSE:RR., Financial), trimming 57,190,326 shares (-39.53%), and Rio Tinto PLC (LSE:RIO, Financial), reducing by 1,188,301 shares (-69.97%).
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Portfolio Overview
As of Q4 2023, Causeway International Value (Trades, Portfolio) managed a portfolio comprising 70 stocks, with significant holdings in Rolls-Royce Holdings PLC (4.65%), Samsung Electronics Co Ltd (4.59%), Roche Holding AG (2.87%), Reckitt Benckiser Group PLC (2.84%), and BP PLC (2.68%).
The portfolio spans across 11 industries, with a focus on Financial Services, Industrials, Healthcare, Consumer Defensive, Technology, Consumer Cyclical, Basic Materials, Utilities, Energy, Communication Services, and Real Estate.
Committed to Value Driven Investment
Causeway International Value’s strategic maneuvers underscore its commitment to value-driven investment principles and meticulous portfolio management in navigating international markets.
Such prudent adjustments reflect the fund’s adaptability to evolving market conditions, positioning it for sustained growth and value creation over the long term.
With a well-diversified portfolio and strategic acquisitions, Causeway International Value stands poised for continued success in delivering value to its investors.
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I’m Jackson Hartwell, a writer who specializes in dissecting current business events. I’m dedicated to providing you with clear and concise insights into the world of politics, making it easier to understand the latest news and developments.
