Causeway Capital Global Value Fund Performance Review for Quarter Ended March 31

Most developed market equities delivered positive performance this quarter, extending the six year bull market that began in March 2009. Low interest rates, abundant liquidity, competitive currency devaluations and renewed optimism for Europe and Japan have elevated many global equity markets. The further devaluation of local currencies in regions such as Europe, Canada and Australia proved to be a sizable headwind for US dollar-based investors’ overseas investments this period. The best performing developed markets this quarter in our investable universe were Denmark, Japan, Israel, Germany, and Portugal. The biggest laggards were Canada, Singapore, New Zealand, the United Kingdom, and Spain. The best performing sectors in the MSCI World Index were health care, consumer discretionary, consumer staples, industrials, and materials, and the worst performing sectors were utilities, energy, financials, telecommunication services, and information technology.

The Fund underperformed the MSCI World Index during the quarter, due primarily to adverse stock selection. Fund holdings in the technology hardware & equipment, software & services, consumer services, consumer durables & apparel, and capital goods industry groups detracted from the relative performance of the Fund versus the Index, while holdings in the transportation, materials, telecommunication services, and commercial & professional services industry groups, as well as an underweight position in the utilities industry group, contributed to relative performance. The largest single detractor from performance this quarter was oil field equipment manufacturer, National Oilwell Varco, Inc. (NOV, Financial) (United States). Other notable top detractors included for-profit educator, Apollo Education Group, Inc. (APOL, Financial) (United States), toy manufacturer, Mattel, Inc. (MAT, Financial) (United States), storage hardware manufacturer, EMC Corp. (EMC, Financial) (United States), and software giant, Microsoft Corp. (MSFT, Financial) (United States). The largest individual contributor to return was health insurance provider, UnitedHealth Group, Inc. (UNH, Financial) (United States). Additional top contributors to return included Asian ports operator, China Merchants Holdings Co., Ltd. (Hong Kong), mobile telecommunications operator, China Mobile Ltd. (Hong Kong), pharmaceutical & consumer healthcare products producer, Novartis AG (Switzerland), and American Airlines Group, Inc. (United States).

The market commentary expresses the portfolio managers’ views as of the date of this report and should not be relied on as research or investment advice regarding any stock. These views and the Fund holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Any securities identified and described in this report do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. Diversification does not protect against market loss.