Causeway International Value (Trades, Portfolio) Fund, which has a value bias, added three new stocks and sold three stocks from its portfolio in the second quarter, prompting 12% turnover.
The fund’s managers purchased Aryzta AG (XSWX:ARYN, Financial), CIE Financiere Richemont SA (XSWX:CFR, Financial) and CaixaBank SA (XMCE), keeping the total number of holdings at 60 and bringing the portfolio’s value to $6.7 billion. The fund’s top sector represented is Financial Services at 20.3%, Consumer Cyclical at 14.8% and Industrials at 12.3%.
Since inception, Causeway International Value (Trades, Portfolio) Fund institutional class has returned 8.46%, beating the 6.8% return of its benchmark MSCI EAFE index. It primarily invests in companies of international markets that have market capitalizations greater than $1 billion. Stock selection consists of three parts: quantitative screening and initial analysis, fundamental research and portfolio construction, according to the fund’s website.
“Developed market equities appreciated in July, as investors may have recognized the economic recovery unfolding in Europe, and widely anticipate the first interest rate hike of this cycle in the United States,” said of its July performance. “Emerging markets equities sold off this month, hit by a variety of problems including declining commodity prices, weakness in currencies, and a sinking Chinese stock market.”
New Buys
Aryzta AG (XSWX:ARYN, Financial)
The fund’s largest new buy was 1,498,171 shares of Aryzta AG, a position reflecting 1.1% of the portfolio. The company’s second quarter stock price averaged CHF58.07.
Aryzta AG was incorporated in August 2008. The company is engaged in bakery products business. Aryzta AG has a market cap of $4.37 billion; its shares were traded at around $49.58 with a P/E ratio of 34.45 and P/S ratio of 0.80. The dividend yield of Aryzta AG stocks is 1.54%. Aryzta AG had an annual average earnings growth of 7.40% over the past five years.
CIE Financiere Richemont SA (XSWX:CFR, Financial)
The fund purchased 792,418 shares of CIE Financiere Richemont, a 0.96% portfolio weight. The stock’s second quarter share price average was CHF81.36.
Cie Financiere Richemont SA offers luxury goods in Switzerland and internationally. Cie Financiere Richemont SA has a market cap of $40.83 billion; its shares were traded at around $72.35 with a P/E ratio of 28.94 and P/S ratio of 3.62. The dividend yield of CIE Financiere Richemont SA stocks is 1.94%.
CaixaBank SA (XMCE:CABK, Financial)
The fund purchased 13,858,913 shares of CaixaBank SA, a 0.95% portfolio weight. The company’s second quarter share price averaged 4.38 euros per share.
CaixaBank SA is a financial group in the Spanish market. CaixaBank SA has a market cap of $21.59 billion; its shares were traded at around $3.75 with a P/E ratio of 23.87 and P/S ratio of 3.81. The dividend yield of CaixaBank SA stocks is 1.07%.
See more of Sarah Ketterer (Trades, Portfolio)’s Causeway International Value (Trades, Portfolio) stocks at the portfolio here. Not a Premium Member of GuruFocus? Try it free for 7 days here.
