Sarah Ketterer

Sarah Ketterer

Last Update: 11-14-2016

Number of Stocks: 82
Number of New Stocks: 13

Total Value: $5,152 Mil
Q/Q Turnover: 18%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Sarah Ketterer' s Profile & Performance

Profile

Ms. Ketterer is the Chief Executive Officer of Causeway since June 2001. Her firm manages more than $15 billion as of May, 2008. She is responsible for investment research in global financials and healthcare. Prior Experience From November 1996 to June 2001, Ms. Ketterer worked for the Hotchkis and Wiley division of Merrill Lynch Investment Managers ("HW-MLIM"). At HW-MLIM, she was a Managing Director and co-head of the firm's HW-MLIM International and Global Value team. Education Ms. Ketterer has a BA in Economics and Political Science from Stanford University and an MBA from the Amos Tuck School, Dartmouth College.

Web Page:http://www.causewayfunds.com/fundhome.aspx

Investing Philosophy

Sarah Ketterer focuses on global equities: International , global, and emerging market. She and her team begin with a screen of both large and mid-sized companies in the developed international markets. Their screens are applied to approximately 3,400 companies and use quantitative and value-oriented methods to find prospective stocks that meet their criteria for further analysis. Each stock also receives a "risk score" based on the additional volatility/risk it adds to the portfolio. Their final portfolio is built from those stocks with the highest expected risk-adjusted return. It will typically have 60-80 stocks that have a lower price/earnings ratio and higher dividend yield than the market.

Total Holding History

Performance of International Value Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201011.9815.06-3.1
200932.0126.465.5
2008-41.95-37-5.0
3-Year Cumulative-14.2 (-5%/year)-8.3 (-2.9%/year)-5.9 (-2.1%/year)
20077.875.492.4
200626.0715.7910.3
5-Year Cumulative16.7 (3.1%/year)12 (2.3%/year)4.7 (0.8%/year)
20058.134.913.2
200426.5910.8815.7
200345.8628.6817.2
2002-10.86-22.111.2

Top Ranked Articles

Value Investing Makes a Comeback to Trounce Growth After a decade, undervalued stocks are beating the returns of growth stocks
After eating the dust of growth stocks for a decade, the value investing strategy has come out ahead this year. Read more...
Gurus Find Hot Information Technology Stocks Greenblatt reveals his winners
Throughout the first quarter, many gurus invested some of their capital in technology stocks, suggesting that the IT sector presents good investment opportunities in the upcoming months. Two of these stocks, Infosys Ltd. (NYSE:INFY) and NetScout Systems Inc. (NASDAQ:NTCT), have been bought and held by five gurus in the past three months, according to the Consensus Picks of Gurus screener. Read more...
Sarah Ketterer Invests in Allstate Guru makes purchase while others are selling
In the fourth quarter, Sarah Ketterer purchased 1,541,690 shares of AllState Corp. (NYSE:ALL), a holding that some successful gurus had been reducing or selling from their portfolios. Read more...
Causeway International Takes Stake in Japan Airlines Fund exits 3 other holdings during 4th quarter
The Causeway International Value (Trades, Portfolio), led by CEO Sarah Ketterer (Trades, Portfolio), aims to invest at least 80% of total assets in companies located in at least 10 foreign countries. Read more...
Sarah Ketterer Takes 3 Positions in 2nd Quarter Guru reports quarterly portfolio
Sarah Ketterer (Trades, Portfolio), founder and CEO of Causeway Capital Management LLC, creates long-term capital growth for her shareholders through value-oriented investing. As discussed in the fund’s prospectus, Ketterer prefers stocks that have low valuations and good financial strength. During the second quarter, the fund invested in three new companies, including major Chinese online media company Baidu Inc. (NASDAQ:BIDU). Read more...
» More Sarah Ketterer Articles

Commentaries and Stories

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Sarah Ketterer’s Top 4 New Holdings The guru invested in a variety of industries in the 3rd quarter Sarah Ketterer,Jana Partners,Steven Cohen - Sarah Ketterer’s Top 4 New Holdings
Causeway Capital Management’s Sarah Ketterer (Trades, Portfolio) acquired 13 new holdings in the third quarter. Her top four new holdings are CSX Corp. (NASDAQ:CSX), CSRA Inc. (NYSE:CSRA), Signet Jewelers (NYSE:SIG) and VeriFone Systems Inc. (NYSE:PAY). More...

KETTERER, CONTRARIAN, BUYS, CAUSEWAY, Q3


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The 2016 US Election: A Republican Reflation - Causeway Capital Sarah Ketterer's firm names markets that will be helped and hindered by election result Sarah Ketterer - The 2016 US Election: A Republican Reflation - Causeway Capital
NOVEMBER 2016 Causeway Research Commentary November 9, 2016 The US Presidential election result is not Brexit 2.0 Donald Trump’s surprise win in the US presidential election has drawn parallels with the unexpected June 23 “Brexit” result in the United Kingdom. Yes, both votes represent a rejection of the status quo and a rejection of policies by disaffected parts of the electorate, but the comparisons end there. In Britain, the conservative party has, over the years, been ambivalent at best toward the European Ideal, and successfully mobilized a vote in favor of withdrawal. Mr. Trump’s election by voters demanding change in Washington DC may upend several of the economic and political policies that the Republican Party has pursued since the end of the Second World War. Many of the sound bites uttered in the heat of this election battle contrast with mainstream Republican orthodoxy. Despite the stability that results from control of all three branches of government, the overseas markets’ initial reactions reflected this apparent conflict, as well as uncertainty for how US economic policy may be conducted. European markets, after an initial sharp sell-off, stabilized and—taking a cue from early strength on Wall Street—rallied into the close. We anticipate developed Asian markets may follow suit, but further developments could change that. We have already witnessed significant swings in foreign exchange markets, particularly the Mexican peso, and weakness in emerging markets adversely affected by Mr. Trump’s anti-trade rhetoric. Both the US and European equity markets have quickly identified the early winners and losers from a Trump presidency. Thus far, markets have favored companies expected to benefit from the economic themes Trump espoused during the election campaign, including investment in infrastructure and revitalization of American-sourced materials and manufacturing. Companies shunned by the markets included those reliant on commerce with Mexico and those likely to suffer from a dismantling of the Affordable Care Act (“ACA”). Even though the S&P 500 Index closed up slightly above 1% today, we observed a wide 35% difference between the best performing and worst performing stocks in the S&P 500 Index.Cluster 1: Financials (Positive) and Materials (Neutral) We currently expect that the impact of a Trump presidency, and Republicans controlling the US Senate and House of Representatives, should invigorate the US economy, especially if the US corporate tax rate becomes more globally competitive. Assuming the Trump campaign represents the presidential agenda, we expect that there may be both tax cuts and fiscal stimulus in the US, a net positive for the domestic financial sector. However, trade barriers may dampen economic vitality (in the US and abroad), adding inflationary pressures as consumer choice could decline and the prices of goods could rise. We expect the US Federal Reserve (“Fed”) to remain independent, and yet still dovish in the next year as the direction of the US economy remains uncertain. Most global sovereign bond yields have risen significantly in the wake of the US Presidential election, with the US 10-year Treasury note yielding over 2%. After rising about 50 basis points in the past three months, the 10-Year Note rose 18 basis points in this first trading day after the election result. Although the Trump campaign promised US $500 billion of infrastructure spending (over an unspecified time frame), the new president may encounter some resistance in a Republican Congress, with its historical penchant for fiscal austerity. We remain cautious on metals stocks, as their valuations do not offset the risk that the imbalances in the Chinese economy may offset US infrastructure-related demand for cement, steel, etc. In the financials sector, well-capitalized banks engaged in self-help to restructure and improve returns on capital remain our primary focus. A steeper global yield curve removes some of the revenue pressure on banks and will likely shorten the waiting period for greater capital returned to shareholders. We believe life insurers should also be net beneficiaries of the post-Trump environment, as gradually higher bond yields should bolster returns. As for financial regulation, we do not currently expect a dismantling of Dodd-Frank, especially in the wake of the Wells Fargo scandal. However, more stringent banking reforms may flounder with waning political support for these restrictive measures. Without greater clarification on the actual Trump agenda, we have not immediately changed our price targets. However, we remain optimistic that our financials and materials holdings will continue to deliver satisfactory results in the quarters ahead.Cluster 2: Technology and Telecommunications (Neutral) The single greatest driver of US technology earnings improvements and possible valuation multiple upgrades would result from a reduction in US corporate tax rates. The mooted Trump 15% corporate tax rate could be the catalyst for the repatriation of approximately $2.5 trillion by US companies, according to estimates from Capital Economics. US technology companies often have large amounts of cash earned and held abroad. The repatriation of that cash under a fairly sanguine tax treatment could lead to substantially increased dividend and share buybacks, value added merger and acquisition activity, or even debt reduction. For our Asian mobile telephony stocks, we currently do not believe that this political development in the US will have a significant impact on earnings. For many of these holdings, data usage and pricing trends remain paramount, as populations become increasingly dependent on mobile telephony and their related applications. These Asian telephony giants are, in our view, well positioned for increased domestic wealth and rising intensity of data usage.Cluster 3: Energy and Utilities (Positive Oil & Gas, Neutral/Negative Utilities) We believe US shale oil & gas producers should get more federal government support for their activities, with less threat of regulation. We remain bullish on the crude oil price, and believe the supply constraints can put the market in equilibrium by early 2018. We are watching for critical technological breakthroughs in solar power and power storage to make a greater impact on the energy sector than a shift in US political sentiment. We expect regulated utility stocks to underperform in a rising bond yield environment. We continue to be confident in a select few European utilities trading at sizable discounts to fair value while engaged in major operational improvement.Cluster 4: Industrials (Positive) The potential for lower US corporate taxes, infrastructure spending – in both the US and in the UK - and rising bond yields should continue to provide an impetus for the market rotation from defensives to cyclical stocks. We are optimistic about well-managed companies that are global leaders in the industrial equipment, power, automation, transportation, and defense industries, as well as construction-related stocks. Despite the Trump campaign rhetoric, we do not expect a dismantling of trade relations with China, nor with Canada and Mexico. The embedded and highly complex nature of supply chains does not allow for a rapid shift to domestic US manufacturing. In the US, such a shift would require an unlikely level of federal and state government subsidization. While the UK government has effectively agreed to pay a Japanese automaker to expand operations in Great Britain, the scale of US offshoring makes such an arrangement fiscally cost prohibitive.Cluster 5: Consumer (Neutral) With a broad-based income tax cut, and possibly lower health insurance premiums, the US consumer may have a greater propensity to spend in the next few years. From a value perspective, we remain confident that our consumer holdings will benefit from a positive wealth effect in areas such as apparel and tourism. We are avoiding the most expensive stocks known for their high dividend payouts, and assuming these high-dividend payers have limited growth prospects. A rising bond yield environment has already sparked a global market rotation from these expensive sectors, such as consumer staples, into more economically sensitive areas of the markets. We are interested in maintaining portfolio weights in some of the best-managed consumer staples companies, but only if they are engaged in operational restructuring and cost cutting plans that will add demonstrably to cash flow and to dividend growth.Cluster 6: Health Care (Positive) Following the election, the valuation discount on pharmaceutical companies has narrowed, as a Clinton presidency threatened drug pricing. Some valuation discount remains, however, and Mr. Trump has endorsed US drug re-importation and direct negotiation with Medicare, but we currently do not expect these areas to become major goals of the new administration. US pharmacy benefit manager consolidation has already put pressure on drug pricing, and this may obviate the need for further regulation. As for Obamacare, Mr. Trump has stated his intention to repeal the ACA. Even a weakening of the ACA could benefit well-diversified managed care companies in the US. We have no direct exposure to those “expensive” Medicaid-oriented managed care companies, and their lack of diversification may finally become a serious liability under a Trump administration. For the highly cash generative healthcare companies, especially pharmaceutical and biotechnology firms, the ability to repatriate cash in a lower tax regime could prove especially beneficial.Emerging Markets The Trump presidential victory is likely to have a negative impact on emerging markets currencies and trade, though uncertainty will prevail until actual policies are clarified. Regardless of whether the Fed will raise rates in December, the US dollar will likely strengthen against many emerging markets currencies. The Mexican peso has been an early victim of the Trump victory, declining roughly 8% compared to the US dollar in this first day after the election, due to expected restrictions on immigration and challenges to the North American Free Trade Agreement (“NAFTA”). The Turkish lira and South African rand are also down approximately 2% because these countries are more dependent on external financing. These types of currency moves in emerging markets will likely impact monetary policy and may prevent certain central banks from easing. Policymakers in Mexico and countries with high current-account deficits may respond to currency weakness with interest rate hikes. From a trade perspective, global trade may face more constraints in the years ahead under a Trump administration. The Trans-Pacific Partnership (“TPP”), which would have linked nearly 40% of the global economy including much of the Asia-Pacific region, has diminished prospects. The disposal or renegotiation of trade deals such as TPP and NAFTA would disproportionally hurt those economies with a significant dependence on exports such as Taiwan, India, South Korea, and Mexico. We expect more domestically focused economies, such as China, Thailand, and Indonesia, to be less affected. Certain geographies, most notably Russia, may be positively impacted by terms of trade if Mr. Trump takes a softer stance on existing sanctions. We believe the Causeway Emerging Markets portfolio remains well balanced to manage the incremental market volatility. We remain underweight South Africa, slightly underweight Mexico, and overweight Russia and Thailand compared to those countries’ weights in the MSCI Emerging Markets Index. We do have exposure to some of the more export-driven Asian geographies such as Taiwan and South Korea, however we believe that the cheap valuations and positive macroeconomic backdrops in these countries should offset the potential negative impact on trade. Additionally, given our quantitative approach to stock selection, we can react efficiently to changing investment opportunities going forward.Portfolio Management Thus far, our clients with exposure to developed market pharmaceuticals and industrials have benefitted from rallies in these industry groups. We expect markets to over-react in the short term to both positive and negative implications of the election outcome, which will present opportunities for our disciplined investment approach. As was the case after Brexit, we are monitoring portfolios across all of our equity strategies, both for opportunities to buy stocks that have become undervalued and to sell those that have become overvalued in the rush to predict winners and losers from the election result.This market commentary expresses Causeway’s views as of November 9, 2016 and should not be relied on as research or investment advice regarding any investment. These views and any portfolio holdings and characteristics are subject to change, and there is no guarantee that any forecasts made will come to pass. Forecasts are subject to numerous assumptions, risks and uncertainties, which change over time, and Causeway undertakes no duty to update any such forecasts. Information and data presented has been developed internally and/or obtained from sources believed to be reliable; however, Causeway does not guarantee the accuracy, adequacy or completeness of such information. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. More...

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British American Tobacco Proposes Merger With Reynolds The $47 billion deal would create industry giant Jim Simons,Sarah Ketterer,John Rogers,Jeremy Grant - British American Tobacco Proposes Merger With Reynolds
British American Tobacco (LSE:BATS)(BTI) presented a merger proposal to Reynolds American Inc. (NYSE:RAI) on Friday with a total offer of $47 billion. More...

TOBACCO, CONSUMER, MERGER, PROPOSAL


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Bass Pro Shops Hooks Cabela’s Outdoor retailer reels in $5.5 billion deal Paul Singer,Sarah Ketterer,Ken Fisher,Private Capi - Bass Pro Shops Hooks Cabela’s
The well-known hunting and fishing retailer Cabela’s (NYSE:CAB) announced the company was being bought by privately held Bass Pro Shops on Monday. More...

RETAIL, MERGER, HUNTING, FISHING, OUTDOORS


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Sarah Ketterer Adds to SK Telecom South Korea's largest telecommunications company has big goals for the future Sarah Ketterer - Sarah Ketterer Adds To SK Telecom
Sarah Ketterer (Trades, Portfolio), is a contrarian value investor and co-founder of the Causeway International Value (Trades, Portfolio) Fund. During the second quarter, Ketterer added 95,847 shares of SK Telecom (XKRX:017670) for an average price of 210997 South Korean won ($189.1) per share. The trade had a 0.33% impact on Ketterer’s portfolio. She now owns 777,608 shares of the company. More...

KETTERER, CAUSEWAY, BUY, ASIA


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Causeway International Value Takes 3 in 2nd Quarter Mutual fund reports quarterly portfolio Sarah Ketterer,Causeway International Value - Causeway International Value Takes 3 In 2nd Quarter
Sarah Ketterer (Trades, Portfolio), CEO and chief portfolio manager of Causeway Capital, creates shareholder value through her top two mutual funds: Causeway Global Value Fund and Causeway International Value (Trades, Portfolio) Fund. A previous article discussed Ketterer’s recent investments in the Global Value Fund. More...

CAUSEWAY INTERNATIONAL VALUE, SARAH KETTERER


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Causeway Commentary - Undervaluation and 'Self-Help': A Powerful Combination 'Clearly, our clients cannot wait for policy nirvana. Global equities need to deliver expected return in the near term' Sarah Ketterer - Causeway Commentary - Undervaluation And 'Self-Help': A Powerful Combination
From Jamie Doyle, portfolio manager at Sarah Ketterer (Trades, Portfolio)'s Causeway Capital More...

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Sarah Ketterer Takes 3 Positions in 2nd Quarter Guru reports quarterly portfolio Sarah Ketterer - Sarah Ketterer Takes 3 Positions In 2nd Quarter
Sarah Ketterer (Trades, Portfolio), founder and CEO of Causeway Capital Management LLC, creates long-term capital growth for her shareholders through value-oriented investing. As discussed in the fund’s prospectus, Ketterer prefers stocks that have low valuations and good financial strength. During the second quarter, the fund invested in three new companies, including major Chinese online media company Baidu Inc. (NASDAQ:BIDU). More...

SARAH KETTERER, BUYS, PORTFOLIO


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Value Investing Makes a Comeback to Trounce Growth After a decade, undervalued stocks are beating the returns of growth stocks Sarah Ketterer - Value Investing Makes A Comeback To Trounce Growth
After eating the dust of growth stocks for a decade, the value investing strategy has come out ahead this year. More...

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Sarah Ketterer's Causeway Funds Commentary: The Price of Popularity Value looking more attractive in international markets than U.S. Sarah Ketterer - Sarah Ketterer's Causeway Funds Commentary: The Price Of Popularity
Successful value managers are accustomed to taking unpopular positions. Their best investments frequently begin with unloved and underappreciated stocks that may face short-term challenges, either perceived or real. Over time, the issues are surmounted and the market’s discount fades. By the time those stocks become more universally embraced, it is probably time to sell. But sometimes entire regions gain or lose popularity. At Causeway, we approach the developed world as bottom-up analysts. Top-down considerations play a role in our investment process, but only insofar as they affect a specific company: How will macroeconomic conditions impact sales and profitability of an individual stock in the foreseeable future? After incorporating various scenarios and valuation methodologies, is this stock still undervalued? And based upon the answers to these types of questions, we may be drawn to or away from geographies that exhibit more or fewer attractive value opportunities. Such has been the case for the past twelve months. Even before the Brexit vote on June 23, we witnessed a significant divergence in the relative performance of value stocks in the United States versus value stocks within Europe and Japan, the largest constituents of the MSCI EAFE Index (“EAFE Index”). In the US, value stocks have generally “re-rated” upward while growth stocks “de-rated” downward. However, in the EAFE Index, value stocks have struggled and are trading at a much larger (and widening) discount to growth stocks. Exhibit 1 reveals that from a forward price-to-earnings (“P/E”) perspective, as of June 30, 2016, growth stocks trade at an 18% premium to value stocks in the US, but growth stocks trade at a 47% premium to value stocks across the EAFE Index Universe. With a pure bottom-up approach to developed markets, we will naturally “follow” value to geographies in which it is most attractive. After the dramatic performance divergence in the past year, undervaluation is now much more prevalent in Europe and Japan than in the US. The dark green line in Exhibit 2 plots the valuation premium of the MSCI USA Value Index (“US Value Index”) relative to the MSCI EAFE Value Index (“EAFE Value Index”) over time. As of the end of June 2016, this premium stood at 35%. In the same chart, the blue line plots the active underweight of the US (versus the MSCI World Index) within a representative account using Causeway’s Global Value Equity strategy. A high correlation of 0.56 between the two lines demonstrates that, the more richly valued the US market, the lower our exposure. We actively seek to fill the portfolio with the best absolute value opportunities wherever they arise, and in the current environment, we are finding more attractive valuations outside of the US. Previous points in time when the US valuation premium exceeded 20% were quickly followed by reversions to premiums much closer to the long-term average of 12% (Note: Inception of the MSCI forward P/E data series is 2003). In terms of forward P/E, the US Value Index trades at the highest premium to the EAFE Value Index in recent history, even after removing sector composition effects. What about differences in sector composition? Relative to the EAFE Value Index, the US Value Index has more weight in Information Technology and Consumer Staples, while it has less weight in Financials. If we apply the sector weights of the MSCI World Index to both the US Value Index and EAFE Value Index, we find that composition explains only part of the premium. The yellow diamond in the chart above represents this “sector neutral” premium. At 25%, it also sits at an all-time high (matched once before in December 2003) and compares to an average of 7% since 2003. We believe that this sector-neutral premium may likely be even closer to zero over a longer period of history. For those curious about which sectors trade with the largest valuation disconnect, Exhibit 3 plots the forward P/E multiple premium for each sector in the US Value index relative to the EAFE Value Index. The current premium is displayed relative to the premium as of June 30, 2015 and the long-term average since 2003. In 8 out of the 10 sectors, this premium has increased from June 2015. Energy stands out from the others and is largely explained by the high proportion of Exploration & Production (“E&P”) companies in the US Energy sector and the larger presence of upstream activities within the largest stocks (Exxon Mobil and Chevron). Earnings for these stocks have collapsed in the past couple of years leading to much higher P/E multiples. Aside from the energy sector, the largest regional valuation premiums currently reside in the Industrials, Consumer Discretionary, Utilities, and Financials sectors. If sector composition does not explain all of the current valuation differential between the US Value and EAFE Value Indices, then what does? Most arguments gravitate around perceived differences in stability, growth potential or returns on equity. Investors may deem the US to be a “safer” place to invest to avoid any “tail” risks in Europe or Japan. A gap in the expected earnings growth rates may also explain part of the differential. According to MSCI, the long-term earnings growth (LTG) estimate for stocks in the US Value Index was 8.0% as of June 30, 2016 while the same estimate for stocks in the EAFE Value Index was 5.1%. Finally, the trailing 12-month return on equity (ROE) for stocks in the US Value Index was 9.9% compared to 6.8% for stocks in the EAFE Value Index. Despite the allure of these explanations, however, regression analysis fails to uncover consistent and statistically significant relationships among these variables historically. While some differential may be appropriate, active managers have a chance to prove their worth when the market indiscriminately becomes excessively optimistic or pessimistic about a geographic region without considering the unique prospects for individual companies. Causeway seeks out stocks that we believe have been unfairly penalized by market reaction and that deserve to trade at higher valuations, even after discounting their growth, earnings, and risk profiles. Stocks that ultimately make it through our in-depth investment process represent the investments we believe have the highest risk-adjusted return potential. Currently, we believe the historically wide discount assigned to non-US international markets is not supported by fundamentals, and provides a compelling opportunity for clients in our value strategies. Solely for the use of institutional investors and professional advisers. This presentation expresses the authors’ views as of July 29, 2016 and should not be relied on as research or investment advice regarding any investment. These views and any portfolio characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. “Correlation” ranges between -1 and +1. Perfect positive correlation (+1) implies that as the index moves up or down, the strategy will move in the same direction. Perfect negative correlation (-1) means the strategy will move in the opposite direction. A correlation of 0 means the index and strategy have no correlation. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the US market. With 622 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US. The MSCI EAFE Value and MSCI USA Value Indices are subsets of these indices, and target 50% coverage of the MSCI EAFE Index and MSCI USA Index, respectively, with value investment style characteristics for index construction using three variables: book value to price, 12-month forward earnings to price, and dividend yield. The MSCI EAFE Growth Index and MSCI USA Growth Index are also subsets of these indices, with growth investment style characteristics for index construction using five variables: long-term forward earnings per share growth rate, short-term forward earnings per share growth rate, current internal growth rate and long-term historical earnings per share growth trend and long-term historical sales per share growth trend. The MSCI World Index is a free float-adjusted market capitalization index, designed to measure developed market equity performance, consisting of 23 developed country indices, including the US The Indices are gross of withholding taxes, assume reinvestment of dividends and capital gains, and assume no management, custody, transaction or other expenses. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. It is not possible to invest directly in an index. See the original with charts here. More...

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Causeway International Value Fund May Performance Review Sarah Ketterer's fund discusses economy and holdings Sarah Ketterer - Causeway International Value Fund May Performance Review
Measured in local currency terms, global equities advanced modestly as investors’ need for returns led to cautious buying of some of the less cyclical areas of global markets and “bottom fishing” of deeply-discounted financials. The top performing markets in the MSCI EAFE Index (“Index”) included Ireland, Belgium, Denmark, the Netherlands, and France. The worst performing markets in our investable universe included Austria, South Korea, Israel, Singapore, and Italy. The best performing sectors in the Index were telecommunication services, consumer staples, information technology, health care, and financials. The worst performing sectors were materials, energy, utilities, consumer discretionary, and industrials. US dollar strength was the key performance driver in May. Currency proved a headwind for US-dollar based investors investing in foreign markets, as major currencies declined against the US dollar. The Japanese yen had its weakest month versus the US dollar since May 2015. More...

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Arnold Schneider's Best-Performing Stocks Guru's 1st-quarter purchases with the highest returns Arnold Schneider,Sarah Ketterer,First Pacific Advi - Arnold Schneider's Best-Performing Stocks
Arnold Schneider is president, chief investment officer and principal of Schneider Capital Management Corp. He manages a portfolio composed of 71 stocks with a total value of $511 million. During the first quarter of 2016, the guru increased several stakes, and the following are the ones with the highest performances. More...

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10 Years of Strong Returns: NetEase, Activision Blizzard Companies show strong and steady returns, growing EPS and high profitability Jim Simons,Sarah Ketterer,Matthews China Fund,Pion - 10 Years Of Strong Returns: NetEase, Activision Blizzard
GuruFocus’ All-In-One Screener helps us find profitable companies with 10-year positive returns, strong profitability and growing EPS. More...

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Gurus Invest in Hot Cruise Companies High Piotroski scores lead to high annual returns PRIMECAP Management,Sarah Ketterer,Barrow Hanley M - Gurus Invest In Hot Cruise Companies
Among travel and leisure companies with high Piotroski F-scores, Carnival Corp. (NYSE:CCL) has the largest market cap and the highest F-score. Additionally, rival cruise company Norwegian Cruise Lines Holdings Ltd. (NASDAQ:NCLH) has the highest number of good signs. A portfolio with these stocks earned a 10-year return of 262.14% for the period from January 2006 to January 2016, according to the All-in-One Screener’s Backtesting feature. More...

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Great Britain Votes to Leave the European Union: Causeway Capital Commentary Causeway's research team shares their analysis of the 'Brexit' outcome Sarah Ketterer - Great Britain Votes To Leave The European Union: Causeway Capital Commentary
Global economic and political uncertainty has increased in the wake of the United Kingdom vote to leave the 28‐nation European Union (“EU”). With 51.9% voting to “Leave,” the referendum has divided the country by age and location, with only London and Scotland overwhelmingly favoring “Remain.” Conceding defeat, Britain’s prime minister, David Cameron, has announced his resignation. More...

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Predictable, Yes, but Is SYNNEX Undervalued? Should we look for it on a pullback? Sarah Ketterer,Joel Greenblatt,Jim Simons,David Dr - Predictable, Yes, But Is SYNNEX Undervalued?
In a couple of days (after the close on June 23, to be specific), SYNNEX Corporation (NYSE:SNX) will report on its second-quarter results. More...

SYNNEX, TECHOLOGY, DISTRIBUTION, LONG, PREDICTABLE


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Gurus Find Hot Information Technology Stocks Greenblatt reveals his winners Alan Fournier,Sarah Ketterer,Ken Fisher,David Drem - Gurus Find Hot Information Technology Stocks
Throughout the first quarter, many gurus invested some of their capital in technology stocks, suggesting that the IT sector presents good investment opportunities in the upcoming months. Two of these stocks, Infosys Ltd. (NYSE:INFY) and NetScout Systems Inc. (NASDAQ:NTCT), have been bought and held by five gurus in the past three months, according to the Consensus Picks of Gurus screener. More...

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Causeway Global Fund April Commentary The fund beat the index for the month Sarah Ketterer - Causeway Global Fund April Commentary
Global equities advanced in April, as oil prices climbed and major central banks maintained current monetary policies, stabilizing markets after the first quarter of the year. The top performing markets in our investable universe included Norway, Canada, Spain, Austria, and Japan. The worst performing markets included South Korea, Ireland, Finland, the Netherlands, and the United States. The best performing sectors in the MSCI World Index ("Index") were energy, materials, financials, health care, and industrials. The worst performing sectors were information technology, utilities, consumer staples, consumer discretionary, and telecommunication services. More...

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Sarah Ketterer Adds to Stake in Eli Lilly Company has 140 years of experience and a healthy Piotroski F-Score Sarah Ketterer - Sarah Ketterer Adds To Stake In Eli Lilly
Guru Sarah Ketterer (Trades, Portfolio), co-founder of Causeway Capital Management, raised her stake in Eli Lilly and Co. (NYSE:LLY) by 382,237 shares in the first quarter. More...

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Guru Stocks With Steady Returns: NetEase, Monster Beverage Stocks with high profitability and strong returns Sarah Ketterer, Pioneer Investments, Joel Greenbla - Guru Stocks With Steady Returns: NetEase, Monster Beverage
According to GuruFocus' All-in-One Screener, the following stocks have had strong performance over the last 10 years with high and steady returns as well as profitability. EPS has also grown steadily with the company’s revenue. Most of these companies have a great cash-to-debt ratio. More...

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