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Causeways Global Absolute Return (GAR) strategy is designed for investors who want equity-like returns with lower volatility and low equity market correlation. The strategy invests in global developed markets equities and may invest in emerging markets, using swap agreements or direct investments to obtain long and short exposures to equity securities.

Account returns for the Causeway Global Absolute Return Composite (Global Absolute Return Composite) are calculated daily. Monthly account returns are calculated by geometrically linking the daily returns. The return of the Global Absolute Return Composite is calculated monthly by weighting monthly account returns by the beginning market values. Valuations and returns are computed and stated in U.S. dollars. Returns include the reinvestment of interest, dividends and any capital gains. Returns are calculated gross of withholding taxes on dividends, interest income, and capital gains. Past performance is no guarantee of future performance. Gross-of-fees returns are presented before management, performance and custody fees but after trading expenses. Net-of-fees returns are presented after the deduction of actual management fees, performance-based fees, and all trading expenses, but before custody fees. Causeways basic management fee schedules are described in its firm brochure pursuant to Part 2 of Form ADV. A complete list and description of firm composites is available upon request. This information supplements the composite presentation at the followinglink. Investing involves risk including loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Diversification does not prevent all investment losses. 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. The GAR portfolio uses swap agreements to obtain long and short exposures to securities. Swaps are derivatives which involve the use of leverage, and the Portfolio uses significant leverage. The use of leverage is speculative and can magnify any losses. Short positions will lose money if the price of the underlying security increases, and losses on shorts are therefore potentially unlimited. The use of swap agreements involves significant swap expenses including financing charges and transaction costs which will reduce investment returns and increase investment losses. The Portfolio risks loss of the amount due under a swap agreement if the counterparty defaults. The Portfolio currently enters into swap agreements primarily with one counterparty, focusing its exposure to the credit risk of that counterparty. Swap agreements involve liquidity risks since the Portfolio may not be able to exit security exposures immediately, particularly during periods of market turmoil. The Portfolio settles swap agreements at least monthly which can cause it to realize ordinary income and short-term capital gains, if any, throughout the year that, when distributed to shareholders, will be taxable to them as ordinary income rather than at lower long-term capital gains rates. The Portfolios long/short notional exposure will generally not exceed plus or minus 10% of net assets. However, the long portfolio and the short portfolio will each have different exposures under swap agreements that will not be fully hedged. This is not a complete list of the Portfolios risks.

Holdings are subject to change. Weights are notional exposures over net assets.

Causeways Global Absolute Return (GAR) strategy is designed for investors who want equity-like returns with lower volatility and low equity market correlation. The strategy invests in global developed markets equities and may invest in emerging markets, using swap agreements or direct investments to obtain long and short exposures to equity securities.

Causeway integrates fundamental and quantitative research to manage the long exposures and its quantitative investment strategy to manage the short exposures. Both the long and short portfolios seek to add alpha (return in excess of index), which is amplified by leverage up to 4x, with a target of 3x.

The GAR Portfolios net long/short notional exposure will generally not exceed plus or minus 10% of net assets. However, the long portfolio and the short portfolio will each have different exposures under swap agreements that will not be fully hedged. Unrealized gains or losses through swap agreements are also constrained, limiting counterparty risk.

The GAR portfolio typically has 60-120 long exposures and 60-140 short exposures.

The Portfolio underperformed the ICE BofAML US 3-Month Treasury Bill Index in the month of March. The Portfolios underperformance was driven by the long portfolio: the Portfolios long portfolio underperformed the MSCI World Index (World Index). The Portfolios short portfolio contributed positively to overall performance by underperforming the World Index, though by a smaller margin than the long portfolio.

Increasingly dovish rhetoric from the US Federal Reserve (Fed) and the European Central Bank (ECB) and progress on US-China trade negotiations supported equity markets in March. The top performing markets in our investable universe were New Zealand, Denmark, Belgium, Switzerland, and China. The worst performing markets were South Korea, Austria, Norway, Spain, and Germany. The best performing sectors in the World Index were real estate, consumer staples, and information technology. The worst performing sectors were financials, industrials, and health care.

The Portfolio takes long and short notional exposures to securities under swap agreements. We use a combination of fundamental and quantitative inputs to select exposures for the long portfolio of the Portfolio, while we use primarily quantitative inputs to select exposures for the short portfolio. Our fundamental inputs reflect the risk-adjusted total return potential of stocks favored by our fundamental research team. Our quantitative inputs include signals that seek long (short) positions in stocks which we believe are undervalued (overvalued) and have improving (deteriorating) earnings growth dynamics, positive (negative) technical price movements, and superior (inferior) quality of earnings. During the month of March, our growth and technical factor categories demonstrated predictive power. Stocks with improving earnings growth dynamics outperformed those with worsening dynamics, and stocks with positive technical indicators outperformed those with negative technical indicators. However, returns to value were negative as stocks with cheap valuations underperformed those with expensive valuations, contrary to expectations. Stocks demonstrating higher earnings quality performed in line with those having lower earnings quality.

Within the long portfolio, attribution effects were weakest in the technology hardware & equipment, materials, and banks industry groups. Long-side attribution effects were strongest in the capital goods, automobiles & components, and pharmaceuticals & biotechnology industry groups. Long exposures that detracted most from the Portfolios performance were optical fiber manufacturer, Yangtze Optical Fibre & Cable Joint Stock (China), furniture manufacturer, Steelcase, Inc. (United Inc.States), mortgage insurance provider, Genworth MI Canada (Canada), passenger & cargo airline, Alaska Air Group, Inc. (United States), and telecommunication services provider, KDDI Corp. (Japan). Long exposures that contributed most to performance were heavy truck manufacturer, Sinotruk Hong Kong Ltd. (China), beverage producer, Coca-Cola Amati Ltd. (Australia), pharmaceutical & consumer healthcare products producer, Novartis AG (Switzerland), diversified mining company, BHP Group Plc (United Kingdom), and business software & services provider, SAP SE (Germany).

Within the short portfolio, attribution effects were strongest in the software & services, semiconductors & semi equipment, and capital goods industry groups. Short-side attribution effects were weakest in the telecommunication services, health care equipment & services, and retailing industry groups. Short exposures that contributed most to performance were sensor producer, ams AG (Germany), shipbuilder, Samsung Heavy Industries Co., Ltd. (South Korea), healthcare housekeeping & food services provider, Healthcare Services Group, Inc. (United States), green energy supplier, GCL-Poly Energy Holdings Ltd. (China), and insurance provider, Beazley Plc (United Kingdom). Short exposures that detracted most from the Portfolios performance included online car dealer, Carvana Co. (United States), wireless telecommunications operator, Cellnex Telecom SA (Spain), chemicals manufacturer, Hitachi Chemical Co., Ltd. (Japan), dental equipment maker, Dentsply Sirona, Inc. (United States), and technology & camera company, Snap, 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 portfolio holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. The securities identified and described above 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.  Past performance does not guarantee future results.  For a description of our performance attribution methodology, or to obtain a list showing every holdings contribution to the overall accounts performance during the quarter, please contact our product manager, Kevin Moutes, at or .Follow Us:PrivacyTerms and Conditions of Use

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