Form N-CSRS CAUSEWAY CAPITAL MANAGEM For: Mar 31
Tweet
Share
E-mail
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
FORM N-CSRS
_______________
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-10467
Causeway Capital Management Trust
(Exact name of registrant as specified in charter)
_______________
11111 Santa Monica Boulevard, 15th Floor
c/o Causeway Capital Management LLC
Los Angeles, CA 90025
(Address of principal executive offices) (Zip code)
The Corporation Trust Company
Corporation Trust Center
1209 Orange Street
Wilmington DE, 19801
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-866-947-7000
Date of fiscal year end: September 30, 2026
Date of reporting period: March 31, 2026
| Item 1. | Reports to Stockholders. |
(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1) is attached hereto.
(b) Not applicable
| Item 2. | Code of Ethics. |
Not applicable for semi-annual report.
| Item 3. | Audit Committee Financial Expert. |
Not applicable for semi-annual report.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable for semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Not applicable to open-end management investment companies.
Item 6. Schedules of Investments.
| (a) | The Schedules of Investments are included as part of the Financial Statements and Other Information filed under Item 7 of this form. |
| (b) | Not applicable |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
Financial statements and financial highlights are filed herein.
TABLE OF CONTENTS
| Financial Statements (Form N-CSRS Item 7) | |
| Schedule of Investments | 2 |
| Statement of Assets and Liabilities | 14 |
| Statement of Operations | 15 |
| Statements of Changes in Net Assets | 16 |
| Financial Highlights | 18 |
| Notes to Financial Statements | 20 |
| Other Information (Form N-CSRS Items 8-11) (Unaudited) | 28 |
SCHEDULE OF INVESTMENTS
March 31, 2026 (Unaudited)
| Causeway International Small Cap Fund | Number of Shares | Value (000) | ||||||
| COMMON STOCK | ||||||||
| Australia — 3.2% | ||||||||
| Industrials — 0.2% | ||||||||
| NRW Holdings Ltd. | 191,300 | $ | 709 | |||||
| Materials — 2.2% | ||||||||
| Perenti Ltd. | 943,915 | 1,293 | ||||||
| Regis Resources Ltd. | 1,039,101 | 4,925 | ||||||
| Vault Minerals Ltd. | 204,761 | 611 | ||||||
| 6,829 | ||||||||
| Real Estate — 0.3% | ||||||||
| Charter Hall Retail 1 | 310,745 | 822 | ||||||
| Utilities — 0.5% | ||||||||
| AGL Energy Ltd. | 246,437 | 1,687 | ||||||
| 10,047 | ||||||||
| Belgium — 0.6% | ||||||||
| Communication Services — 0.3% | ||||||||
| Proximus SADP | 131,689 | 1,066 | ||||||
| Real Estate — 0.3% | ||||||||
| Aedifica S.A. 1 | 9,612 | 778 | ||||||
| 1,844 | ||||||||
| Brazil — 0.4% | ||||||||
| Health Care — 0.4% | ||||||||
| Odontoprev S.A. | 457,712 | 1,179 | ||||||
| Canada — 11.8% | ||||||||
| Communication Services — 0.3% | ||||||||
| Cogeco Communications Inc. | 21,600 | 1,096 | ||||||
| Consumer Discretionary — 0.4% | ||||||||
| Linamar Corp. | 23,000 | 1,425 | ||||||
The accompanying notes are an integral part of the financial statements.
| 2 | Causeway International Small Cap Fund |
SCHEDULE OF INVESTMENTS (continued)
March 31, 2026 (Unaudited)
| Causeway International Small Cap Fund | Number of Shares | Value (000) | ||||||
| Canada — (continued) | ||||||||
| Financials — 2.0% | ||||||||
| AGF Management Ltd., Class B | 435,254 | $ | 6,336 | |||||
| Health Care — 0.4% | ||||||||
| Extendicare Inc. | 64,500 | 1,220 | ||||||
| Industrials — 3.1% | ||||||||
| Air Canada, Class A 2 | 109,600 | 1,428 | ||||||
| Finning International Inc. | 100,306 | 6,207 | ||||||
| Russel Metals Inc. | 51,251 | 1,768 | ||||||
| 9,403 | ||||||||
| Information Technology — 0.3% | ||||||||
| Celestica Inc. 2 | 3,490 | 985 | ||||||
| Materials — 4.1% | ||||||||
| Centerra Gold Inc. | 270,600 | 4,812 | ||||||
| Fortuna Mining Corp. 2 | 264,700 | 2,632 | ||||||
| OceanaGold Corp. | 167,032 | 5,266 | ||||||
| 12,710 | ||||||||
| Real Estate — 1.2% | ||||||||
| Boardwalk Real Estate Investment Trust 1 | 15,600 | 706 | ||||||
| Canadian Apartment Properties REIT 1 | 45,900 | 1,172 | ||||||
| Killam Apartment Real Estate Investment Trust 1 | 74,600 | 855 | ||||||
| RioCan Real Estate Investment Trust 1 | 63,800 | 871 | ||||||
| 3,604 | ||||||||
| 36,779 | ||||||||
| China — 4.6% | ||||||||
| Communication Services — 2.0% | ||||||||
| JOYY Inc. ADR | 69,875 | 4,080 | ||||||
| Weibo Corp. ADR | 237,586 | 2,079 | ||||||
| 6,159 | ||||||||
| Consumer Discretionary — 1.6% | ||||||||
| TCL Electronics Holdings Ltd. 2 | 3,012,000 | 4,951 | ||||||
| Financials — 0.6% | ||||||||
| FinVolution Group ADR | 435,150 | 2,084 | ||||||
The accompanying notes are an integral part of the financial statements.
| Causeway International Small Cap Fund | 3 |
SCHEDULE OF INVESTMENTS (continued)
March 31, 2026 (Unaudited)
| Causeway International Small Cap Fund | Number of Shares | Value (000) | ||||||
| China — (continued) | ||||||||
| Materials — 0.4% | ||||||||
| Fufeng Group Ltd. | 1,395,000 | $ | 1,246 | |||||
| 14,440 | ||||||||
| Denmark — 0.4% | ||||||||
| Industrials — 0.4% | ||||||||
| D/S Norden A/S | 26,289 | 1,206 | ||||||
| Germany — 1.5% | ||||||||
| Consumer Discretionary — 1.3% | ||||||||
| TUI AG | 531,728 | 4,188 | ||||||
| Real Estate — 0.2% | ||||||||
| Aroundtown S.A. 2 | 196,524 | 523 | ||||||
| 4,711 | ||||||||
| Greece — 0.6% | ||||||||
| Energy — 0.6% | ||||||||
| Motor Oil Hellas Corinth Refineries SA | 45,664 | 2,010 | ||||||
| Hong Kong — 1.8% | ||||||||
| Information Technology — 1.4% | ||||||||
| VSTECS Holdings Ltd. | 4,050,000 | 4,466 | ||||||
| Real Estate — 0.4% | ||||||||
| Hysan Development Co. Ltd. | 468,000 | 1,124 | ||||||
| 5,590 | ||||||||
| India — 4.9% | ||||||||
| Financials — 1.4% | ||||||||
| LIC Housing Finance Ltd. | 189,914 | 1,000 | ||||||
| Power Finance Corp. Ltd. | 845,461 | 3,417 | ||||||
| 4,417 | ||||||||
| Health Care — 0.2% | ||||||||
| Dr Lal PathLabs Ltd. | 57,074 | 795 | ||||||
The accompanying notes are an integral part of the financial statements.
| 4 | Causeway International Small Cap Fund |
SCHEDULE OF INVESTMENTS (continued)
March 31, 2026 (Unaudited)
| Causeway International Small Cap Fund | Number of Shares | Value (000) | ||||||
| India — (continued) | ||||||||
| Information Technology — 0.8% | ||||||||
| Redington Ltd. | 1,106,480 | $ | 2,372 | |||||
| Materials — 2.3% | ||||||||
| National Aluminium Co. Ltd. | 1,702,653 | 7,029 | ||||||
| Utilities — 0.2% | ||||||||
| PTC India Ltd. | 294,595 | 494 | ||||||
| 15,107 | ||||||||
| Indonesia — 5.0% | ||||||||
| Consumer Staples — 0.3% | ||||||||
| Japfa Comfeed Indonesia | 7,860,600 | 1,099 | ||||||
| Energy — 2.7% | ||||||||
| Adaro Andalan Indonesia PT | 2,623,100 | 1,753 | ||||||
| Alamtri Resources Indonesia Tbk PT | 35,582,900 | 5,438 | ||||||
| Indo Tambangraya Megah Tbk PT | 703,400 | 1,230 | ||||||
| 8,421 | ||||||||
| Materials — 1.6% | ||||||||
| Aneka Tambang Tbk PT | 23,386,600 | 4,894 | ||||||
| Utilities — 0.4% | ||||||||
| Perusahaan Gas Negara Tbk PT | 11,964,100 | 1,309 | ||||||
| 15,723 | ||||||||
| Israel — 2.9% | ||||||||
| Communication Services — 0.4% | ||||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 469,467 | 1,123 | ||||||
| Industrials — 2.1% | ||||||||
| El Al Israel Airlines | 133,337 | 586 | ||||||
| ZIM Integrated Shipping Services Ltd. | 220,800 | 5,818 | ||||||
| 6,404 | ||||||||
The accompanying notes are an integral part of the financial statements.
| Causeway International Small Cap Fund | 5 |
SCHEDULE OF INVESTMENTS (continued)
March 31, 2026 (Unaudited)
| Causeway International Small Cap Fund | Number of Shares | Value (000) | ||||||
| Israel — (continued) | ||||||||
| Real Estate — 0.4% | ||||||||
| G City Ltd. | 371,890 | $ | 1,387 | |||||
| 8,914 | ||||||||
| Italy — 2.0% | ||||||||
| Financials — 1.6% | ||||||||
| Unipol Assicurazioni SpA | 213,070 | 4,950 | ||||||
| Industrials — 0.2% | ||||||||
| Danieli & C Officine Meccaniche SpA | 14,400 | 712 | ||||||
| Information Technology — 0.2% | ||||||||
| Sesa SpA | 7,151 | 664 | ||||||
| 6,326 | ||||||||
| Japan — 20.5% | ||||||||
| Communication Services — 0.2% | ||||||||
| Daiichikosho Co. Ltd. | 61,100 | 655 | ||||||
| Consumer Discretionary — 3.4% | ||||||||
| Mazda Motor Corp. | 155,700 | 1,065 | ||||||
| Mitsubishi Motors Corp. | 1,177,400 | 2,364 | ||||||
| Sankyo Co. Ltd. | 110,800 | 1,371 | ||||||
| Tokai Rika Co. Ltd. | 40,600 | 774 | ||||||
| Toyoda Gosei Co. Ltd. | 39,800 | 1,043 | ||||||
| Toyota Boshoku Corp. | 148,500 | 2,328 | ||||||
| Yamada Holdings Co. Ltd. | 531,600 | 1,764 | ||||||
| 10,709 | ||||||||
| Consumer Staples — 0.6% | ||||||||
| Valor Co. Ltd. | 78,500 | 1,830 | ||||||
| Health Care — 4.5% | ||||||||
| Alfresa Holdings Corp. | 126,800 | 2,047 | ||||||
| Asahi Intecc Co. Ltd. | 39,700 | 848 | ||||||
| Medipal Holdings Corp. | 101,500 | 1,906 | ||||||
| Nippon Shinyaku Co. Ltd. | 136,700 | 4,497 | ||||||
| Santen Pharmaceutical Co. Ltd. | 114,400 | 1,294 | ||||||
The accompanying notes are an integral part of the financial statements.
| 6 | Causeway International Small Cap Fund |
SCHEDULE OF INVESTMENTS (continued)
March 31, 2026 (Unaudited)
| Causeway International Small Cap Fund | Number of Shares | Value (000) | ||||||
| Japan — (continued) | ||||||||
| Health Care (continued) | ||||||||
| Ship Healthcare Holdings Inc. | 75,600 | $ | 1,167 | |||||
| Suzuken Co. Ltd. | 56,500 | 2,138 | ||||||
| 13,897 | ||||||||
| Industrials — 4.0% | ||||||||
| Chiyoda Corp. 2 | 660,300 | 3,871 | ||||||
| Hanwa Co. Ltd. | 186,000 | 1,865 | ||||||
| Hino Motors Ltd. 2 | 1,129,900 | 2,641 | ||||||
| NS United Kaiun Kaisha Ltd. | 44,300 | 2,089 | ||||||
| Persol Holdings Co. Ltd. | 706,300 | 1,042 | ||||||
| Transcosmos Inc. | 43,600 | 1,076 | ||||||
| 12,584 | ||||||||
| Information Technology — 2.8% | ||||||||
| Alps Electric Co. Ltd. | 286,400 | 3,885 | ||||||
| Brother Industries Ltd. | 145,300 | 2,690 | ||||||
| Kaga Electronics Co. Ltd. | 30,800 | 738 | ||||||
| Konica Minolta Inc. | 174,500 | 585 | ||||||
| Seiko Epson Corp. | 62,000 | 767 | ||||||
| 8,665 | ||||||||
| Materials — 0.7% | ||||||||
| Kobe Steel Ltd. | 114,100 | 1,385 | ||||||
| Zeon Corp. | 84,700 | 965 | ||||||
| 2,350 | ||||||||
| Real Estate — 1.0% | ||||||||
| Sekisui House Reit Inc. 1 | 3,057 | 1,734 | ||||||
| Tokyo Tatemono Co. Ltd. | 30,000 | 692 | ||||||
| Tokyu Fudosan Holdings Corp. | 82,400 | 703 | ||||||
| 3,129 | ||||||||
| Utilities — 3.3% | ||||||||
| Chugoku Electric Power Co. Inc. | 314,200 | 2,003 | ||||||
| Electric Power Development Co. Ltd. | 40,900 | 1,126 | ||||||
| Kyushu Electric Power Co. Inc. | 438,600 | 5,084 | ||||||
| Tohoku Electric Power Co. Inc. | 262,000 | 1,965 | ||||||
| 10,178 | ||||||||
| 63,997 | ||||||||
The accompanying notes are an integral part of the financial statements.
| Causeway International Small Cap Fund | 7 |
| SCHEDULE OF INVESTMENTS (continued) |
| March 31, 2026 (Unaudited) |
| Causeway International Small Cap Fund | Number of Shares | Value (000) | ||||||
| Malaysia — 1.1% | ||||||||
| Industrials — 1.1% | ||||||||
| Sime Darby BHD | 6,164,600 | $ | 3,467 | |||||
| Norway — 2.1% | ||||||||
| Energy — 0.5% | ||||||||
| Aker Solutions ASA | 278,021 | 1,330 | ||||||
| Industrials — 1.6% | ||||||||
| Hoegh Autoliners ASA | 133,108 | 1,927 | ||||||
| MPC Container Ships ASA | 649,694 | 1,546 | ||||||
| Norwegian Air Shuttle ASA | 400,992 | 593 | ||||||
| Wallenius Wilhelmsen ASA, Class B | 77,309 | 984 | ||||||
| 5,050 | ||||||||
| 6,380 | ||||||||
| Portugal — 0.5% | ||||||||
| Communication Services — 0.5% | ||||||||
| NOS SGPS S.A. | 238,862 | 1,510 | ||||||
| Singapore — 1.4% | ||||||||
| Financials — 0.2% | ||||||||
| Yangzijiang Financial Holding Ltd. | 2,700,600 | 532 | ||||||
| Industrials — 0.9% | ||||||||
| Yangzijiang Shipbuilding Holdings Ltd. | 969,300 | 2,879 | ||||||
| Real Estate — 0.3% | ||||||||
| Mapletree Pan Asia Commercial Trust 1 | 1,055,900 | 1,088 | ||||||
| 4,499 | ||||||||
| South Africa — 1.0% | ||||||||
| Communication Services — 0.7% | ||||||||
| Telkom SA Ltd. | 592,188 | 2,058 | ||||||
| Health Care — 0.3% | ||||||||
| Life Healthcare Group Holdings Ltd. | 1,492,989 | 1,019 | ||||||
| 3,077 | ||||||||
The accompanying notes are an integral part of the financial statements.
| 8 | Causeway International Small Cap Fund |
| SCHEDULE OF INVESTMENTS (continued) |
| March 31, 2026 (Unaudited) |
| Causeway International Small Cap Fund | Number of Shares | Value (000) | ||||||
| South Korea — 8.2% | ||||||||
| Consumer Discretionary — 0.6% | ||||||||
| Kumho Tire Co. Inc. 2 | 224,294 | $ | 908 | |||||
| Youngone Corp. | 15,505 | 826 | ||||||
| 1,734 | ||||||||
| Consumer Staples — 0.3% | ||||||||
| BGF retail Co. Ltd. | 9,482 | 886 | ||||||
| Financials — 0.5% | ||||||||
| iM Financial Group Co. Ltd. | 64,786 | 729 | ||||||
| Samsung Securities Co. Ltd. | 14,404 | 911 | ||||||
| 1,640 | ||||||||
| Industrials — 5.0% | ||||||||
| CJ Logistics Corp. | 26,814 | 1,875 | ||||||
| GS Holdings Corp. | 40,032 | 1,730 | ||||||
| Hanwha Corp. | 48,324 | 3,600 | ||||||
| LX INTERNATIONAL CORP. | 95,544 | 2,780 | ||||||
| Samsung Engineering Co. Ltd. | 233,317 | 5,731 | ||||||
| 15,716 | ||||||||
| Information Technology — 1.8% | ||||||||
| LG Innotek Co. Ltd. | 27,495 | 5,546 | ||||||
| 25,522 | ||||||||
| Sweden — 1.4% | ||||||||
| Communication Services — 1.2% | ||||||||
| Millicom International Cellular S.A. | 47,849 | 3,586 | ||||||
| Health Care — 0.2% | ||||||||
| Ambea AB | 48,205 | 682 | ||||||
| 4,268 | ||||||||
| Taiwan — 8.6% | ||||||||
| Industrials — 0.3% | ||||||||
| T3EX Global Holdings Corp. | 346,000 | 739 | ||||||
| Information Technology — 8.3% | ||||||||
| Arcadyan Technology Corp. | 226,000 | 1,096 | ||||||
| Chicony Electronics Co. Ltd. | 729,000 | 2,780 | ||||||
The accompanying notes are an integral part of the financial statements.
| Causeway International Small Cap Fund | 9 |
| SCHEDULE OF INVESTMENTS (continued) |
| March 31, 2026 (Unaudited) |
| Causeway International Small Cap Fund | Number of Shares | Value (000) | ||||||
| Taiwan — (continued) | ||||||||
| Information Technology (continued) | ||||||||
| Everlight Electronics Co. Ltd. | 1,170,000 | $ | 2,472 | |||||
| Fitipower Integrated Technology Inc. | 186,000 | 900 | ||||||
| ITE Technology Inc. | 197,000 | 721 | ||||||
| Primax Electronics Ltd. | 564,000 | 1,254 | ||||||
| Simplo Technology Co. Ltd. | 383,000 | 4,031 | ||||||
| Supreme Electronics Co. Ltd. | 2,353,000 | 5,636 | ||||||
| Synnex Technology International Corp. | 455,000 | 1,096 | ||||||
| Taiwan Surface Mounting Technology Co. Ltd. | 424,000 | 1,251 | ||||||
| Wah Lee Industrial Corp. | 203,000 | 758 | ||||||
| WNC Corp. | 384,000 | 2,106 | ||||||
| WT Microelectronics Co. Ltd. | 258,000 | 1,788 | ||||||
| 25,889 | ||||||||
| 26,628 | ||||||||
| Thailand — 0.8% | ||||||||
| Industrials — 0.8% | ||||||||
| Regional Container Lines PCL | 2,751,500 | 2,628 | ||||||
| Turkey — 0.3% | ||||||||
| Real Estate — 0.3% | ||||||||
| Torunlar Gayrimenkul Yatirim Ortakligi AS 1 | 483,996 | 934 | ||||||
| United Arab Emirates — 0.2% | ||||||||
| Real Estate — 0.2% | ||||||||
| Dubai Residential REIT 1 | 2,078,233 | 635 | ||||||
| United Kingdom — 7.0% | ||||||||
| Consumer Discretionary — 1.0% | ||||||||
| Currys PLC | 987,786 | 1,636 | ||||||
| Inchcape PLC | 156,651 | 1,555 | ||||||
| 3,191 | ||||||||
| Financials — 0.3% | ||||||||
| Conduit Holdings Ltd. | 149,677 | 833 | ||||||
| Industrials — 3.8% | ||||||||
| easyJet PLC | 780,530 | 3,632 | ||||||
| Firstgroup PLC | 407,464 | 896 | ||||||
The accompanying notes are an integral part of the financial statements.
| 10 | Causeway International Small Cap Fund |
| SCHEDULE OF INVESTMENTS (continued) |
| March 31, 2026 (Unaudited) |
| Causeway International Small Cap Fund | Number of Shares | Value (000) | ||||||
| United Kingdom — (continued) | ||||||||
| Industrials (continued) | ||||||||
| JET2 PLC | 209,818 | $ | 3,128 | |||||
| Keller Group PLC | 95,141 | 2,423 | ||||||
| Zigup PLC | 348,625 | 1,765 | ||||||
| 11,844 | ||||||||
| Information Technology — 0.5% | ||||||||
| Computacenter PLC | 36,548 | 1,465 | ||||||
| Utilities — 1.4% | ||||||||
| Drax Group PLC | 367,535 | 4,343 | ||||||
| 21,676 | ||||||||
| Total Common Stock | ||||||||
| (Cost $251,819) — 92.8% | 289,097 | |||||||
| EXCHANGE-TRADED FUND | ||||||||
| International Equity — 4.5% | ||||||||
| Vanguard FTSE All World ex-US Small-Cap ETF | 96,265 | 14,035 | ||||||
| Total Exchange-Traded Fund | ||||||||
| (Cost $14,526) — 4.5% | 14,035 | |||||||
| PREFERENCE STOCK | ||||||||
| Brazil — 0.5% | ||||||||
| Financials — 0.3% | ||||||||
| Banco do Estado do Rio Grande do Sul, Class B | 280,900 | 936 | ||||||
| Materials — 0.2% | ||||||||
| Metalurgica Gerdau SA, Class A | 404,241 | 665 | ||||||
| Total Preference Stock | ||||||||
| (Cost $1,586) — 0.5% | 1,601 | |||||||
The accompanying notes are an integral part of the financial statements.
| Causeway International Small Cap Fund | 11 |
| SCHEDULE OF INVESTMENTS (continued) |
| March 31, 2026 (Unaudited) |
| Causeway International Small Cap Fund | Number of Shares | Value (000) | ||||||
| SHORT-TERM INVESTMENT | ||||||||
| Invesco Short-Term Investment Trust: Government & Agency Portfolio, Institutional Class, 3.58% * | 4,694,817 | $ | 4,695 | |||||
| Total Short-Term Investment | ||||||||
| (Cost $4,695) — 1.5% | 4,695 | |||||||
| Total Investments — 99.3% | ||||||||
| (Cost $272,626) | 309,428 | |||||||
| Other Assets in Excess of Liabilities — 0.7% | 2,105 | |||||||
| Net Assets — 100.0% | $ | 311,533 | ||||||
| * | The rate reported is the 7-day effective yield as of March 31, 2026. |
| 1 | Real Estate Investment Trust. |
| 2 | Non-income producing security. |
| ADR | American Depositary Receipt |
| ETF | Exchange Traded Fund |
| FTSE | Financial Times London Stock Exchange |
| REIT | Real Estate Investment Trust |
The table below sets forth information about the Levels within the fair value hierarchy at which the Fund’s investments are measured at March 31, 2026:
| Investments in Securities | Level 1 (000) |
Level 2 (000) |
Level 3 (000) |
Total (000) |
||||||||||||
| Common Stock | ||||||||||||||||
| Australia | $ | — | $ | 10,047 | $ | — | $ | 10,047 | ||||||||
| Belgium | 1,066 | 778 | — | 1,844 | ||||||||||||
| Brazil | 1,179 | — | — | 1,179 | ||||||||||||
| Canada | 36,779 | — | — | 36,779 | ||||||||||||
The accompanying notes are an integral part of the financial statements.
| 12 | Causeway International Small Cap Fund |
| SCHEDULE OF INVESTMENTS (concluded) |
| March 31, 2026 (Unaudited) |
| Investments in Securities | Level 1 (000) |
Level 2 (000) |
Level 3 (000) |
Total (000) |
||||||||||||
| China | $ | 8,243 | $ | 6,197 | $ | — | $ | 14,440 | ||||||||
| Denmark | — | 1,206 | — | 1,206 | ||||||||||||
| Germany | — | 4,711 | — | 4,711 | ||||||||||||
| Greece | — | 2,010 | — | 2,010 | ||||||||||||
| Hong Kong | — | 5,590 | — | 5,590 | ||||||||||||
| India | — | 15,107 | — | 15,107 | ||||||||||||
| Indonesia | 1,230 | 14,493 | — | 15,723 | ||||||||||||
| Israel | 5,818 | 3,096 | — | 8,914 | ||||||||||||
| Italy | — | 6,326 | — | 6,326 | ||||||||||||
| Japan | — | 63,997 | — | 63,997 | ||||||||||||
| Malaysia | — | 3,467 | — | 3,467 | ||||||||||||
| Norway | — | 6,380 | — | 6,380 | ||||||||||||
| Portugal | — | 1,510 | — | 1,510 | ||||||||||||
| Singapore | — | 4,499 | — | 4,499 | ||||||||||||
| South Africa | 3,077 | — | — | 3,077 | ||||||||||||
| South Korea | — | 25,522 | — | 25,522 | ||||||||||||
| Sweden | 3,586 | 682 | — | 4,268 | ||||||||||||
| Taiwan | — | 26,628 | — | 26,628 | ||||||||||||
| Thailand | — | 2,628 | — | 2,628 | ||||||||||||
| Turkey | — | 934 | — | 934 | ||||||||||||
| United Arab Emirates | — | 635 | — | 635 | ||||||||||||
| United Kingdom | 4,216 | 17,460 | — | 21,676 | ||||||||||||
| Total Common Stock | 65,194 | 223,903 | — | 289,097 | ||||||||||||
| Exchange-Traded Fund | 14,035 | — | — | 14,035 | ||||||||||||
| Preference Stock | ||||||||||||||||
| Brazil | 1,601 | — | — | 1,601 | ||||||||||||
| Total Preference Stock | 1,601 | — | — | 1,601 | ||||||||||||
| Short-Term Investment | 4,695 | — | — | 4,695 | ||||||||||||
| Total Investments in Securities | $ | 85,525 | $ | 223,903 | $ | — | $ | 309,428 | ||||||||
Amounts designated as “—” are $0 or are rounded to $0.
For more information on valuation inputs, see Note 2 in Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
| Causeway International Small Cap Fund | 13 |
| STATEMENT OF ASSETS AND LIABILITIES (000)* |
| (Unaudited) |
| CAUSEWAY INTERNATIONAL SMALL CAP FUND |
||||
| 3/31/26 | ||||
| ASSETS: | ||||
| Investments at Value (Cost $272,626) | $ | 309,428 | ||
| Foreign Currency (Cost $279) | 279 | |||
| Receivable for Dividends | 1,628 | |||
| Receivable for Tax Reclaims | 558 | |||
| Receivable for Fund Shares Sold | 343 | |||
| Prepaid Expenses | 25 | |||
| Total Assets | 312,261 | |||
| LIABILITIES: | ||||
| Accrued Foreign Capital Gains Tax on Appreciated Securities | 280 | |||
| Payable Due to Adviser | 255 | |||
| Payable for Fund Shares Redeemed | 87 | |||
| Payable for Shareholder Service Fees - Investor Class | 22 | |||
| Payable Due to Administrator | 5 | |||
| Payable for Trustees' Fees | 2 | |||
| Unrealized Depreciation on Spot Foreign Currency Contracts | 1 | |||
| Other Accrued Expenses | 76 | |||
| Total Liabilities | 728 | |||
| Net Assets | $ | 311,533 | ||
| NET ASSETS: | ||||
| Paid-in Capital (unlimited authorization — no par value) | $ | 247,767 | ||
| Total Distributable Earnings(Accumulated Losses) | 63,766 | |||
| Net Assets | $ | 311,533 | ||
| Net Asset Value Per Share (based on net assets of $226,175,307 ÷ 13,832,069 shares) - Institutional Class | $ | 16.35 | ||
| Net Asset Value Per Share (based on net assets of $85,357,419 ÷ 5,228,633 shares) - Investor Class | $ | 16.32 | ||
| * | Except for Net Asset Value Per Share data. |
The accompanying notes are an integral part of the financial statements.
| 14 | Causeway International Small Cap Fund |
STATEMENT OF OPERATIONS (000)
(Unaudited)
| CAUSEWAY INTERNATIONAL SMALL CAP FUND |
||||
| 10/01/25 to 3/31/26 |
||||
| INVESTMENT INCOME: | ||||
| Dividend Income (net of foreign taxes withheld of $510) | $ | 3,851 | ||
| Total Investment Income | 3,851 | |||
| EXPENSES: | ||||
| Investment Advisory Fees | 1,479 | |||
| Shareholder Service Fees — Investor Class | 102 | |||
| Administration Fees | 27 | |||
| Custodian Fees | 39 | |||
| Transfer Agent Fees | 26 | |||
| Registration Fees | 25 | |||
| Professional Fees | 24 | |||
| Printing Fees | 17 | |||
| Trustees' Fees | 4 | |||
| Other Fees | 4 | |||
| Total Expenses | 1,747 | |||
| Waiver of Investment Advisory Fees | (18 | ) | ||
| Total Waiver | (18 | ) | ||
| Net Expenses | 1,729 | |||
| Net Investment Income | 2,122 | |||
| Net Realized Gain (Loss) on: | ||||
| Investments | 39,522 | |||
| Foreign Capital Gains Tax | (144 | ) | ||
| Foreign Currency Transactions | (114 | ) | ||
| Net Realized Gain (Loss) | 39,264 | |||
| Net Unrealized Appreciation (Depreciation) on: | ||||
| Investments | (11,058 | ) | ||
| Accrued Foreign Capital Gains Tax on Appreciated Securities | (15 | ) | ||
| Foreign Currency and Translation of Other Assets and Liabilities Denominated in Foreign Currency | (57 | ) | ||
| Net Unrealized Appreciation (Depreciation) | (11,130 | ) | ||
| Net Realized and Unrealized Gain | 28,134 | |||
| Net Increase in Net Assets Resulting from Operations | $ | 30,256 | ||
The accompanying notes are an integral part of the financial statements.
| Causeway International Small Cap Fund | 15 |
STATEMENTS OF CHANGES IN NET ASSETS (000)
| CAUSEWAY INTERNATIONAL SMALL CAP FUND |
||||||||
| 10/01/25 to 3/31/26 (Unaudited) |
10/01/24 to 9/30/25 |
|||||||
| OPERATIONS: | ||||||||
| Net Investment Income | $ | 2,122 | $ | 7,561 | ||||
| Net Realized Gain | 39,264 | 28,746 | ||||||
| Net Change in Unrealized Appreciation (Depreciation) | (11,130 | ) | 17,326 | |||||
| Net Increase in Net Assets Resulting From Operations | 30,256 | 53,633 | ||||||
| DISTRIBUTIONS: | ||||||||
| Institutional Class | (31,073 | ) | (15,948 | ) | ||||
| Investor Class | (11,605 | ) | (6,738 | ) | ||||
| Total Distributions to Shareholders | (42,678 | ) | (22,686 | ) | ||||
| Net Increase in Net Assets Derived from Capital Share Transactions(1) | 39,449 | 27,286 | ||||||
| Total Increase in Net Assets | 27,027 | 58,233 | ||||||
| NET ASSETS: | ||||||||
| Beginning of Period | 284,506 | 226,273 | ||||||
| End of Period | $ | 311,533 | $ | 284,506 | ||||
| (1) | See Note 7 in Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
| 16 | Causeway International Small Cap Fund |
This page intentionally left blank.
FINANCIAL HIGHLIGHTS
For the Six Months Ended March 31, 2026 (Unaudited) and the Fiscal Years Ended September 30, For a Share Outstanding Throughout the Fiscal Years or Period
| Net Asset Value, Beginning of Years or Period ($) | Net Investment Income ($)† | Net Realized and Unrealized Gain (Loss) ($) | Total from Operations ($) | Dividends from Net Investment Income ($) | Distributions from Capital Gains ($) | Total Dividends and Distributions ($) | |||||||||||||||||||||||
| Causeway International Small Cap Fund | |||||||||||||||||||||||||||||
| Institutional | |||||||||||||||||||||||||||||
| 2026(1) | 17.19 | 0.13 | 1.61 | 1.74 | (0.76 | ) | (1.82 | ) | (2.58 | ) | |||||||||||||||||||
| 2025 | 15.70 | 0.46 | 2.50 | 2.96 | (0.74 | ) | (0.73 | ) | (1.47 | ) | |||||||||||||||||||
| 2024 | 13.27 | 0.41 | 2.89 | 3.30 | (0.85 | ) | (0.02 | ) | (0.87 | ) | |||||||||||||||||||
| 2023 | 10.18 | 0.54 | 2.89 | 3.43 | (0.34 | ) | — | (0.34 | ) | ||||||||||||||||||||
| 2022 | 13.11 | 0.54 | (2.99 | ) | (2.45 | ) | (0.48 | ) | — | (0.48 | ) | ||||||||||||||||||
| 2021 | 10.41 | 0.33 | 2.78 | 3.11 | (0.41 | ) | — | (0.41 | ) | ||||||||||||||||||||
| Investor | |||||||||||||||||||||||||||||
| 2026(1) | 17.15 | 0.10 | 1.61 | 1.71 | (0.72 | ) | (1.82 | ) | (2.54 | ) | |||||||||||||||||||
| 2025 | 15.67 | 0.41 | 2.51 | 2.92 | (0.71 | ) | (0.73 | ) | (1.44 | ) | |||||||||||||||||||
| 2024 | 13.25 | 0.43 | 2.83 | 3.26 | (0.82 | ) | (0.02 | ) | (0.84 | ) | |||||||||||||||||||
| 2023 | 10.17 | 0.47 | 2.92 | 3.39 | (0.31 | ) | — | (0.31 | ) | ||||||||||||||||||||
| 2022 | 13.11 | 0.55 | (3.03 | ) | (2.48 | ) | (0.46 | ) | — | (0.46 | ) | ||||||||||||||||||
| 2021 | 10.41 | 0.41 | 2.68 | 3.09 | (0.39 | ) | — | (0.39 | ) | ||||||||||||||||||||
| † | Per share amounts calculated using average shares method. |
| (1) | All ratios for periods less than one year are annualized. Total returns and portfolio turnover rate are for the period indicated and have not been annualized. |
| ‡ | The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio. |
| § | The net investment income ratio does not reflect the proportionate share of income and expenses of the underlying fund in which the Fund invests. |
Amounts designated as “—” are $0 or round to $0.
The accompanying notes are an integral part of the financial statements.
| 18 | Causeway International Small Cap Fund |
| Net Asset Value, End of Years or Period ($) | Total Return (%) | Net Assets, End of Years or Period ($000) | Ratio of Expenses to Average Net Assets (%)‡ | Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements) (%)‡ | Ratio of Net Investment Income to Average Net Assets (%)§ | Portfolio Turnover Rate (%) |
||||||||||||||||||||
| 16.35 | 11.13 | 226,175 | 1.10 | 1.11 | 1.51 | 50 | ||||||||||||||||||||
| 17.19 | 21.47 | 205,763 | 1.10 | 1.15 | 3.07 | 117 | ||||||||||||||||||||
| 15.70 | 26.07 | 150,973 | 1.10 | 1.21 | 2.91 | 113 | ||||||||||||||||||||
| 13.27 | 34.22 | 110,568 | 1.10 | 1.31 | 4.39 | 133 | ||||||||||||||||||||
| 10.18 | (19.43 | ) | 39,067 | 1.10 | 1.41 | 4.29 | 147 | |||||||||||||||||||
| 13.11 | 30.56 | 62,232 | 1.10 | 1.48 | 2.67 | 112 | ||||||||||||||||||||
| 16.32 | 10.95 | 85,358 | 1.35 | 1.36 | 1.24 | 50 | ||||||||||||||||||||
| 17.15 | 21.17 | 78,743 | 1.35 | 1.40 | 2.71 | 117 | ||||||||||||||||||||
| 15.67 | 25.74 | 75,300 | 1.35 | 1.44 | 2.95 | 113 | ||||||||||||||||||||
| 13.25 | 33.89 | 20,202 | 1.35 | 1.56 | 3.98 | 133 | ||||||||||||||||||||
| 10.17 | (19.64 | ) | 31,613 | 1.35 | 1.64 | 4.63 | 147 | |||||||||||||||||||
| 13.11 | 30.29 | 9,034 | 1.35 | 1.69 | 3.19 | 112 | ||||||||||||||||||||
The accompanying notes are an integral part of the financial statements.
| Causeway International Small Cap Fund | 19 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. Organization
Causeway International Small Cap Fund (the “Fund”) is a series of Causeway Capital Management Trust (the “Trust”). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and is a Delaware statutory trust that was established on August 10, 2001. The Fund began operations on October 20, 2014. The Fund is authorized to offer two classes of shares, the Institutional Class and the Investor Class. The Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest of the Fund. The Fund is diversified. The Fund’s prospectus provides a description of the Fund’s investment objectives, policies and strategies. As of March 31, 2026, the Trust has four additional series, the financial statements of which are presented separately.
2. Significant Accounting Policies
The following is a summary of the significant accounting policies consistently followed by the Fund.
Use of Estimates in the Preparation of Financial Statements – The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The Fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of net assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Security Valuation – Except as described below, securities listed on a securities exchange (except the NASDAQ Stock Market (“NASDAQ”)) or Over-the-Counter (“OTC”) for which market quotations are available are valued at the last reported sale price as of the close of trading on each business day, or, if there is no such reported sale, at the last reported bid price for long positions. For securities traded on NASDAQ, the NASDAQ Official Closing Price is used. Securities listed on multiple exchanges or OTC markets are valued on the exchange or OTC market considered by the Fund to be the primary market. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent pricing agent, the Fund seeks to obtain a bid price from at least one independent broker. Investments in money market funds are valued daily at the net asset value per share.
Securities for which market prices are not “readily available” are valued in accordance with fair value pricing procedures approved by the Fund’s Board of Trustees (the “Board”). The Fund's fair value pricing procedures are overseen by the Fund's valuation designee, Causeway Capital Management LLC ("Adviser"), and implemented through a Fair Value Committee (the "Committee"). Some of the more common reasons that may necessitate that a security be valued using fair value pricing procedures include: the security’s trading has been halted or suspended; the security has been delisted from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When the Committee values a security in accordance with the fair value pricing procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.
| 20 | Causeway International Small Cap Fund |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The Fund uses a third party vendor to fair value certain non-U.S. securities if there is a movement in the U.S. market that exceeds thresholds established by the Committee. The vendor provides fair values for foreign securities based on factors and methodologies involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security and such fair values are applied by the administrator if a pre-determined confidence level is reached for the security.
In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The guidance establishes three levels of fair value hierarchy as follows:
| ● | Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
| ● | Level 2 — Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets which are not active, or prices based on inputs that are observable (either directly or indirectly); and |
| ● | Level 3 — Prices, inputs or proprietary modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 which fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the reporting period. Changes in the classification between Levels 1 and 2 occur primarily when foreign equity securities are fair valued by the Fund’s third party vendor using other observable market–based inputs in place of closing exchange prices due to events occurring after foreign market closures or when foreign markets are closed, and/or when adjustments are made to security values for “foreign line” securities using “local line” prices. Due to currency and ownership restrictions on foreign persons in certain countries, including without limitation Thailand, securities sometimes trade via a “foreign line” (designated for foreign ownership) and via a “local line” (shares traded locally and held by residents). Liquidity of shares held in the foreign line is often more limited than the local line. As the last traded price of a foreign line may not represent fair value, if the securities can readily be traded through a broker to access the local line, the securities may be priced using the last traded local line price.
As of and during the six months ended March 31, 2026, there were no changes to the Fund’s fair value methodologies.
Federal Income Taxes – The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income. Accordingly, no provision for Federal income taxes has been made in the financial statements.
| Causeway International Small Cap Fund | 21 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. The Fund did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax years, as applicable), and on-going analysis of and changes to tax laws, regulations and interpretations thereof.
As of and during the six months ended March 31, 2026, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any significant interest or penalties.
Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund or its agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contin-
gent upon successful receipt of reclaimed amounts, are recorded in Professional Fees, if applicable, on the Statement of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limit agreement described in Note 3.
Security Transactions and Related Income – Security transactions are accounted for on the date the security is purchased or sold (trade date). Dividend income is recognized on the ex-dividend date, and interest income is recognized using the accrual basis of accounting. Costs used in determining realized gains and losses on the sales of investment securities are those of the specific securities sold.
Foreign Currency Translation – The books and records of the Fund are maintained in U.S. dollars on the following basis:
(1) the market value or fair value of investment securities, assets and liabilities is converted at the current rate of exchange; and
(2) purchases and sales of investment securities, income and expenses are converted at the relevant rates of exchange prevailing on the respective dates of such transactions.
The Fund does not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.
Foreign Currency Exchange Contracts – When the Fund purchases or sells foreign securities, it enters into corresponding foreign currency exchange contracts to settle the securities transactions. Losses from these foreign exchange transactions may arise from changes in the value of the foreign currency between trade date and settlement date or if the counterparties do not perform under the contract’s terms.
| 22 | Causeway International Small Cap Fund |
NOTES
TO FINANCIAL STATEMENTS (Unaudited)
(continued)
Expense/Classes – Expenses that are directly related to one Fund of the Trust are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Fund and the other series of the Trust on the basis of relative daily net assets. Expenses of the Shareholder Service Plan and Agreement for the Investor Class are borne by that class of shares. Income, realized and unrealized gains (losses) and non-class specific expenses are allocated to the respective classes on the basis of relative daily net assets.
Dividends and Distributions – Dividends from net investment income, if any, are declared and paid on an annual basis. Any net realized capital gains on sales of securities are distributed to shareholders at least annually.
Cash – Idle cash may be swept into various time deposit accounts and is classified as cash on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested and earned income are available on the same business day.
| 3. | Investment Advisory, Administration, Shareholder Service and Distribution Agreements |
The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Adviser. Under the Advisory Agreement, the Adviser is entitled to a monthly fee equal to an annual rate of 1.00% of the Fund’s average daily net assets. The Adviser has contractually agreed through January 31, 2027, to waive its fee and, to the extent necessary, reimburse the Fund to keep total annual fund operating expenses (excluding brokerage fees and commissions, interest, taxes, shareholder service fees, fees and expenses of other
funds in which the Fund invests, tax reclaim-related fees and expenses, and extraordinary expenses) from exceeding 1.10% of Institutional Class and Investor Class average daily net assets. For the fiscal year ended March 31, 2026, the Adviser waived $18,378 of its advisory fee. The expense waivers and reimbursements are not subject to recapture.
The Trust and SEI Investments Global Funds Services (the “Administrator”) have entered into an Administration Agreement. Under the terms of the Administration Agreement, the Administrator is entitled to an annual fee which is calculated daily and paid monthly based on the aggregate average daily net assets of the Trust subject to a minimum annual fee.
The Trust has adopted a Shareholder Service Plan and Agreement for Investor Class shares that allows the Trust to pay broker-dealers and other financial intermediaries a fee of up to 0.25% per annum of average daily net assets for services provided to Investor Class shareholders. For the six months ended March 31, 2026, the Investor Class paid 0.25% annualized of average daily net assets under this plan.
The Trust and SEI Investments Distribution Co. (the “Distributor”) have entered into a Distribution Agreement. The Distributor receives no fees from the Fund for its distribution services under this agreement.
The officers of the Trust are also officers or employees of the Administrator or Adviser. They receive no fees for serving as officers of the Trust.
As of March 31, 2026, approximately $6,690 (000) of the Fund’s net assets were held by investors affiliated with the Adviser.
| Causeway International Small Cap Fund | 23 |
NOTES
TO FINANCIAL STATEMENTS (Unaudited)
(continued)
4. Investment Transactions
The cost of security purchases and the proceeds from the sales of securities, other than short-term investments, during the six months ended March 31, 2026, for the Fund were as follows (000):
| Purchases | Sales | |||||
| $ | 145,494 | $ | 148,532 | |||
5. Risks of Foreign and Small Cap Investing
Because the Fund invests most of its assets in foreign securities, the Fund is subject to additional risks. For example, the value of the Fund’s securities may be affected by social, political and economic developments and U.S. and foreign laws relating to foreign investments. Further, because the Fund invests in securities denominated in foreign currencies, the Fund’s securities may go down in value depending on foreign exchange rates. Other risks include trading, settlement, custodial, and other operational risks; withholding or other taxes; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign securities less liquid, more volatile and harder to value than U.S. securities. These risks are higher for emerging markets investments.
Global economies are increasingly interconnected, and political, economic and other conditions and events (including, but not limited to, war, conflicts, natural disasters, pandemics, epidemics, trading and tariff arrangements, inflation/deflation, and social unrest) in one country or region might adversely impact a different country or region. Furthermore, the occurrence of severe weather or geological events, fires, floods, earthquakes, climate change or other natural or man-made disasters, outbreaks of disease, epidemics and pandemics, malicious acts, cyber-at-tacks or terrorist acts, among other events, could adversely impact the performance of the Fund. These
events may result in, among other consequences, closing borders, exchange closures, health screenings, healthcare service delays, quarantines, cancellations, supply chain disruptions, lower consumer demand, market volatility and general uncertainty. These events could adversely impact issuers, markets and economies over the short- and long-term, including in ways that cannot necessarily be foreseen. The Fund could be negatively impacted if the value of a portfolio holding were harmed by political or economic conditions or events. Moreover, negative political and economic conditions and events could disrupt the processes necessary for the Fund’s operations.
For example, the actual and potential consequences of Brexit, and the associated uncertainty, have adversely affected, and for the foreseeable future may adversely affect, economic and market conditions in the United Kingdom, in the EU and its member states and elsewhere, and may also contribute to uncertainty and instability in global financial markets. There remains significant market uncertainty regarding Brexit’s long-term ramifications, and the range and potential implications of possible political, regulatory, economic and market outcomes are difficult to predict. In addition, Russia’s invasion of Ukraine in February 2022, the resulting responses by the U.S. and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. Further, recent armed conflicts in the Middle East and related events could cause significant market disruptions and volatility. These and other similar events could negatively affect the performance of the Fund.
The Fund invests a significant portion of its assets in the securities of smaller capitalization companies. Investments in smaller companies involve additional risks and typically exhibit higher volatility. The values of securities of smaller, less well-known companies can be more sensitive to, and react differently to, company, political, market, and economic developments than the market as a whole and other types of securities. Smaller companies can have more limited product lines, markets, growth prospects, depth of management, and financial resources, and these companies may have shorter operating histories and less access to financing, creating additional risk. Further, smaller companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans that have floating rates. Because of these and other risks, securities of smaller capitalization companies tend to be more volatile and less liquid than securities of medium and larger capitalization companies. During some periods, securities of smaller capitalization companies, as an asset class, have underperformed the securities of larger capitalization companies.
| 24 | Causeway International Small Cap Fund |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
6. Federal Tax Information
The Fund is classified as a separate taxable entity for Federal income tax purposes. The Fund intends to continue to qualify as a separate “regulated investment company” under Subchapter M of the Internal Revenue Code and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required. To the extent that dividends from net investment income and distributions from net realized capital gains exceed amounts reported in the financial statements, such amounts are reported separately.
The Fund may be subject to taxes imposed by countries in which it invests in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Fund accrues such taxes when the related income is earned. Dividend and interest income is recorded net of non-U.S. taxes paid. Gains realized by the Fund on the sale of securities in cer-
tain countries are subject to non-U.S. taxes. Expected capital gains taxes on appreciated securities, if any, are accrued as unrealized losses and incurred capital gains taxes are reflected as realized losses upon the sale of the related security. The Fund records a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.
The amounts of distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. The character of distributions made during the year from net investment income or net realized gains, and the timing of distributions made during the year may differ from those during the year that the income or realized gains (losses) were recorded by the Fund. To the extent these differences are permanent, adjustments are made to the appropriate equity accounts in the period that the differences arise.
The tax character of dividends and distributions declared during the fiscal years ended September 30, 2025 and September 30, 2024 was as follows (000):
| Ordinary | Long-Term | ||||||||||||
| Income | Capital Gain | Total | |||||||||||
| 2025 | $ | 15,918 | $ | 6,768 | $ | 22,686 | |||||||
| 2024 | 8,579 | 195 | 8,774 | ||||||||||
| Causeway International Small Cap Fund | 25 |
NOTES
TO FINANCIAL STATEMENTS (Unaudited)
(continued)
As of September 30, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows (000):
| Undistributed Ordinary Income | $ | 15,625 | ||
| Undistributed Long-Term Capital Gains | 20,413 | |||
| Unrealized Appreciation | 40,150 | |||
| Total Distributable Earnings | $ | 76,188 |
At March 31, 2026, the total cost of investments for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation on investments for the Fund were as follows (000):
| Net | ||||||||||||||
| Federal Tax | Appreciated | Depreciated | Unrealized | |||||||||||
| Cost | Securities | Securities | Appreciation | |||||||||||
| $ | 272,626 | $ | 50,909 | $ | (14,107 | ) | $ | 36,802 | ||||||
7. Capital Shares Issued and Redeemed
Capital share transactions for the Fund were as follows (000):
|
Six Months Ended March 31, 2026 (Unaudited) |
Fiscal Year Ended September 30, 2025 |
|||||||||||||||
| Shares | Value | Shares | Value | |||||||||||||
| Institutional Class | ||||||||||||||||
| Shares Sold | 1,993 | $ | 33,253 | 5,212 | $ | 76,705 | ||||||||||
| Shares Issued in Reinvestment of Dividends and Distributions | 2,009 | 30,845 | 1,188 | 15,875 | ||||||||||||
| Shares Redeemed | (2,140 | ) | (34,426 | ) | (4,043 | ) | (61,324 | ) | ||||||||
| Increase in Shares Outstanding Derived from Institutional Class Transactions | 1,862 | 29,672 | 2,357 | 31,256 | ||||||||||||
| Investor Class | ||||||||||||||||
| Shares Sold | 745 | 12,473 | 1,632 | 24,585 | ||||||||||||
| Shares Issued in Reinvestment of Dividends and Distributions | 757 | 11,605 | 504 | 6,732 | ||||||||||||
| Shares Redeemed | (866 | ) | (14,301 | ) | (2,348 | ) | (35,287 | ) | ||||||||
| Increase (Decrease) in Shares Outstanding Derived from Investor Class Transactions | 636 | 9,777 | (212 | ) | (3,970 | ) | ||||||||||
| Net Increase in Shares Outstanding from Capital Share Transactions | 2,498 | $ | 39,449 | 2,145 | $ | 27,286 | ||||||||||
8. Significant Shareholder Concentration
As of March 31, 2026, two of the Fund's shareholders of record owned 77% of the Institutional Class shares. The Fund may be adversely affected when a shareholder purchases or redeems large amounts of shares, which may impact the Fund in the same manner as a high volume of redemption requests. Such large shareholders may include, but are not limited to, institutional investors and asset allocators who make
investment decisions on behalf of underlying clients. Significant shareholder purchases and redemptions may adversely impact the Fund’s portfolio management and may cause the Fund to make investment decisions at inopportune times or prices or miss attractive investment opportunities. Such transactions may also increase the Fund’s transaction costs, accelerate the realization of taxable income if sales of securities result in gains, or otherwise cause the Fund to perform differently than intended.
| 26 | Causeway International Small Cap Fund |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (concluded)
9. Indemnifications
Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of his or her duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
10. Recent Accounting Pronouncements
The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of this standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The chief operating officer of the Fund's Adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund’s single
investment objective which is executed by the Fund's portfolio managers. The financial information in the form of the Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the accompanying Statement of Operations.
In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted but not required. ASU 2023-09 has not been adopted early and management is evaluating the impacts of these changes on the Fund’s financial statements.
11. Subsequent Events
The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements.
| Causeway International Small Cap Fund | 27 |
OTHER INFORMATION (FORM N-CSRS ITEMS 8-11) (UNAUDITED)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid by the company during the period covered by the report to the Trustees on the company’s Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
| 28 | Causeway International Small Cap Fund |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
Included under item 7.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included under item 7.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
Included under item 7.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included under item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end management investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the registrant’s procedures by which shareholders may recommend nominees to the registrant’s board of trustees during the period covered by the report.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR §270.30a-3(c)) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR §270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR §240.13a-15(b) or §240.15d-15(b)).
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR §270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end management investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits.
(a)(1) Not applicable for semi-annual report.
(a)(2) Not applicable.
(a)(4) Not applicable.
(a)(5) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Causeway Capital Management Trust | |
| By (Signature and Title) | /s/ Gracie V. Fermelia | |
| Gracie V. Fermelia, Principal Executive Officer | ||
| Date: June 3, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Gracie V. Fermelia | |
| Gracie V. Fermelia, Principal Executive Officer | ||
| Date: June 3, 2026 |
| By (Signature and Title) | /s/ John Bourgeois | |
| John Bourgeois, Principal Financial Officer | ||
| Date: June 3, 2026 |
ATTACHMENTS / EXHIBITS
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Digicann Ventures Announces Proposed Reverse Takeover Transaction with Winning Asia Technology Macau Limited
- Data at ADA 2026 Highlights Key Findings from Clinical and Real‑World Studies of MannKind’s Afrezza® (Inhaled Insulin) Across Pediatric Care, Pregnancy, and Use with Automated Insulin Delivery (A
- FINAL FANTASY VII REVELATION Announced — Experience the Journey’s End in Spring 2027
Create E-mail Alert Related Categories
SEC FilingsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
