N-Q 1 d240245dnq.htm CAUSEWAY EMERGING MARKETS FUND Causeway Emerging Markets Fund

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number 811-10467

Causeway Capital Management Trust

(Exact name of registrant as specified in charter)

 

 

11111 Santa Monica Boulevard, Suite 1500

Los Angeles, CA 90025

(Address of principal executive offices) (Zip code)

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

(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, 2012

Date of reporting period: June 30, 2012

 

 

 

 

Item 1. Schedule of Investments

SCHEDULE OF INVESTMENTS (000)*

June 30, 2012 (Unaudited)

 

Causeway Emerging Markets Fund    Number of Shares        Value  
       

COMMON STOCK

        

Brazil — 7.7%

        

Banco Bradesco SA ADR

      40,600         $ 499   

Banco do Brasil SA

      211,700           2,050   

Centrais Eletricas Brasileiras SA

      110,869           783   

Cia de Saneamento Basico do Estado de Sao Paulo

      26,600           2,018   

Cia de Saneamento de Minas Gerais

      19,100           414   

Cielo SA

      42,480           1,242   

Even Construtora e Incorporadora SA

      151,200           512   

M Dias Branco SA

      4,970           146   

Petroleo Brasileiro SPON SA, Class A ADR

      39,300           713   

Vale SA, Class B

      83,800           1,663   
       

 

 

  
          10,040   
       

 

 

  

Chile — 0.8%

        

Aguas Andinas SA, Class A

      604,481           374   

ENTEL Chile SA

      38,125           723   
       

 

 

  
          1,097   
       

 

 

  

China — 18.7%

        

Agricultural Bank of China Ltd., Class H

      2,378,000           963   

Bank of China Ltd., Class H

      7,707,000           2,960   

China Citic Bank Corp. Ltd., Class H

      262,000           135   

China Communications Construction Co. Ltd., Class H

      1,992,000           1,768   

China Construction Bank Corp., Class H

      2,863,000           1,978   

China High Speed Transmission Equipment Group Co. Ltd.1

      107,000           33   

China Lumena New Materials Corp.

      5,064,000           862   

China Minsheng Banking Corp. Ltd., Class H

      235,500           211   

China Mobile Ltd. ADR

      72,300           3,953   

China Petroleum & Chemical Corp. ADR

      29,400           2,622   

China Railway Group Ltd., Class H

      365,000           154   

China Shanshui Cement Group Ltd.

      1,365,000           942   

China Yuchai International Ltd.

      37,400           511   

CNOOC Ltd. ADR

      2,600           523   

Datang International Power Generation Co. Ltd., Class H

      1,646,000           651   

Dongyue Group

      541,000           254   

FerroChina Ltd.1,2,3

      258,000           —   

Giant Interactive Group Inc. ADR

      62,900           304   

Global Bio-Chemical Technology Group Co. Ltd.

      1,884,000           273   

Guangzhou R&F Properties Co. Ltd., Class H

      735,600           980   

Harbin Electric Co. Ltd., Class H

      50,000           41   

Industrial & Commercial Bank of China, Class H

      595,000           334   

KWG Property Holding Ltd.

      579,000           370   

Lenovo Group Ltd.

      1,002,000           855   

PetroChina Co. Ltd. ADR

      6,500           840   

Shenzhen Investment Ltd.

      1,550,000           368   

Shenzhou International Group Holdings Ltd.

      89,000           155   

Shimao Property Holdings Ltd.

      402,000           623   

 

    

SCHEDULE OF INVESTMENTS (000)* (continued)

June 30, 2012 (Unaudited)

 

Causeway Emerging Markets Fund    Number of Shares        Value  
       

China — (continued)

        

Shougang Fushan Resources Group Ltd.

      486,000         $ 127   

Tianneng Power International Ltd.

      1,104,000           589   
       

 

 

  
          24,379   
       

 

 

  

India — 6.3%

        

Allahabad Bank

      147,612           399   

Cairn India Ltd.1

      106,951           594   

Dena Bank

      289,988           518   

Dr Reddy’s Laboratories Ltd.

      29,385           871   

Housing Development & Infrastructure Ltd.

      532,082           836   

Indiabulls Financial Services Ltd.

      103,062           427   

MRF Ltd.

      1,748           316   

Oil & Natural Gas Corp. Ltd.

      130,496           669   

Sterlite Industries India Ltd.

      200,000           373   

Sun Pharmaceutical Industries Ltd.

      55,100           632   

Tata Motors Ltd.

      526,018           2,305   

Welspun Corp. Ltd.

      150,736           323   
       

 

 

  
          8,263   
       

 

 

  

Indonesia — 1.5%

        

AKR Corporindo

      2,184,500           817   

Indofood Sukses Makmur Tbk PT

      514,500           268   

Perusahaan Perkebunan London Sumatra Indonesia

      406,000           116   

Semen Gresik Persero

      252,500           306   

Surya Semesta Internusa

      2,722,000           288   

Timah

      902,000           134   
       

 

 

  
          1,929   
       

 

 

  

Kazakhstan — 0.5%

        

KazMunaiGas Exploration Production JSC GDR

      34,335           580   
       

 

 

  

Malaysia — 4.6%

        

DiGi.Com Bhd

      501,600           674   

JCY International Bhd

      1,042,500           509   

Sime Darby Bhd

      701,100           2,194   

Telekom Malaysia Bhd

      922,200           1,648   

UMW Holdings Bhd

      340,300           984   
       

 

 

  
          6,009   
       

 

 

  

Mexico — 2.6%

        

Alfa SAB de CV, Class A

      58,700           938   

America Movil SAB de CV, Class L

      26,600           693   

Fomento Economico Mexicano SAB de CV

      19,900           1,776   
       

 

 

  
          3,407   
       

 

 

  

Poland — 1.7%

        

KGHM Polska Miedz SA

      40,589           1,777   

Tauron Polska Energia SA

      349,362           480   
       

 

 

  
          2,257   
       

 

 

  

 

    

SCHEDULE OF INVESTMENTS (000)* (continued)

June 30, 2012 (Unaudited)

 

Causeway Emerging Markets Fund    Number of Shares      Value  
     

Qatar — 0.4%

      

Commercial Bank of Qatar QSC

      13,049       $ 247   

Industries Qatar QSC

      6,097         212   
     

 

 

  
        459   
     

 

 

  

Russia — 7.2%

      

Gazprom OAO ADR

      412,355         3,916   

LUKOIL OAO ADR

      60,977         3,417   

Surgutneftegas OJSC ADR

      140,188         1,169   

Tatneft ADR

      27,221         919   
     

 

 

  
        9,421   
     

 

 

  

South Africa — 9.4%

      

ABSA Group Ltd.

      58,914         1,021   

Aspen Pharmacare Holdings Ltd.

      68,200         1,051   

Aveng Ltd.

      196,114         859   

Barloworld Ltd.

      47,296         469   

FirstRand Ltd.

      560,658         1,815   

Growthpoint Properties Ltd.

      325,880         917   

Imperial Holdings Ltd.

      70,960         1,498   

Liberty Holdings Ltd.

      49,347         525   

MMI Holdings Ltd.

      280,832         619   

Redefine Properties Ltd.

      376,116         395   

Sanlam Ltd.

      438,644         1,926   

Vodacom Group Ltd.

      106,957         1,218   
     

 

 

  
        12,313   
     

 

 

  

South Korea — 16.6%

      

CJ Corp.

      5,103         358   

Daesang Corp.

      67,250         1,044   

Daishin Securities Co. Ltd.

      59,660         441   

Hana Financial Group Inc.

      53,580         1,713   

Hanil E-Wha Co. Ltd.

      15,920         132   

Hyundai Marine & Fire Insurance Co. Ltd.

      29,420         766   

ISU Chemical Co. Ltd.

      10,670         209   

Korea Exchange Bank

      94,900         680   

Korea Gas Corp.

      13,450         479   

KP Chemical Corp.

      37,430         441   

KT Corp. ADR

      129,300         1,704   

KT&G Corp.

      35,400         2,510   

Meritz Fire & Marine Insurance Co. Ltd.

      43,747         432   

Samsung Electronics Co. Ltd.

      5,712         6,049   

SK Holdings Co. Ltd.

      11,084         1,302   

SK Telecom Co. Ltd. ADR

      113,300         1,371   

Woori Finance Holdings Co. Ltd.

      184,500         2,034   
     

 

 

  
        21,665   
     

 

 

  

Taiwan — 10.9%

      

Asustek Computer Inc.

      247,300         2,273   

Chailease Holding Co. Ltd.

      220,000         321   

 

    

SCHEDULE OF INVESTMENTS (000)* (continued)

June 30, 2012 (Unaudited)

 

Causeway Emerging Markets Fund    Number of Shares        Value  
       

Taiwan — (continued)

        

Chicony Electronics Co. Ltd.

      173,000         $ 321   

China Petrochemical Development Corp.

      450,000           381   

Compal Electronics Inc.

      1,030,316           954   

Coretronic Corp.

      753,000           707   

CTCI Corp.

      201,000           376   

Grand Pacific Petrochemical

      196,000           87   

Lite-On Technology Corp.

      536,511           676   

Merida Industry Co. Ltd.

      161,000           588   

Quanta Computer Inc.

      383,000           1,029   

Radiant Opto-Electronics Corp.

      429,360           2,182   

Taiwan Semiconductor Manufacturing Co. Ltd.

      140,302           1,959   

United Microelectronics Corp. ADR

      581,900           1,263   

Wistron Corp.

      943,971           1,165   
       

 

 

  
          14,282   
       

 

 

  

Thailand — 4.1%

        

Advanced Info Service

      328,600           1,923   

Bangchak Petroleum

      1,293,300           925   

Charoen Pokphand Foods

      1,361,400           1,664   

Sansiri

      9,848,300           661   

Shin Corp.

      116,300           224   
       

 

 

  
          5,397   
       

 

 

  

Turkey — 3.3%

        

Ford Otomotiv Sanayi AS

      47,388           430   

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D

      519,047           288   

Koza Anadolu Metal Madencilik Isletmeleri AS1

      130,000           279   

Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS

      120,566           334   

Tupras Turkiye Petrol Rafinerileri AS

      101,552           2,178   

Turk Traktor ve Ziraat Makineleri AS

      37,169           629   

Turkiye Sise ve Cam Fabrikalari AS

      91,218           150   
       

 

 

  
          4,288   
       

 

 

  

United Arab Emirates — 0.3%

        

Emaar Properties PJSC

      554,450           434   
       

 

 

  

Total Common Stock

        

(Cost $126,946) — 96.6%

           126,220   
       

 

 

  

PREFERENCE STOCK

        

Brazil — 2.8%

        

Cia de Bebidas das Americas

      11,300           433   

Cia Energetica de Minas Gerais

      11,362           210   

Eletropaulo Metropolitana Eletricidade de Sao Paulo SA, Class B

      85,829           1,081   

Metalurgica Gerdau SA, Class A

      75,200           824   

Vale SA, Class B ADR

      56,200           1,096   
       

 

 

  
          3,644   
       

 

 

  

 

    

SCHEDULE OF INVESTMENTS (000)* (continued)

June 30, 2012 (Unaudited)

 

Causeway Emerging Markets Fund    Number of Shares        Value  
       

South Korea — 0.2%

        

LG Chemical Ltd.

      3,064         $ 239   
       

 

 

  

Total Preference Stock

        

(Cost $4,900) — 3.0%

           3,883   
       

 

 

  

SHORT-TERM INVESTMENT

        

Dreyfus Cash Management,
Institutional Class, 0.083%**

      1,575,853           1,576   
       

 

 

  

Total Short-Term Investment

        

(Cost $1,576) — 1.2%

           1,576   
       

 

 

  

Total Investments — 100.8%

        

(Cost $133,422)‡

           131,679   
       

 

 

  

Liabilities in Excess of Other Assets — (0.8)%

           (1,035 ) 
       

 

 

  

Net Assets — 100.0%

         $ 130,644   
       

 

 

  

 

* Except for share data.
** The rate reported is the 7-day effective yield as of June 30, 2012.
1 Non-income producing security.
2 Securities considered illiquid. The total market value of such securities as of June 30, 2012 was $– and represented 0.0% of Net Assets.
3 Security is fair valued at zero due to company’s insolvency.

 

ADR   American Depositary Receipt
GDR   Global Depositary Receipt

 

Amounts designated as “—” are $0, or are rounded to $0.

 

‡ At June 30, 2012, the tax basis cost of the Fund’s investments was $133,422 ($ Thousands) and the unrealized appreciation and depreciation were $10,004 and ($11,747) ($ Thousands), respectively.

 

    

SCHEDULE OF INVESTMENTS (000)* (concluded)

June 30, 2012 (Unaudited)

 

The following is a summary of the inputs used as of June 30, 2012, in valuing the Fund’s investments carried at value ($ Thousands):

 

Investments in Securities    Level 1      Level 2^      Level 3      Total  
Common Stock            

Brazil

    $ 10,040       $ —       $ —       $ 10,040   

Chile

      1,097         —         —         1,097   

China

      8,753         15,626         —         24,379   

India

      632         7,631         —         8,263   

Indonesia

      —         1,929         —         1,929   

Kazakhstan

      —         580         —         580   

Malaysia

      —         6,009         —         6,009   

Mexico

      3,407         —         —         3,407   

Poland

      —         2,257         —         2,257   

Qatar

      —         459         —         459   

Russia

      1,169         8,252         —         9,421   

South Africa

      —         12,313         —         12,313   

South Korea

      5,585         16,080         —         21,665   

Taiwan

      3,222         11,060         —         14,282   

Thailand

      —         5,397         —         5,397   

Turkey

      —         4,288         —         4,288   

United Arab Emirates

      —         434         —         434   

 

  

Total Common Stock

      33,905         92,315         —         126,220   
Preference Stock            

Brazil

      3,644         —         —         3,644   

South Korea

      —         239         —         239   

 

  

Total Preference Stock

      3,644         239         —         3,883   
Short-Term Investment            

United States

      1,576         —         —         1,576   

 

  

Total Short-Term Investment

      1,576         —         —         1,576   

 

  

Total Investments in Securities

    $ 39,125       $ 92,554       $ —       $ 131,679   

 

  

 

  

 

^ Represents securities trading primarily outside the United States, the values of which were adjusted as a result of significant market movement following the close of local trading.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

CCM-QH-002-1100

 

    

Item 2. Controls and Procedures

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3(c) under the Investment Company Act of 1940) within 90 days of the filing date of this report. Based on their evaluation, the certifying officers have concluded that such disclosure controls and procedures are adequately designed, and are operating effectively to ensure that information required to be disclosed by the registrant in the reports it files or submits under the Investment Company Act of 1940 and the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as such term is defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

(a) Separate certifications for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed herewith.

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/ Turner Swan

      Turner Swan, President
Date: August 24, 2012      

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/ Turner Swan

      Turner Swan, President
Date: August 24, 2012      
By (Signature and Title)      

/s/ Michael Lawson

      Michael Lawson, Treasurer
Date: August 24, 2012