NPORT-EX 2 Emerging_Markets.htm SCHEDULE F
 

 

Schedule of Investments

June 30, 2025 (Unaudited)

 

 

 

Causeway Emerging Markets Fund

  

Number of Shares

    

Value (000)

  

 

                

COMMON STOCK

                

Argentina — 0.2%

                

Consumer Discretionary — 0.2%

                

MercadoLibre Inc. 1

     2,000     $ 5,227  
                 

Brazil — 3.6%

                

Consumer Discretionary — 1.7%

                

C&A MODAS S.A.

    2,274,800       8,294  

Cury Construtora e Incorporadora S.A.

    1,222,100       6,658  

Cyrela Brazil Realty S.A. Empreendimentos e Participacoes

    1,349,600       6,496  

Direcional Engenharia S.A.

    1,020,400       7,647  

Vibra Energia S.A.

    1,251,700       5,009  

YDUQS Participacoes S.A.

    1,933,200       5,846  
              39,950  

Consumer Staples — 0.8%

                

JBS SA 1

     1,285,200       18,721  
                 

Financials — 1.1%

                

Pagseguro Digital Ltd., Class A

    972,600       9,376  

XP Inc., Class A

    792,289       16,004  
              25,380  
              84,051  

Chile — 0.2%

                

Consumer Discretionary — 0.2%

                

Falabella S.A.

    828,849       4,404  
                 

China — 28.4%

                

Communication Services — 7.7%

                

Hello Group Inc. ADR

    536,818       4,531  

JOYY Inc. ADR

    119,700       6,094  

NetEase Inc. ADR

    141,600       19,057  

Tencent Holdings Ltd.

    2,082,089       133,413  

Tencent Music Entertainment Group ADR

    564,025       10,993  

Weibo Corp. ADR

    647,901       6,174  
              180,262  

Consumer Discretionary — 6.2%

                

Alibaba Group Holding Ltd. ADR

    447,674       50,771  

Atour Lifestyle Holdings Ltd. ADR

    243,862       7,928  

BYD Co. Ltd., Class H

    1,148,000       17,915  

Geely Automobile Holdings Ltd.

    3,991,000       8,114  

Gree Electric Appliances Inc. of Zhuhai, Class A

    1,110,493       6,962  

Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A

    1,823,515       3,741  

JD.com Inc. ADR

    613,760       20,033  

 

 

 

 

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

 

Causeway Emerging Markets Fund

  

Number of Shares

    

Value (000)

  

 

                

China — (continued)

                

Consumer Discretionary (continued)

                

Pop Mart International Group Ltd.

    729,600     $ 24,779  

Vipshop Holdings Ltd. ADR

    193,665       2,915  
              143,158  

Consumer Staples — 0.2%

                

Kweichow Moutai Co. Ltd., Class A

    28,040       5,516  
                 

Financials — 8.0%

                

China Construction Bank Corp., Class H

    66,944,000       67,541  

China Galaxy Securities Co. Ltd., Class H

    10,267,000       11,549  

China Life Insurance Co. Ltd., Class H

    4,716,000       11,318  

China Pacific Insurance Group Co. Ltd., Class H

    3,674,400       12,568  

Industrial & Commercial Bank of China, Class H

    9,738,000       7,716  

New China Life Insurance Co. Ltd., Class H

    2,389,300       13,012  

People's Insurance Company Group of China Ltd., Class H

    18,149,000       13,803  

Ping An Insurance Group Co. of China Ltd., Class H

    4,654,000       29,554  

Qifu Technology Inc. ADR

    419,682       18,197  
              185,258  

Health Care — 1.1%

                

3SBio Inc. 1

     6,109,000       18,405  

BeiGene Ltd. 1

     152,400       2,869  

China Resources Pharmaceutical Group Ltd.

    6,914,000       4,510  
              25,784  

Industrials — 1.9%

                

China Railway Group Ltd., Class H

    15,943,000       7,636  

CITIC Ltd.

    8,052,000       11,057  

COSCO SHIPPING Holdings Co. Ltd., Class H

    11,425,900       19,854  

Yutong Bus Co. Ltd., Class A

    1,355,600       4,703  
              43,250  

Information Technology — 1.9%

                

Hengtong Optic-electric Co. Ltd., Class A

    2,508,580       5,356  

Xiaomi Corp., Class B 1

     5,235,800       39,986  
              45,342  

Materials — 1.4%

                

China Hongqiao Group Ltd.

    6,202,500       14,207  

China Lumena New Materials Corp. 1,2

     264,100       —  

Yunnan Yuntianhua Co. Ltd., Class A

    1,515,900       4,648  

Zhejiang NHU Co. Ltd., Class A

    4,433,462       13,160  
              32,015  
              660,585  

 

 

 

 

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

 

Causeway Emerging Markets Fund

  

Number of Shares

    

Value (000)

  

 

                

Greece — 0.6%

                

Consumer Discretionary — 0.2%

                

OPAP SA

    254,911     $ 5,780  
                 

Financials — 0.4%

                

Eurobank Ergasias Services and Holdings S.A.

    2,654,347       9,118  
                 
              14,898  

India — 14.8%

                

Communication Services — 2.4%

                

Bharti Airtel Ltd.

    1,705,841       39,973  

Indus Towers Ltd. 1

     3,305,680       16,232  
              56,205  

Consumer Discretionary — 1.5%

                

Amber Enterprises India Ltd. 1

     68,070       5,373  

Cartrade Tech Ltd. 1

     138,253       2,742  

Ceat Ltd.

    96,120       4,129  

Mahindra & Mahindra Ltd.

    594,794       22,077  
              34,321  

Energy — 1.1%

                

Bharat Petroleum Corp. Ltd.

    2,182,968       8,450  

Oil & Natural Gas Corp. Ltd.

    1,613,303       4,594  

Reliance Industries Ltd.

    742,333       12,989  
              26,033  

Financials — 4.4%

                

BSE Ltd.

    329,118       10,631  

Canara Bank

    8,340,274       11,106  

Indian Energy Exchange Ltd.

    1,067,302       2,403  

LIC Housing Finance Ltd.

    1,093,045       7,888  

Muthoot Finance Ltd.

    323,853       9,909  

PNB Housing Finance Ltd. 1

     434,615       5,622  

REC Ltd.

    6,174,058       28,970  

Shriram Finance Ltd.

    663,685       5,470  

South Indian Bank Ltd.

    16,076,627       5,772  

Union Bank of India Ltd.

    6,260,375       11,213  
              98,984  

Health Care — 1.8%

                

Divi's Laboratories Ltd.

    96,970       7,699  

Fortis Healthcare Ltd.

    843,321       7,813  

Jubilant Pharmova Ltd., Class A

    352,790       4,980  

Krishna Institute of Medical Sciences Ltd. 1

     361,468       2,839  

Lupin Ltd.

    427,236       9,655  

Narayana Hrudayalaya Ltd.

    254,593       6,443  

 

 

 

 

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

 

Causeway Emerging Markets Fund

  

Number of Shares

    

Value (000)

  

 

                

India — (continued)

                

Health Care (continued)

                

OneSource Specialty Pharma Ltd. 1

     169,284     $ 4,338  
              43,767  

Industrials — 1.4%

                

Adani Ports & Special Economic Zone Ltd.

    860,577       14,552  

InterGlobe Aviation Ltd. 1

     225,662       15,726  

Polycab India Ltd.

    42,678       3,260  
              33,538  

Information Technology — 0.5%

                

PG Electroplast Ltd.

    764,008       6,723  

Redington Ltd.

    1,395,303       5,293  
              12,016  

Materials — 1.4%

                

Hindalco Industries Ltd.

    1,355,044       10,947  

Paradeep Phosphates Ltd.

    2,401,842       4,481  

Solar Industries India Ltd.

    35,600       7,305  

Steel Authority of India Ltd.

    3,705,279       5,703  

Welspun Corp. Ltd.

    440,960       4,753  
              33,189  

Utilities — 0.3%

                

Mahanagar Gas Ltd.

    427,206       7,388  
                 
              345,441  

Indonesia — 0.9%

                

Consumer Staples — 0.2%

                

Indofood Sukses Makmur Tbk PT

    9,982,800       4,996  
                 

Energy — 0.1%

                

Alamtri Resources Indonesia Tbk PT 1

     7,004,124       2,912  
                 

Industrials — 0.4%

                

Astra International Tbk PT

    29,272,300       8,114  
                 

Utilities — 0.2%

                

Perusahaan Gas Negara Tbk PT

    39,571,900       3,936  
                 
              19,958  

Malaysia — 0.4%

                

Industrials — 0.4%

                

My EG Services BHD

    28,181,300       6,358  

Sime Darby BHD

    8,027,200       3,146  
              9,504  
              9,504  

 

 

 

 

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

 

Causeway Emerging Markets Fund

  

Number of Shares

    

Value (000)

  

 

                

Mexico — 0.6%

                

Financials — 0.2%

                

Gentera SAB de CV

    2,662,800     $ 5,682  
                 

Real Estate — 0.4%

                

Fibra Uno Administracion SA de CV 3

     6,389,900       8,833  
                 
              14,515  

Peru — 0.7%

                

Financials — 0.7%

                

Credicorp Ltd.

    75,265       16,823  
                 

Poland — 0.7%

                

Financials — 0.7%

                

Powszechny Zaklad Ubezpieczen SA

    928,590       16,231  
                 

Russia — 0.0%

                

Energy — 0.0%

                

LUKOIL PJSC 1,2

     172,525       —  
                 

Financials — 0.0%

                

Sberbank of Russia PJSC ADR 1,2

     790,503       —  
                 
              —  

Saudi Arabia — 1.8%

                

Communication Services — 0.2%

                

Etihad Etisalat Co.

    254,546       4,025  
                 

Consumer Discretionary — 0.1%

                

United Electronics Co.

    148,317       3,490  
                 

Financials — 1.1%

                

Arab National Bank

    1,096,657       6,351  

Riyad Bank

    558,184       4,277  

Saudi National Bank

    1,569,977       15,120  
              25,748  

Information Technology — 0.4%

                

Elm Co.

    35,356       9,441  
                 
              42,704  

Singapore — 0.9%

                

Communication Services — 0.9%

                

Sea Ltd. ADR 1

     124,198       19,864  
                 

 

 

 

 

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

 

Causeway Emerging Markets Fund

  

Number of Shares

    

Value (000)

  

 

                

South Africa — 1.7%

                

Financials — 0.1%

                

Old Mutual Ltd.

    5,055,297     $ 3,447  
                 

Materials — 1.3%

                

Anglogold Ashanti PLC

    280,310       12,681  

Gold Fields Ltd. ADR

    547,958       12,970  

Sasol Ltd. 1

     951,948       4,235  
              29,886  

Real Estate — 0.3%

                

Growthpoint Properties Ltd. 3

     8,866,149       6,706  
                 
              40,039  

South Korea — 15.1%

                

Communication Services — 1.0%

                

Krafton Inc. 1

     15,575       4,189  

KT Corp.

    240,215       9,914  

NAVER Corp.

    51,048       9,929  
              24,032  

Consumer Discretionary — 2.6%

                

Hankook Tire & Technology Co. Ltd.

    208,874       6,152  

Hyundai Mobis Co. Ltd.

    74,897       15,927  

Hyundai Motor Co.

    86,500       13,043  

Kangwon Land Inc.

    388,691       5,271  

Kia Corp.

    213,804       15,351  

Youngone Corp.

    97,751       4,578  
              60,322  

Consumer Staples — 0.3%

                

KT&G Corp.

    77,512       7,334  
                 

Financials — 3.3%

                

DB Insurance Co. Ltd.

    107,175       9,792  

Hana Financial Group Inc.

    266,426       17,036  

KIWOOM Securities Co. Ltd.

    42,088       7,141  

Korea Investment Holdings Co. Ltd.

    106,742       11,041  

Samsung Securities Co. Ltd.

    158,642       8,652  

Shinhan Financial Group Co. Ltd.

    186,301       8,476  

Woori Financial Group Inc.

    824,490       13,715  
              75,853  

Health Care — 0.6%

                

PharmaResearch Co. Ltd.

    37,643       13,765  
                 

Industrials — 2.7%

                

GS Holdings Corp.

    124,246       4,295  

 

 

 

 

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

 

Causeway Emerging Markets Fund

  

Number of Shares

    

Value (000)

  

 

                

South Korea — (continued)

                

Industrials (continued)

                

Hanwha Corp.

    154,284     $ 10,780  

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.

    35,908       9,738  

Hyundai Glovis Co. Ltd.

    80,758       8,066  

Hyundai Rotem Co. Ltd.

    124,227       18,087  

Korean Air Lines Co. Ltd.

    429,291       7,284  

LX INTERNATIONAL CORP.

    187,156       4,320  
              62,570  

Information Technology — 3.8%

                

DB HiTek Co. Ltd.

    132,983       4,612  

Samsung Electronics Co. Ltd.

    900,960       39,921  

SK Hynix Inc.

    200,865       43,459  
              87,992  

Utilities — 0.8%

                

Korea Electric Power Corp.

    417,075       12,145  

Korea Gas Corp.

    211,122       6,515  
              18,660  
              350,528  

Taiwan — 18.3%

                

Communication Services — 0.4%

                

International Games System Co. Ltd.

    316,000       9,281  
                 

Consumer Discretionary — 0.3%

                

Pou Chen Corp.

    5,365,000       5,684  
                 

Industrials — 1.1%

                

Eva Airways Corp.

    9,253,000       12,639  

Evergreen Marine Corp. Taiwan Ltd.

    2,136,000       14,551  
              27,190  

Information Technology — 16.5%

                

Accton Technology Corp.

    693,000       17,318  

Arcadyan Technology Corp.

    1,001,000       6,870  

Asia Vital Components Co. Ltd.

    260,019       6,613  

Asustek Computer Inc.

    520,000       11,464  

Elite Material Co. Ltd.

    369,000       11,141  

Gigabyte Technology Co. Ltd.

    469,000       4,544  

Gold Circuit Electronics Ltd.

    1,068,000       10,785  

Hon Hai Precision Industry Co. Ltd.

    3,833,298       21,127  

MediaTek Inc.

    370,000       15,833  

Quanta Computer Inc.

    1,505,000       14,142  

Simplo Technology Co. Ltd.

    354,000       4,666  

Taiwan Semiconductor Manufacturing Co. Ltd.

    5,211,000       189,089  

Taiwan Semiconductor Manufacturing Co. Ltd. ADR

    164,643       37,290  

 

 

 

 

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

 

Causeway Emerging Markets Fund

  

Number of Shares

    

Value (000)

  

 

                

Taiwan — (continued)

                

Information Technology (continued)

                

Taiwan Surface Mounting Technology Co. Ltd.

    1,429,000     $ 5,087  

Wistron Corp.

    3,710,000       15,558  

Wiwynn Corp.

    141,000       12,212  
              383,739  
              425,894  

Thailand — 0.5%

                

Consumer Discretionary — 0.2%

                

Com7, Class F

    8,235,000       4,686  
                 

Consumer Staples — 0.3%

                

Charoen Pokphand Foods PCL

    8,462,800       5,988  
                 
              10,674  

Turkey — 1.3%

                

Consumer Discretionary — 0.1%

                

Dogus Otomotiv Servis ve Ticaret AS

    852,069       3,728  
                 

Industrials — 1.2%

                

AG Anadolu Grubu Holding AS

    695,164       4,539  

Enka Insaat ve Sanayi AS

    3,343,715       5,580  

Pegasus Hava Tasimaciligi AS 1

     1,325,506       8,555  

Turk Hava Yollari AO

    1,223,672       8,713  
              27,387  
              31,115  

United Arab Emirates — 1.7%

                

Communication Services — 0.3%

                

Emirates Telecommunications Group Co. PJSC

    1,336,313       6,404  
                 

Financials — 0.1%

                

Abu Dhabi Commercial Bank PJSC

    658,183       2,416  
                 

Real Estate — 1.3%

                

Aldar Properties PJSC

    4,819,669       11,706  

Emaar Properties PJSC

    5,249,366       19,439  
              31,145  
              39,965  

 

 

 

 

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

 

Causeway Emerging Markets Fund

  

Number of Shares

    

Value (000)

  

 

                

United States — 0.6%

                

Information Technology — 0.6%

                

Cognizant Technology Solutions Corp., Class A

    174,178     $ 13,591  
                 

Total Common Stock

                

(Cost $1,757,508) — 93.0%

             2,166,011  
                 
   

Face Amount

          

 

                

EQUITY-LINKED NOTES

                

Citigroup Global Markets Holdings Inc. (Underlying Reference is a Basket Consisting of China A Shares Available Via Hong Kong Stock Connect)

                

7/10/20251,4,5

   $ 34,506,908       35,121  

Citigroup Global Markets Holdings Inc. (Underlying Reference is MSCI China A Inclusion Net Return USD Index)

                

9/30/20251,4,5

     28,909,000       35,359  
                 

Total Equity-Linked Notes

                

(Cost $63,416) — 3.0%

             70,480  
                 
   

Number of Shares

          

 

                

PREFERENCE STOCK

                

Brazil — 0.3%

                

Materials — 0.3%

                

Bradespar SA

    2,687,800       7,791  

Total Preference Stock

                

(Cost $10,755) — 0.3%

             7,791  
                 

 

 

 

 

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

 

Causeway Emerging Markets Fund

  

Number of Shares

    

Value (000)

  

 

                

SHORT-TERM INVESTMENT

                

Invesco Short-Term Investment Trust: Government & Agency Portfolio, Institutional Class, 4.26% *

     68,892,897     $ 68,893  
                 
                 

Total Short-Term Investment

                

(Cost $68,893) — 3.0%

             68,893  
                 

Total Investments — 99.3%

                

(Cost $1,900,572)

            2,313,175  
                 

Other Assets in Excess of Liabilities — 0.7%

             15,224  
                 

Net Assets — 100.0%

           $ 2,328,399  

 

A list of the open futures contracts held by the Fund at June 30, 2025, is as follows:

Type of Contract

  

Number of
Contracts

    

Expiration Date

    

Notional Amount

    

Value

    

Unrealized Appreciation

  

Long Contracts

                                        

MSCI Emerging Markets

     1,096       Sep-2025     $ 65,857     $ 67,596     $ 1,739  

 


*

The rate reported is the 7-day effective yield as of June 30, 2025.

1

Non-income producing security.

2

Level 3 security in accordance with fair value hierarchy.

3

Real Estate Investment Trust.

4

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On 6/30/2025, the value of these securities amounted to $70,480 (000) representing 3.0% of the Net Assets.

5

Equity linked note or certificate issued by Citigroup Global Markets Holdings Inc. providing exposure to the price movements of the underlying referenced(s) noted, plus an outperformance rate of return that is fixed at the time of issuance.

 


ADR

American Depositary Receipt

MSCI

Morgan Stanley Capital International

PJSC

Public Joint-Stock Company

USD

United States Dollar

 


 

 

 

 

 

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

 

 

 

The table below sets forth information about the Levels within the fair value hierarchy at which the Fund’s investments and other financial instruments are measured at June 30, 2025:

 

Investments in Securities

  

Level 1
(000)

    

Level 2
(000)

    

Level 3
(000)†

    

Total
(000)

  

Common Stock

                                

Argentina

   $ 5,227     $ —     $ —     $ 5,227  

Brazil

     84,051       —       —       84,051  

Chile

     4,404       —       —       4,404  

China

     660,585       —       — ^     660,585  

Greece

     14,898       —       —       14,898  

India

     345,441       —       —       345,441  

Indonesia

     19,958       —       —       19,958  

Malaysia

     9,504       —       —       9,504  

Mexico

     14,515       —       —       14,515  

Peru

     16,823       —       —       16,823  

Poland

     16,231       —       —       16,231  

Russia

     —       —       — ^     —  

Saudi Arabia

     42,704       —       —       42,704  

Singapore

     19,864       —       —       19,864  

South Africa

     40,039       —       —       40,039  

South Korea

     350,528       —       —       350,528  

Taiwan

     425,894       —       —       425,894  

Thailand

     —       10,674       —       10,674  

Turkey

     31,115       —       —       31,115  

United Arab Emirates

     39,965       —       —       39,965  

United States

     13,591       —       —       13,591  

Total Common Stock

     2,155,337       10,674       —       2,166,011  

Equity-Linked Notes

     —       70,480       —       70,480  

Preference Stock

                                

Brazil

     7,791       —       —       7,791  

Total Preference Stock

     7,791       —       —       7,791  

Short-Term Investment

     68,893       —       —       68,893  

Total Investments in Securities

   $ 2,232,021     $ 81,154     $ —     $ 2,313,175  

 

Other Financial Instruments

  

Level 1
(000)

    

Level 2
(000)

    

Level 3
(000)

    

Total
(000)

  

Futures Contracts*

  Unrealized Appreciation

   $ 1,739     $ —     $ —     $ 1,739  

Total Other Financial Instruments

   $ 1,739     $ —     $ —     $ 1,739  
 

 




 

 

 

 

Schedule of Investments (concluded)

June 30, 2025 (Unaudited)

 

 

 

† A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

 

^ Security is fair valued at zero.

 

*

Futures contracts are valued at the unrealized appreciation on the instruments.

 

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

 

For information on the Fund’s policies 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-002-3700