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, 2013

Date of reporting period: June 30, 2013

 

 

 

Item 1. Schedule of Investments

SCHEDULE OF INVESTMENTS (000)*

June 30, 2013 (Unaudited)

 

Causeway Emerging Markets Fund    Number of Shares        Value  
       

COMMON STOCK

       

Brazil — 5.4%

       

Banco do Brasil SA

     419,700         $ 4,155   

BRF SA ADR

     55,100           1,196   

Cia de Saneamento Basico do Estado de Sao Paulo ADR

     148,800           1,549   

Cia de Saneamento de Minas Gerais

     27,100           439   

Cosan SA Industria e Comercio

     47,200           910   

Even Construtora e Incorporadora SA

     203,100           726   

M Dias Branco SA

     16,800           636   

Petroleo Brasileiro SPON SA, Class A ADR

     46,000           674   

Ultrapar Participacoes SA

     16,500           394   
       

 

 

 
          10,679   
       

 

 

 

Chile — 0.5%

       

Aguas Andinas SA, Class A

     604,481           430   

ENTEL Chile SA

     38,125           638   
       

 

 

 
          1,068   
       

 

 

 

China — 17.0%

       

Bank of China Ltd., Class H

     13,272,000           5,437   

China Communications Construction Co. Ltd., Class H

     1,430,000           1,112   

China Construction Bank Corp., Class H

     3,055,000           2,147   

China Lumena New Materials Corp.

     5,064,000           940   

China Minzhong Food Corp. Ltd. 1

     1,195,000           979   

China Mobile Ltd. ADR

     99,200           5,136   

China Petroleum & Chemical Corp. ADR

     51,600           4,721   

China Railway Construction Corp. Ltd., Class H

     1,310,500           1,133   

China Railway Group Ltd., Class H

     1,860,000           854   

China Yuchai International Ltd.

     37,400           659   

Datang International Power Generation Co. Ltd., Class H

     1,646,000           662   

FerroChina Ltd. 1,2,3

     258,000           —   

Giant Interactive Group Inc. ADR

     158,200           1,267   

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

     629,600           902   

Huaneng Power International Inc., Class H

     1,620,000           1,601   

Industrial & Commercial Bank of China, Class H

     1,245,000           780   

KWG Property Holding Ltd.

     835,000           434   

PetroChina Co. Ltd. ADR

     8,200           908   

Shenzhen Investment Ltd.

     1,550,000           584   

Shimao Property Holdings Ltd.

     468,000           921   

Shougang Fushan Resources Group Ltd.

     948,000           366   

 

SCHEDULE OF INVESTMENTS (000)* (continued)

June 30, 2013 (Unaudited)

 

Causeway Emerging Markets Fund    Number of Shares        Value  
       

China — (continued)

       

Skyworth Digital Holdings Ltd.

     1,888,000         $ 948   

Tianneng Power International Ltd.

     1,104,000           441   

WuXi PharmaTech Cayman Inc. ADR 1

     38,600           811   
       

 

 

 
          33,743   
       

 

 

 

India — 8.5%

       

Cairn India Ltd.

     269,143           1,310   

Cipla Ltd.

     99,885           657   

Dena Bank

     289,988           338   

Dr Reddy’s Laboratories Ltd.

     43,625           1,631   

HCL Technologies Ltd.

     131,641           1,714   

Indiabulls Housing Finance Ltd. 3

     199,310           873   

Karnataka Bank Ltd.

     498,165           935   

Lupin Ltd.

     95,000           1,246   

MRF Ltd.

     1,748           379   

Oil & Natural Gas Corp. Ltd.

     166,243           921   

Power Finance Corp. Ltd.

     340,299           822   

Rural Electrification Corp. Ltd.

     181,300           610   

Sterlite Industries India Ltd.

     555,000           783   

Sun Pharmaceutical Industries Ltd.

     48,471           824   

Tata Global Beverages Ltd.

     189,386           427   

Tata Motors Ltd.

     622,118           2,921   

United Phosphorus Ltd.

     220,746           503   
       

 

 

 
          16,894   
       

 

 

 

Indonesia — 1.0%

       

Indofood Sukses Makmur Tbk PT

     987,000           728   

Kalbe Farma

     5,610,000           810   

Surya Semesta Internusa

     3,180,000           414   
       

 

 

 
          1,952   
       

 

 

 

Kazakhstan — 0.3%

       

KazMunaiGas Exploration Production JSC GDR

     34,335           519   
       

 

 

 

Malaysia — 2.4%

       

Telekom Malaysia Bhd

     229,900           393   

Tenaga Nasional Bhd

     1,320,100           3,464   

UMW Holdings Bhd

     183,500           845   
       

 

 

 
          4,702   
       

 

 

 

Mexico — 3.3%

       

Alfa SAB de CV, Class A

     470,800           1,132   

Fomento Economico Mexicano SAB de CV ADR

     8,800           908   

 

SCHEDULE OF INVESTMENTS (000)* (continued)

June 30, 2013 (Unaudited)

 

Causeway Emerging Markets Fund    Number of Shares        Value  
       

Mexico — (continued)

       

Grupo Financiero Santander Mexico SAB de CV, Class B

     800,600         $ 2,289   

Grupo Mexico SAB de CV, Class B

     257,800           746   

Kimberly-Clark de Mexico SAB de CV, Class A

     478,800           1,570   
       

 

 

 
          6,645   
       

 

 

 

Philippines — 0.3%

       

Megaworld Corp.

     7,510,000           571   
       

 

 

 

Poland — 2.6%

       

PGE SA

     221,079           1,024   

Polski Koncern Naftowy Orlen SA

     76,183           1,067   

Powszechny Zaklad Ubezpieczen SA

     20,125           2,480   

Tauron Polska Energia SA

     394,392           511   
       

 

 

 
          5,082   
       

 

 

 

Qatar — 0.7%

       

Commercial Bank of Qatar QSC

     34,228           654   

Industries Qatar QSC

     15,205           661   
       

 

 

 
          1,315   
       

 

 

 

Russia — 5.8%

       

Gazprom OAO ADR

     642,229           4,218   

LUKOIL OAO ADR

     77,516           4,442   

MegaFon OAO GDR

     75,308           2,359   

Tatneft ADR

     15,201           552   
       

 

 

 
          11,571   
       

 

 

 

South Africa — 7.0%

       

Aspen Pharmacare Holdings Ltd.

     55,850           1,284   

Aveng Ltd.

     196,114           595   

AVI Ltd.

     87,000           524   

FirstRand Ltd.

     1,181,879           3,458   

Imperial Holdings Ltd.

     32,581           692   

Liberty Holdings Ltd.

     64,038           776   

MMI Holdings Ltd.

     280,832           629   

Redefine Properties Ltd.

     931,816           989   

Sanlam Ltd.

     379,606           1,764   

Sasol Ltd.

     44,900           1,955   

Vodacom Group Ltd.

     124,157           1,317   
       

 

 

 
          13,983   
       

 

 

 

South Korea — 13.8%

       

CJ Corp.

     7,998           793   

 

SCHEDULE OF INVESTMENTS (000)* (continued)

June 30, 2013 (Unaudited)

 

Causeway Emerging Markets Fund    Number of Shares        Value  
       

South Korea — (continued)

       

Daeduck GDS Co., Ltd.

     27,550         $ 486   

Daesang Corp.

     25,600           695   

Daishin Securities Co. Ltd.

     59,660           466   

Hana Financial Group Inc.

     55,216           1,598   

Hyundai Marine & Fire Insurance Co. Ltd.

     29,420           779   

Korea Gas Corp.

     11,648           536   

KT Corp. ADR

     181,000           2,809   

Meritz Fire & Marine Insurance Co. Ltd.

     25,797           286   

Partron Co., Ltd.

     54,899           889   

Samsung Electronics Co. Ltd.

     7,569           8,847   

SK Holdings Co. Ltd.

     14,919           2,207   

SK Hynix Inc.

     98,200           2,665   

SK Telecom Co. Ltd. ADR

     130,900           2,661   

Woori Finance Holdings Co. Ltd.

     184,500           1,694   
       

 

 

 
          27,411   
       

 

 

 

Taiwan — 12.9%

       

Asustek Computer Inc.

     74,300           635   

Chailease Holding Co. Ltd.

     140,000           328   

Cheng Shin Rubber Industry Co. Ltd.

     102,500           322   

Chicony Electronics Co. Ltd.

     260,055           676   

Chipbond Technology Corp.

     446,000           1,085   

Chong Hong Construction Co.

     329,000           1,182   

Compal Electronics Inc.

     1,030,316           576   

Coretronic Corp.

     753,000           612   

CTCI Corp.

     201,000           364   

HON HAI Precision Industry Co. Ltd.

     627,000           1,533   

Lite-On Technology Corp.

     867,193           1,516   

Merida Industry Co. Ltd.

     166,150           981   

Pegatron Corp. 1

     1,533,000           2,518   

Pou Chen Corp.

     880,000           831   

Powertech Technology Inc.

     570,000           1,064   

Radiant Opto-Electronics Corp.

     123,240           402   

Sercomm Corp.

     254,000           333   

Taiwan Semiconductor Manufacturing Co. Ltd. ADR

     418,000           7,658   

Uni-President Enterprises Corp.

     967,000           1,880   

Wistron Corp.

     991,169           999   
       

 

 

 
          25,495   
       

 

 

 

Thailand — 5.0%

       

Advanced Info Service

     89,000           805   

Bangchak Petroleum

     1,293,300           1,432   

 

SCHEDULE OF INVESTMENTS (000)* (continued)

June 30, 2013 (Unaudited)

 

Causeway Emerging Markets Fund    Number of Shares        Value  
       

Thailand — (continued)

       

Bangkok Dusit Medical Services

     252,400         $ 1,275   

PTT

     268,800           2,890   

Sansiri

     9,848,300           983   

Thai Airways International

     1,386,800           1,102   

Thanachart Capital

     1,243,200           1,534   
       

 

 

 
          10,021   
       

 

 

 

Turkey — 3.7%

       

Ford Otomotiv Sanayi AS

     70,830           977   

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D

     1,234,751           921   

Tupras Turkiye Petrol Rafinerileri AS

     53,932           1,317   

Turk Hava Yollari

     627,477           2,438   

Turk Traktor ve Ziraat Makineleri AS

     46,772           1,648   
       

 

 

 
          7,301   
       

 

 

 

United Arab Emirates — 0.3%

       

Emaar Properties PJSC

     359,375           511   
       

 

 

 

Total Common Stock

       

(Cost $177,467) — 90.5%

          179,463   
       

 

 

 

PREFERENCE STOCK

       

Brazil — 2.5%

       

Cia Energetica de Minas Gerais

     77,757           690   

Cia Paranaense de Energia

     47,800           591   

Metalurgica Gerdau SA, Class A

     54,300           386   

Vale SA, Class B ADR

     271,300           3,299   
       

 

 

 
          4,966   
       

 

 

 

Russia — 0.7%

       

Sberbank of Russia

     800,000           1,360   
       

 

 

 

South Korea — 0.3%

       

LG Chemical Ltd.

     6,400           642   
       

 

 

 

Total Preference Stock

       

(Cost $10,024) — 3.5%

          6,968   
       

 

 

 

EXCHANGE TRADED FUND

       

Vanguard FTSE Emerging Markets Fund

     105,058           4,074   
       

 

 

 

Total Exchange Traded Fund

       

(Cost $4,294) — 2.1%

          4,074   
       

 

 

 

 

SCHEDULE OF INVESTMENTS (000)* (continued)

June 30, 2013 (Unaudited)

 

Causeway Emerging Markets Fund    Number of Shares        Value  

SHORT-TERM INVESTMENT

       

Dreyfus Cash Management,
Institutional Class, 0.050% **

     3,747,693         $ 3,748   
       

 

 

 

Total Short-Term Investment

       

(Cost $ 3,748) — 1.9%

          3,748   
       

 

 

 

Total Investments — 98.0%

       

(Cost $ 195,533) ‡

          194,253   
       

 

 

 

Other Assets in Excess of Liabilities — 2.0%

          4,024   
       

 

 

 

Net Assets — 100.0%

        $ 198,277   
       

 

 

 
* Except for share data.
** The rate reported is the 7-day effective yield as of June 30, 2013.
1 Non-income producing security.
2 Security is fair valued at zero due to company’s insolvency.
3 Securities considered illiquid. The total market value of such securities as of June 30, 2013 was $873 and represented 0.4% of net assets.

 

ADR American Depositary Receipt
FTSE Financial Times and London Stock Exchange
GDR Global Depositary Receipt

 

‡ At June 30, 2013, the tax basis cost of the Fund’s investments was $195,533 and the unrealized appreciation and depreciation were $15,312 and ($16,592), respectively.

 

SCHEDULE OF INVESTMENTS (000) (concluded)

June 30, 2013 (Unaudited)

 

The following is a summary of the inputs used as of June 30, 2013, in valuing the Fund’s investments carried at value (000):

 

Investments in Securities    Level 1      Level 2†      Level 3††      Total  

Common Stock

           

Brazil

   $ 10,679       $ —       $ —       $ 10,679   

Chile

     1,068         —         —         1,068   

China

     13,501         20,242         —         33,743   

India

     —         16,021         873         16,894   

Indonesia

     —         1,952         —         1,952   

Kazakhstan

     519         —         —         519   

Malaysia

     393         4,309         —         4,702   

Mexico

     6,645         —         —         6,645   

Philippines

     —         571         —         571   

Poland

     —         5,082         —         5,082   

Qatar

     —         1,315         —         1,315   

Russia

     —         11,571         —         11,571   

South Africa

     989         12,994         —         13,983   

South Korea

     5,470         21,941         —         27,411   

Taiwan

     7,658         17,837         —         25,495   

Thailand

     —         10,021         —         10,021   

Turkey

     —         7,301         —         7,301   

United Arab Emirates

     —         511         —         511   

 

 

Total Common Stock

     46,922         131,668         873         179,463   

Preference Stock

           

Brazil

     4,966         —         —         4,966   

Russia

     1,360         —         —         1,360   

South Korea

     —         642         —         642   

 

 

Total Preference Stock

     6,326         642         —         6,968   

Exchange Traded Fund

           

United States

     4,074         —         —         4,074   

Short-Term Investment

           

United States

     3,748         —         —         3,748   

 

 

Total Investments in Securities

   $ 61,070       $ 132,310       $ 873       $ 194,253   

 

 

 

† Represents securities trading outside the United States, the values of which were adjusted as a result of significant market movements following the close of local trading, and in Thailand due to “foreign line” securities using “local line” prices.
†† A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the period ended June 30, 2013, the fair value of Level 3 assets was $873, representing 0.4% of net assets.

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 using other observable market–based inputs in place of closing exchange prices due to events occurring after foreign market closures.

Amounts designated as “—” are $0.

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-002-1300

 

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 26, 2013      

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 26, 2013      
By (Signature and Title)      

/s/ Michael Lawson

      Michael Lawson, Treasurer
Date: August 26, 2013      
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