Fund Evaluator:

Causeway Emerging Markets Investor Overview

Causeway Emerging Markets Investor (CEMVX) is an actively managed International Equity Diversified Emerging Mkts fund. Causeway launched the fund in 2007.

The investment seeks long-term growth of capital. The fund normally invests at least 80% of its total assets in equity securities of companies in emerging (less developed) markets and other investments that are tied economically to emerging markets. Generally these investments include common stock, preferred and preference stock, depositary receipts, participation notes, warrants or other equity-linked notes, and exchange-traded funds that invest in emerging markets. It may invest up to 10% of total fund assets in companies in less developed emerging markets not included in the EM Index.

About Causeway Emerging Markets Investor (CEMVX)

There are 4 members of the management team with an average tenure of 14.18 years: Arjun Jayaraman (2007), MacDuff Kuhnert (2007), Joe Gubler (2014), Ryan Myers (2021). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI EM NR USD index with a weighting of 100%. Causeway Emerging Markets Investor has 195 securities in its portfolio. The top 10 holdings constitute 44.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Causeway Emerging Markets Investor is part of the Equity global asset class and is within the International Equity fund group. Causeway Emerging Markets Investor has 93.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.7%. There is 93.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 2.3% (2.3% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Causeway Emerging Markets Investor has 3.3% of the portfolio in cash.

Assets Under Management

The fund has $906 million in total assets, which is below the $967 million average for the Diversified Emerging Mkts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

CEMVX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Causeway Emerging Markets Investor expense ratio is high compared to funds in the Diversified Emerging Mkts category. Causeway Emerging Markets Investor has an expense ratio of 1.34%, which is 16% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Causeway Emerging Markets Investor has a portfolio turnover rate of 92%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.

Recently, in the month of July 2026, Causeway Emerging Markets Investor returned -6.6%, which earned it a grade of D, as the Diversified Emerging Mkts category had an average return of -4.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Causeway Emerging Markets Investor has a trailing yield of 0.83%, which is below the 1.72% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Causeway Emerging Markets Investor Grades

Year to date, the fund has returned 22.3%, 3.3 percentage points better than the category, which translates into a grade of B. The fund has returned 41.1% over the past year (grade of B), 24.4% over the past three years (grade of A) and 10.5% per year over the past five years (grade of A) and 10.0% per year over the past 10 years (grade of B).

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