https://www.sec.gov/Archives/edgar/data/1156906/000119312523276837/d548770d497.htm
497 1 d548770d497.htm CAUSEWAY CAPITAL MANAGEMENT TRUST
CAUSEWAY CAPITAL MANAGEMENT TRUST
(the “Trust”)
Causeway Concentrated Equity Fund
(the “Fund”)
SUPPLEMENT DATED NOVEMBER 14, 2023
TO THE SUMMARY PROSPECTUS AND PROSPECTUS,
DATED JANUARY 27, 2023
AND STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 27, 2023
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE FUND’S SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION AND SHOULD BE READ IN CONJUNCTION WITH THE FUND’S SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION. CAPITALIZED TERMS NOT DEFINED HEREIN ARE AS DEFINED IN THE FUND’S SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION.
The Board of Trustees of the Trust has approved a Plan of Liquidation for the Fund, pursuant to which the Fund will be liquidated (the “Liquidation”) on or about December 14, 2023 (the “Liquidation Date”). The Trust may change the Liquidation Date without notice at the discretion of the Trust’s officers.
Suspension of Purchases. In connection with the Liquidation, effective as of the close of business on November 14, 2023, the Fund will close to new purchases of shares. Prior to the Liquidation Date, shareholders may continue to redeem their shares in the manner described in the “How to Sell Fund Shares” section of the Prospectus.
Once the Fund begins to liquidate its portfolio in preparation for Liquidation, the Fund will not pursue its investment objective or engage in normal business activities, except for the purposes of winding up its business and affairs, preserving the value of its assets, paying its liabilities, and distributing its remaining assets to shareholders.
Mechanics. Prior to the Liquidation Date, the Fund may make a distribution of any net investment income, net realized capital gains and/or any additional amounts necessary to avoid any excise tax obligations for the Fund. The Trust will automatically redeem any shares of the Fund outstanding on the Liquidation Date as of the close of business on that date. The proceeds of any such redemption will be the net asset value of such shares after the Fund has paid or provided for all charges, taxes, expenses and liabilities of the Fund. The Fund’s investment adviser will bear all of the expenses (other than brokerage or other portfolio transaction expenses) associated with the liquidation of the Fund to the extent such expenses exceed the amount of the Fund’s normal and customary fees and expenses accrued by the Fund through the Liquidation Date. It is expected that the Fund will pay to shareholders the proceeds of Liquidation in cash to all shareholders of record of the Fund on the Liquidation Date.
U.S. Federal Income Tax Matters. For shares held in taxable accounts, whether you sell your shares or are automatically redeemed as described above, you will generally recognize a capital gain (or loss) equal to the amount you receive for your shares above (or below) your adjusted cost basis in such shares. See the section titled “Taxes” in the Prospectus. Please consult your personal tax adviser about the potential tax consequences.
If you have any questions regarding the Liquidation, you may contact the Fund at 1-866-947-7000.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

OK, just got info thru 6/30 (all vs S&P 500):
YTD 22.2 vs 16.9
1Yr 25.0 vs 19.6
3Yr 18.5 vs 14.6
5Yr 15.5 vs 12.3
10Yr 14.8 vs 12.9

Triavarte's Adam Parker was interviewed on CNBC Closing Bell Friday. The video is available via CNBC Pro (fee) which I do not subscribe to.
https://www.cnbc.com/video/2023/11/10/pro-watch-cnbcas-full-interview-with-trivariates-adam-parker-and-requisites-bryn-talkington.html
Included was a discussion of small caps. He stated (paraphrasing) we are at least 3-6 months away in this bizness/market cycle from SCs being a proper/correct play.
.....

Ooopsy! With the RUT UP almost 5% today, so much for that projection!

Regular account trades are routed under "payments for order flows" and that is how they distinguish the Pro account commissions.
Fidelity doesn't get payment for order flow on equity trades (it does on commodities).
Neither does Merrill. And they don't charge a commission to give you best execution.
Brokers may also go a step further. If they're not getting payment for order flow, they might enable you to route your orders yourself. You get that with IBKR Pro, and at Fidelity using Active Trader Pro.
Fidelity Help - Active Trader Pro routes available
https://www.fidelity.com/products/atp/help_10.3/ActiveTraderTools_Trade_Help.html#availableroutes
Fidelity Active Trader Pro Directed Trading User Agreement
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/fidelity/ATPDirectedTradingUserAgreement10-2.pdf

Currently, uncle David says there are selective opportunities in Yoots and Junk bonds.

I tried to use their mutual fund search tool and asked the tool to give me all the US equity funds. I received a "There are 0 results." I am sure they offer more than 0 US equity mutual funds but could they make their website a little bit more friendly?
https://www.interactivebrokers.com/en/trading/fundscanner.php#/
The problem is with the data, not the tool. Do a search for stock funds, not equity funds. VMVFX is reported as a stock fund. The stock fund search still won't get all stock (equity) funds because the database reports many funds, such as VHCAX, as being of type "N/A".
Go to the link below which talks about incoming wires and is silent about outgoing wires - https://www.interactivebrokers.com/en/support/fund-my-account.php?cid=f035942a-e8ad-4d5e-b105-249bcbe6ba32
For withdrawal fees, click on "Withdrawals and Physical Deposits" on this page:
https://www.interactivebrokers.com/en/pricing/other-fees.php

IBKR allows one free withdrawal request per calendar month. After the first withdrawal (of any kind), IBKR will charge the fees listed below for any subsequent withdrawal:
$10.00 (Bank Wire/Transfer); $4.00 (Checks); $1.00 (BACS/GIRO/ACH/EFT/SEPA)

Under ACH transfers, it says, "Limited to $100,000 per seven days." Hotel California?
More precisely, that is under the heading: "Connect Your Bank via ACH". The limit applies to ACH pulls from your bank. ACH pushes by your bank to IBKR are described under "Direct ACH Transfer from your Bank" and are unlimited.
Funds pushed by your bank "are available for withdrawal [from IBKR] three business days after being deposited." Not unusual. OTOH, funds pulled from your bank "are available for withdrawal to the originating bank account after five business days. If you wish to withdraw the funds to an account other than the originating bank account, the hold period is 44 business days." Emphasis in original.
You can check in any time you like (up to $100K/week), but you can rarely leave (for 44 days). Welcome to the Hotel IBKR.

LCR appears to be within my risk/reward bumper rails. 1/3/2020 inception. New mgt 2011 LCORX. On my watch list. Fund of funds.

I have not been to a Schwab branch in more than a decade. I like to not have to interact with customer service at any brokerage but if something goes wrong, the customer service needs to be available and be competent and not just BS away. Many posters in this forum know more about the large brokerages' products and services (and SEC rules) than many, many customer service reps at those brokerages.
From my quick review, it appears the Pro account has a minimum fees of $10 per month (reduced by commissions paid during the month). I will accept that fees if I never have to contact their customer service.
I tried to use their mutual fund search tool and asked the tool to give me all the US equity funds. I received a "There are 0 results." I am sure they offer more than 0 US equity mutual funds but could they make their website a little bit more friendly? I can live without using IBKR for mutual funds but not with an uncooperative website.
I tried to figure out if I can wire funds from IBKR to other brokerages and banks and how much IBKR would charge. Go to the link below which talks about incoming wires and is silent about outgoing wires - https://www.interactivebrokers.com/en/support/fund-my-account.php?cid=f035942a-e8ad-4d5e-b105-249bcbe6ba32
Under ACH transfers, it says, "Limited to $100,000 per seven days." Hotel California?
I am sure IBKR has more wide ranging capabilities than other large traditional brokerages but I first need a brokerage to do basic things well before getting excited about trading stocks on foreign exchanges.
IBKR is very profitable (unlike HOOD) and so they must be doing something right.
Regular account trades are routed under "payments for order flows" and that is how they distinguish the Pro account commissions.

From my quick use, IBKR research tool is a bit flimsy (non-existent?) for mutual funds. ( I wonder how good their research tools for other products are.). The $15 transaction fees mentioned earlier is for each leg.

Customer service exists at IBKR as long as you are not too keen to use it :) On a 1-10, if you think walking into a Schwab shop to get your needs attended has a success rate of 7 or 8, I think IBKR might feel disappointing. The reason is they have a very efficient process all around. They expect that people come to IBKR know what's what. THeir websites are far more thorough with all the bells and whistles. They have chat and phone customer service and they are very helpful but its not a shop like schwab.

Just posted all ratings to MFO Premium site through October using Refinitiv's data drop dated 10 November.

TCIFX is the "Wellesley" version with 30-50% stocks, 50-70% fixed-income. Ticker TCIFX is not recognized by MFO, M*, Yahoo Finance, but Bloomberg shows it as pending. https://www.bloomberg.com/quote/TCIFX:US#xj4y7vzkg
The SAME 2 managers (Giroux, Shuggi) are listed now as in 2017. So, the excuse of some "...internal job transition involving the fund's then co-portfolio manager" may only hint that Giroux "demanded" a better role for him, and "got it" through the creation of is separate unit within Rowe Price "for him". Giroux is now a big shot at Rowe Price (CIO, unit head, portfolio manager). Now, he can play ball again - TCAF, TCIFX, etc.
https://www.troweprice.com/financial-intermediary/us/en/search.html/biokey/3616ee1e-20a0-48e6-840b-748b73b32d6c
https://en.wikipedia.org/wiki/David_R._Giroux

@WABAC, it's the non-selectivity of SC indexes that is the problem (not just Vanguard index funds). This is true of R2000 and Extended-Market/Completion indexes (Total market minus SP500 or R1000). In being comprehensive, these SC indexes have lots of garbage - up to 40% of companies are losing money. To many pure indexers, this is fine as they object to any index modifications.
IF indexing SC, a better index is S&P SC 600 with ETFs IJR, SPSM.

Even then I prefer more selective index slices than provided by cap-weighting alone.
And I never gave up on active management. The main issues have been availability and cost. Active etf's solve that. And it seems that people are interested.

@WABAC, it's the non-selectivity of SC indexes that is the problem (not just Vanguard index funds). This is true of R2000 and Extended-Market/Completion indexes (Total market minus SP500 or R1000). In being comprehensive, these SC indexes have lots of garbage - up to 40% of companies are losing money. To many pure indexers, this is fine as they object to any index modifications.
IF indexing SC, a better index is S&P SC 600 with ETFs IJR, SPSM.

Suppose one makes 100 predictions and bets on $1 on every prediction thats one thing. But of course a trained market participant should do better. It’s not just the prediction but also a matter of how the market is priced for that prediction and as a result what kind of odds one can get of that prediction is right and the level of confidence is high. Then instead of betting $1 bet a bigger size. Sizing matters. Think of an equal weighted fund versus barons fund holding 60% in Tesla. Sizing matters. Ron Baron talks bullish about many stocks but he didn’t size them equally. He sized Tesla. That’s an example. Hope that helps.

Thanks for the explanation. I figured it was something along the line of putting your money where your mouth is. I haven't seen sizing as the term of art for that. My prediction is: Odds are I will now see it used that way everywhere. :)
Invesco recently sized their equal-weight S&P 400 fund into a mid-cap version of SPGP. And I recently sized several sprawling Vanguard index funds right out of my life. Invesco, and I, moved our money where our predictions are. We will live with the consequences of our prediction in ways that the talking heads seldom do.

Suppose one makes 100 predictions and bets on $1 on every prediction thats one thing. But of course a trained market participant should do better. It’s not just the prediction but also a matter of how the market is priced for that prediction and as a result what kind of odds one can get of that prediction is right and the level of confidence is high. Then instead of betting $1 bet a bigger size. Sizing matters. Think of an equal weighted fund versus barons fund holding 60% in Tesla. Sizing matters. Ron Baron talks bullish about many stocks but he didn’t size them equally. He sized Tesla. That’s an example. Hope that helps.

Clients may earn interest on positive settled cash balances.
Accounts with a Net Asset Value (NAV) of USD 100,000 (or equivalent) or more are paid interest at the full rate for which they are eligible. Accounts with NAV of less than USD 100,000 (or equivalent) receive interest at rates proportional to the size of the account. There will be no interest paid on the first USD 10,000 of cash.

https://www.interactivebrokers.com/en/accounts/fees/pricing-interest-rates.php
Since the first $10K earns no interest, you can only earn a blended rate up to but not including the "full rate". And that's assuming that your total account value is at least $100K, else your earnings are prorated (multiplied by account value/$100K)
In case that isn't clear, the page has a handy dandy calculator.
The full rate is "benchmark - 50 basis points" for a "Pro" account and "benchmark - 150 basis points" for a "Lite" account.
What's the benchmark? Currently 5.330%
https://www.interactivebrokers.com/en/pricing/reference-benchmark-rates-int.php
Note that this is on settled cash. You might be losing out on a day's interest relative to a broker like Fidelity where its MMFs pay divs starting the first business day after purchase, though that may have been purchased with proceeds of a sale that doesn't settle for two days (T+2).

Shares purchased by ... orders [other than by wire] generally begin to earn dividends on the first business day following the day of purchase.

FDRXX prospectus
This is not a sweep account. Cash is not swept from the brokerage into a government MMF (as at Fidelity) or into FDIC-insured banks (as at Schwab). Rather, the cash just "is" - a general liability of the brokerage. This is called a free credit balance. At IBKR it gets $250K of SIPC coverage plus $900K of excess SIPC coverage via Lloyd's of London. Though if you go "Pro", you can get FDIC coverage.
https://www.interactivebrokers.com/en/general/security-investor-protection.php
"Pro" means paying commissions on all trades in exchange for lower margin rates, higher interest rates, etc.
https://www.interactivebrokers.com/en/trading/why-ibkr-lite.php
(Click on blue "Compare Plans" button near bottom of page.)

Steve Rommick is also one of the managers on another allocation fund, SOR. Source Capital is an allocation CEF that has beaten the 60/40 bogey the fund uses over the past 1 yr and 3 yr periods, but it has not done so for longer periods. Rommick didn't start managing it until 2015, FWIIW. SOR at last report held 20% in non-US stocks. Hard to say what overlap there might be among FPACX, SOR, and the new ETF.

The Week in Charts (11/12/23)
The most important charts and themes in markets, including...
00:00 Intro
00:16 The Tremendous Two (Apple & Microsoft)
03:35 The Fantastic Four (Apple, Microsoft, Google & Amazon)
06:41 The Enormous Eight (Apple, Microsoft, Google, Amazon, Netflix, Tesla, Meta, & Nvidia)
12:16 2023: The Inverse of 2022
14:56 Rising Debt/Delinquencies (Credit Cards, Auto Loans)
19:07 Next Inflation Report: Likely to Decline
21:51 Higher Real Central Bank Rates (Today vs. 2 years ago)
25:37 Spending on Experiences (Concerts, Travel)
27:38 Is Housing Supply Starting to Normalize?
30:41 From $47 billion to $0 (WeWork)
32:40 Outpacing Inflation With I Bonds (updated rates)
Video
Blog

As one of the affected users :-( I can assure you that that message is not for naught. My account still reads "At the close of business on November 1, 2023 ..."
I'm glad it works for you and for others, and perhaps for 99% of TIAA users. Really I am. Unfortunately, that doesn't help me.
In the past I've been accused of being a high maintenance customer. But it's not me, it's them ...
In my account, if I go to Actions, "Daily Summary" produces a page that reads (top right): Daily Statement as of 11/1/23. At the bottom of the page it says:
"Daily Statement Printed on 11/12/23 at 03:53 PM ET"
In my friend's account, Actions, "Daily Summary" produces a page that reads (top right): Daily Statement as of 11/10/23. At the bottom of the page it says:
"Daily Statement Printed on 11/12/23 at 03:58 PM ET"
And there's no way for me to get to a trading/exchange page for my account. Different products go off into different sections of the website. The retail wing (or at least my part of it) has flown the coop.