CAUSEWAY EMERGING MARKETS FUND
Actively managed emerging-markets stock fund
As of its 2026 Q2 report, CAUSEWAY EMERGING MARKETS FUND held 180 positions with $4.22B in net assets. Its ten largest holdings made up 45.8% of the fund. The CEMVX share class costs 1.35% a year. Over the 12 months to May 2026, CEMVX returned 33.2%, with dividends reinvested. In 2026 Q2 it added 48 new positions and exited 47.
The Funds investment objective is to seek long-term growth of capital.
The fund uses a proprietary quantitative model to select equity securities in emerging markets, analyzing stock-specific factors such as valuation, growth, and technical indicators alongside macroeconomic and country-sector considerations, with valuation receiving the highest weight. The fund maintains country exposures within 5 percentage points of the MSCI Emerging Markets Index and invests across ten or more emerging markets, with up to 10% permitted in less-developed frontier markets. Because security selection depends on the model's outputs, which may diverge from index weightings, fund performance will differ from the benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Taiwan Semiconductor Manufacturing Company Limited | 12.10% | $510.58M | 6.5M | $78.89 |
Samsung Electronics Co., Ltd. | 10.40% | $438.60M | 2.0M | $221.90 |
SK hynix Inc. | 4.55% | $192.14M | 108.9K | $1,764.58 |
SK Square Co., Ltd. | 4.20% | $177.16M | 156.7K | $1,130.86 |
N/A | 2.93% | $123.75M | — | — |
Tencent Holdings Limited | 2.74% | $115.56M | 2.1M | $55.18 |
N/A | 2.72% | $114.75M | — | — |
CHINA CONSTRUCTION BANK CORPORATION | 2.39% | $100.98M | 97.9M | $1.03 |
TSMTaiwan Semiconductor Manufacturing Company Limited | 2.02% | $85.28M | 178.6K | $477.57 |
DELTA ELECTRONICS, INC. | 1.77% | $74.74M | 1.2M | $62.80 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 180 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 93.10% |
| Cash & short-term | 3.32% |
| Bonds | 3.24% |
| Derivatives | 3.01% |
Look-through blends 1 underlying fund; 0.773% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q3, one or more quarters before the direct holdings (2026Q2).
How it has done
CEMVX share class · total returns with dividends reinvested
Volatility over the last 12 months: 18.92%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.35% | +33.16% | +88.95% | +46.62% | -10.38% | |
| 1.10% | +33.57% | +90.55% | +48.44% | -10.31% |
These classes hold the same portfolio, so the 1.82pp spread over 5 years is the cost difference between them — roughly 0.36pp a year — not a difference in what they own.
Fees & fund details
CAUSEWAY EMERGING MARKETS FUND is an actively managed emerging-markets equity fund.
- Asset class
- Equity
- Region
- Emerging markets
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 1.10% – 1.35%· CEMVX 1.35%
- Portfolio turnover
- 92.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
48 new· the largest 8
47 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — CEMVX, QQQ and the fund in my 401(k)?”
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