O11ce Season 1: Qartulad

The supporting cast maps predictably: the sensible, exasperated receptionist (Diana, as Pam); the sardonic, intellectually superior salesman (Giorgi, as Jim); the socially oblivious, rule-following accountant (Zura, as Gareth/Dwight). Yet their interactions are filtered through a Georgian lens of friendship, nepotism, and post-Soviet workplace hierarchy. The “Jim and Pam” romantic subplot feels less will-they-won’t-they and more grounded in the practical realities of Tbilisi office life, where gossip travels fast and personal boundaries are more porous. The primary challenge for any adaptation of The Office is the humor of discomfort—the sustained, painful awkwardness of watching someone violate social norms. Season 1 of O11ce struggles significantly with this tonal transfer.

Furthermore, certain key episodes lose their power in translation. The episode where the office must handle a “fire drill” or the arrival of an unwanted visitor feels less like a critique of corporate ineptitude and more like a standard Georgian sitcom misunderstanding. The script’s direct translation of jokes from the US version—without full cultural re-contextualization—results in moments that feel foreign, not funny. For example, references to American health insurance or suburban parking lots fall flat in a Georgian context where social realities are vastly different. Viewed technically, Season 1 of O11ce suffers from the growing pains typical of a young sitcom production in Georgia. The single-camera mockumentary style is executed with inconsistent framing; shaky camerawork feels accidental rather than intentional, and the talking-head confessionals often lack the intimate, confessional lighting that gives the format its psychological depth. The acting ranges from over-the-top (Kipshidze’s Gega is exhausting rather than pathetic) to genuinely subtle (the actress playing Diana delivers a quiet, grounded performance that hints at what could have been). O11ce Season 1 Qartulad

In the vast landscape of international television adaptations, few properties have proven as resilient, challenging, and culturally specific as the mockumentary sitcom The Office . Originally a British creation by Ricky Gervais and Stephen Merchant, it was famously reinvented for the United States, becoming a global benchmark for workplace comedy. In 2014, Georgia joined the ranks of nations attempting to localize this format with O11ce (often stylized with the number “11” representing the double ‘f’), broadcast on the Rustavi 2 network. Season 1 of O11ce in Georgian ( Qartulad ) stands as a fascinating case study: a brave but flawed attempt to translate not just jokes, but a specific comedic rhythm, social awkwardness, and corporate malaise into the post-Soviet, Tbilisi-centric business environment. The Premise and Characters: Familiar Archetypes, Local Flavor On its surface, O11ce retains the structural skeleton of the original. The setting is a small, drab paper supply company—here, “Papia” (meaning “paper” in Georgian)—struggling to stay relevant. The camera crew documents the mundane daily interactions of its employees. The central figure, Gega (played by Giorgi Kipshidze), is a direct analogue of David Brent (UK) and Michael Scott (US): a desperate-to-be-liked, self-deluded manager with a toxic combination of ignorance, insecurity, and an unwavering belief in his own charisma. The primary challenge for any adaptation of The

However, Season 1 immediately distinguishes itself through local characterization. Unlike the cringe-inducing, almost tragic loneliness of Brent or the childish enthusiasm of Scott, Gega possesses a distinctly Georgian tamada -esque quality. He attempts to lead through loud toasts, forced camaraderie, and a performative sense of hospitality—all hallmarks of Georgian social culture. When he fails, his frustration manifests less as awkward silence and more as hot-tempered bluster, reflecting a cultural temperament where emotional expression is often louder and more direct than in British or American contexts. The episode where the office must handle a

In the original UK version, the cringe is glacial and almost documentary-like. In the US version, it is balanced with warmth and pathos. The Georgian version, however, tends to replace cringe with slapstick and overt caricature. Gega’s attempts at stand-up comedy in the office or his ill-fated “diversity day” equivalent (repurposed for local ethnic tensions) lack the nuanced build-up of awkwardness; instead, they veer into broad farce. Georgian comedic traditions are historically rooted in stumreoba (witty, fast-paced banter) and physical comedy, as seen in popular theater and film. O11ce tries to marry this native style with the mockumentary’s deadpan realism, and the marriage is often discordant.

Critical and audience reception at the time was lukewarm to negative. Georgian viewers, many of whom were familiar with the US The Office via piracy and streaming, compared O11ce unfavorably to its predecessor. Common complaints included poor pacing, wooden dialogue, and a failure to understand the core tenet of the show: that the audience must feel both superior to and sympathetic with the boss. Gega elicited only irritation, not the desired wince of recognition. Despite—or perhaps because of—its shortcomings, O11ce Season 1 is a valuable artifact. It demonstrates the limits of global television formatting. Unlike reality competition shows (e.g., The Voice ), which transfer seamlessly, a comedy of manners like The Office is deeply embedded in specific cultural assumptions about work, hierarchy, embarrassment, and intimacy.

The Georgian attempt reveals that the mockumentary cringe relies on a particular Anglo-American Protestant work ethic—the quiet desperation of a job you hate, the polite avoidance of conflict, the unspoken rules of cubicle life. Georgian corporate culture, still evolving from the Soviet blat (networking through favors) and family-run businesses, operates on a different emotional frequency. O11ce Season 1 failed to find that frequency. O11ce Season 1 Qartulad is not a lost classic, nor is it an unwatchable disaster. It is a noble, deeply instructive experiment. It honors the structure of a beloved show while trying, sometimes clumsily, to inject Georgian warmth and theatricality into a format designed for British reserve or American sentimentality. For the scholar of television adaptation, it offers a perfect negative example: a reminder that comedy, more than any other genre, is a local dialect. To truly adapt The Office , one must not simply translate the jokes—one must translate the silence between them. O11ce Season 1 tried, and in its trying, it taught us more about Georgian humor than any successful adaptation ever could.

International Small Cap Fund

Portfolio Attribution

The Causeway International Small Cap Fund (“Fund”), on a net asset value basis, outperformed the Index during the month. To evaluate stocks in our investible universe, our multi-factor quantitative model employs five bottom-up factor categories –valuation, sentiment, technical indicators, quality, and corporate events – and two top-down factor categories assessing macroeconomic and country aggregate characteristics. Most alpha factor categories delivered positive returns in January. Among our bottom-up factor groups, our technical, sentiment, and corporate events factors posted the most positive monthly returns, and technical is the best-performing bottom-up factor group over the last twelve months. Valuation and quality, which is the only factor group that has negative returns over the last twelve months, posted negative returns in January. Returns to our macroeconomic and country aggregate factors were positive in January as countries exhibiting more attractive characteristics (such as Korea and Taiwan) outperformed those with relatively weaker characteristics (such as India). All factor groups remain positive on an inception-to-date basis.

Investment Outlook

International small caps (ACWI ex USA Small Cap Index) continue to trade at a rare discount to their larger-cap (ACWI ex USA Index) peers on a forward P/E basis. In addition to the attractive relative valuation of the asset class overall, Causeway’s International Small Cap portfolio continues to trade at a substantial discount to the Index while simultaneously exhibiting more favorable growth, quality, momentum, and positive estimate revisions than the Index. We believe that this highly attractive combination of characteristics better insulates our portfolio from future volatility.

We believe another attractive feature of international small caps is that they exhibit greater valuation dispersion than large caps on both a forward earnings yield and B/P basis. This indicates more information content in the valuation ratios of small caps. In addition to exhibiting greater valuation dispersion, small caps exhibit a higher long-term earnings per share growth trend.

The supporting cast maps predictably: the sensible, exasperated receptionist (Diana, as Pam); the sardonic, intellectually superior salesman (Giorgi, as Jim); the socially oblivious, rule-following accountant (Zura, as Gareth/Dwight). Yet their interactions are filtered through a Georgian lens of friendship, nepotism, and post-Soviet workplace hierarchy. The “Jim and Pam” romantic subplot feels less will-they-won’t-they and more grounded in the practical realities of Tbilisi office life, where gossip travels fast and personal boundaries are more porous. The primary challenge for any adaptation of The Office is the humor of discomfort—the sustained, painful awkwardness of watching someone violate social norms. Season 1 of O11ce struggles significantly with this tonal transfer.

Furthermore, certain key episodes lose their power in translation. The episode where the office must handle a “fire drill” or the arrival of an unwanted visitor feels less like a critique of corporate ineptitude and more like a standard Georgian sitcom misunderstanding. The script’s direct translation of jokes from the US version—without full cultural re-contextualization—results in moments that feel foreign, not funny. For example, references to American health insurance or suburban parking lots fall flat in a Georgian context where social realities are vastly different. Viewed technically, Season 1 of O11ce suffers from the growing pains typical of a young sitcom production in Georgia. The single-camera mockumentary style is executed with inconsistent framing; shaky camerawork feels accidental rather than intentional, and the talking-head confessionals often lack the intimate, confessional lighting that gives the format its psychological depth. The acting ranges from over-the-top (Kipshidze’s Gega is exhausting rather than pathetic) to genuinely subtle (the actress playing Diana delivers a quiet, grounded performance that hints at what could have been).

In the vast landscape of international television adaptations, few properties have proven as resilient, challenging, and culturally specific as the mockumentary sitcom The Office . Originally a British creation by Ricky Gervais and Stephen Merchant, it was famously reinvented for the United States, becoming a global benchmark for workplace comedy. In 2014, Georgia joined the ranks of nations attempting to localize this format with O11ce (often stylized with the number “11” representing the double ‘f’), broadcast on the Rustavi 2 network. Season 1 of O11ce in Georgian ( Qartulad ) stands as a fascinating case study: a brave but flawed attempt to translate not just jokes, but a specific comedic rhythm, social awkwardness, and corporate malaise into the post-Soviet, Tbilisi-centric business environment. The Premise and Characters: Familiar Archetypes, Local Flavor On its surface, O11ce retains the structural skeleton of the original. The setting is a small, drab paper supply company—here, “Papia” (meaning “paper” in Georgian)—struggling to stay relevant. The camera crew documents the mundane daily interactions of its employees. The central figure, Gega (played by Giorgi Kipshidze), is a direct analogue of David Brent (UK) and Michael Scott (US): a desperate-to-be-liked, self-deluded manager with a toxic combination of ignorance, insecurity, and an unwavering belief in his own charisma.

However, Season 1 immediately distinguishes itself through local characterization. Unlike the cringe-inducing, almost tragic loneliness of Brent or the childish enthusiasm of Scott, Gega possesses a distinctly Georgian tamada -esque quality. He attempts to lead through loud toasts, forced camaraderie, and a performative sense of hospitality—all hallmarks of Georgian social culture. When he fails, his frustration manifests less as awkward silence and more as hot-tempered bluster, reflecting a cultural temperament where emotional expression is often louder and more direct than in British or American contexts.

In the original UK version, the cringe is glacial and almost documentary-like. In the US version, it is balanced with warmth and pathos. The Georgian version, however, tends to replace cringe with slapstick and overt caricature. Gega’s attempts at stand-up comedy in the office or his ill-fated “diversity day” equivalent (repurposed for local ethnic tensions) lack the nuanced build-up of awkwardness; instead, they veer into broad farce. Georgian comedic traditions are historically rooted in stumreoba (witty, fast-paced banter) and physical comedy, as seen in popular theater and film. O11ce tries to marry this native style with the mockumentary’s deadpan realism, and the marriage is often discordant.

Critical and audience reception at the time was lukewarm to negative. Georgian viewers, many of whom were familiar with the US The Office via piracy and streaming, compared O11ce unfavorably to its predecessor. Common complaints included poor pacing, wooden dialogue, and a failure to understand the core tenet of the show: that the audience must feel both superior to and sympathetic with the boss. Gega elicited only irritation, not the desired wince of recognition. Despite—or perhaps because of—its shortcomings, O11ce Season 1 is a valuable artifact. It demonstrates the limits of global television formatting. Unlike reality competition shows (e.g., The Voice ), which transfer seamlessly, a comedy of manners like The Office is deeply embedded in specific cultural assumptions about work, hierarchy, embarrassment, and intimacy.

The Georgian attempt reveals that the mockumentary cringe relies on a particular Anglo-American Protestant work ethic—the quiet desperation of a job you hate, the polite avoidance of conflict, the unspoken rules of cubicle life. Georgian corporate culture, still evolving from the Soviet blat (networking through favors) and family-run businesses, operates on a different emotional frequency. O11ce Season 1 failed to find that frequency. O11ce Season 1 Qartulad is not a lost classic, nor is it an unwatchable disaster. It is a noble, deeply instructive experiment. It honors the structure of a beloved show while trying, sometimes clumsily, to inject Georgian warmth and theatricality into a format designed for British reserve or American sentimentality. For the scholar of television adaptation, it offers a perfect negative example: a reminder that comedy, more than any other genre, is a local dialect. To truly adapt The Office , one must not simply translate the jokes—one must translate the silence between them. O11ce Season 1 tried, and in its trying, it taught us more about Georgian humor than any successful adaptation ever could.

Emerging Markets Fund

Portfolio Attribution

The Causeway Emerging Markets Fund (“Fund”) outperformed the Index in January 2026. We use both bottom-up “stock-specific” and top-down factor categories to forecast alpha for the stocks in the Fund’s investable universe. Our bottom-up technical (price momentum) and growth factors were positive indicators in January. Our competitive strength, valuation, and corporate events factors were negative indicators. Our top-down macroeconomic factor was a negative indicator while currency and country/sector aggregate were positive indicators during the month.

Investment Outlook

The US Federal Reserve recently lowered its target interest rate and announced quantitative easing measures to maintain supportive financial conditions. After strong performance in 2025, we believe the 2026 outlook for EM equities is supported by stable to falling US interest rates. After strong performance in 2025, we believe the 2026 outlook for EM equities is supported by stable to falling US interest rates. From a country perspective, we are identifying attractive investment opportunities in South Korea. Strong earnings growth in the South Korean semiconductor sector, corporate governance reforms, and robust demand for goods in sectors with strategic importance such as defense, nuclear, power transformers, and shipbuilding have bolstered Korean stocks. We believe these tailwinds will persist in 2026. We were overweight South Korean stocks in the Fund as of year-end.

EM large cap stock returns posed a headwind for the Fund’s performance in 2025 due to the portfolio’s EM small cap allocation. Within EM, we continue to identify, in our view, attractive investment opportunities in small cap companies. Historically, our investment process has uncovered EM small cap stocks with alpha potential. The Fund’s allocation to small cap stocks was near the high end of the historical range at year-end.

International Value Fund

Portfolio Attribution

The Causeway International Value Fund (“Fund”), on a net asset value basis, underperformed the Index during the month, due primarily to industry group allocation (a byproduct of our bottom-up stock selection process). On a gross return basis, Fund holdings in the capital goods and semiconductors & semi equipment industry groups, along with an overweight position in the consumer durables & apparel industry group, detracted from relative performance. Holdings in the technology hardware & equipment and food beverage & tobacco industry groups, as well as an underweight position in the insurance industry group, offset some of the underperformance compared to the Index. The largest detractor was multinational luxury conglomerate, Kering SA (France). Additional notable detractors included business software & services provider, SAP SE (Germany), and print & publishing company, RELX Plc (United Kingdom). The top contributor to return was electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea). Other notable contributors included semiconductor company, Renesas Electronics Corp. (Japan), and banking & financial services company, BNP Paribas SA (France).

Investment Outlook

Sustained earnings growth and abundant global liquidity could support current global equity market levels. While inflation progress remains uneven, G-7 central banks face mounting political and economic pressure to prioritize growth, suggesting an accommodative bias in monetary policy. In the United States, assuming no material escalation in tariffs, favorable tax and regulatory conditions should underpin continued economic expansion, with AI-driven capital expenditures broadening beyond graphics processing units (GPUs) into power infrastructure, data center development, cooling, and networking. Accessible credit and a less restrictive regulatory backdrop are also likely to drive a surge in M&A activity across major developed markets, supporting both public and private asset valuations. Europe and Japan could attract increased global capital flows if deregulation efforts persist and Europe advances toward deeper single-market integration and institutional coordination. Political polarization and potential voter backlash remain risks to the pace and durability of reform, especially if inflation re-accelerates or AI-related employment concerns intensify.

Within this environment, stock selection remains paramount. We expect some of the portfolio’s most attractive opportunities to come from companies undergoing operational restructuring, where capable management teams can re-accelerate cash flow growth—often in currently unpopular areas such as industrials and consumer staples. In health care, we are focused on businesses with durable pricing power, established franchises, and underappreciated pipelines, viewing periodic setbacks as potential entry points. We also see improving prospects among technology laggards, particularly where we believe cyclical challenges are being misread as structural. Our research seeks to distinguish permanent impairment from temporary disruption, especially in IT Services, enterprise software, and analog semiconductors, while carefully assessing the implications of rising Chinese competition.

As leadership broadens across global equity markets, we see an expanding opportunity set for disciplined, valuation-based active management. By focusing on cash flow trajectory, balance sheet strength, and management execution, we seek to identify mispriced securities where we believe long-term fundamentals are not fully reflected in current valuations.

O11ce Season 1 Qartulad

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