Causeway Capital

Q3 2013 13F · by Sarah Ketterer, CEO

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $1.2B · prev $948M
Positions: 69 · prev 66
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves73 since the prior filing

+21.1 pp in · −21.1 pp out

New 9 +10.89 pp
Added 51 +10.19 pp
Trimmed 7 −11.27 pp
Exited 6 −9.82 pp

The book

Focused · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 48% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions36% of US stock

unresolved Ryanair Holdings PLC ADR trimmed−9.18 pp trimmed−9.1814.8%
MSFT Microsoft Corp added+0.69 pp added+0.695.7%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) added+0.28 pp added+0.285.7%
BA Boeing Company added+0.93 pp added+0.934.9%
C Citigroup Inc. added+1.43 pp added+1.434.6%

Positions69 in this filing · 6 exited


unresolvedRyanair Holdings PLC ADR	14.85%	3,657,630	$182M	trimmed−17%	−9.18 pp	2 q
MSFTMicrosoft Corp	5.72%	2,037,757	$70M	added+57%	+0.69 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.67%	941,734	$69M	added+28%	+0.28 pp	2 q
BABoeing Company	4.86%	490,422	$60M	added+43%	+0.93 pp	2 q
CCitigroup Inc.	4.64%	1,133,900	$57M	added+90%	+1.43 pp	2 q
ORCLOracle Corp	4.61%	1,654,800	$57M	added+63%	+1.11 pp	2 q
NOVNOV Inc.	4.08%	620,100	$50M	new	+4.08 pp	new
WUThe Western Union Company	3.86%	2,454,665	$47M	added+45%	+0.62 pp	2 q
AAgilent Technologies Inc.	3.67%	848,520	$45M	added+46%	+0.89 pp	2 q
APCAnadarko Petroleum Corp	3.63%	462,200	$44M	added+43%	+0.51 pp	2 q
NDAQNasdaq, Inc.	3.46%	1,278,500	$42M	added×2.7	+1.73 pp	2 q
JNJJohnson & Johnson	3.12%	426,250	$38M	added+45%	+0.29 pp	2 q
unresolvedApollo Group Inc Class A	3.04%	1,741,920	$37M	added+43%	+0.64 pp	2 q
WFCWells Fargo & Co.	2.91%	836,300	$36M	added+27%	−0.15 pp	2 q
MOAltria Group, Inc.	2.83%	977,100	$35M	added+53%	+0.31 pp	2 q
unresolvedUS Airways Group Inc.	2.80%	1,753,133	$34M	new	+2.80 pp	new
CCLCarnival Corporation Ltd.	2.53%	919,600	$31M	added+59%	+0.30 pp	2 q
DISThe Walt Disney Company	1.91%	350,400	$23M	added+20%	−0.16 pp	2 q
FAFFirst American Financial Corporation	1.73%	844,700	$21M	new	+1.73 pp	new
unresolvedLorillard Inc	1.63%	432,400	$20M	new	+1.63 pp	new
CHLChina Mobile Limited	1.57%	340,800	$19M	added+19%	0.00 pp	2 q
SKMSK Telecom Co., Ltd.	1.48%	842,889	$18M	added+33%	+0.12 pp	2 q
EPIWisdomTree India Earnings Fund ETF	1.46%	1,170,700	$18M	added+12%	−0.33 pp	2 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.08%	792,800	$13M	added+39%	+0.20 pp	2 q
SNPLChina Petroleum & Chem-adr	1.07%	167,190	$13M	added+14%	−0.02 pp	2 q
unresolvedVale S.A. PFD	0.77%	664,340	$9M	added+4%	−0.05 pp	2 q
unresolvedReed Elsevier N V	0.62%	189,977	$8M	added+26%	+0.09 pp	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.58%	416,591	$7M	trimmed−57%	−1.31 pp	2 q
SIEGYSiemens AG Spons	0.54%	55,117	$7M	added+28%	+0.08 pp	2 q
KTKT Corp.	0.51%	373,442	$6M	trimmed−14%	−0.20 pp	2 q
TMToyota Motor Corporation	0.48%	45,506	$6M	added+17%	−0.01 pp	2 q
SNYSanofi	0.47%	114,118	$6M	added+29%	−0.01 pp	2 q
BTIBritish American Tobacco p.l.c.	0.46%	53,208	$6M	added+30%	+0.02 pp	2 q
NVSNovartis AG	0.45%	71,794	$6M	added+22%	+0.01 pp	2 q
unresolvedVodafone Group PLC New	0.45%	155,901	$5M	added+19%	+0.05 pp	2 q
HSBCHSBC Holdings PLC	0.44%	98,304	$5M	added+19%	−0.01 pp	2 q
unresolvedUbs AG	0.40%	241,494	$5M	added+5%	−0.01 pp	2 q
IMOImperial Oil Limited	0.38%	106,005	$5M	added+71%	+0.13 pp	2 q
CEOCNOOC Limited	0.37%	22,338	$5M	added+37%	+0.08 pp	2 q
TTENTotalenergies SE -spon ADR	0.36%	76,331	$4M	added+3%	−0.02 pp	2 q
LYGLloyds Banking Group PLC	0.33%	841,085	$4M	added+29%	+0.07 pp	2 q
BCSBarclays PLC	0.29%	206,752	$4M	added+28%	0.00 pp	2 q
RDS.ARoyal Dutch Shell PLC	0.29%	54,781	$4M	added+19%	−0.02 pp	2 q
AVVIYAviva PLC U/	0.27%	253,936	$3M	trimmed−0%	−0.01 pp	2 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.26%	33,200	$3M	added+84%	+0.06 pp	2 q
CYDChina Yuchai International Ltd.	0.26%	135,069	$3M	added+7%	+0.02 pp	2 q
BRFSNBrf Sa-adr	0.25%	126,500	$3M	added×2.3	+0.12 pp	2 q
unresolvedWuxi Pharmatech Adr	0.24%	106,600	$3M	new	+0.24 pp	new
PC6APetrochina Co Ltd -adr	0.22%	24,207	$3M	added+20%	−0.01 pp	2 q
RIORio Tinto plc	0.21%	52,412	$3M	trimmed−14%	−0.05 pp	2 q
AXAHYAxa S/	0.20%	107,357	$2M	added+19%	+0.01 pp	2 q
SMFGSumitomo Mitsui Financial Group, Inc	0.20%	249,699	$2M	added+51%	+0.04 pp	2 q
SAPSap SE	0.19%	31,805	$2M	added+18%	−0.02 pp	2 q
CUKNCarnival Plc-adr	0.16%	56,910	$2M	added+20%	−0.01 pp	2 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.15%	163,238	$2M	new	+0.15 pp	new
unresolvedGiant Interactive Group Inc	0.14%	194,400	$2M	added+23%	+0.01 pp	2 q
TTMTata Motors Limited	0.14%	62,403	$2M	added+73%	+0.05 pp	2 q
TURiShares MSCI Turkey ETF	0.12%	110,000	$2M	new	+0.12 pp	new
unresolvedIshares Inc Msci Taiwan	0.12%	110,000	$2M	new	+0.12 pp	new
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.11%	129,500	$1M	trimmed−67%	−0.32 pp	2 q
AUOAU Optronics Corp	0.09%	313,512	$1M	added×3.7	+0.06 pp	2 q
unresolvedAdvanced Semiconductor E-adr	0.06%	147,296	$704,000	added×3.3	+0.04 pp	2 q
INFYInfosys Limited	0.05%	11,795	$567,000	added×5.6	+0.04 pp	2 q
unresolvedSiliconware Precision Inds L	0.04%	81,769	$473,000	added+11%	−0.01 pp	2 q
UMCUnited Microelectronic Corp.	0.04%	768,149	$508,000	trimmed−83%	−0.20 pp	2 q
CHTChunghwa Telecom Co., Ltd	0.02%	7,423	$234,000	held	—	2 q
IBNICICI Bank Limited	0.02%	7,200	$219,000	added+64%	0.00 pp	2 q
unresolvedSesa Goa Ltd	0.02%	17,275	$195,000	new	+0.02 pp	new
HDBHDFC Bank Limited	0.01%	4,516	$139,000	held	—	2 q
APDAir Products & Chemicals, Inc.	—	−378,000	—	exited	−3.88 pp	—
TSSTotal System Services, Inc.	—	−906,400	—	exited	−2.49 pp	—
unresolvedBabcock & Wilcox Co New	—	−461,059	—	exited	−1.55 pp	—
STTState Street Corporation	—	−189,650	—	exited	−1.39 pp	—
BCRCR Bard Inc.	—	−43,600	—	exited	−0.50 pp	—
unresolvedSterlite Inds India Ltd	—	−11,993	—	exited	−0.01 pp	—