Causeway Capital

Q4 2013 13F · by Sarah Ketterer, CEO

As of: Dec 31, 2013
Filed: Feb 14, 2014
US stock: $1.8B · prev $1.2B
Positions: 72 · prev 69
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves73 since the prior filing

+23.0 pp in · −22.9 pp out

New 10 +11.99 pp
Added 48 +10.97 pp
Trimmed 8 −12.21 pp
Exited 7 −10.64 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 53% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions25% of US stock

UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) added−0.19 pp added−0.195.5%
unresolved Ryanair Holdings PLC ADR trimmed−9.39 pp trimmed−9.395.5%
ORCL Oracle Corp added+0.31 pp added+0.314.9%
BA Boeing Company added+0.01 pp added+0.014.9%
MSFT Microsoft Corp added−1.02 pp added−1.024.7%

Positions72 in this filing · 7 exited


UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.48%	1,233,818	$97M	added+31%	−0.19 pp	3 q
unresolvedRyanair Holdings PLC ADR	5.46%	2,052,646	$96M	trimmed−44%	−9.39 pp	3 q
ORCLOracle Corp	4.92%	2,179,800	$87M	added+32%	+0.31 pp	3 q
BABoeing Company	4.87%	602,322	$86M	added+23%	+0.01 pp	3 q
MSFTMicrosoft Corp	4.70%	2,120,352	$83M	added+4%	−1.02 pp	3 q
CCitigroup Inc.	4.53%	1,467,600	$80M	added+29%	−0.11 pp	3 q
NOVNOV Inc.	3.75%	796,200	$66M	added+28%	−0.33 pp	2 q
WFCWells Fargo & Co.	3.74%	1,393,500	$66M	added+67%	+0.83 pp	3 q
AALAmerican Airlines Group Inc.	3.50%	2,351,316	$62M	new	+3.50 pp	new
unresolvedApollo Group Inc Class A	3.42%	2,123,686	$60M	added+22%	+0.38 pp	3 q
unresolvedE M C Corp Mass	3.42%	2,296,761	$60M	new	+3.42 pp	new
WUThe Western Union Company	3.10%	3,031,265	$55M	added+23%	−0.76 pp	3 q
JNJJohnson & Johnson	3.03%	559,450	$53M	added+31%	−0.09 pp	3 q
APCAnadarko Petroleum Corp	2.95%	628,200	$52M	added+36%	−0.68 pp	3 q
MOAltria Group, Inc.	2.87%	1,262,700	$51M	added+29%	+0.04 pp	3 q
CCLCarnival Corporation Ltd.	2.83%	1,189,400	$50M	added+29%	+0.30 pp	3 q
FAFFirst American Financial Corporation	2.77%	1,657,732	$49M	added+96%	+1.04 pp	2 q
JPMJPMorgan Chase & Co.	2.67%	771,846	$47M	new	+2.67 pp	new
EPIWisdomTree India Earnings Fund ETF	2.13%	2,152,300	$38M	added+84%	+0.67 pp	3 q
SKMSK Telecom Co., Ltd.	1.97%	1,484,595	$35M	added+76%	+0.49 pp	3 q
DISThe Walt Disney Company	1.72%	380,800	$30M	added+9%	−0.19 pp	3 q
unresolvedLorillard Inc	1.54%	515,000	$27M	added+19%	−0.09 pp	2 q
unresolvedReed Elsevier N V	1.36%	562,032	$24M	added×3.0	+0.74 pp	3 q
SNYSanofi	1.31%	431,317	$23M	added×3.8	+0.84 pp	3 q
NVSNovartis AG	1.28%	281,741	$23M	added×3.9	+0.83 pp	3 q
SIEGYSiemens AG Spons	1.28%	162,654	$23M	added×3.0	+0.74 pp	3 q
unresolvedUbs AG	1.05%	962,635	$19M	added×4.0	+0.65 pp	3 q
BTIBritish American Tobacco p.l.c.	1.02%	166,891	$18M	added×3.1	+0.56 pp	3 q
unresolvedVodafone Group PLC New	1.00%	447,031	$18M	added×2.9	+0.55 pp	3 q
HSBCHSBC Holdings PLC	0.95%	303,508	$17M	added×3.1	+0.51 pp	3 q
IMOImperial Oil Limited	0.95%	377,011	$17M	added×3.6	+0.57 pp	3 q
RDS.ARoyal Dutch Shell PLC	0.93%	229,346	$16M	added×4.2	+0.64 pp	3 q
LYGLloyds Banking Group PLC	0.87%	2,875,540	$15M	added×3.4	+0.54 pp	3 q
CEOCNOOC Limited	0.86%	80,446	$15M	added×3.6	+0.49 pp	3 q
BCSBarclays PLC	0.85%	830,350	$15M	added×4.0	+0.56 pp	3 q
TMToyota Motor Corporation	0.82%	118,719	$14M	added×2.6	+0.34 pp	3 q
unresolvedVale S.A. PFD	0.82%	1,036,440	$15M	added+56%	+0.05 pp	3 q
KEPKorea Electric Power Corp	0.79%	908,679	$14M	new	+0.79 pp	new
TTENTotalenergies SE -spon ADR	0.75%	217,110	$13M	added×2.8	+0.39 pp	3 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.69%	827,900	$12M	added+4%	−0.39 pp	3 q
RDYDr. Reddy's Laboratories Limited	0.60%	256,481	$11M	new	+0.60 pp	new
ABBNYAbb Ltd Spons	0.54%	356,213	$9M	new	+0.54 pp	new
SAPSap SE	0.53%	107,789	$9M	added×3.4	+0.34 pp	3 q
SMFGSumitomo Mitsui Financial Group, Inc	0.53%	894,045	$9M	added×3.6	+0.33 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.53%	539,191	$9M	added+29%	−0.05 pp	3 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.44%	631,612	$8M	added×3.9	+0.29 pp	2 q
CUKNCarnival Plc-adr	0.44%	188,139	$8M	added×3.3	+0.28 pp	3 q
RIORio Tinto plc	0.41%	128,359	$7M	added×2.4	+0.20 pp	3 q
TTMTata Motors Limited	0.39%	225,203	$7M	added×3.6	+0.25 pp	3 q
SNPLChina Petroleum & Chem-adr	0.36%	76,810	$6M	trimmed−54%	−0.71 pp	3 q
unresolvedWuxi Pharmatech Adr	0.30%	138,400	$5M	added+30%	+0.06 pp	2 q
CHLChina Mobile Limited	0.25%	84,100	$4M	trimmed−75%	−1.32 pp	3 q
INFYInfosys Limited	0.23%	71,995	$4M	added×6.1	+0.18 pp	3 q
EEMiShares MSCI Emerging Markets ETF	0.23%	96,900	$4M	new	+0.23 pp	new
unresolvedShanda Games Adr 1:2 'A'	0.21%	795,400	$4M	new	+0.21 pp	new
PC6APetrochina Co Ltd -adr	0.18%	31,707	$3M	added+31%	−0.04 pp	3 q
CYDChina Yuchai International Ltd.	0.18%	153,169	$3M	added+13%	−0.08 pp	3 q
KTKT Corp.	0.17%	174,339	$3M	trimmed−53%	−0.34 pp	3 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.13%	23,500	$2M	trimmed−29%	−0.13 pp	3 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.10%	160,700	$2M	added+24%	−0.01 pp	3 q
BRFSNBrf Sa-adr	0.09%	72,200	$2M	trimmed−43%	−0.16 pp	3 q
AUOAU Optronics Corp	0.06%	313,512	$978,000	held	—	3 q
unresolvedAdvanced Semiconductor E-adr	0.04%	147,296	$707,000	held	—	3 q
unresolvedSiliconware Precision Inds L	0.03%	81,769	$489,000	held	—	3 q
AMXNAmerica Movil-spn ADR Cl L	0.02%	14,500	$339,000	new	+0.02 pp	new
IBNICICI Bank Limited	0.02%	7,200	$268,000	held	—	3 q
unresolvedSesa Goa Ltd	0.02%	28,975	$381,000	added+68%	0.00 pp	2 q
CHTChunghwa Telecom Co., Ltd	0.01%	7,423	$230,000	held	—	3 q
unresolvedGiant Interactive Group Inc	0.01%	13,000	$146,000	trimmed−93%	−0.13 pp	3 q
HDBHDFC Bank Limited	0.01%	4,516	$156,000	held	—	3 q
UMCUnited Microelectronic Corp.	0.01%	202,149	$263,000	trimmed−74%	−0.03 pp	3 q
WITWipro Limited	0.01%	18,000	$227,000	new	+0.01 pp	new
AAgilent Technologies Inc.	—	−848,520	—	exited	−3.67 pp	—
NDAQNasdaq, Inc.	—	−1,278,500	—	exited	−3.46 pp	—
unresolvedUS Airways Group Inc.	—	−1,753,133	—	exited	−2.80 pp	—
AVVIYAviva PLC U/	—	−253,936	—	exited	−0.27 pp	—
AXAHYAxa S/	—	−107,357	—	exited	−0.20 pp	—
TURiShares MSCI Turkey ETF	—	−110,000	—	exited	−0.12 pp	—
unresolvedIshares Inc Msci Taiwan	—	−110,000	—	exited	−0.12 pp	—