Causeway Capital

Q1 2014 13F · by Sarah Ketterer, CEO

As of: Mar 31, 2014
Filed: May 13, 2014
US stock: $2.2B · prev $1.8B
Positions: 74 · prev 72
Options notional: $0
Documents: 1· no amendments

Picture99.6% US stock

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

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves78 since the prior filing

+7.9 pp in · −8.0 pp out

New 6 +7.53 pp
Added 51 +0.40 pp
Trimmed 17 −4.45 pp
Exited 4 −3.55 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.7 years per position

Low
Moderate
High

Top 5 positions26% of US stock

unresolved Ryanair Holdings PLC ADR trimmed−0.06 pp trimmed−0.065.4%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) added−0.11 pp added−0.115.4%
MSFT Microsoft Corp added+0.57 pp added+0.575.3%
C Citigroup Inc. added+0.47 pp added+0.475.0%
ORCL Oracle Corp added+0.02 pp added+0.024.9%

Positions74 in this filing · 4 exited


unresolvedRyanair Holdings PLC ADR	5.40%	2,041,514	$120M	trimmed−1%	−0.06 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.37%	1,385,240	$119M	added+12%	−0.11 pp	4 q
MSFTMicrosoft Corp	5.27%	2,717,633	$117M	added+28%	+0.57 pp	4 q
CCitigroup Inc.	5.00%	2,223,004	$111M	added+51%	+0.47 pp	4 q
ORCLOracle Corp	4.94%	2,558,189	$110M	added+17%	+0.02 pp	4 q
AALAmerican Airlines Group Inc.	4.72%	2,726,099	$105M	added+16%	+1.22 pp	2 q
BABoeing Company	3.90%	655,722	$87M	added+9%	−0.97 pp	4 q
WFCWells Fargo & Co.	3.82%	1,624,445	$85M	added+17%	+0.08 pp	4 q
unresolvedE M C Corp Mass	3.60%	2,777,359	$80M	added+21%	+0.18 pp	2 q
NOVNOV Inc.	3.54%	961,475	$79M	added+21%	−0.21 pp	3 q
JNJJohnson & Johnson	3.24%	696,350	$72M	added+24%	+0.21 pp	4 q
CSXCSX Corporation	3.23%	2,356,551	$72M	new	+3.23 pp	new
APCAnadarko Petroleum Corp	3.19%	794,874	$71M	added+27%	+0.24 pp	4 q
unresolvedApollo Group Inc Class A	3.13%	1,940,520	$70M	trimmed−9%	−0.29 pp	4 q
FAFFirst American Financial Corporation	2.86%	2,276,882	$64M	added+37%	+0.09 pp	3 q
PGRProgressive Corporation	2.86%	2,490,746	$63M	new	+2.86 pp	new
MOAltria Group, Inc.	2.73%	1,537,500	$61M	added+22%	−0.14 pp	4 q
CCLCarnival Corporation Ltd.	2.48%	1,385,000	$55M	added+16%	−0.35 pp	4 q
WUThe Western Union Company	2.03%	2,619,065	$45M	trimmed−14%	−1.07 pp	4 q
DISThe Walt Disney Company	1.67%	441,900	$37M	added+16%	−0.05 pp	4 q
SKMSK Telecom Co., Ltd.	1.64%	2,131,331	$36M	added+44%	−0.33 pp	4 q
EPIWisdomTree India Earnings Fund ETF	1.39%	2,144,300	$31M	trimmed−0%	−0.74 pp	4 q
unresolvedLorillard Inc	1.28%	501,200	$29M	trimmed−3%	−0.26 pp	3 q
unresolvedReed Elsevier N V	1.27%	651,747	$28M	added+16%	−0.09 pp	4 q
NVSNovartis AG	1.25%	327,343	$28M	added+16%	−0.03 pp	4 q
SNYSanofi	1.19%	506,901	$27M	added+18%	−0.12 pp	4 q
unresolvedUbs AG	1.15%	1,232,431	$26M	added+28%	+0.10 pp	4 q
SIEGYSiemens AG Spons	1.14%	188,281	$25M	added+16%	−0.14 pp	4 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.12%	1,314,233	$25M	added×2.4	+0.59 pp	4 q
BTIBritish American Tobacco p.l.c.	1.03%	205,977	$23M	added+23%	+0.01 pp	4 q
LYGLloyds Banking Group PLC	0.82%	3,566,494	$18M	added+24%	−0.05 pp	4 q
RDYDr. Reddy's Laboratories Limited	0.80%	425,200	$18M	added+66%	+0.20 pp	2 q
BCSBarclays PLC	0.77%	1,095,319	$17M	added+32%	−0.08 pp	4 q
HSBCHSBC Holdings PLC	0.77%	335,218	$17M	added+10%	−0.18 pp	4 q
KEPKorea Electric Power Corp	0.74%	1,431,534	$17M	added+58%	−0.05 pp	2 q
RDS.ARoyal Dutch Shell PLC	0.67%	203,294	$15M	trimmed−11%	−0.26 pp	4 q
TMToyota Motor Corporation	0.67%	131,409	$15M	added+11%	−0.15 pp	4 q
TTMTata Motors Limited	0.64%	427,403	$14M	added+90%	+0.25 pp	4 q
ABBNYAbb Ltd Spons	0.62%	534,319	$14M	added+50%	+0.08 pp	2 q
CEOCNOOC Limited	0.61%	89,229	$14M	added+11%	−0.25 pp	4 q
AVVIYAviva PLC U/	0.60%	830,192	$13M	new	+0.60 pp	new
IMOImperial Oil Limited	0.59%	282,224	$13M	trimmed−25%	−0.36 pp	4 q
unresolvedVale S.A. PFD	0.59%	1,222,940	$13M	added+18%	−0.23 pp	4 q
TTENTotalenergies SE -spon ADR	0.58%	194,933	$13M	trimmed−10%	−0.17 pp	4 q
unresolvedVodafone Group PLC New	0.56%	339,104	$12M	trimmed−24%	−0.44 pp	4 q
RIORio Tinto plc	0.51%	204,463	$11M	added+59%	+0.10 pp	4 q
SMFGSumitomo Mitsui Financial Group, Inc	0.51%	1,310,804	$11M	added+47%	−0.02 pp	4 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.50%	906,100	$11M	added+9%	−0.19 pp	4 q
SAPSap SE	0.45%	124,149	$10M	added+15%	−0.08 pp	4 q
unresolvedCredit Suisse Group Spon ADR	0.41%	280,682	$9M	new	+0.41 pp	new
AXAHYAxa S/	0.39%	333,037	$9M	new	+0.39 pp	new
CUKNCarnival Plc-adr	0.38%	220,561	$8M	added+17%	−0.06 pp	4 q
AMXNAmerica Movil-spn ADR Cl L	0.23%	380,000	$5M	added×26.2	+0.21 pp	2 q
unresolvedWuxi Pharmatech Adr	0.22%	157,500	$5M	added+14%	−0.08 pp	3 q
SNPLChina Petroleum & Chem-adr	0.18%	77,510	$4M	added+1%	−0.18 pp	4 q
CYDChina Yuchai International Ltd.	0.14%	168,869	$3M	added+10%	−0.04 pp	4 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.08%	19,600	$2M	trimmed−17%	−0.05 pp	4 q
KTKT Corp.	0.06%	153,019	$1M	trimmed−12%	−0.11 pp	4 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.05%	162,800	$1M	added+1%	−0.05 pp	4 q
PC6APetrochina Co Ltd -adr	0.05%	14,807	$1M	trimmed−53%	−0.13 pp	4 q
unresolvedAdvanced Semiconductor E-adr	0.04%	152,396	$846,000	added+3%	0.00 pp	4 q
TVGrupo Televisa S.A.	0.04%	24,407	$813,000	new	+0.04 pp	new
INFYInfosys Limited	0.04%	16,295	$883,000	trimmed−77%	−0.19 pp	4 q
BRFSNBrf Sa-adr	0.03%	58,800	$719,000	trimmed−19%	−0.06 pp	4 q
CHLChina Mobile Limited	0.03%	26,200	$762,000	trimmed−69%	−0.22 pp	4 q
unresolvedSiliconware Precision Inds L	0.03%	111,969	$745,000	added+37%	0.00 pp	4 q
AUOAU Optronics Corp	0.02%	102,712	$357,000	trimmed−67%	−0.04 pp	4 q
HDBHDFC Bank Limited	0.02%	9,816	$403,000	added×2.2	+0.01 pp	4 q
IBNICICI Bank Limited	0.02%	12,400	$543,000	added+72%	0.00 pp	4 q
unresolvedSesa Goa Ltd	0.02%	31,675	$393,000	added+9%	0.00 pp	3 q
CHTChunghwa Telecom Co., Ltd	0.01%	8,123	$249,000	added+9%	0.00 pp	4 q
unresolvedGiant Interactive Group Inc	0.01%	14,200	$164,000	added+9%	0.00 pp	4 q
UMCUnited Microelectronic Corp.	0.01%	120,249	$250,000	trimmed−41%	0.00 pp	4 q
WITWipro Limited	0.01%	19,700	$264,000	added+9%	0.00 pp	2 q
JPMJPMorgan Chase & Co.	—	−771,846	—	exited	−2.67 pp	—
BBVABanco Bilbao Vizcaya Argentaria, S.A.	—	−631,612	—	exited	−0.44 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−96,900	—	exited	−0.23 pp	—
unresolvedShanda Games Adr 1:2 'A'	—	−795,400	—	exited	−0.21 pp	—