Causeway Capital

Q2 2014 13F · by Sarah Ketterer, CEO

As of: Jun 30, 2014
Filed: Aug 13, 2014
US stock: $2.5B · prev $2.2B
Positions: 75 · prev 74
Options notional: $0
Documents: 1· no amendments

Picture99.1% US stock

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

US stock listed on a US exchange 99.1%
Foreign stock not listed in the US 0.9%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves71 since the prior filing

+8.3 pp in · −8.3 pp out

New 4 +4.66 pp
Added 42 +3.60 pp
Trimmed 22 −5.59 pp
Exited 3 −2.66 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions26% of US stock

Positions75 in this filing · 3 exited


MSFTMicrosoft Corp	5.56%	3,148,133	$136M	added+16%	+0.29 pp	5 q
CCitigroup Inc.	5.47%	2,747,704	$134M	added+24%	+0.47 pp	5 q
ORCLOracle Corp	5.15%	3,004,889	$126M	added+17%	+0.21 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.99%	1,444,440	$122M	added+4%	−0.38 pp	5 q
CSXCSX Corporation	4.86%	3,732,451	$119M	added+58%	+1.63 pp	2 q
unresolvedE M C Corp Mass	4.51%	4,045,759	$111M	added+46%	+0.91 pp	3 q
WFCWells Fargo & Co.	4.11%	1,846,545	$101M	added+14%	+0.29 pp	5 q
NOVNOV Inc.	4.05%	1,161,775	$99M	added+21%	+0.51 pp	4 q
JNJJohnson & Johnson	3.71%	837,250	$91M	added+20%	+0.47 pp	5 q
FAFFirst American Financial Corporation	3.67%	3,123,338	$90M	added+37%	+0.81 pp	4 q
unresolvedApollo Group Inc Class A	3.41%	2,580,020	$84M	added+33%	+0.28 pp	5 q
MOAltria Group, Inc.	3.27%	1,837,700	$80M	added+20%	+0.54 pp	5 q
PGRProgressive Corporation	3.24%	3,016,546	$79M	added+21%	+0.38 pp	2 q
APCAnadarko Petroleum Corp	3.20%	690,174	$78M	trimmed−13%	+0.01 pp	5 q
BABoeing Company	3.03%	565,022	$74M	trimmed−14%	−0.87 pp	5 q
CCLCarnival Corporation Ltd.	2.62%	1,640,400	$64M	added+18%	+0.14 pp	5 q
unresolvedU S G Corp	2.36%	1,848,700	$58M	new	+2.36 pp	new
EPIWisdomTree India Earnings Fund ETF	2.33%	2,541,700	$57M	added+19%	+0.94 pp	5 q
AALAmerican Airlines Group Inc.	2.20%	1,211,799	$54M	trimmed−56%	−2.52 pp	3 q
DISThe Walt Disney Company	1.87%	515,100	$46M	added+17%	+0.20 pp	5 q
SKMSK Telecom Co., Ltd.	1.58%	2,291,788	$39M	added+8%	−0.06 pp	5 q
unresolvedLorillard Inc	1.40%	543,700	$34M	added+8%	+0.12 pp	4 q
unresolvedReed Elsevier N V	1.32%	719,663	$32M	added+10%	+0.05 pp	5 q
SNYSanofi	1.21%	567,921	$30M	added+12%	+0.02 pp	5 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.17%	1,342,833	$29M	added+2%	+0.05 pp	5 q
NVSNovartis AG	1.14%	320,852	$28M	trimmed−2%	−0.11 pp	5 q
BTIBritish American Tobacco p.l.c.	1.09%	227,477	$27M	added+10%	+0.06 pp	5 q
VWOVanguard FTSE Emerging Markets ETF	1.00%	570,723	$25M	new	+1.00 pp	new
unresolvedUbs AG	0.95%	1,351,532	$23M	added+10%	−0.20 pp	5 q
EEMiShares MSCI Emerging Markets ETF	0.88%	499,700	$22M	new	+0.88 pp	new
BCSBarclays PLC	0.86%	1,383,120	$21M	added+26%	+0.09 pp	5 q
HSBCHSBC Holdings PLC	0.85%	391,613	$21M	added+17%	+0.08 pp	5 q
LYGLloyds Banking Group PLC	0.81%	3,933,885	$20M	added+10%	−0.01 pp	5 q
CEOCNOOC Limited	0.71%	97,781	$17M	added+10%	+0.10 pp	5 q
TMToyota Motor Corporation	0.70%	144,595	$17M	added+10%	+0.03 pp	5 q
TTMTata Motors Limited	0.65%	404,903	$16M	trimmed−5%	+0.01 pp	5 q
AVVIYAviva PLC U/	0.64%	920,010	$16M	added+11%	+0.04 pp	2 q
SAPSap SE	0.63%	196,896	$15M	added+59%	+0.18 pp	5 q
SIEGYSiemens AG Spons	0.63%	125,787	$16M	trimmed−33%	−0.51 pp	5 q
IBNICICI Bank Limited	0.61%	300,100	$15M	added×24.2	+0.59 pp	5 q
SMFGSumitomo Mitsui Financial Group, Inc	0.60%	1,776,846	$15M	added+36%	+0.09 pp	5 q
KEPKorea Electric Power Corp	0.58%	1,541,876	$14M	added+8%	−0.16 pp	3 q
RIORio Tinto plc	0.53%	226,832	$13M	added+11%	+0.02 pp	5 q
unresolvedVodafone Group PLC New	0.52%	380,139	$13M	added+12%	−0.04 pp	5 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.50%	785,300	$12M	trimmed−13%	0.00 pp	5 q
TTENTotalenergies SE -spon ADR	0.49%	185,009	$12M	trimmed−5%	−0.09 pp	5 q
CUKNCarnival Plc-adr	0.46%	310,873	$11M	added+41%	+0.08 pp	5 q
IMOImperial Oil Limited	0.42%	202,696	$10M	trimmed−28%	−0.17 pp	5 q
MATMattel, Inc.	0.42%	253,000	$10M	new	+0.42 pp	new
unresolvedVale S.A. PFD	0.42%	860,740	$10M	trimmed−30%	−0.17 pp	5 q
unresolvedCredit Suisse Group Spon ADR	0.38%	345,850	$9M	added+23%	−0.03 pp	2 q
AXAHYAxa S/	0.35%	376,447	$9M	added+13%	−0.04 pp	2 q
RDS.ARoyal Dutch Shell PLC	0.35%	104,257	$9M	trimmed−49%	−0.32 pp	5 q
RDYDr. Reddy's Laboratories Limited	0.34%	194,800	$8M	trimmed−54%	−0.46 pp	3 q
SNPLChina Petroleum & Chem-adr	0.23%	59,210	$6M	trimmed−24%	+0.05 pp	5 q
unresolvedRyanair Holdings PLC ADR	0.20%	2,046,620	$5M	added0%	−5.20 pp	5 q
unresolvedWuxi Pharmatech Adr	0.17%	126,000	$4M	trimmed−20%	−0.05 pp	4 q
CYDChina Yuchai International Ltd.	0.14%	163,300	$3M	trimmed−3%	0.00 pp	5 q
PC6APetrochina Co Ltd -adr	0.08%	15,007	$2M	added+1%	+0.03 pp	5 q
BRFSNBrf Sa-adr	0.06%	58,800	$1M	held	—	5 q
CHLChina Mobile Limited	0.05%	26,600	$1M	added+2%	+0.02 pp	5 q
KTKT Corp.	0.05%	75,800	$1M	trimmed−50%	−0.01 pp	5 q
unresolvedAdvanced Semiconductor E-adr	0.04%	163,296	$1M	added+7%	0.00 pp	5 q
TVGrupo Televisa S.A.	0.03%	24,407	$837,000	held	—	2 q
AUOAU Optronics Corp	0.02%	102,712	$430,000	held	—	5 q
HDBHDFC Bank Limited	0.02%	9,816	$460,000	held	—	5 q
INFYInfosys Limited	0.02%	10,600	$570,000	trimmed−35%	−0.02 pp	5 q
unresolvedSesa Goa Ltd	0.02%	22,775	$441,000	trimmed−28%	0.00 pp	4 q
unresolvedSiliconware Precision Inds L	0.02%	62,669	$515,000	trimmed−44%	−0.01 pp	5 q
CHTChunghwa Telecom Co., Ltd	0.01%	8,123	$260,000	held	—	5 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.01%	2,300	$215,000	trimmed−88%	−0.07 pp	5 q
UMCUnited Microelectronic Corp.	0.01%	120,249	$290,000	held	—	5 q
WITWipro Limited	0.01%	19,700	$234,000	held	—	3 q
AMXNAmerica Movil-spn ADR Cl L	0.00%	100	$2,000	trimmed−100%	−0.23 pp	3 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.00%	8,000	$86,000	trimmed−95%	−0.05 pp	5 q
WUThe Western Union Company	—	−2,619,065	—	exited	−2.03 pp	—
ABBNYAbb Ltd Spons	—	−534,319	—	exited	−0.62 pp	—
unresolvedGiant Interactive Group Inc	—	−14,200	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 14 unresolved
Accession: 0001140361-14-032043
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 054536107 not on the Official 13(f) List for 2014-06-30
A security outside the official 13F list — CUSIP 92857W209 not on the Official 13(f) List for 2014-06-30

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