Causeway Capital

Q3 2014 13F · by Sarah Ketterer, CEO

As of: Sep 30, 2014
Filed: Nov 13, 2014
US stock: $2.9B · prev $2.5B
Positions: 74 · prev 75
Options notional: $0
Documents: 1· no amendments

Picture98.0% US stock

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

US stock listed on a US exchange 98.0%
Foreign stock not listed in the US 2.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves72 since the prior filing

+14.9 pp in · −14.8 pp out

New 5 +9.68 pp
Added 36 +5.18 pp
Trimmed 25 −8.48 pp
Exited 6 −6.34 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions24% of US stock

MSFT Microsoft Corp trimmed−0.10 pp trimmed−0.105.5%
C Citigroup Inc. trimmed−0.28 pp trimmed−0.285.2%
CSX CSX Corporation added−0.31 pp added−0.314.5%
unresolved E M C Corp Mass added−0.03 pp added−0.034.5%
ORCL Oracle Corp added−0.72 pp added−0.724.4%

Positions74 in this filing · 6 exited


MSFTMicrosoft Corp	5.46%	3,117,733	$157M	trimmed−1%	−0.10 pp	6 q
CCitigroup Inc.	5.19%	2,654,504	$150M	trimmed−3%	−0.28 pp	6 q
CSXCSX Corporation	4.55%	3,767,251	$131M	added+1%	−0.31 pp	3 q
unresolvedE M C Corp Mass	4.48%	4,049,659	$129M	added0%	−0.03 pp	4 q
ORCLOracle Corp	4.43%	3,074,189	$128M	added+2%	−0.72 pp	6 q
unresolvedRyanair Holdings PLC ADR	4.28%	2,184,232	$123M	added+7%	+4.08 pp	6 q
CCLCarnival Corporation Ltd.	3.59%	2,362,400	$103M	added+44%	+0.97 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.49%	1,077,540	$101M	trimmed−25%	−1.50 pp	6 q
JNJJohnson & Johnson	3.44%	853,150	$99M	added+2%	−0.27 pp	6 q
LLYEli Lilly & Co.	3.28%	1,338,392	$95M	new	+3.28 pp	new
WFCWells Fargo & Co.	3.25%	1,660,045	$94M	trimmed−10%	−0.86 pp	6 q
FAFFirst American Financial Corporation	3.24%	3,163,438	$93M	added+1%	−0.43 pp	5 q
MOAltria Group, Inc.	3.22%	1,851,600	$93M	added+1%	−0.05 pp	6 q
NOVNOV Inc.	3.15%	1,097,075	$91M	trimmed−6%	−0.90 pp	5 q
CVXChevron Corporation	3.10%	687,278	$89M	new	+3.10 pp	new
PGRProgressive Corporation	2.96%	3,096,446	$85M	added+3%	−0.28 pp	3 q
SKMSK Telecom Co., Ltd.	2.59%	2,460,383	$75M	added+7%	+1.01 pp	6 q
SNXTD SYNNEX Corporation	2.58%	1,056,109	$74M	new	+2.58 pp	new
unresolvedApollo Group Inc Class A	2.52%	2,655,220	$73M	added+3%	−0.89 pp	6 q
MATMattel, Inc.	2.30%	1,986,025	$66M	added×7.8	+1.88 pp	2 q
unresolvedU S G Corp	2.23%	2,148,700	$64M	added+16%	−0.13 pp	2 q
EPIWisdomTree India Earnings Fund ETF	1.88%	2,477,900	$54M	trimmed−3%	−0.45 pp	6 q
BABoeing Company	1.74%	361,762	$50M	trimmed−36%	−1.29 pp	6 q
DISThe Walt Disney Company	1.66%	492,400	$48M	trimmed−4%	−0.21 pp	6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.17%	1,668,833	$34M	added+24%	0.00 pp	6 q
SNYSanofi	1.16%	593,929	$34M	added+5%	−0.05 pp	6 q
CHLChina Mobile Limited	1.11%	544,950	$32M	added×20.5	+1.06 pp	6 q
unresolvedLorillard Inc	1.11%	491,400	$32M	trimmed−10%	−0.29 pp	5 q
NVSNovartis AG	1.09%	334,171	$31M	added+4%	−0.05 pp	6 q
unresolvedReed Elsevier N V	1.08%	687,222	$31M	trimmed−5%	−0.24 pp	6 q
BTIBritish American Tobacco p.l.c.	0.92%	233,467	$26M	added+3%	−0.17 pp	6 q
unresolvedUbs AG	0.85%	1,409,400	$24M	added+4%	−0.10 pp	6 q
TTMTata Motors Limited	0.80%	524,803	$23M	added+30%	+0.15 pp	6 q
BCSBarclays PLC	0.73%	1,428,927	$21M	added+3%	−0.13 pp	6 q
HSBCHSBC Holdings PLC	0.72%	1,243,453	$21M	added×3.2	−0.13 pp	6 q
LYGLloyds Banking Group PLC	0.72%	4,099,715	$21M	added+4%	−0.09 pp	6 q
VWOVanguard FTSE Emerging Markets ETF	0.66%	458,456	$19M	trimmed−20%	−0.34 pp	2 q
TMToyota Motor Corporation	0.61%	150,343	$18M	added+4%	−0.09 pp	6 q
AVVIYAviva PLC U/	0.57%	965,314	$16M	added+5%	−0.07 pp	3 q
SMFGSumitomo Mitsui Financial Group, Inc	0.53%	1,855,904	$15M	added+4%	−0.07 pp	6 q
IBNICICI Bank Limited	0.52%	306,800	$15M	added+2%	−0.09 pp	6 q
TTENTotalenergies SE -spon ADR	0.51%	226,966	$15M	added+23%	+0.02 pp	6 q
SIEGYSiemens AG Spons	0.47%	113,922	$14M	trimmed−9%	−0.16 pp	6 q
unresolvedVodafone Group PLC New	0.46%	401,886	$13M	added+6%	−0.06 pp	6 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.45%	868,500	$13M	added+11%	−0.05 pp	6 q
CUKNCarnival Plc-adr	0.44%	319,728	$13M	added+3%	−0.02 pp	6 q
KMTUYKomatsu Ltd S/	0.41%	514,629	$12M	new	+0.41 pp	new
SAPSap SE	0.41%	162,919	$12M	trimmed−17%	−0.22 pp	6 q
RIORio Tinto plc	0.40%	235,245	$12M	added+4%	−0.13 pp	6 q
AMXNAmerica Movil-spn ADR Cl L	0.38%	437,100	$11M	added×4371.0	+0.38 pp	4 q
unresolvedCredit Suisse Group Spon ADR	0.38%	392,600	$11M	added+14%	0.00 pp	3 q
AXAHYAxa S/	0.34%	399,135	$10M	added+6%	−0.01 pp	3 q
CEOCNOOC Limited	0.32%	52,644	$9M	trimmed−46%	−0.39 pp	6 q
CLZNYClariant AG UNSP/	0.31%	514,341	$9M	new	+0.31 pp	new
RDYDr. Reddy's Laboratories Limited	0.31%	167,800	$9M	trimmed−14%	−0.03 pp	4 q
IMOImperial Oil Limited	0.31%	187,913	$9M	trimmed−7%	−0.11 pp	6 q
unresolvedVale S.A. PFD	0.22%	666,940	$6M	trimmed−23%	−0.20 pp	6 q
unresolvedWuxi Pharmatech Adr	0.22%	180,700	$6M	added+43%	+0.05 pp	5 q
SNPLChina Petroleum & Chem-adr	0.17%	54,610	$5M	trimmed−8%	−0.06 pp	6 q
EEMiShares MSCI Emerging Markets ETF	0.16%	113,362	$5M	trimmed−77%	−0.72 pp	2 q
CYDChina Yuchai International Ltd.	0.10%	153,200	$3M	trimmed−6%	−0.04 pp	6 q
PC6APetrochina Co Ltd -adr	0.06%	13,507	$2M	trimmed−10%	−0.02 pp	6 q
BRFSNBrf Sa-adr	0.05%	58,800	$1M	held	—	6 q
KTKT Corp.	0.04%	75,800	$1M	held	—	6 q
TVGrupo Televisa S.A.	0.03%	24,407	$827,000	held	—	3 q
HDBHDFC Bank Limited	0.02%	9,816	$457,000	held	—	6 q
AUOAU Optronics Corp	0.01%	97,112	$404,000	trimmed−5%	−0.01 pp	6 q
unresolvedAdvanced Semiconductor E-adr	0.01%	60,996	$360,000	trimmed−63%	−0.03 pp	6 q
CHTChunghwa Telecom Co., Ltd	0.01%	8,123	$243,000	held	—	6 q
unresolvedSesa Goa Ltd	0.01%	22,775	$393,000	held	—	5 q
unresolvedSiliconware Precision Inds L	0.01%	62,669	$427,000	held	—	6 q
UMCUnited Microelectronic Corp.	0.01%	120,249	$239,000	held	—	6 q
INFYInfosys Limited	0.00%	2,300	$139,000	trimmed−78%	−0.02 pp	6 q
WITWipro Limited	0.00%	9,800	$119,000	trimmed−50%	−0.01 pp	4 q
APCAnadarko Petroleum Corp	—	−690,174	—	exited	−3.20 pp	—
AALAmerican Airlines Group Inc.	—	−1,211,799	—	exited	−2.20 pp	—
KEPKorea Electric Power Corp	—	−1,541,876	—	exited	−0.58 pp	—
RDS.ARoyal Dutch Shell PLC	—	−104,257	—	exited	−0.35 pp	—
FMXFomento Economico Mexicano, S.a.b. De C.v.	—	−2,300	—	exited	−0.01 pp	—
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	—	−8,000	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 5 defects · 14 unresolved
Accession: 0001140361-14-041635
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 2014-09-30
A security outside the official 13F list — CUSIP 18047P101 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 500458401 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 826197501 not on the Official 13(f) List for 2014-09-30
A security outside the official 13F list — CUSIP 92857W209 not on the Official 13(f) List for 2014-09-30

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