Causeway Capital

Q4 2014 13F · by Sarah Ketterer, CEO

As of: Dec 31, 2014
Filed: Feb 11, 2015
US stock: $3.5B · prev $2.9B
Positions: 79 · prev 74
Options notional: $0
Documents: 1· no amendments

Picture98.7% US stock

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

US stock listed on a US exchange 98.7%
Foreign stock not listed in the US 1.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves74 since the prior filing

+10.2 pp in · −10.1 pp out

New 9 +4.89 pp
Added 48 +5.34 pp
Trimmed 13 −3.57 pp
Exited 4 −6.56 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions24% of US stock

ORCL Oracle Corp added+0.50 pp added+0.504.9%
C Citigroup Inc. added−0.27 pp added−0.274.9%
MSFT Microsoft Corp added−0.58 pp added−0.584.9%
unresolved Ryanair Holdings PLC ADR added+0.25 pp added+0.254.5%
unresolved E M C Corp Mass added−0.03 pp added−0.034.5%

Positions79 in this filing · 4 exited


ORCLOracle Corp	4.93%	3,386,750	$170M	added+10%	+0.50 pp	7 q
CCitigroup Inc.	4.92%	2,810,326	$170M	added+6%	−0.27 pp	7 q
MSFTMicrosoft Corp	4.88%	3,230,385	$169M	added+4%	−0.58 pp	7 q
unresolvedRyanair Holdings PLC ADR	4.53%	2,199,783	$157M	added+1%	+0.25 pp	7 q
unresolvedE M C Corp Mass	4.45%	4,603,940	$154M	added+14%	−0.03 pp	5 q
NOVNOV Inc.	4.10%	1,928,961	$142M	added+76%	+0.95 pp	6 q
QCOMQualcomm Inc	4.04%	1,673,024	$140M	new	+4.04 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.85%	1,176,624	$133M	added+9%	+0.36 pp	7 q
LLYEli Lilly & Co.	3.72%	1,655,912	$129M	added+24%	+0.44 pp	2 q
CCLCarnival Corporation Ltd.	3.66%	2,485,379	$127M	added+5%	+0.07 pp	7 q
CSXCSX Corporation	3.30%	2,821,858	$114M	trimmed−25%	−1.25 pp	4 q
CVXChevron Corporation	3.28%	901,411	$114M	added+31%	+0.18 pp	2 q
WFCWells Fargo & Co.	3.27%	1,838,094	$113M	added+11%	+0.02 pp	7 q
JNJJohnson & Johnson	3.16%	930,583	$109M	added+9%	−0.28 pp	7 q
EPIWisdomTree India Earnings Fund ETF	3.04%	4,776,200	$105M	added+93%	+1.16 pp	7 q
SNXTD SYNNEX Corporation	3.00%	1,182,190	$104M	added+12%	+0.42 pp	2 q
PGRProgressive Corporation	2.87%	3,268,311	$99M	added+6%	−0.09 pp	4 q
MOAltria Group, Inc.	2.86%	1,767,212	$99M	trimmed−5%	−0.36 pp	7 q
MATMattel, Inc.	2.47%	2,461,831	$86M	added+24%	+0.17 pp	3 q
unresolvedU S G Corp	2.36%	2,595,452	$82M	added+21%	+0.13 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.25%	3,482,833	$78M	added×2.1	+1.08 pp	7 q
SKMSK Telecom Co., Ltd.	2.16%	2,763,135	$75M	added+12%	−0.43 pp	7 q
unresolvedApollo Group Inc Class A	1.97%	1,773,861	$68M	trimmed−33%	−0.55 pp	7 q
DISThe Walt Disney Company	1.68%	547,730	$58M	added+11%	+0.02 pp	7 q
CHLChina Mobile Limited	1.44%	849,493	$50M	added+56%	+0.33 pp	7 q
IBNICICI Bank Limited	1.20%	3,596,975	$42M	added×2.3	+0.68 pp	7 q
TTMTata Motors Limited	1.18%	964,303	$41M	added+84%	+0.38 pp	7 q
unresolvedReed Elsevier N V	0.98%	710,601	$34M	added+3%	−0.10 pp	7 q
NVSNovartis AG	0.90%	336,278	$31M	added+1%	−0.19 pp	7 q
RDYDr. Reddy's Laboratories Limited	0.89%	603,012	$31M	added×3.6	+0.58 pp	5 q
VWOVanguard FTSE Emerging Markets ETF	0.77%	661,856	$26M	added+44%	+0.11 pp	3 q
BTIBritish American Tobacco p.l.c.	0.76%	245,343	$26M	added+5%	−0.16 pp	7 q
EEMiShares MSCI Emerging Markets ETF	0.73%	646,000	$25M	added×5.7	+0.57 pp	3 q
unresolvedUbs AG	0.70%	1,423,713	$24M	added+1%	−0.15 pp	7 q
SNYSanofi	0.67%	506,796	$23M	trimmed−15%	−0.49 pp	7 q
BCSBarclays PLC	0.62%	1,430,841	$21M	added0%	−0.11 pp	7 q
TMToyota Motor Corporation	0.58%	159,819	$20M	added+6%	−0.03 pp	7 q
HSBCHSBC Holdings PLC	0.54%	1,236,393	$19M	trimmed−1%	−0.18 pp	7 q
AVVIYAviva PLC U/	0.53%	1,225,609	$18M	added+27%	−0.04 pp	4 q
CUKNCarnival Plc-adr	0.51%	393,811	$18M	added+23%	+0.07 pp	7 q
LYGLloyds Banking Group PLC	0.49%	3,625,197	$17M	trimmed−12%	−0.23 pp	7 q
TTENTotalenergies SE -spon ADR	0.47%	318,080	$16M	added+40%	−0.04 pp	7 q
unresolvedVodafone Group PLC New	0.40%	400,647	$14M	trimmed−0%	−0.06 pp	7 q
SMFGSumitomo Mitsui Financial Group, Inc	0.39%	1,831,763	$13M	trimmed−1%	−0.14 pp	7 q
KMTUYKomatsu Ltd S/	0.35%	550,545	$12M	added+7%	−0.06 pp	2 q
RIORio Tinto plc	0.35%	264,078	$12M	added+12%	−0.05 pp	7 q
SAPSap SE	0.33%	163,081	$11M	added0%	−0.08 pp	7 q
CEOCNOOC Limited	0.30%	77,625	$11M	added+47%	−0.02 pp	7 q
AMXNAmerica Movil-spn ADR Cl L	0.28%	442,200	$10M	added+1%	−0.10 pp	5 q
unresolvedCredit Suisse Group Spon ADR	0.28%	387,766	$10M	trimmed−1%	−0.10 pp	4 q
AXAHYAxa S/	0.27%	414,352	$9M	added+4%	−0.07 pp	4 q
CLZNYClariant AG UNSP/	0.25%	513,446	$9M	trimmed−0%	−0.06 pp	2 q
IMOImperial Oil Limited	0.24%	192,802	$8M	added+3%	−0.07 pp	7 q
NTESNetEase, inc.	0.24%	83,000	$8M	new	+0.24 pp	new
INDAiShares MSCI India ETF	0.22%	250,000	$8M	new	+0.22 pp	new
PBR.APetroleo Brasileiro S.A.-Petrobras	0.20%	919,700	$7M	added+6%	−0.25 pp	7 q
MBTMobile TeleSystems Public Joint Stock Company	0.18%	847,250	$6M	new	+0.18 pp	new
unresolvedWuxi Pharmatech Adr	0.18%	180,700	$6M	held	—	6 q
SNPLChina Petroleum & Chem-adr	0.17%	74,410	$6M	added+36%	0.00 pp	7 q
unresolvedVale S.A. PFD	0.13%	608,900	$4M	trimmed−9%	−0.09 pp	7 q
unresolvedJa Solar Holdings Co Ltd	0.11%	461,900	$4M	new	+0.11 pp	new
TVGrupo Televisa S.A.	0.06%	58,807	$2M	added×2.4	+0.03 pp	4 q
AUOAU Optronics Corp	0.05%	328,712	$2M	added×3.4	+0.04 pp	7 q
KEPKorea Electric Power Corp	0.05%	81,400	$2M	new	+0.05 pp	new
CYDChina Yuchai International Ltd.	0.05%	83,100	$2M	trimmed−46%	−0.05 pp	7 q
BRFSNBrf Sa-adr	0.04%	58,800	$1M	held	—	7 q
PC6APetrochina Co Ltd -adr	0.04%	14,007	$2M	added+4%	−0.02 pp	7 q
KTKT Corp.	0.03%	75,800	$1M	held	—	7 q
LPLLG Display Co. Ltd.	0.03%	59,500	$901,000	new	+0.03 pp	new
INFYInfosys Limited	0.02%	27,000	$849,000	added×5.9	+0.02 pp	7 q
unresolvedAdvanced Semiconductor E-adr	0.01%	60,996	$374,000	held	—	7 q
CHTChunghwa Telecom Co., Ltd	0.01%	8,123	$239,000	held	—	7 q
HDBHDFC Bank Limited	0.01%	8,416	$427,000	trimmed−14%	−0.01 pp	7 q
unresolvedMarket Vectors ETF Tr	0.01%	7,100	$317,000	new	+0.01 pp	new
unresolvedSesa Goa Ltd	0.01%	22,775	$309,000	held	—	6 q
unresolvedSiliconware Precision Inds L	0.01%	62,669	$473,000	held	—	7 q
UMCUnited Microelectronic Corp.	0.01%	120,249	$273,000	held	—	7 q
unresolvedVanguard Intl Equity Index F	0.01%	2,800	$267,000	new	+0.01 pp	new
WITWipro Limited	0.00%	9,800	$111,000	held	—	5 q
FAFFirst American Financial Corporation	—	−3,163,438	—	exited	−3.24 pp	—
BABoeing Company	—	−361,762	—	exited	−1.74 pp	—
unresolvedLorillard Inc	—	−491,400	—	exited	−1.11 pp	—
SIEGYSiemens AG Spons	—	−113,922	—	exited	−0.47 pp	—

Source

Form: 13F-HR
Reading: 6 defects · 16 unresolved
Accession: 0001140361-15-007063
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A row was set aside — invalid CUSIP 922041718
A security outside the official 13F list — CUSIP 054536107 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 18047P101 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 500458401 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 922041718 not on the Official 13(f) List for 2014-12-31
A security outside the official 13F list — CUSIP 92857W209 not on the Official 13(f) List for 2014-12-31

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