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Causeway Capital

Q1 2015 13F · by Sarah Ketterer, CEO

As of
Mar 31, 2015
Filed
May 15, 2015
US stock
$3.8B · prev $3.5B
Positions
82 · prev 79
Options notional
$0
Documents
1· no amendments

Picture98.9% US stock

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

  • US stock listed on a US exchange 98.9%
  • Foreign stock not listed in the US 1.1%
  • Notes debt, at principal 0.0%
  • Puts at notional value 0.0%
  • Calls at notional value 0.0%

Moves74 since the prior filing

The book

Focused · behaves like 36 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 61% a year, about 1.6 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions22% of US stock

  1. C Citigroup Inc. added+0.11 pp added+0.115.0%
  2. ORCL Oracle Corp trimmed−0.36 pp trimmed−0.364.6%
  3. MSFT Microsoft Corp trimmed−0.82 pp trimmed−0.824.1%
  4. NOV NOV Inc. added−0.06 pp added−0.064.0%
  5. LLY Eli Lilly & Co. trimmed+0.29 pp trimmed+0.294.0%

Positions82 in this filing · 4 exited

CCitigroup Inc.5.03%2,843,903$193Madded+1%+0.11 pp8 q
ORCLOracle Corp4.57%3,069,061$175Mtrimmed−9%−0.36 pp8 q
MSFTMicrosoft Corp4.06%2,854,344$155Mtrimmed−12%−0.82 pp8 q
NOVNOV Inc.4.04%2,341,046$155Madded+21%−0.06 pp7 q
LLYEli Lilly & Co.4.01%1,566,286$154Mtrimmed−5%+0.29 pp3 q
unresolvedRyanair Holdings PLC ADR3.97%2,274,481$152Madded+3%−0.56 pp8 q
unresolvedE M C Corp Mass3.68%4,125,740$141Mtrimmed−10%−0.77 pp6 q
QCOMQualcomm Inc3.66%1,504,909$140Mtrimmed−10%−0.38 pp2 q
CVXChevron Corporation3.57%972,102$137Madded+8%+0.29 pp3 q
DALDelta Air Lines, Inc.3.55%2,280,253$136Mnew+3.55 ppnew
TSMTaiwan Semiconductor Manufacturing Company Ltd.3.25%5,300,133$124Madded+52%+1.00 pp8 q
CCLCarnival Corporation Ltd.3.14%1,884,678$120Mtrimmed−24%−0.52 pp8 q
WFCWells Fargo & Co.3.06%1,620,323$117Mtrimmed−12%−0.21 pp8 q
JNJJohnson & Johnson3.01%855,044$115Mtrimmed−8%−0.15 pp8 q
SNXTD SYNNEX Corporation2.97%1,106,986$114Mtrimmed−6%−0.03 pp3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)2.97%722,588$114Mtrimmed−39%−0.88 pp8 q
PVHPVH Corp.2.73%740,320$105Mnew+2.73 ppnew
PRUPrudential Financial, Inc.2.63%941,735$101Mnew+2.63 ppnew
unresolvedU S G Corp2.59%2,796,905$99Madded+8%+0.23 pp4 q
EPIWisdomTree India Earnings Fund ETF2.45%4,108,500$94Mtrimmed−14%−0.59 pp8 q
MOAltria Group, Inc.2.14%1,412,837$82Mtrimmed−20%−0.72 pp8 q
SKMSK Telecom Co., Ltd.2.05%2,886,854$79Madded+4%−0.11 pp8 q
CHLChina Mobile Limited1.96%1,156,275$75Madded+36%+0.52 pp8 q
MATMattel, Inc.1.85%2,315,040$71Mtrimmed−6%−0.62 pp4 q
DISThe Walt Disney Company1.75%479,074$67Mtrimmed−13%+0.07 pp8 q
PNCPNC Financial Services Group1.64%503,289$63Mnew+1.64 ppnew
PBR.APetroleo Brasileiro S.A.-Petrobras1.07%6,730,700$41Madded×7.3+0.87 pp8 q
unresolvedApollo Group Inc Class A1.03%1,561,751$39Mtrimmed−12%−0.94 pp8 q
SMSM Energy Company1.03%565,082$39Mnew+1.03 ppnew
TTMTata Motors Limited1.01%868,375$39Mtrimmed−10%−0.17 pp8 q
IBNICICI Bank Limited1.00%3,679,875$38Madded+2%−0.20 pp8 q
VWOVanguard FTSE Emerging Markets ETF0.82%765,356$31Madded+16%+0.05 pp4 q
EEMiShares MSCI Emerging Markets ETF0.81%773,000$31Madded+20%+0.08 pp4 q
RDYDr. Reddy's Laboratories Limited0.80%535,100$31Mtrimmed−11%−0.09 pp6 q
unresolvedReed Elsevier N V0.80%613,256$31Mtrimmed−14%−0.18 pp8 q
unresolvedUbs AG0.65%1,318,271$25Mtrimmed−7%−0.05 pp8 q
SNYSanofi0.62%477,367$24Mtrimmed−6%−0.05 pp8 q
BTIBritish American Tobacco p.l.c.0.60%219,557$23Mtrimmed−11%−0.16 pp8 q
NVSNovartis AG0.57%222,652$22Mtrimmed−34%−0.33 pp8 q
INFYInfosys Limited0.54%585,100$21Madded×21.7+0.52 pp8 q
unresolvedGlaxosmithkline PLC0.53%439,614$20Mnew+0.53 ppnew
AVVIYAviva PLC U/0.52%1,222,328$20Mtrimmed−0%−0.01 pp5 q
BCSBarclays PLC0.51%1,329,804$19Mtrimmed−7%−0.11 pp8 q
TMToyota Motor Corporation0.51%140,333$20Mtrimmed−12%−0.07 pp8 q
TTENTotalenergies SE -spon ADR0.45%350,133$17Madded+10%−0.02 pp8 q
CUKNCarnival Plc-adr0.44%340,058$17Mtrimmed−14%−0.07 pp8 q
SMFGSumitomo Mitsui Financial Group, Inc0.44%2,171,860$17Madded+19%+0.05 pp8 q
HSBCHSBC Holdings PLC0.42%377,310$16Mtrimmed−70%−0.12 pp8 q
LYGLloyds Banking Group PLC0.40%3,279,141$15Mtrimmed−10%−0.09 pp8 q
unresolvedVodafone Group PLC New0.32%379,659$12Mtrimmed−5%−0.08 pp8 q
NTESNetEase, inc.0.31%112,400$12Madded+35%+0.07 pp2 q
KMTUYKomatsu Ltd S/0.29%561,243$11Madded+2%−0.06 pp3 q
SAPSap SE0.29%151,467$11Mtrimmed−7%−0.04 pp8 q
CEOCNOOC Limited0.28%75,163$11Mtrimmed−3%−0.02 pp8 q
unresolvedCredit Suisse Group Spon ADR0.26%373,600$10Mtrimmed−4%−0.02 pp5 q
AXAHYAxa S/0.25%377,932$10Mtrimmed−9%−0.02 pp5 q
CLZNYClariant AG UNSP/0.25%473,987$9Mtrimmed−8%0.00 pp3 q
AMXNAmerica Movil-spn ADR Cl L0.23%421,700$9Mtrimmed−5%−0.05 pp6 q
MBTMobile TeleSystems Public Joint Stock Company0.22%847,250$9Mheld—2 q
RIORio Tinto plc0.22%208,027$9Mtrimmed−21%−0.13 pp8 q
INDAiShares MSCI India ETF0.21%250,000$8Mheld—2 q
unresolvedVale S.A. PFD0.20%1,583,500$8Madded×2.6+0.07 pp8 q
IMOImperial Oil Limited0.18%174,776$7Mtrimmed−9%−0.06 pp8 q
unresolvedWuxi Pharmatech Adr0.11%105,600$4Mtrimmed−42%−0.07 pp7 q
KEPKorea Electric Power Corp0.07%125,100$3Madded+54%+0.02 pp2 q
AUOAU Optronics Corp0.06%453,312$2Madded+38%+0.01 pp8 q
SNPLChina Petroleum & Chem-adr0.06%26,810$2Mtrimmed−64%−0.11 pp8 q
CYOUChangyou.com Limited0.05%69,800$2Mnew+0.05 ppnew
PC6APetrochina Co Ltd -adr0.04%14,307$2Madded+2%0.00 pp8 q
CYDChina Yuchai International Ltd.0.04%83,100$2Mheld—8 q
BRFSNBrf Sa-adr0.03%58,800$1Mheld—8 q
KTKT Corp.0.03%75,800$991,000held—8 q
LPLLG Display Co. Ltd.0.03%91,600$1Madded+54%0.00 pp2 q
unresolvedJa Solar Holdings Co Ltd0.02%89,600$857,000trimmed−81%−0.09 pp2 q
unresolvedAdvanced Semiconductor E-adr0.01%60,996$439,000held—8 q
CHTChunghwa Telecom Co., Ltd0.01%8,123$261,000held—8 q
HDBHDFC Bank Limited0.01%8,416$496,000held—8 q
unresolvedMarket Vectors ETF Tr0.01%6,000$283,000trimmed−15%0.00 pp2 q
unresolvedSesa Goa Ltd0.01%22,775$282,000held—7 q
unresolvedSiliconware Precision Inds L0.01%62,669$513,000held—8 q
UMCUnited Microelectronic Corp.0.01%120,249$293,000held—8 q
WITWipro Limited0.00%9,800$131,000held—6 q
CSXCSX Corporation—−2,821,858—exited−3.30 pp—
PGRProgressive Corporation—−3,268,311—exited−2.87 pp—
TVGrupo Televisa S.A.—−58,807—exited−0.06 pp—
unresolvedVanguard Intl Equity Index F—−2,800—exited−0.01 pp—

Source

Form
13F-HR
Reading
4 defects · 16 unresolved
Accession
0001140361-15-020046
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 2015-03-31
  • A security outside the official 13F list — CUSIP 18047P101 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP 500458401 not on the Official 13(f) List for 2015-03-31
  • A security outside the official 13F list — CUSIP 92857W209 not on the Official 13(f) List for 2015-03-31