Causeway Capital

Q2 2015 13F · by Sarah Ketterer, CEO

As of: Jun 30, 2015
Filed: Aug 14, 2015
US stock: $4.0B · prev $3.8B
Positions: 81 · prev 82
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves86 since the prior filing

+9.6 pp in · −9.6 pp out

New 8 +8.36 pp
Added 56 +1.21 pp
Trimmed 13 −4.93 pp
Exited 9 −4.66 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions20% of US stock

C Citigroup Inc. added−0.18 pp added−0.184.8%
ORCL Oracle Corp added−0.51 pp added−0.514.1%
NOV NOV Inc. added−0.15 pp added−0.153.9%
MSFT Microsoft Corp added−0.19 pp added−0.193.9%
unresolved Ryanair Holdings PLC ADR trimmed−0.19 pp trimmed−0.193.8%

Positions81 in this filing · 9 exited


CCitigroup Inc.	4.85%	3,015,122	$194M	added+6%	−0.18 pp	9 q
ORCLOracle Corp	4.06%	3,465,985	$162M	added+13%	−0.51 pp	9 q
NOVNOV Inc.	3.89%	2,774,893	$156M	added+19%	−0.15 pp	8 q
MSFTMicrosoft Corp	3.87%	2,994,891	$155M	added+5%	−0.19 pp	9 q
unresolvedRyanair Holdings PLC ADR	3.78%	2,115,253	$151M	trimmed−7%	−0.19 pp	9 q
unresolvedE M C Corp Mass	3.65%	4,732,497	$146M	added+15%	−0.03 pp	7 q
EPIWisdomTree India Earnings Fund ETF	3.65%	6,740,300	$146M	added+64%	+1.20 pp	9 q
LLYEli Lilly & Co.	3.58%	1,463,978	$143M	trimmed−7%	−0.43 pp	4 q
DALDelta Air Lines, Inc.	3.55%	2,954,361	$142M	added+30%	0.00 pp	2 q
JNJJohnson & Johnson	3.45%	1,207,926	$138M	added+41%	+0.44 pp	9 q
QCOMQualcomm Inc	3.20%	1,747,401	$128M	added+16%	−0.46 pp	3 q
PRUPrudential Financial, Inc.	3.12%	1,218,134	$125M	added+29%	+0.49 pp	2 q
CVXChevron Corporation	3.09%	1,091,275	$123M	added+12%	−0.48 pp	4 q
WFCWells Fargo & Co.	3.00%	1,826,229	$120M	added+13%	−0.06 pp	9 q
UALUnited Airlines Holdings, Inc.	2.93%	1,889,402	$117M	new	+2.93 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.88%	809,086	$115M	added+12%	−0.09 pp	9 q
PVHPVH Corp.	2.86%	848,184	$114M	added+15%	+0.13 pp	2 q
PPLPPL Corporation	2.78%	3,229,890	$111M	new	+2.78 pp	new
CCLCarnival Corporation Ltd.	2.72%	1,884,452	$109M	trimmed−0%	−0.42 pp	9 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.52%	4,444,733	$101M	trimmed−16%	−0.73 pp	9 q
unresolvedU S G Corp	2.40%	2,957,750	$96M	added+6%	−0.19 pp	5 q
CHLChina Mobile Limited	2.24%	1,396,166	$89M	added+21%	+0.28 pp	9 q
MATMattel, Inc.	2.11%	2,808,228	$84M	added+21%	+0.26 pp	5 q
MOAltria Group, Inc.	1.91%	1,350,359	$76M	trimmed−4%	−0.23 pp	9 q
SNXTD SYNNEX Corporation	1.87%	873,671	$75M	trimmed−21%	−1.10 pp	4 q
DISThe Walt Disney Company	1.74%	519,715	$70M	added+8%	−0.01 pp	9 q
SMSM Energy Company	1.67%	1,237,196	$67M	added×2.2	+0.64 pp	2 q
AXPAmerican Express Company	1.45%	638,037	$58M	new	+1.45 pp	new
PBR.APetroleo Brasileiro S.A.-Petrobras	1.23%	6,093,600	$49M	trimmed−9%	+0.16 pp	9 q
SKMSK Telecom Co., Ltd.	1.06%	3,297,743	$42M	added+14%	−0.99 pp	9 q
IBNICICI Bank Limited	0.98%	3,772,375	$39M	added+3%	−0.02 pp	9 q
TTMTata Motors Limited	0.90%	1,046,003	$36M	added+20%	−0.11 pp	9 q
RDYDr. Reddy's Laboratories Limited	0.76%	544,600	$30M	added+2%	−0.04 pp	7 q
BTIBritish American Tobacco p.l.c.	0.69%	253,564	$27M	added+15%	+0.09 pp	9 q
UBSUBS Group AG	0.68%	1,273,859	$27M	new	+0.68 pp	new
SNYSanofi	0.64%	516,115	$26M	added+8%	+0.02 pp	9 q
BCSBarclays PLC	0.60%	1,453,556	$24M	added+9%	+0.09 pp	9 q
unresolvedReed Elsevier N V	0.60%	513,351	$24M	trimmed−16%	−0.20 pp	9 q
NTESNetEase, inc.	0.58%	161,300	$23M	added+44%	+0.27 pp	3 q
NVSNovartis AG	0.58%	236,714	$23M	added+6%	+0.01 pp	9 q
HSBCHSBC Holdings PLC	0.56%	499,958	$22M	added+31%	+0.14 pp	9 q
unresolvedGlaxosmithkline PLC	0.53%	507,631	$21M	added+15%	0.00 pp	2 q
AVVIYAviva PLC U/	0.52%	1,323,380	$21M	added+8%	0.00 pp	6 q
LYGLloyds Banking Group PLC	0.51%	3,757,613	$20M	added+15%	+0.11 pp	9 q
TMToyota Motor Corporation	0.50%	150,028	$20M	added+7%	−0.01 pp	9 q
TTENTotalenergies SE -spon ADR	0.49%	398,159	$20M	added+14%	+0.04 pp	9 q
CUKNCarnival Plc-adr	0.47%	367,238	$19M	added+8%	+0.03 pp	9 q
SMFGSumitomo Mitsui Financial Group, Inc	0.41%	1,862,020	$17M	trimmed−14%	−0.03 pp	9 q
VODVodafone Group PLC	0.40%	442,045	$16M	new	+0.40 pp	new
CEOCNOOC Limited	0.39%	110,903	$16M	added+48%	+0.11 pp	9 q
AMXNAmerica Movil-spn ADR Cl L	0.30%	569,300	$12M	added+35%	+0.07 pp	7 q
IMOImperial Oil Limited	0.30%	312,671	$12M	added+79%	+0.12 pp	9 q
SAPSap SE	0.30%	171,994	$12M	added+14%	+0.01 pp	9 q
unresolvedCredit Suisse Group Spon ADR	0.27%	397,394	$11M	added+6%	+0.01 pp	6 q
VWOVanguard FTSE Emerging Markets ETF	0.23%	222,238	$9M	trimmed−71%	−0.59 pp	5 q
MBTMobile TeleSystems Public Joint Stock Company	0.22%	908,722	$9M	added+7%	0.00 pp	3 q
EEMiShares MSCI Emerging Markets ETF	0.20%	223,037	$8M	trimmed−71%	−0.61 pp	5 q
unresolvedVale S.A. PFD	0.20%	1,586,300	$8M	added0%	0.00 pp	9 q
INDAiShares MSCI India ETF	0.19%	250,000	$8M	held	—	3 q
SNPLChina Petroleum & Chem-adr	0.14%	4,236,010	$6M	added×158.0	+0.08 pp	9 q
AUOAU Optronics Corp	0.07%	648,612	$3M	added+43%	+0.01 pp	9 q
KEPKorea Electric Power Corp	0.07%	146,600	$3M	added+17%	0.00 pp	3 q
unresolvedWuxi Pharmatech Adr	0.06%	61,900	$3M	trimmed−41%	−0.05 pp	8 q
BAPCredicorp LTD	0.06%	17,266	$2M	new	+0.06 pp	new
ABEVAmbev S.a.	0.05%	347,000	$2M	new	+0.05 pp	new
CYOUChangyou.com Limited	0.05%	78,100	$2M	added+12%	0.00 pp	2 q
PC6APetrochina Co Ltd -adr	0.04%	16,607	$2M	added+16%	0.00 pp	9 q
BRFSNBrf Sa-adr	0.03%	58,800	$1M	held	—	9 q
HDBHDFC Bank Limited	0.03%	20,016	$1M	added×2.4	+0.02 pp	9 q
INFYInfosys Limited	0.03%	85,400	$1M	trimmed−93%	−0.51 pp	9 q
unresolvedJa Solar Holdings Co Ltd	0.03%	118,400	$1M	added+32%	+0.01 pp	3 q
LPLLG Display Co. Ltd.	0.03%	107,400	$1M	added+17%	0.00 pp	3 q
unresolvedSiliconware Precision Inds L	0.03%	149,169	$1M	added×2.4	+0.02 pp	9 q
CYDChina Yuchai International Ltd.	0.03%	83,100	$1M	held	—	9 q
unresolvedAdvanced Semiconductor E-adr	0.02%	145,196	$958,000	added×2.4	+0.01 pp	9 q
CHTChunghwa Telecom Co., Ltd	0.02%	19,323	$617,000	added×2.4	+0.01 pp	9 q
KTKT Corp.	0.02%	75,800	$934,000	held	—	9 q
unresolvedMarket Vectors ETF Tr	0.01%	10,300	$436,000	added+72%	0.00 pp	3 q
UMCUnited Microelectronic Corp.	0.01%	286,149	$587,000	added×2.4	0.00 pp	9 q
VEDLVedanta Ltd-adr	0.01%	54,175	$585,000	new	+0.01 pp	new
WITWipro Limited	0.01%	23,300	$279,000	added×2.4	+0.01 pp	7 q
PNCPNC Financial Services Group	—	−503,289	—	exited	−1.64 pp	—
unresolvedApollo Group Inc Class A	—	−1,561,751	—	exited	−1.03 pp	—
unresolvedUbs AG	—	−1,318,271	—	exited	−0.65 pp	—
unresolvedVodafone Group PLC New	—	−379,659	—	exited	−0.32 pp	—
KMTUYKomatsu Ltd S/	—	−561,243	—	exited	−0.29 pp	—
AXAHYAxa S/	—	−377,932	—	exited	−0.25 pp	—
CLZNYClariant AG UNSP/	—	−473,987	—	exited	−0.25 pp	—
RIORio Tinto plc	—	−208,027	—	exited	−0.22 pp	—
unresolvedSesa Goa Ltd	—	−22,775	—	exited	−0.01 pp	—