Causeway Capital

Q3 2015 13F · by Sarah Ketterer, CEO

As of: Sep 30, 2015
Filed: Nov 13, 2015
US stock: $5.0B · prev $4.0B
Positions: 85 · prev 81
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%

Moves87 since the prior filing

+9.3 pp in · −9.2 pp out

New 10 +4.09 pp
Added 55 +5.24 pp
Trimmed 16 −5.37 pp
Exited 6 −3.85 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 38% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions22% of US stock

C Citigroup Inc. added+0.10 pp added+0.105.0%
ORCL Oracle Corp added+0.47 pp added+0.474.5%
MSFT Microsoft Corp added+0.42 pp added+0.424.3%
DAL Delta Air Lines, Inc. added+0.42 pp added+0.424.0%
unresolved E M C Corp Mass added+0.24 pp added+0.243.9%

Positions85 in this filing · 6 exited


CCitigroup Inc.	4.95%	4,043,863	$246M	added+34%	+0.10 pp	10 q
ORCLOracle Corp	4.53%	5,082,504	$225M	added+47%	+0.47 pp	10 q
MSFTMicrosoft Corp	4.29%	3,908,634	$213M	added+31%	+0.42 pp	10 q
DALDelta Air Lines, Inc.	3.97%	3,565,905	$197M	added+21%	+0.42 pp	3 q
unresolvedE M C Corp Mass	3.89%	6,473,776	$193M	added+37%	+0.24 pp	8 q
JNJJohnson & Johnson	3.70%	1,593,359	$184M	added+32%	+0.25 pp	10 q
QCOMQualcomm Inc	3.59%	2,689,984	$178M	added+54%	+0.39 pp	4 q
unresolvedRyanair Holdings PLC ADR	3.55%	2,200,537	$177M	added+4%	−0.23 pp	10 q
PVHPVH Corp.	3.38%	1,334,127	$168M	added+57%	+0.52 pp	3 q
UALUnited Airlines Holdings, Inc.	3.29%	2,494,543	$163M	added+32%	+0.36 pp	2 q
PPLPPL Corporation	3.20%	3,922,158	$159M	added+21%	+0.42 pp	2 q
CVXChevron Corporation	3.19%	1,631,663	$159M	added+50%	+0.10 pp	5 q
LLYEli Lilly & Co.	3.13%	1,507,177	$156M	added+3%	−0.45 pp	5 q
WFCWells Fargo & Co.	3.02%	2,370,988	$150M	added+30%	+0.02 pp	10 q
PRUPrudential Financial, Inc.	3.01%	1,595,608	$150M	added+31%	−0.11 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.98%	1,034,430	$148M	added+28%	+0.10 pp	10 q
CHLChina Mobile Limited	2.94%	2,455,418	$146M	added+76%	+0.70 pp	10 q
CCLCarnival Corporation Ltd.	2.71%	2,195,529	$135M	added+17%	−0.01 pp	10 q
MOAltria Group, Inc.	2.70%	1,716,236	$134M	added+27%	+0.79 pp	10 q
NOVNOV Inc.	2.49%	2,710,335	$124M	trimmed−2%	−1.40 pp	9 q
unresolvedU S G Corp	2.47%	3,749,041	$123M	added+27%	+0.07 pp	6 q
MATMattel, Inc.	2.37%	4,532,207	$118M	added+61%	+0.26 pp	6 q
SNXTD SYNNEX Corporation	2.22%	1,053,172	$111M	added+21%	+0.35 pp	5 q
unresolvedCabelas Inc. Cl A	2.10%	1,841,025	$104M	new	+2.10 pp	new
EPIWisdomTree India Earnings Fund ETF	2.00%	4,996,900	$100M	trimmed−26%	−1.65 pp	10 q
SKMSK Telecom Co., Ltd.	1.82%	3,702,300	$90M	added+12%	+0.76 pp	10 q
SMSM Energy Company	1.68%	2,114,322	$84M	added+71%	+0.01 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.64%	3,940,833	$82M	trimmed−11%	−0.88 pp	10 q
INDAiShares MSCI India ETF	0.98%	1,712,700	$49M	added×6.9	+0.79 pp	4 q
RDYDr. Reddy's Laboratories Limited	0.75%	586,600	$37M	added+8%	−0.01 pp	8 q
IBNICICI Bank Limited	0.68%	4,038,175	$34M	added+7%	−0.30 pp	10 q
unresolvedRelx NV	0.65%	1,955,393	$32M	new	+0.65 pp	new
BTIBritish American Tobacco p.l.c.	0.63%	285,808	$31M	added+13%	−0.06 pp	10 q
TVGrupo Televisa S.A.	0.60%	1,143,400	$30M	new	+0.60 pp	new
NTESNetEase, inc.	0.58%	241,400	$29M	added+50%	0.00 pp	4 q
SNYSanofi	0.55%	574,783	$27M	added+11%	−0.09 pp	10 q
TTMTata Motors Limited	0.54%	1,013,003	$27M	trimmed−3%	−0.36 pp	10 q
HSBCHSBC Holdings PLC	0.50%	655,128	$25M	added+31%	−0.06 pp	10 q
NVSNovartis AG	0.49%	262,666	$24M	added+11%	−0.09 pp	10 q
AVVIYAviva PLC U/	0.48%	1,751,939	$24M	added+32%	−0.04 pp	7 q
unresolvedGlaxosmithkline PLC	0.47%	606,315	$23M	added+19%	−0.06 pp	3 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.47%	6,289,100	$23M	added+3%	−0.76 pp	10 q
UBSUBS Group AG	0.47%	1,268,504	$23M	trimmed−0%	−0.21 pp	2 q
TTENTotalenergies SE -spon ADR	0.44%	494,734	$22M	added+24%	−0.05 pp	10 q
BCSBarclays PLC	0.42%	1,425,885	$21M	trimmed−2%	−0.18 pp	10 q
LYGLloyds Banking Group PLC	0.39%	4,240,142	$20M	added+13%	−0.12 pp	10 q
TMToyota Motor Corporation	0.39%	164,817	$19M	added+10%	−0.11 pp	10 q
AMXNAmerica Movil-spn ADR Cl L	0.36%	1,091,100	$18M	added+92%	+0.06 pp	8 q
CUKNCarnival Plc-adr	0.36%	349,367	$18M	trimmed−5%	−0.11 pp	10 q
CEOCNOOC Limited	0.34%	165,121	$17M	added+49%	−0.05 pp	10 q
INFYInfosys Limited	0.33%	862,800	$16M	added×10.1	+0.30 pp	10 q
SMFGSumitomo Mitsui Financial Group, Inc	0.32%	2,104,580	$16M	added+13%	−0.09 pp	10 q
VODVodafone Group PLC	0.31%	493,383	$16M	added+12%	−0.09 pp	2 q
DEODiageo plc	0.30%	137,126	$15M	new	+0.30 pp	new
unresolvedJa Solar Holdings Co Ltd	0.25%	1,608,200	$13M	added×13.6	+0.22 pp	4 q
SAPSap SE	0.25%	191,625	$12M	added+11%	−0.05 pp	10 q
IMOImperial Oil Limited	0.22%	352,120	$11M	added+13%	−0.08 pp	10 q
EEMiShares MSCI Emerging Markets ETF	0.22%	334,081	$11M	added+50%	+0.02 pp	6 q
RIORio Tinto plc	0.20%	300,978	$10M	new	+0.20 pp	new
ABEVAmbev S.a.	0.17%	1,703,400	$8M	added×4.9	+0.12 pp	2 q
MBTMobile TeleSystems Public Joint Stock Company	0.14%	940,522	$7M	added+4%	−0.08 pp	4 q
VWOVanguard FTSE Emerging Markets ETF	0.13%	197,676	$7M	trimmed−11%	−0.10 pp	6 q
UNUnilever N V -ny Shares	0.11%	132,716	$5M	new	+0.11 pp	new
unresolvedCredit Suisse Group Spon ADR	0.10%	214,304	$5M	trimmed−46%	−0.17 pp	7 q
KEPKorea Electric Power Corp	0.09%	227,700	$5M	added+55%	+0.02 pp	4 q
JKSJinkosolar Holdings Co	0.07%	148,900	$3M	new	+0.07 pp	new
IEMGiShares Core MSCI Emerging Markets ETF	0.06%	77,031	$3M	new	+0.06 pp	new
unresolvedWuxi Pharmatech Adr	0.06%	65,400	$3M	added+6%	0.00 pp	9 q
SNPLChina Petroleum & Chem-adr	0.05%	40,810	$3M	trimmed−99%	−0.09 pp	10 q
AUOAU Optronics Corp	0.04%	686,900	$2M	added+6%	−0.03 pp	10 q
BAPCredicorp LTD	0.04%	17,266	$2M	held	—	2 q
CYOUChangyou.com Limited	0.03%	90,200	$2M	added+15%	−0.02 pp	3 q
LPLLG Display Co. Ltd.	0.03%	166,800	$2M	added+55%	0.00 pp	4 q
BRFSNBrf Sa-adr	0.02%	58,800	$1M	held	—	10 q
CHTChunghwa Telecom Co., Ltd	0.02%	26,400	$798,000	added+37%	0.00 pp	10 q
HDBHDFC Bank Limited	0.02%	14,016	$856,000	trimmed−30%	−0.01 pp	10 q
KTKT Corp.	0.02%	75,800	$991,000	held	—	10 q
PC6APetrochina Co Ltd -adr	0.02%	16,607	$1M	held	—	10 q
CYDChina Yuchai International Ltd.	0.02%	66,200	$819,000	trimmed−20%	−0.01 pp	10 q
unresolvedMarket Vectors ETF Tr	0.01%	9,200	$389,000	trimmed−11%	0.00 pp	4 q
VEDLVedanta Ltd-adr	0.01%	49,075	$254,000	trimmed−9%	0.00 pp	2 q
WITWipro Limited	0.01%	21,100	$259,000	trimmed−9%	0.00 pp	8 q
SCCOSouthern Copper Corporation	0.00%	800	$21,000	new	0.00 pp	new
unresolvedVale S.A. PFD	0.00%	8,900	$30,000	trimmed−99%	−0.20 pp	10 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.00%	1,700	$154,000	new	0.00 pp	new
DISThe Walt Disney Company	—	−519,715	—	exited	−1.74 pp	—
AXPAmerican Express Company	—	−638,037	—	exited	−1.45 pp	—
unresolvedReed Elsevier N V	—	−513,351	—	exited	−0.60 pp	—
unresolvedSiliconware Precision Inds L	—	−149,169	—	exited	−0.03 pp	—
unresolvedAdvanced Semiconductor E-adr	—	−145,196	—	exited	−0.02 pp	—
UMCUnited Microelectronic Corp.	—	−286,149	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 11 unresolved
Accession: 0001140361-15-041015
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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