Causeway Capital

Q4 2015 13F · by Sarah Ketterer, CEO

As of: Dec 31, 2015
Filed: Feb 16, 2016
US stock: $4.7B · prev $5.0B
Positions: 77 · prev 85
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%

Moves82 since the prior filing

+9.8 pp in · −9.8 pp out

New 4 +5.39 pp
Added 39 +4.36 pp
Trimmed 27 −2.62 pp
Exited 12 −7.15 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions24% of US stock

C Citigroup Inc. added+0.55 pp added+0.555.5%
MSFT Microsoft Corp trimmed+1.16 pp trimmed+1.165.5%
ORCL Oracle Corp added+0.32 pp added+0.324.8%
unresolved E M C Corp Mass trimmed+0.32 pp trimmed+0.324.2%
JNJ Johnson & Johnson trimmed+0.22 pp trimmed+0.223.9%

Positions77 in this filing · 12 exited


CCitigroup Inc.	5.50%	4,193,434	$260M	added+4%	+0.55 pp	11 q
MSFTMicrosoft Corp	5.45%	3,875,456	$258M	trimmed−1%	+1.16 pp	11 q
ORCLOracle Corp	4.85%	5,250,441	$229M	added+3%	+0.32 pp	11 q
unresolvedE M C Corp Mass	4.21%	6,461,447	$199M	trimmed−0%	+0.32 pp	9 q
JNJJohnson & Johnson	3.92%	1,497,289	$185M	trimmed−6%	+0.22 pp	11 q
UALUnited Airlines Holdings, Inc.	3.88%	2,682,996	$183M	added+8%	+0.59 pp	3 q
DALDelta Air Lines, Inc.	3.64%	2,828,355	$172M	trimmed−21%	−0.33 pp	4 q
CVXChevron Corporation	3.60%	1,576,807	$170M	trimmed−3%	+0.41 pp	6 q
QCOMQualcomm Inc	3.42%	2,697,714	$162M	added0%	−0.17 pp	5 q
PRUPrudential Financial, Inc.	3.41%	1,649,877	$161M	added+3%	+0.40 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.34%	1,117,560	$158M	added+8%	+0.36 pp	11 q
unresolvedRyanair Holdings PLC ADR	3.29%	1,797,665	$155M	trimmed−18%	−0.26 pp	11 q
PVHPVH Corp.	3.20%	1,711,607	$151M	added+28%	−0.18 pp	4 q
CCLCarnival Corporation Ltd.	2.87%	2,075,951	$136M	trimmed−5%	+0.16 pp	11 q
MATMattel, Inc.	2.83%	4,100,563	$134M	trimmed−10%	+0.46 pp	7 q
WFCWells Fargo & Co.	2.73%	1,972,701	$129M	trimmed−17%	−0.29 pp	11 q
LLYEli Lilly & Co.	2.66%	1,241,347	$126M	trimmed−18%	−0.47 pp	6 q
CHLChina Mobile Limited	2.51%	2,102,209	$118M	trimmed−14%	−0.43 pp	11 q
ALLThe Allstate Corporation	2.43%	1,541,690	$115M	new	+2.43 pp	new
unresolvedCabelas Inc. Cl A	2.28%	1,920,939	$108M	added+4%	+0.18 pp	2 q
EPIWisdomTree India Earnings Fund ETF	2.11%	5,030,600	$100M	added+1%	+0.11 pp	11 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.01%	4,170,533	$95M	added+6%	+0.37 pp	11 q
AAPAdvance Auto Parts Inc	2.00%	521,530	$94M	new	+2.00 pp	new
SMSM Energy Company	1.92%	3,835,774	$91M	added+81%	+0.24 pp	4 q
SKMSK Telecom Co., Ltd.	1.62%	3,792,267	$76M	added+2%	−0.20 pp	11 q
NOVNOV Inc.	1.57%	1,864,466	$74M	trimmed−31%	−0.92 pp	10 q
MOAltria Group, Inc.	1.52%	858,848	$72M	trimmed−50%	−1.18 pp	11 q
SNXTD SYNNEX Corporation	1.48%	642,060	$70M	trimmed−39%	−0.74 pp	6 q
NTESNetEase, inc.	1.01%	264,400	$48M	added+10%	+0.43 pp	5 q
INDAiShares MSCI India ETF	1.00%	1,712,700	$47M	held	—	5 q
BABAAlibaba Group Holding Limited	0.68%	393,000	$32M	new	+0.68 pp	new
BTIBritish American Tobacco p.l.c.	0.68%	291,783	$32M	added+2%	+0.05 pp	11 q
IBNICICI Bank Limited	0.68%	4,076,875	$32M	added+1%	0.00 pp	11 q
unresolvedRelx NV	0.65%	1,821,829	$31M	trimmed−7%	0.00 pp	2 q
TTMTata Motors Limited	0.61%	977,203	$29M	trimmed−4%	+0.07 pp	11 q
AVVIYAviva PLC U/	0.59%	1,821,335	$28M	added+4%	+0.11 pp	8 q
UBSUBS Group AG	0.57%	1,401,218	$27M	added+10%	+0.10 pp	3 q
HSBCHSBC Holdings PLC	0.54%	642,785	$25M	trimmed−2%	+0.04 pp	11 q
NVSNovartis AG	0.51%	281,710	$24M	added+7%	+0.02 pp	11 q
INFYInfosys Limited	0.50%	1,416,400	$24M	added+64%	+0.17 pp	11 q
BCSBarclays PLC	0.46%	1,674,695	$22M	added+17%	+0.04 pp	11 q
TTENTotalenergies SE -spon ADR	0.46%	481,953	$22M	trimmed−3%	+0.02 pp	11 q
LYGLloyds Banking Group PLC	0.45%	4,861,106	$21M	added+15%	+0.06 pp	11 q
CUKNCarnival Plc-adr	0.44%	368,931	$21M	added+6%	+0.08 pp	11 q
unresolvedGlaxosmithkline PLC	0.44%	518,275	$21M	trimmed−15%	−0.03 pp	4 q
TMToyota Motor Corporation	0.43%	166,507	$20M	added+1%	+0.04 pp	11 q
SNPLChina Petroleum & Chem-adr	0.42%	28,401,810	$20M	added×696.0	+0.37 pp	11 q
SNYSanofi	0.39%	428,923	$18M	trimmed−25%	−0.16 pp	11 q
CEOCNOOC Limited	0.38%	170,039	$18M	added+3%	+0.04 pp	11 q
RDYDr. Reddy's Laboratories Limited	0.37%	374,100	$17M	trimmed−36%	−0.38 pp	9 q
AMXNAmerica Movil-spn ADR Cl L	0.36%	1,221,600	$17M	added+12%	0.00 pp	9 q
unresolvedJa Solar Holdings Co Ltd	0.34%	1,652,800	$16M	added+3%	+0.09 pp	5 q
SMFGSumitomo Mitsui Financial Group, Inc	0.34%	2,105,850	$16M	added0%	+0.02 pp	11 q
SAPSap SE	0.33%	195,592	$15M	added+2%	+0.08 pp	11 q
VODVodafone Group PLC	0.33%	482,025	$16M	trimmed−2%	+0.02 pp	3 q
DEODiageo plc	0.32%	137,702	$15M	added0%	+0.02 pp	2 q
unresolvedNew Oriental Ed & Tech Grp I	0.28%	424,200	$13M	new	+0.28 pp	new
PBR.APetroleo Brasileiro S.A.-Petrobras	0.26%	3,659,800	$12M	trimmed−42%	−0.21 pp	11 q
ABEVAmbev S.a.	0.17%	1,772,700	$8M	added+4%	0.00 pp	3 q
IMOImperial Oil Limited	0.15%	213,163	$7M	trimmed−39%	−0.07 pp	11 q
MBTMobile TeleSystems Public Joint Stock Company	0.12%	936,122	$6M	trimmed−0%	−0.02 pp	5 q
KEPKorea Electric Power Corp	0.11%	241,700	$5M	added+6%	+0.02 pp	5 q
JKSJinkosolar Holdings Co	0.09%	155,100	$4M	added+4%	+0.02 pp	2 q
CYOUChangyou.com Limited	0.05%	93,300	$2M	added+3%	+0.02 pp	4 q
AUOAU Optronics Corp	0.04%	708,400	$2M	added+3%	0.00 pp	11 q
LPLLG Display Co. Ltd.	0.04%	177,100	$2M	added+6%	+0.01 pp	5 q
BAPCredicorp LTD	0.04%	17,266	$2M	held	—	3 q
BRFSNBrf Sa-adr	0.02%	58,800	$813,000	held	—	11 q
CHTChunghwa Telecom Co., Ltd	0.02%	31,000	$931,000	added+17%	0.00 pp	11 q
HDBHDFC Bank Limited	0.02%	14,016	$863,000	held	—	11 q
KTKT Corp.	0.02%	75,800	$903,000	held	—	11 q
PC6APetrochina Co Ltd -adr	0.02%	16,807	$1M	added+1%	0.00 pp	11 q
CYDChina Yuchai International Ltd.	0.02%	67,000	$721,000	added+1%	0.00 pp	11 q
VEDLVedanta Ltd-adr	0.01%	49,075	$273,000	held	—	3 q
WITWipro Limited	0.01%	21,100	$243,000	held	—	9 q
unresolvedMarket Vectors ETF Tr	0.00%	4,000	$173,000	trimmed−57%	−0.01 pp	5 q
unresolvedVale S.A. PFD	0.00%	7,800	$20,000	trimmed−12%	0.00 pp	11 q
PPLPPL Corporation	—	−3,922,158	—	exited	−3.20 pp	—
unresolvedU S G Corp	—	−3,749,041	—	exited	−2.47 pp	—
TVGrupo Televisa S.A.	—	−1,143,400	—	exited	−0.60 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−334,081	—	exited	−0.22 pp	—
RIORio Tinto plc	—	−300,978	—	exited	−0.20 pp	—
VWOVanguard FTSE Emerging Markets ETF	—	−197,676	—	exited	−0.13 pp	—
UNUnilever N V -ny Shares	—	−132,716	—	exited	−0.11 pp	—
unresolvedCredit Suisse Group Spon ADR	—	−214,304	—	exited	−0.10 pp	—
IEMGiShares Core MSCI Emerging Markets ETF	—	−77,031	—	exited	−0.06 pp	—
unresolvedWuxi Pharmatech Adr	—	−65,400	—	exited	−0.06 pp	—
SCCOSouthern Copper Corporation	—	−800	—	exited	0.00 pp	—
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	—	−1,700	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 9 unresolved
Accession: 0001140361-16-052658
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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