Causeway Capital

Q1 2016 13F · by Sarah Ketterer, CEO

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $4.3B · prev $4.7B
Positions: 74 · prev 77
Options notional: $0
Documents: 1· no amendments

Picture97.0% US stock

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

US stock listed on a US exchange 97.0%
Foreign stock not listed in the US 3.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves71 since the prior filing

+10.0 pp in · −10.1 pp out

New 3 +1.31 pp
Added 30 +8.68 pp
Trimmed 32 −4.23 pp
Exited 6 −5.83 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions26% of US stock

C Citigroup Inc. added+0.21 pp added+0.215.7%
MSFT Microsoft Corp trimmed+0.20 pp trimmed+0.205.7%
ORCL Oracle Corp trimmed+0.51 pp trimmed+0.515.4%
unresolved E M C Corp Mass trimmed+0.23 pp trimmed+0.234.4%
PVH PVH Corp. trimmed+1.20 pp trimmed+1.204.4%

Positions74 in this filing · 6 exited


CCitigroup Inc.	5.71%	5,125,144	$248M	added+22%	+0.21 pp	12 q
MSFTMicrosoft Corp	5.65%	3,823,461	$245M	trimmed−1%	+0.20 pp	12 q
ORCLOracle Corp	5.36%	4,915,647	$233M	trimmed−6%	+0.51 pp	12 q
unresolvedE M C Corp Mass	4.44%	6,219,409	$193M	trimmed−4%	+0.23 pp	10 q
PVHPVH Corp.	4.40%	1,659,475	$191M	trimmed−3%	+1.20 pp	5 q
UALUnited Airlines Holdings, Inc.	4.28%	2,682,952	$186M	trimmed0%	+0.40 pp	4 q
JNJJohnson & Johnson	3.96%	1,364,323	$172M	trimmed−9%	+0.04 pp	12 q
PRUPrudential Financial, Inc.	3.81%	1,969,150	$165M	added+19%	+0.40 pp	5 q
QCOMQualcomm Inc	3.81%	2,795,794	$166M	added+4%	+0.39 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.79%	1,099,049	$165M	trimmed−2%	+0.45 pp	12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.51%	5,790,433	$152M	added+39%	+1.50 pp	12 q
CCLCarnival Corporation Ltd.	3.41%	2,416,567	$148M	added+16%	+0.54 pp	12 q
CVXChevron Corporation	3.30%	1,287,520	$143M	trimmed−18%	−0.30 pp	7 q
ALLThe Allstate Corporation	3.15%	1,744,971	$137M	added+13%	+0.72 pp	2 q
LLYEli Lilly & Co.	3.13%	1,623,584	$136M	added+31%	+0.47 pp	7 q
unresolvedRyanair Holdings PLC ADR	3.03%	1,534,479	$131M	trimmed−15%	−0.26 pp	12 q
WFCWells Fargo & Co.	2.67%	2,060,977	$116M	added+4%	−0.06 pp	12 q
CHLChina Mobile Limited	2.55%	1,973,989	$111M	trimmed−6%	+0.04 pp	12 q
AAPAdvance Auto Parts Inc	2.32%	540,052	$101M	added+4%	+0.32 pp	2 q
EPIWisdomTree India Earnings Fund ETF	2.23%	4,955,500	$97M	trimmed−1%	+0.12 pp	12 q
SMSM Energy Company	2.12%	4,220,730	$92M	added+10%	+0.20 pp	5 q
unresolvedCabelas Inc. Cl A	1.78%	1,358,143	$77M	trimmed−29%	−0.50 pp	3 q
BABAAlibaba Group Holding Limited	1.67%	911,800	$73M	added×2.3	+0.99 pp	2 q
SKMSK Telecom Co., Ltd.	1.46%	3,148,215	$63M	trimmed−17%	−0.16 pp	12 q
INFYInfosys Limited	1.35%	3,078,400	$59M	added×2.2	+0.85 pp	12 q
INDAiShares MSCI India ETF	1.29%	2,072,000	$56M	added+21%	+0.29 pp	6 q
NTESNetEase, inc.	1.21%	362,600	$53M	added+37%	+0.20 pp	6 q
SNXTD SYNNEX Corporation	1.03%	415,260	$45M	trimmed−35%	−0.45 pp	7 q
IBNICICI Bank Limited	1.02%	6,178,775	$44M	added+52%	+0.34 pp	12 q
TTMTata Motors Limited	0.90%	1,338,903	$39M	added+37%	+0.29 pp	12 q
unresolvedNew Oriental Ed & Tech Grp I	0.82%	1,022,500	$36M	added×2.4	+0.54 pp	2 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.73%	329,200	$32M	new	+0.73 pp	new
BTIBritish American Tobacco p.l.c.	0.64%	228,221	$28M	trimmed−22%	−0.04 pp	12 q
TTENTotalenergies SE -spon ADR	0.59%	501,247	$25M	added+4%	+0.13 pp	12 q
NVSNovartis AG	0.55%	316,362	$24M	added+12%	+0.04 pp	12 q
AVVIYAviva PLC U/	0.54%	1,825,645	$23M	added0%	−0.05 pp	9 q
unresolvedRelx NV	0.54%	1,402,423	$24M	trimmed−23%	−0.11 pp	3 q
BCSBarclays PLC	0.53%	2,285,786	$23M	added+36%	+0.07 pp	12 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.49%	4,651,700	$21M	added+27%	+0.23 pp	12 q
unresolvedGlaxosmithkline PLC	0.44%	450,405	$19M	trimmed−13%	0.00 pp	5 q
RDS.BRoyal Dutch Shell PLC	0.43%	351,387	$19M	new	+0.43 pp	new
RDYDr. Reddy's Laboratories Limited	0.40%	380,200	$17M	added+2%	+0.03 pp	10 q
LYGLloyds Banking Group PLC	0.40%	4,366,572	$17M	trimmed−10%	−0.05 pp	12 q
CEOCNOOC Limited	0.39%	137,021	$17M	trimmed−19%	+0.01 pp	12 q
AMXNAmerica Movil-spn ADR Cl L	0.37%	1,025,500	$16M	trimmed−16%	+0.01 pp	10 q
SNYSanofi	0.37%	391,613	$16M	trimmed−9%	−0.02 pp	12 q
CUKNCarnival Plc-adr	0.35%	300,867	$15M	trimmed−18%	−0.09 pp	12 q
DEODiageo plc	0.34%	137,309	$15M	trimmed−0%	+0.02 pp	3 q
unresolvedJa Solar Holdings Co Ltd	0.33%	1,664,800	$14M	added+1%	−0.01 pp	6 q
SMFGSumitomo Mitsui Financial Group, Inc	0.33%	2,362,430	$14M	added+12%	−0.01 pp	12 q
VODVodafone Group PLC	0.32%	428,546	$14M	trimmed−11%	−0.01 pp	4 q
SAPSap SE	0.30%	163,532	$13M	trimmed−16%	−0.03 pp	12 q
UBSUBS Group AG	0.29%	724,888	$13M	trimmed−48%	−0.28 pp	4 q
MBTMobile TeleSystems Public Joint Stock Company	0.17%	936,122	$8M	held	—	6 q
HSBCHSBC Holdings PLC	0.16%	203,175	$7M	trimmed−68%	−0.38 pp	12 q
INGING Groep N.V.	0.15%	546,918	$7M	new	+0.15 pp	new
KEPKorea Electric Power Corp	0.13%	220,100	$6M	trimmed−9%	+0.02 pp	6 q
JKSJinkosolar Holdings Co	0.10%	194,200	$4M	added+25%	+0.01 pp	3 q
NOVNOV Inc.	0.08%	112,100	$3M	trimmed−94%	−1.49 pp	11 q
SNPLChina Petroleum & Chem-adr	0.07%	44,510	$3M	trimmed−100%	−0.35 pp	12 q
AUOAU Optronics Corp	0.06%	827,500	$2M	added+17%	+0.02 pp	12 q
LPLLG Display Co. Ltd.	0.05%	203,100	$2M	added+15%	+0.01 pp	6 q
MATMattel, Inc.	0.04%	41,400	$2M	trimmed−99%	−2.79 pp	8 q
PC6APetrochina Co Ltd -adr	0.03%	20,207	$1M	added+20%	+0.01 pp	12 q
BRFSNBrf Sa-adr	0.02%	58,800	$836,000	held	—	12 q
CHTChunghwa Telecom Co., Ltd	0.02%	31,000	$1M	held	—	12 q
HDBHDFC Bank Limited	0.02%	14,016	$864,000	held	—	12 q
KTKT Corp.	0.02%	75,800	$1M	held	—	12 q
CYDChina Yuchai International Ltd.	0.02%	67,000	$660,000	held	—	12 q
unresolvedMarket Vectors ETF Tr	0.01%	9,500	$365,000	added×2.4	+0.01 pp	6 q
VEDLVedanta Ltd-adr	0.01%	49,075	$270,000	held	—	4 q
WITWipro Limited	0.01%	21,100	$265,000	held	—	10 q
ABEVAmbev S.a.	0.00%	35,200	$182,000	trimmed−98%	−0.17 pp	4 q
unresolvedVale S.A. PFD	0.00%	7,800	$24,000	held	—	12 q
DALDelta Air Lines, Inc.	—	−2,828,355	—	exited	−3.64 pp	—
MOAltria Group, Inc.	—	−858,848	—	exited	−1.52 pp	—
TMToyota Motor Corporation	—	−166,507	—	exited	−0.43 pp	—
IMOImperial Oil Limited	—	−213,163	—	exited	−0.15 pp	—
CYOUChangyou.com Limited	—	−93,300	—	exited	−0.05 pp	—
BAPCredicorp LTD	—	−17,266	—	exited	−0.04 pp	—