Causeway Capital

Q2 2016 13F · by Sarah Ketterer, CEO

As of: Jun 30, 2016
Filed: Aug 15, 2016
US stock: $4.7B · prev $4.3B
Positions: 73 · prev 74
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%

Moves76 since the prior filing

+18.3 pp in · −18.3 pp out

New 7 +17.30 pp
Added 31 +0.96 pp
Trimmed 30 −11.64 pp
Exited 8 −6.66 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 59% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions30% of US stock

Positions73 in this filing · 8 exited


BIDUBaidu, Inc.	9.66%	2,747,425	$454M	new	+9.66 pp	new
CCitigroup Inc.	5.56%	5,399,665	$261M	added+5%	−0.15 pp	13 q
ORCLOracle Corp	5.25%	5,288,994	$247M	added+8%	−0.11 pp	13 q
MSFTMicrosoft Corp	5.11%	4,100,271	$240M	added+7%	−0.54 pp	13 q
LLYEli Lilly & Co.	4.29%	2,232,925	$202M	added+38%	+1.16 pp	8 q
unresolvedE M C Corp Mass	4.04%	6,097,958	$190M	trimmed−2%	−0.40 pp	11 q
PVHPVH Corp.	3.92%	1,706,519	$184M	added+3%	−0.48 pp	6 q
QCOMQualcomm Inc	3.91%	3,005,206	$184M	added+7%	+0.10 pp	7 q
PRUPrudential Financial, Inc.	3.51%	2,020,723	$165M	added+3%	−0.30 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.32%	964,253	$156M	trimmed−12%	−0.47 pp	13 q
ALLThe Allstate Corporation	3.26%	1,917,124	$153M	added+10%	+0.11 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.25%	5,773,833	$152M	trimmed−0%	−0.26 pp	13 q
BIIBBiogen Inc.	2.88%	489,263	$135M	new	+2.88 pp	new
CCLCarnival Corporation Ltd.	2.84%	2,644,678	$133M	added+9%	−0.57 pp	13 q
AAPAdvance Auto Parts Inc	2.60%	660,685	$122M	added+22%	+0.28 pp	3 q
PDCEPDC Energy, Inc.	2.36%	1,694,137	$111M	new	+2.36 pp	new
JNJJohnson & Johnson	2.33%	787,234	$109M	trimmed−42%	−1.63 pp	13 q
WFCWells Fargo & Co.	1.96%	1,701,720	$92M	trimmed−17%	−0.71 pp	13 q
HALHalliburton Company	1.92%	1,736,727	$90M	new	+1.92 pp	new
EPIWisdomTree India Earnings Fund ETF	1.87%	4,361,000	$88M	trimmed−12%	−0.36 pp	13 q
unresolvedCabelas Inc. Cl A	1.60%	1,307,546	$75M	trimmed−4%	−0.18 pp	4 q
CHLChina Mobile Limited	1.58%	1,279,084	$74M	trimmed−35%	−0.97 pp	13 q
UALUnited Airlines Holdings, Inc.	1.57%	1,564,602	$74M	trimmed−42%	−2.71 pp	5 q
SKMSK Telecom Co., Ltd.	1.39%	3,119,408	$65M	trimmed−1%	−0.07 pp	13 q
SMSM Energy Company	1.38%	2,105,998	$65M	trimmed−50%	−0.74 pp	6 q
BABAAlibaba Group Holding Limited	1.37%	806,200	$64M	trimmed−12%	−0.30 pp	3 q
NTESNetEase, inc.	1.32%	319,800	$62M	trimmed−12%	+0.11 pp	7 q
INFYInfosys Limited	1.14%	2,991,100	$54M	trimmed−3%	−0.21 pp	13 q
unresolvedNew Oriental Ed & Tech Grp I	1.11%	1,228,300	$52M	added+20%	+0.29 pp	3 q
TTMTata Motors Limited	1.09%	1,461,103	$51M	added+9%	+0.19 pp	13 q
INDAiShares MSCI India ETF	0.89%	1,502,200	$42M	trimmed−28%	−0.40 pp	7 q
IBNICICI Bank Limited	0.80%	5,259,875	$38M	trimmed−15%	−0.22 pp	13 q
BTIBritish American Tobacco p.l.c.	0.63%	230,360	$30M	added+1%	−0.01 pp	13 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.63%	5,092,800	$30M	added+9%	+0.14 pp	13 q
NVSNovartis AG	0.56%	319,351	$26M	added+1%	+0.01 pp	13 q
CHTChunghwa Telecom Co., Ltd	0.55%	6,878,000	$26M	added×221.9	+0.53 pp	13 q
TTENTotalenergies SE -spon ADR	0.55%	534,946	$26M	added+7%	−0.04 pp	13 q
RDS.BRoyal Dutch Shell PLC	0.52%	439,871	$25M	added+25%	+0.09 pp	2 q
unresolvedRelx NV	0.45%	1,218,554	$21M	trimmed−13%	−0.09 pp	4 q
SNXTD SYNNEX Corporation	0.45%	191,746	$21M	trimmed−54%	−0.58 pp	8 q
AVVIYAviva PLC U/	0.41%	1,810,889	$19M	trimmed−1%	−0.13 pp	10 q
BCSBarclays PLC	0.37%	2,262,156	$17M	trimmed−1%	−0.16 pp	13 q
CEOCNOOC Limited	0.37%	137,978	$17M	added+1%	−0.02 pp	13 q
unresolvedVale S.A. PFD	0.37%	4,359,900	$17M	added×559.0	+0.37 pp	13 q
SNYSanofi	0.35%	393,781	$16M	added+1%	−0.02 pp	13 q
DEODiageo plc	0.34%	141,421	$16M	added+3%	0.00 pp	4 q
SMFGSumitomo Mitsui Financial Group, Inc	0.34%	2,774,145	$16M	added+17%	+0.01 pp	13 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.33%	169,200	$16M	trimmed−49%	−0.40 pp	2 q
RDYDr. Reddy's Laboratories Limited	0.32%	294,600	$15M	trimmed−23%	−0.08 pp	11 q
unresolvedGlaxosmithkline PLC	0.30%	329,801	$14M	trimmed−27%	−0.14 pp	6 q
CUKNCarnival Plc-adr	0.29%	303,343	$14M	added+1%	−0.06 pp	13 q
LYGLloyds Banking Group PLC	0.28%	4,361,940	$13M	trimmed−0%	−0.12 pp	13 q
VODVodafone Group PLC	0.28%	430,258	$13M	added0%	−0.04 pp	5 q
AMXNAmerica Movil-spn ADR Cl L	0.27%	1,031,200	$13M	added+1%	−0.10 pp	11 q
PUKPrudential PLC	0.26%	353,727	$12M	new	+0.26 pp	new
SAPSap SE	0.26%	164,919	$12M	added+1%	−0.04 pp	13 q
PKXPOSCO Holdings Inc.	0.21%	223,300	$10M	new	+0.21 pp	new
unresolvedJa Solar Holdings Co Ltd	0.19%	1,318,100	$9M	trimmed−21%	−0.14 pp	7 q
HDBHDFC Bank Limited	0.18%	130,016	$9M	added×9.3	+0.16 pp	13 q
INGING Groep N.V.	0.12%	553,475	$6M	added+1%	−0.03 pp	2 q
KEPKorea Electric Power Corp	0.12%	220,100	$6M	held	—	7 q
MBTMobile TeleSystems Public Joint Stock Company	0.12%	678,722	$6M	trimmed−28%	−0.05 pp	7 q
UBSUBS Group AG	0.11%	407,337	$5M	trimmed−44%	−0.18 pp	5 q
SNPLChina Petroleum & Chem-adr	0.08%	1,421,410	$4M	added×31.9	+0.01 pp	13 q
JKSJinkosolar Holdings Co	0.08%	183,700	$4M	trimmed−5%	−0.02 pp	4 q
AUOAU Optronics Corp	0.06%	827,500	$3M	held	—	13 q
LPLLG Display Co. Ltd.	0.04%	174,553	$2M	trimmed−14%	−0.01 pp	7 q
VEDLVedanta Ltd-adr	0.03%	507,695	$1M	added×10.3	+0.02 pp	5 q
KTKT Corp.	0.02%	75,800	$1M	held	—	13 q
PC6APetrochina Co Ltd -adr	0.01%	8,507	$665,000	trimmed−58%	−0.02 pp	13 q
GLINVanEck India Growth Leaders ETF	0.01%	6,800	$288,000	new	+0.01 pp	new
WITWipro Limited	0.01%	21,100	$261,000	held	—	11 q
ABEVAmbev S.a.	0.00%	35,200	$208,000	held	—	5 q
CVXChevron Corporation	—	−1,287,520	—	exited	−3.30 pp	—
unresolvedRyanair Holdings PLC ADR	—	−1,534,479	—	exited	−3.03 pp	—
HSBCHSBC Holdings PLC	—	−203,175	—	exited	−0.16 pp	—
NOVNOV Inc.	—	−112,100	—	exited	−0.08 pp	—
MATMattel, Inc.	—	−41,400	—	exited	−0.04 pp	—
BRFSNBrf Sa-adr	—	−58,800	—	exited	−0.02 pp	—
CYDChina Yuchai International Ltd.	—	−67,000	—	exited	−0.02 pp	—
unresolvedMarket Vectors ETF Tr	—	−9,500	—	exited	−0.01 pp	—