Causeway Capital

Q3 2016 13F · by Sarah Ketterer, CEO

As of: Sep 30, 2016
Filed: Jun 15, 2017
US stock: $5.4B · prev $4.7B
Positions: 82 · prev 73
Options notional: $0
Documents: 1· 1 amendment

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%

Moves81 since the prior filing

+18.7 pp in · −18.5 pp out

New 13 +16.28 pp
Added 38 +2.37 pp
Trimmed 26 −10.50 pp
Exited 4 −8.02 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 83% a year, about 1.2 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Revealed late, restated

restated 2 rows corrected by the filer · US stock +5.74%; later quarters recomputed 13F-HR/A · Jun 15, 2017 ↗

Positions82 in this filing · 4 exited


BIDUBaidu, Inc.	9.29%	2,777,800	$506M	added+1%	−0.37 pp	2 q
CCitigroup Inc.	5.62%	5,771,742	$306M	added+7%	+0.06 pp	14 q
ORCLOracle Corp	4.43%	5,484,992	$241M	added+4%	−0.82 pp	14 q
MSFTMicrosoft Corp	4.42%	3,715,639	$241M	trimmed−9%	−0.69 pp	14 q
QCOMQualcomm Inc	4.32%	3,055,994	$235M	added+2%	+0.41 pp	8 q
unresolvedEncana Corp	4.23%	22,018,772	$231M	new	+4.23 pp	new
LLYEli Lilly & Co.	3.84%	2,313,413	$209M	added+4%	−0.45 pp	9 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.73%	6,566,645	$203M	added+14%	+0.48 pp	14 q
CSXCSX Corporation	3.21%	5,100,746	$175M	new	+3.21 pp	new
PVHPVH Corp.	3.08%	1,349,534	$168M	trimmed−21%	−0.84 pp	7 q
CCLCarnival Corporation Ltd.	3.07%	3,047,105	$167M	added+15%	+0.23 pp	14 q
BABAAlibaba Group Holding Limited	2.92%	1,489,489	$159M	added+85%	+1.55 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.90%	1,004,860	$158M	added+4%	−0.42 pp	14 q
PRUPrudential Financial, Inc.	2.78%	1,650,084	$151M	trimmed−18%	−0.73 pp	7 q
BIIBBiogen Inc.	2.61%	404,444	$142M	trimmed−17%	−0.27 pp	2 q
PDCEPDC Energy, Inc.	2.60%	1,891,264	$142M	added+12%	+0.24 pp	2 q
unresolvedCsra Inc	2.51%	4,523,786	$137M	new	+2.51 pp	new
AAPAdvance Auto Parts Inc	2.41%	782,920	$131M	added+19%	−0.19 pp	4 q
HALHalliburton Company	2.41%	2,604,131	$131M	added+50%	+0.49 pp	2 q
SIGSignet Jewelers Limited	2.19%	1,418,450	$119M	new	+2.19 pp	new
unresolvedVerifone Sys Inc	2.12%	6,524,812	$116M	new	+2.12 pp	new
SMSM Energy Company	1.80%	2,272,203	$98M	added+8%	+0.42 pp	7 q
JNJJohnson & Johnson	1.72%	705,335	$94M	trimmed−10%	−0.61 pp	14 q
ALLThe Allstate Corporation	1.50%	1,051,083	$82M	trimmed−45%	−1.76 pp	4 q
NTESNetEase, inc.	1.47%	330,691	$80M	added+3%	+0.15 pp	8 q
MFCManulife Financial Corp.	1.44%	5,574,881	$79M	new	+1.44 pp	new
SKMSK Telecom Co., Ltd.	1.29%	3,108,596	$70M	trimmed−0%	−0.10 pp	14 q
TTMTata Motors Limited	1.28%	1,726,312	$70M	added+18%	+0.19 pp	14 q
EPIWisdomTree India Earnings Fund ETF	1.25%	3,143,579	$68M	trimmed−28%	−0.62 pp	14 q
CHLChina Mobile Limited	1.20%	1,053,056	$65M	trimmed−18%	−0.38 pp	14 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.94%	6,111,699	$51M	added+20%	+0.31 pp	14 q
IBNICICI Bank Limited	0.82%	5,945,614	$45M	added+13%	+0.02 pp	14 q
INDAiShares MSCI India ETF	0.81%	1,502,200	$44M	held	—	8 q
unresolvedNew Oriental Ed & Tech Grp I	0.76%	885,786	$42M	trimmed−28%	−0.35 pp	4 q
unresolvedVale S.A. PFD	0.57%	6,559,102	$31M	added+50%	+0.20 pp	14 q
BTIBritish American Tobacco p.l.c.	0.47%	202,457	$26M	trimmed−12%	−0.16 pp	14 q
NVSNovartis AG	0.47%	321,258	$25M	added+1%	−0.09 pp	14 q
TTENTotalenergies SE -spon ADR	0.47%	532,003	$25M	trimmed−1%	−0.08 pp	14 q
RDS.BRoyal Dutch Shell PLC	0.46%	479,331	$25M	added+9%	−0.06 pp	3 q
INFYInfosys Limited	0.45%	1,524,915	$24M	trimmed−49%	−0.69 pp	14 q
AVVIYAviva PLC U/	0.42%	1,965,768	$23M	added+9%	+0.01 pp	11 q
BCSBarclays PLC	0.37%	2,300,623	$20M	added+1%	0.00 pp	14 q
CEOCNOOC Limited	0.32%	138,241	$17M	added0%	−0.05 pp	14 q
PKXPOSCO Holdings Inc.	0.32%	337,657	$18M	added+51%	+0.11 pp	2 q
AMXNAmerica Movil-spn ADR Cl L	0.30%	1,432,569	$16M	added+39%	+0.03 pp	12 q
SNYSanofi	0.28%	394,507	$15M	added0%	−0.07 pp	14 q
SAPSap SE	0.28%	166,639	$15M	added+1%	+0.02 pp	14 q
CUKNCarnival Plc-adr	0.27%	303,220	$15M	trimmed−0%	−0.02 pp	14 q
PUKPrudential PLC	0.27%	407,671	$15M	added+15%	+0.01 pp	2 q
DEODiageo plc	0.26%	120,337	$14M	trimmed−15%	−0.08 pp	5 q
unresolvedGlaxosmithkline PLC	0.26%	327,419	$14M	trimmed−1%	−0.04 pp	7 q
LYGLloyds Banking Group PLC	0.25%	4,772,551	$14M	added+9%	−0.03 pp	14 q
VODVodafone Group PLC	0.23%	430,360	$13M	added0%	−0.05 pp	6 q
SMFGSumitomo Mitsui Financial Group, Inc	0.22%	1,790,156	$12M	trimmed−35%	−0.12 pp	14 q
unresolvedRelx NV	0.21%	635,662	$11M	trimmed−48%	−0.24 pp	5 q
HDBHDFC Bank Limited	0.20%	154,850	$11M	added+19%	+0.02 pp	14 q
INGING Groep N.V.	0.18%	811,594	$10M	added+47%	+0.06 pp	3 q
VWOVanguard FTSE Emerging Markets ETF	0.17%	245,019	$9M	new	+0.17 pp	new
ABBNYAbb Ltd Spons	0.16%	379,002	$9M	new	+0.16 pp	new
unresolvedArcelormittal SA Luxembourg	0.16%	1,475,251	$9M	new	+0.16 pp	new
RDYDr. Reddy's Laboratories Limited	0.16%	191,543	$9M	trimmed−35%	−0.16 pp	12 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.15%	88,800	$8M	trimmed−48%	−0.18 pp	3 q
KEPKorea Electric Power Corp	0.10%	227,400	$6M	added+3%	−0.02 pp	8 q
MBTMobile TeleSystems Public Joint Stock Company	0.10%	678,722	$5M	held	—	8 q
UBSUBS Group AG	0.10%	411,527	$6M	added+1%	−0.01 pp	6 q
SNPLChina Petroleum & Chem-adr	0.07%	50,810	$4M	trimmed−96%	−0.01 pp	14 q
YYJOYY Inc.	0.07%	72,300	$4M	new	+0.07 pp	new
JKSJinkosolar Holdings Co	0.06%	197,900	$3M	added+8%	−0.02 pp	5 q
LPLLG Display Co. Ltd.	0.05%	208,700	$3M	added+20%	+0.01 pp	8 q
CHTChunghwa Telecom Co., Ltd	0.02%	32,900	$1M	trimmed−100%	−0.53 pp	14 q
unresolvedIshares Inc Msci Taiwan	0.02%	67,800	$1M	new	+0.02 pp	new
unresolvedJa Solar Holdings Co Ltd	0.02%	196,760	$1M	trimmed−85%	−0.17 pp	8 q
KTKT Corp.	0.02%	75,800	$1M	held	—	14 q
AUOAU Optronics Corp	0.01%	151,900	$554,000	trimmed−82%	−0.05 pp	14 q
PC6APetrochina Co Ltd -adr	0.01%	10,707	$805,000	added+26%	0.00 pp	14 q
GLINVanEck India Growth Leaders ETF	0.01%	6,800	$316,000	held	—	2 q
VEDLVedanta Ltd-adr	0.01%	49,075	$509,000	trimmed−90%	−0.02 pp	6 q
ABEVAmbev S.a.	0.00%	37,300	$227,000	added+6%	0.00 pp	6 q
unresolvedCabelas Inc. Cl A	0.00%	19	$1,000	trimmed−100%	−1.60 pp	5 q
unresolvedRyanair Holdings PLC ADR	0.00%	32	$2,000	new	0.00 pp	new
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.00%	2,000	$199,000	new	0.00 pp	new
WITWipro Limited	0.00%	21,100	$205,000	held	—	12 q
unresolvedE M C Corp Mass	—	−6,097,958	—	exited	−4.04 pp	—
WFCWells Fargo & Co.	—	−1,701,720	—	exited	−1.96 pp	—
UALUnited Airlines Holdings, Inc.	—	−1,564,602	—	exited	−1.57 pp	—
SNXTD SYNNEX Corporation	—	−191,746	—	exited	−0.45 pp	—

Source

Form: 13F-HR/A
Reading: 2 defects · 12 unresolved
Accession: 0001140361-17-025173
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2016-09-30
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2016-09-30

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