Causeway Capital

Q4 2016 13F · by Sarah Ketterer, CEO

As of: Dec 31, 2016
Filed: Jun 15, 2017
US stock: $5.7B · prev $5.4B
Positions: 85 · prev 82
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

+8.9 pp in · −8.8 pp out

New 7 +3.16 pp
Added 37 +5.69 pp
Trimmed 33 −3.42 pp
Exited 4 −5.41 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 44% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions30% of US stock

BIDU Baidu, Inc. added−0.68 pp added−0.688.6%
C Citigroup Inc. trimmed+1.29 pp trimmed+1.296.9%
unresolved Encana Corp added+0.90 pp added+0.905.1%
ORCL Oracle Corp added+0.30 pp added+0.304.7%
LLY Eli Lilly & Co. added+0.86 pp added+0.864.7%

Revealed late, restated

restated 3 rows corrected by the filer · US stock +8.22%; later quarters recomputed 13F-HR/A · Jun 15, 2017 ↗

Positions85 in this filing · 4 exited


BIDUBaidu, Inc.	8.61%	2,993,413	$492M	added+8%	−0.68 pp	3 q
CCitigroup Inc.	6.91%	5,671,033	$395M	trimmed−2%	+1.29 pp	15 q
unresolvedEncana Corp	5.13%	24,988,961	$293M	added+13%	+0.90 pp	2 q
ORCLOracle Corp	4.73%	6,002,298	$270M	added+9%	+0.30 pp	15 q
LLYEli Lilly & Co.	4.70%	3,101,165	$268M	added+34%	+0.86 pp	10 q
QCOMQualcomm Inc	4.55%	3,390,137	$260M	added+11%	+0.23 pp	9 q
MSFTMicrosoft Corp	4.54%	3,547,271	$259M	trimmed−5%	+0.12 pp	15 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.59%	7,046,045	$205M	added+7%	−0.14 pp	15 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.43%	1,045,361	$196M	added+4%	+0.53 pp	15 q
CCLCarnival Corporation Ltd.	3.42%	3,195,223	$195M	added+5%	+0.35 pp	15 q
AAPAdvance Auto Parts Inc	3.40%	980,248	$194M	added+25%	+0.99 pp	5 q
CSXCSX Corporation	3.24%	4,384,375	$185M	trimmed−14%	+0.03 pp	2 q
unresolvedCsra Inc	3.17%	4,870,504	$181M	added+8%	+0.66 pp	2 q
PDCEPDC Energy, Inc.	3.15%	2,133,792	$180M	added+13%	+0.55 pp	3 q
SIGSignet Jewelers Limited	2.94%	1,511,789	$168M	added+7%	+0.75 pp	2 q
PVHPVH Corp.	2.86%	1,542,236	$163M	added+14%	−0.22 pp	8 q
unresolvedVerifone Sys Inc	2.62%	7,158,059	$149M	added+10%	+0.50 pp	2 q
BABAAlibaba Group Holding Limited	2.57%	1,655,859	$147M	added+11%	−0.35 pp	5 q
JNJJohnson & Johnson	1.83%	769,679	$105M	added+9%	+0.11 pp	15 q
HALHalliburton Company	1.80%	1,625,344	$103M	trimmed−38%	−0.61 pp	3 q
BACBank of America Corporation	1.76%	3,873,312	$100M	new	+1.76 pp	new
MFCManulife Financial Corp.	1.65%	5,314,419	$95M	trimmed−5%	+0.21 pp	2 q
NTESNetEase, inc.	1.56%	408,991	$89M	added+24%	+0.09 pp	9 q
SMSM Energy Company	1.46%	2,093,434	$84M	trimmed−8%	−0.34 pp	8 q
GILGildan Activewear Inc.	1.08%	2,423,856	$61M	new	+1.08 pp	new
SKMSK Telecom Co., Ltd.	1.08%	2,968,930	$62M	trimmed−4%	−0.21 pp	15 q
TTMTata Motors Limited	1.08%	1,783,712	$62M	added+3%	−0.20 pp	15 q
EPIWisdomTree India Earnings Fund ETF	1.05%	2,963,297	$60M	trimmed−6%	−0.20 pp	15 q
CHLChina Mobile Limited	0.98%	1,072,560	$56M	added+2%	−0.22 pp	15 q
IBNICICI Bank Limited	0.86%	6,481,914	$49M	added+9%	+0.04 pp	15 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.73%	4,667,326	$42M	trimmed−24%	−0.21 pp	15 q
unresolvedNew Oriental Ed & Tech Grp I	0.70%	945,786	$40M	added+7%	−0.06 pp	5 q
unresolvedVale S.A. PFD	0.70%	5,752,902	$40M	trimmed−12%	+0.13 pp	15 q
RDS.BRoyal Dutch Shell PLC	0.50%	503,602	$28M	added+5%	+0.04 pp	4 q
ABBNYAbb Ltd Spons	0.42%	1,175,635	$24M	added×3.1	+0.26 pp	2 q
INFYInfosys Limited	0.42%	1,601,015	$24M	added+5%	−0.03 pp	15 q
BTIBritish American Tobacco p.l.c.	0.40%	209,707	$23M	added+4%	−0.07 pp	15 q
NVSNovartis AG	0.39%	318,018	$23M	trimmed−1%	−0.08 pp	15 q
PUKPrudential PLC	0.37%	542,894	$21M	added+33%	+0.10 pp	3 q
TTENTotalenergies SE -spon ADR	0.37%	431,690	$21M	trimmed−19%	−0.10 pp	15 q
PKXPOSCO Holdings Inc.	0.33%	357,057	$19M	added+6%	+0.01 pp	3 q
VEDLVedanta Ltd-adr	0.28%	4,837,517	$16M	added×98.6	+0.27 pp	7 q
BCSBarclays PLC	0.27%	1,456,032	$16M	trimmed−37%	−0.10 pp	15 q
CEOCNOOC Limited	0.27%	127,628	$15M	trimmed−8%	−0.05 pp	15 q
CUKNCarnival Plc-adr	0.25%	287,399	$14M	trimmed−5%	−0.02 pp	15 q
AVVIYAviva PLC U/	0.24%	514,612	$14M	trimmed−74%	−0.18 pp	12 q
SNYSanofi	0.24%	352,841	$14M	trimmed−11%	−0.04 pp	15 q
SAPSap SE	0.23%	157,549	$13M	trimmed−5%	−0.05 pp	15 q
LYGLloyds Banking Group PLC	0.22%	4,120,080	$12M	trimmed−14%	−0.03 pp	15 q
SMFGSumitomo Mitsui Financial Group, Inc	0.22%	1,689,811	$13M	trimmed−6%	0.00 pp	15 q
VWOVanguard FTSE Emerging Markets ETF	0.22%	345,519	$12M	added+41%	+0.05 pp	2 q
YYJOYY Inc.	0.22%	320,200	$13M	added×4.4	+0.15 pp	2 q
unresolvedGlaxosmithkline PLC	0.19%	294,560	$11M	trimmed−10%	−0.07 pp	8 q
HDBHDFC Bank Limited	0.19%	182,250	$11M	added+18%	−0.01 pp	15 q
EEMiShares MSCI Emerging Markets ETF	0.18%	288,172	$10M	new	+0.18 pp	new
VODVodafone Group PLC	0.18%	432,683	$10M	added+1%	−0.05 pp	7 q
RDYDr. Reddy's Laboratories Limited	0.17%	217,943	$10M	added+14%	+0.01 pp	13 q
DEODiageo plc	0.16%	91,452	$9M	trimmed−24%	−0.10 pp	6 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.12%	88,800	$7M	held	—	4 q
unresolvedArcelormittal SA Luxembourg	0.11%	877,287	$6M	trimmed−41%	−0.05 pp	2 q
INGING Groep N.V.	0.11%	460,942	$6M	trimmed−43%	−0.07 pp	4 q
MBTMobile TeleSystems Public Joint Stock Company	0.11%	678,722	$6M	held	—	9 q
unresolvedRelx NV	0.10%	363,952	$6M	trimmed−43%	−0.11 pp	6 q
UBSUBS Group AG	0.10%	378,464	$6M	trimmed−8%	0.00 pp	7 q
INDAiShares MSCI India ETF	0.09%	196,205	$5M	trimmed−87%	−0.72 pp	9 q
IEMGiShares Core MSCI Emerging Markets ETF	0.08%	112,900	$5M	new	+0.08 pp	new
SNPLChina Petroleum & Chem-adr	0.07%	53,100	$4M	added+5%	0.00 pp	15 q
KEPKorea Electric Power Corp	0.07%	227,500	$4M	added0%	−0.03 pp	9 q
LPLLG Display Co. Ltd.	0.05%	227,900	$3M	added+9%	0.00 pp	9 q
TALTAL Education Group	0.04%	36,600	$3M	new	+0.04 pp	new
CHTChunghwa Telecom Co., Ltd	0.02%	62,900	$1M	added+91%	0.00 pp	15 q
EWTiShares MSCI Taiwan ETF	0.02%	41,600	$1M	new	+0.02 pp	new
KTKT Corp.	0.02%	75,800	$1M	held	—	15 q
AUOAU Optronics Corp	0.01%	151,900	$538,000	held	—	15 q
AMXNAmerica Movil-spn ADR Cl L	0.01%	26,000	$438,000	trimmed−98%	−0.29 pp	13 q
unresolvedJa Solar Holdings Co Ltd	0.01%	172,200	$820,000	trimmed−12%	−0.01 pp	9 q
JKSJinkosolar Holdings Co	0.01%	30,400	$463,000	trimmed−85%	−0.05 pp	6 q
PC6APetrochina Co Ltd -adr	0.01%	6,407	$472,000	trimmed−40%	0.00 pp	15 q
ALLThe Allstate Corporation	0.00%	30	$2,000	trimmed−100%	−1.50 pp	5 q
ABEVAmbev S.a.	0.00%	37,300	$183,000	held	—	7 q
unresolvedCabelas Inc. Cl A	0.00%	19	$1,000	held	—	6 q
IMOImperial Oil Limited	0.00%	2	$0	new	0.00 pp	new
unresolvedRyanair Holdings PLC ADR	0.00%	32	$3,000	held	—	2 q
GLINVanEck India Growth Leaders ETF	0.00%	2,100	$86,000	trimmed−69%	−0.01 pp	3 q
WITWipro Limited	0.00%	21,100	$204,000	held	—	13 q
PRUPrudential Financial, Inc.	—	−1,650,084	—	exited	−2.78 pp	—
BIIBBiogen Inc.	—	−404,444	—	exited	−2.61 pp	—
unresolvedIshares Inc Msci Taiwan	—	−67,800	—	exited	−0.02 pp	—
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	—	−2,000	—	exited	0.00 pp	—

Source

Form: 13F-HR/A
Reading: 2 defects · 11 unresolved
Accession: 0001140361-17-025178
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 2016-12-31
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2016-12-31

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