Causeway Capital

Q1 2017 13F · by Sarah Ketterer, CEO

As of: Mar 31, 2017
Filed: Jun 15, 2017
US stock: $7.4B · prev $5.7B
Positions: 81 · prev 85
Options notional: $0
Documents: 1· 1 amendment

Picture99.7% US stock

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

US stock listed on a US exchange 99.7%
Foreign stock not listed in the US 0.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves85 since the prior filing

+14.9 pp in · −14.8 pp out

New 4 +10.42 pp
Added 44 +4.49 pp
Trimmed 29 −9.48 pp
Exited 8 −5.34 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 47% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions36% of US stock

unresolved Canadian Pac Ry Ltd new+8.97 pp new+8.979.0%
BIDU Baidu, Inc. added−0.18 pp added−0.188.4%
unresolved Encana Corp added+2.61 pp added+2.617.7%
C Citigroup Inc. added−0.84 pp added−0.846.1%
GIL Gildan Activewear Inc. added+3.29 pp added+3.294.4%

Revealed late, restated

restated 4 rows corrected by the filer · US stock +22.81%; later quarters recomputed 13F-HR/A · Jun 15, 2017 ↗

Positions81 in this filing · 8 exited


unresolvedCanadian Pac Ry Ltd	8.97%	4,507,721	$662M	new	+8.97 pp	new
BIDUBaidu, Inc.	8.43%	3,604,537	$622M	added+20%	−0.18 pp	4 q
unresolvedEncana Corp	7.74%	48,768,776	$571M	added+95%	+2.61 pp	3 q
CCitigroup Inc.	6.07%	6,546,474	$448M	added+15%	−0.84 pp	16 q
GILGildan Activewear Inc.	4.37%	11,941,097	$323M	added×4.9	+3.29 pp	2 q
ORCLOracle Corp	4.34%	6,269,608	$320M	added+4%	−0.39 pp	16 q
MSFTMicrosoft Corp	4.12%	4,021,170	$304M	added+13%	−0.42 pp	16 q
MFCManulife Financial Corp.	3.79%	15,761,517	$280M	added×3.0	+2.14 pp	3 q
QCOMQualcomm Inc	3.44%	3,864,119	$254M	added+14%	−1.11 pp	10 q
AAPAdvance Auto Parts Inc	3.26%	1,415,672	$241M	added+44%	−0.14 pp	6 q
PDCEPDC Energy, Inc.	3.18%	3,287,928	$234M	added+54%	+0.03 pp	4 q
LLYEli Lilly & Co.	3.14%	2,405,934	$232M	trimmed−22%	−1.56 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.11%	1,219,277	$229M	added+17%	−0.32 pp	16 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.96%	6,704,945	$218M	trimmed−5%	−0.63 pp	16 q
BABAAlibaba Group Holding Limited	2.65%	1,794,359	$196M	added+8%	+0.08 pp	6 q
SIGSignet Jewelers Limited	2.63%	2,439,144	$194M	added+61%	−0.31 pp	3 q
unresolvedCsra Inc	2.57%	5,686,079	$190M	added+17%	−0.60 pp	3 q
SMSM Energy Company	2.57%	6,909,664	$190M	added×3.3	+1.11 pp	9 q
unresolvedVerifone Sys Inc	2.32%	7,981,839	$171M	added+12%	−0.30 pp	3 q
HALHalliburton Company	1.71%	2,231,872	$126M	added+37%	−0.09 pp	4 q
BACBank of America Corporation	1.70%	4,662,087	$126M	added+20%	−0.06 pp	2 q
PVHPVH Corp.	1.55%	963,579	$115M	trimmed−38%	−1.31 pp	9 q
NTESNetEase, inc.	1.26%	323,491	$93M	trimmed−21%	−0.30 pp	10 q
FLSFlowserve Corporation	1.20%	1,606,831	$89M	new	+1.20 pp	new
CHLChina Mobile Limited	1.00%	1,321,503	$74M	added+23%	+0.02 pp	16 q
SKMSK Telecom Co., Ltd.	0.97%	2,828,777	$71M	trimmed−5%	−0.11 pp	16 q
unresolvedVale S.A. PFD	0.90%	7,276,402	$66M	added+26%	+0.20 pp	16 q
EPIWisdomTree India Earnings Fund ETF	0.83%	2,528,197	$61M	trimmed−15%	−0.22 pp	16 q
unresolvedNew Oriental Ed & Tech Grp I	0.82%	986,986	$60M	added+4%	+0.12 pp	6 q
IBNICICI Bank Limited	0.78%	6,665,214	$58M	added+3%	−0.08 pp	16 q
TTMTata Motors Limited	0.66%	1,350,512	$49M	trimmed−24%	−0.42 pp	16 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.44%	3,438,326	$32M	trimmed−26%	−0.29 pp	16 q
RDS.BRoyal Dutch Shell PLC	0.40%	525,413	$29M	added+4%	−0.10 pp	5 q
ABBNYAbb Ltd Spons	0.39%	1,224,632	$29M	added+4%	−0.03 pp	3 q
BTIBritish American Tobacco p.l.c.	0.36%	405,388	$27M	trimmed−3%	−0.04 pp	16 q
NVSNovartis AG	0.34%	338,149	$25M	added+6%	−0.05 pp	16 q
PUKPrudential PLC	0.33%	570,475	$24M	added+5%	−0.04 pp	4 q
INFYInfosys Limited	0.32%	1,488,215	$24M	trimmed−7%	−0.10 pp	16 q
PKXPOSCO Holdings Inc.	0.32%	355,057	$23M	trimmed−1%	−0.01 pp	4 q
AVVIYAviva PLC U/	0.31%	735,062	$23M	added+43%	+0.07 pp	13 q
YYJOYY Inc.	0.27%	426,600	$20M	added+33%	+0.05 pp	3 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.25%	1,730,972	$18M	new	+0.25 pp	new
BCSBarclays PLC	0.23%	1,510,537	$17M	added+3%	−0.04 pp	16 q
CUKNCarnival Plc-adr	0.23%	291,762	$17M	added+2%	−0.02 pp	16 q
CEOCNOOC Limited	0.21%	130,309	$16M	added+2%	−0.06 pp	16 q
CCLCarnival Corporation Ltd.	0.20%	217,578	$15M	trimmed−93%	−3.22 pp	16 q
LYGLloyds Banking Group PLC	0.20%	4,312,717	$15M	added+5%	−0.02 pp	16 q
SAPSap SE	0.20%	149,207	$15M	trimmed−5%	−0.03 pp	16 q
SNYSanofi	0.19%	305,620	$14M	trimmed−13%	−0.05 pp	16 q
unresolvedGlaxosmithkline PLC	0.18%	315,515	$13M	added+7%	−0.01 pp	9 q
VODVodafone Group PLC	0.17%	461,372	$12M	added+7%	−0.01 pp	8 q
DEODiageo plc	0.15%	94,118	$11M	added+3%	−0.01 pp	7 q
INDAiShares MSCI India ETF	0.12%	281,905	$9M	added+44%	+0.03 pp	10 q
SMFGSumitomo Mitsui Financial Group, Inc	0.12%	1,188,535	$9M	trimmed−30%	−0.10 pp	16 q
TTENTotalenergies SE -spon ADR	0.12%	172,418	$9M	trimmed−60%	−0.25 pp	16 q
RDYDr. Reddy's Laboratories Limited	0.11%	197,886	$8M	trimmed−9%	−0.06 pp	14 q
unresolvedArcelormittal SA Luxembourg	0.10%	877,614	$7M	added0%	−0.01 pp	3 q
INGING Groep N.V.	0.10%	464,788	$7M	added+1%	−0.01 pp	5 q
MBTMobile TeleSystems Public Joint Stock Company	0.10%	678,722	$7M	held	—	10 q
KEPKorea Electric Power Corp	0.08%	270,100	$6M	added+19%	+0.01 pp	10 q
UBSUBS Group AG	0.08%	380,798	$6M	added+1%	−0.02 pp	8 q
HDBHDFC Bank Limited	0.07%	65,250	$5M	trimmed−64%	−0.12 pp	16 q
SNPLChina Petroleum & Chem-adr	0.06%	52,700	$4M	trimmed−1%	−0.01 pp	16 q
LPLLG Display Co. Ltd.	0.05%	244,000	$3M	added+7%	0.00 pp	10 q
TALTAL Education Group	0.05%	32,200	$3M	trimmed−12%	+0.01 pp	2 q
VWOVanguard FTSE Emerging Markets ETF	0.04%	75,025	$3M	trimmed−78%	−0.18 pp	3 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.03%	29,000	$3M	trimmed−67%	−0.09 pp	5 q
CHTChunghwa Telecom Co., Ltd	0.02%	37,200	$1M	trimmed−41%	0.00 pp	16 q
EWTiShares MSCI Taiwan ETF	0.02%	49,800	$2M	added+20%	0.00 pp	2 q
KTKT Corp.	0.02%	75,800	$1M	held	—	16 q
AUOAU Optronics Corp	0.01%	177,100	$677,000	added+17%	0.00 pp	16 q
unresolvedJa Solar Holdings Co Ltd	0.01%	128,300	$839,000	trimmed−25%	0.00 pp	10 q
VEDLVedanta Ltd-adr	0.01%	49,075	$843,000	trimmed−99%	−0.27 pp	8 q
IMOImperial Oil Limited	0.00%	2	$0	held	—	2 q
JKSJinkosolar Holdings Co	0.00%	20,900	$346,000	trimmed−31%	−0.01 pp	7 q
PC6APetrochina Co Ltd -adr	0.00%	3,407	$250,000	trimmed−47%	−0.01 pp	16 q
unresolvedRelx NV	0.00%	1,234	$23,000	trimmed−100%	−0.10 pp	7 q
unresolvedRyanair Holdings PLC ADR	0.00%	6	$0	trimmed−81%	0.00 pp	3 q
GLINVanEck India Growth Leaders ETF	0.00%	2,500	$132,000	added+19%	0.00 pp	4 q
WITWipro Limited	0.00%	21,100	$216,000	held	—	14 q
unresolvedSodastream International Ltd	0.00%	600	$29,000	new	0.00 pp	new
CSXCSX Corporation	—	−4,384,375	—	exited	−3.24 pp	—
JNJJohnson & Johnson	—	−769,679	—	exited	−1.83 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−288,172	—	exited	−0.18 pp	—
IEMGiShares Core MSCI Emerging Markets ETF	—	−112,900	—	exited	−0.08 pp	—
AMXNAmerica Movil-spn ADR Cl L	—	−26,000	—	exited	−0.01 pp	—
ALLThe Allstate Corporation	—	−30	—	exited	0.00 pp	—
ABEVAmbev S.a.	—	−37,300	—	exited	0.00 pp	—
unresolvedCabelas Inc. Cl A	—	−19	—	exited	0.00 pp	—

Source

Form: 13F-HR/A
Reading: 4 defects · 12 unresolved
Accession: 0001140361-17-025181
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 05382A104 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 05382A104 not on the Official 13(f) List for 2017-03-31
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2017-03-31

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