Causeway Capital

Q2 2017 13F · by Sarah Ketterer, CEO

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $8.1B · prev $7.4B
Positions: 83 · prev 81
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

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

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves81 since the prior filing

+4.1 pp in · −4.2 pp out

New 6 +3.58 pp
Added 43 +0.56 pp
Trimmed 28 −2.38 pp
Exited 4 −1.78 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 6.9 years per position

Low
Moderate
High

Top 5 positions36% of US stock

unresolved Canadian Pac Ry Ltd added+0.58 pp added+0.589.6%
BIDU Baidu, Inc. added−0.10 pp added−0.108.3%
unresolved Encana Corp added−0.23 pp added−0.237.5%
C Citigroup Inc. added−0.59 pp added−0.595.5%
MFC Manulife Financial Corp. added+1.24 pp added+1.245.0%

Positions83 in this filing · 4 exited


unresolvedCanadian Pac Ry Ltd	9.55%	4,790,979	$770M	added+6%	+0.58 pp	2 q
BIDUBaidu, Inc.	8.33%	3,759,373	$672M	added+4%	−0.10 pp	5 q
unresolvedEncana Corp	7.51%	68,866,129	$606M	added+41%	−0.23 pp	4 q
CCitigroup Inc.	5.48%	6,606,335	$442M	added+1%	−0.59 pp	17 q
MFCManulife Financial Corp.	5.03%	21,642,040	$406M	added+37%	+1.24 pp	4 q
GILGildan Activewear Inc.	4.98%	13,073,932	$402M	added+9%	+0.61 pp	3 q
ORCLOracle Corp	3.96%	6,373,281	$320M	added+2%	−0.38 pp	17 q
MSFTMicrosoft Corp	3.46%	4,052,964	$279M	added+1%	−0.66 pp	17 q
LLYEli Lilly & Co.	3.33%	3,269,253	$269M	added+36%	+0.19 pp	12 q
BABAAlibaba Group Holding Limited	3.21%	1,822,959	$259M	added+2%	+0.56 pp	7 q
HALHalliburton Company	2.85%	5,377,262	$230M	added×2.4	+1.14 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.84%	1,235,679	$229M	added+1%	−0.27 pp	17 q
QCOMQualcomm Inc	2.74%	4,007,406	$221M	added+4%	−0.70 pp	11 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.73%	6,231,145	$220M	trimmed−7%	−0.23 pp	17 q
PDCEPDC Energy, Inc.	2.72%	5,085,122	$219M	added+55%	−0.46 pp	5 q
AAPAdvance Auto Parts Inc	2.45%	1,692,617	$197M	added+20%	−0.81 pp	7 q
unresolvedCsra Inc	2.45%	6,219,498	$197M	added+9%	−0.12 pp	4 q
SIGSignet Jewelers Limited	2.30%	2,934,155	$186M	added+20%	−0.33 pp	4 q
SMSM Energy Company	1.99%	9,721,824	$161M	added+41%	−0.58 pp	10 q
unresolvedVerifone Sys Inc	1.98%	8,820,821	$160M	added+11%	−0.34 pp	4 q
FLSFlowserve Corporation	1.97%	3,422,973	$159M	added×2.1	+0.77 pp	2 q
SABRSabre Corporation	1.84%	6,803,547	$148M	new	+1.84 pp	new
BACBank of America Corporation	1.45%	4,809,037	$117M	added+3%	−0.25 pp	3 q
NTESNetEase, inc.	1.01%	269,291	$82M	trimmed−17%	−0.25 pp	11 q
CHLChina Mobile Limited	0.98%	1,483,474	$79M	added+12%	−0.02 pp	17 q
ARCHArch Resources Inc	0.92%	1,090,060	$74M	new	+0.92 pp	new
SKMSK Telecom Co., Ltd.	0.92%	2,877,150	$74M	added+2%	−0.05 pp	17 q
unresolvedNew Oriental Ed & Tech Grp I	0.82%	930,886	$66M	trimmed−6%	0.00 pp	7 q
EPIWisdomTree India Earnings Fund ETF	0.75%	2,479,779	$61M	trimmed−2%	−0.08 pp	17 q
VWOVanguard FTSE Emerging Markets ETF	0.73%	1,449,610	$59M	added×19.3	+0.69 pp	4 q
IBNICICI Bank Limited	0.67%	5,930,744	$54M	trimmed−19%	−0.11 pp	17 q
unresolvedVale S.A. PFD	0.63%	6,185,702	$51M	trimmed−15%	−0.27 pp	17 q
JDJD.com, Inc.	0.48%	980,100	$39M	new	+0.48 pp	new
YYJOYY Inc.	0.42%	583,200	$34M	added+37%	+0.15 pp	4 q
MBTMobile TeleSystems Public Joint Stock Company	0.40%	3,795,922	$32M	added×5.6	+0.30 pp	11 q
RDS.BRoyal Dutch Shell PLC	0.40%	589,292	$32M	added+12%	0.00 pp	6 q
NVSNovartis AG	0.38%	369,006	$31M	added+9%	+0.04 pp	17 q
BTIBritish American Tobacco p.l.c.	0.36%	423,185	$29M	added+4%	0.00 pp	17 q
TTMTata Motors Limited	0.36%	871,112	$29M	trimmed−36%	−0.30 pp	17 q
ABBNYAbb Ltd Spons	0.35%	1,128,649	$28M	trimmed−8%	−0.04 pp	4 q
BCSBarclays PLC	0.34%	2,610,753	$28M	added+73%	+0.11 pp	17 q
PKXPOSCO Holdings Inc.	0.28%	355,557	$23M	added0%	−0.04 pp	5 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.28%	2,993,226	$23M	trimmed−13%	−0.16 pp	17 q
PUKPrudential PLC	0.26%	454,165	$21M	trimmed−20%	−0.07 pp	5 q
unresolvedGlaxosmithkline PLC	0.23%	425,047	$18M	added+35%	+0.05 pp	10 q
BPBP p.l.c.	0.22%	515,839	$18M	new	+0.22 pp	new
CUKNCarnival Plc-adr	0.21%	255,030	$17M	trimmed−13%	−0.02 pp	17 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.21%	1,716,972	$17M	trimmed−1%	−0.04 pp	2 q
VODVodafone Group PLC	0.21%	594,632	$17M	added+29%	+0.04 pp	9 q
SAPSap SE	0.20%	156,296	$16M	added+5%	0.00 pp	17 q
CEOCNOOC Limited	0.19%	141,955	$16M	added+9%	−0.02 pp	17 q
AVVIYAviva PLC U/	0.18%	414,856	$14M	trimmed−44%	−0.13 pp	14 q
LYGLloyds Banking Group PLC	0.17%	3,985,165	$14M	trimmed−8%	−0.03 pp	17 q
DEODiageo plc	0.15%	99,669	$12M	added+6%	0.00 pp	8 q
SMFGSumitomo Mitsui Financial Group, Inc	0.13%	1,348,973	$11M	added+14%	+0.01 pp	17 q
BBLBHP Group Plc	0.12%	304,758	$9M	new	+0.12 pp	new
INDAiShares MSCI India ETF	0.12%	309,505	$10M	added+10%	0.00 pp	11 q
INGING Groep N.V.	0.11%	488,804	$9M	added+5%	+0.01 pp	6 q
RDYDr. Reddy's Laboratories Limited	0.10%	188,543	$8M	trimmed−5%	−0.01 pp	15 q
unresolvedArcelormittal SA Luxembourg	0.09%	324,954	$7M	trimmed−63%	−0.01 pp	4 q
HDBHDFC Bank Limited	0.07%	63,850	$6M	trimmed−2%	0.00 pp	17 q
INFYInfosys Limited	0.07%	362,915	$5M	trimmed−76%	−0.25 pp	17 q
KEPKorea Electric Power Corp	0.06%	251,500	$5M	trimmed−7%	−0.02 pp	11 q
SNYSanofi	0.06%	97,036	$5M	trimmed−68%	−0.13 pp	17 q
SNPLChina Petroleum & Chem-adr	0.05%	46,600	$4M	trimmed−12%	−0.01 pp	17 q
LPLLG Display Co. Ltd.	0.04%	225,500	$4M	trimmed−8%	−0.01 pp	11 q
TALTAL Education Group	0.04%	25,600	$3M	trimmed−21%	−0.01 pp	3 q
EWTiShares MSCI Taiwan ETF	0.03%	59,200	$2M	added+19%	+0.01 pp	3 q
CHTChunghwa Telecom Co., Ltd	0.02%	44,200	$2M	added+19%	0.00 pp	17 q
KTKT Corp.	0.02%	73,200	$1M	trimmed−3%	0.00 pp	17 q
AUOAU Optronics Corp	0.01%	210,600	$960,000	added+19%	0.00 pp	17 q
unresolvedJa Solar Holdings Co Ltd	0.01%	118,700	$754,000	trimmed−7%	0.00 pp	11 q
JKSJinkosolar Holdings Co	0.01%	21,200	$441,000	added+1%	+0.01 pp	8 q
VEDLVedanta Ltd-adr	0.01%	49,075	$762,000	held	—	9 q
unresolvedJust Energy Group Inc	0.00%	30,900	$162,000	new	0.00 pp	new
PC6APetrochina Co Ltd -adr	0.00%	3,407	$209,000	held	—	17 q
unresolvedRelx NV	0.00%	532	$11,000	trimmed−57%	0.00 pp	8 q
unresolvedRyanair Holdings PLC ADR	0.00%	6	$1,000	held	—	4 q
TTENTotalenergies SE -spon ADR	0.00%	540	$27,000	trimmed−100%	−0.12 pp	17 q
GLINVanEck India Growth Leaders ETF	0.00%	2,500	$139,000	held	—	5 q
WITWipro Limited	0.00%	42,200	$219,000	held	—	15 q
UBSUBS Group AG	0.00%	855	$15,000	trimmed−100%	−0.08 pp	9 q
unresolvedSodastream International Ltd	0.00%	600	$32,000	held	—	2 q
PVHPVH Corp.	—	−963,579	—	exited	−1.55 pp	—
CCLCarnival Corporation Ltd.	—	−217,578	—	exited	−0.20 pp	—
FMXFomento Economico Mexicano, S.a.b. De C.v.	—	−29,000	—	exited	−0.03 pp	—
IMOImperial Oil Limited	—	−2	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 13 unresolved
Accession: 0001140361-17-031599
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A row was set aside — invalid CUSIP 42813W101

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