Causeway Capital

Q3 2017 13F · by Sarah Ketterer, CEO

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $8.9B · prev $8.1B
Positions: 88 · prev 83
Options notional: $0
Documents: 1· no amendments

Picture99.6% US stock

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

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves77 since the prior filing

+6.8 pp in · −6.9 pp out

New 5 +2.03 pp
Added 34 +4.81 pp
Trimmed 38 −6.85 pp
Exited 0 0.00 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions40% of US stock

BIDU Baidu, Inc. trimmed+1.78 pp trimmed+1.7810.1%
unresolved Canadian Pac Ry Ltd added+0.45 pp added+0.4510.0%
unresolved Encana Corp added+1.86 pp added+1.869.4%
MFC Manulife Financial Corp. added+0.39 pp added+0.395.4%
GIL Gildan Activewear Inc. added−0.22 pp added−0.224.8%

Positions88 in this filing · 0 exited


BIDUBaidu, Inc.	10.11%	3,632,692	$900M	trimmed−3%	+1.78 pp	6 q
unresolvedCanadian Pac Ry Ltd	10.00%	5,299,405	$890M	added+11%	+0.45 pp	3 q
unresolvedEncana Corp	9.37%	70,849,989	$835M	added+3%	+1.86 pp	5 q
MFCManulife Financial Corp.	5.42%	23,785,248	$483M	added+10%	+0.39 pp	5 q
GILGildan Activewear Inc.	4.76%	13,558,869	$424M	added+4%	−0.22 pp	4 q
CCitigroup Inc.	4.64%	5,523,827	$413M	trimmed−16%	−0.84 pp	18 q
BABAAlibaba Group Holding Limited	4.10%	2,113,559	$365M	added+16%	+0.89 pp	8 q
MSFTMicrosoft Corp	3.11%	3,720,459	$277M	trimmed−8%	−0.35 pp	18 q
LLYEli Lilly & Co.	2.89%	3,007,960	$257M	trimmed−8%	−0.44 pp	13 q
ORCLOracle Corp	2.84%	5,234,398	$253M	trimmed−18%	−1.12 pp	18 q
PDCEPDC Energy, Inc.	2.68%	4,857,925	$238M	trimmed−4%	−0.04 pp	6 q
HALHalliburton Company	2.67%	5,161,192	$238M	trimmed−4%	−0.18 pp	6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.33%	5,514,245	$207M	trimmed−12%	−0.40 pp	18 q
AAPAdvance Auto Parts Inc	2.24%	2,014,616	$200M	added+19%	−0.21 pp	8 q
SABRSabre Corporation	2.22%	10,901,106	$197M	added+60%	+0.38 pp	2 q
QCOMQualcomm Inc	2.19%	3,764,989	$195M	trimmed−6%	−0.55 pp	12 q
unresolvedCsra Inc	2.08%	5,743,837	$185M	trimmed−8%	−0.37 pp	5 q
SIGSignet Jewelers Limited	2.05%	2,749,032	$183M	trimmed−6%	−0.25 pp	5 q
FLSFlowserve Corporation	2.00%	4,177,114	$178M	added+22%	+0.03 pp	3 q
unresolvedVerifone Sys Inc	1.87%	8,192,533	$166M	trimmed−7%	−0.11 pp	5 q
SMSM Energy Company	1.77%	8,867,304	$157M	trimmed−9%	−0.22 pp	11 q
BACBank of America Corporation	1.63%	5,734,295	$145M	added+19%	+0.18 pp	4 q
VIABViacom Inc. Class B	1.20%	3,827,203	$107M	new	+1.20 pp	new
VWOVanguard FTSE Emerging Markets ETF	1.02%	2,080,049	$91M	added+43%	+0.29 pp	5 q
unresolvedNew Oriental Ed & Tech Grp I	0.97%	974,286	$86M	added+5%	+0.15 pp	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.96%	888,509	$85M	trimmed−28%	−1.88 pp	18 q
CHLChina Mobile Limited	0.89%	1,570,830	$79M	added+6%	−0.09 pp	18 q
unresolvedVale S.A. PFD	0.83%	7,865,002	$74M	added+27%	+0.20 pp	18 q
SKMSK Telecom Co., Ltd.	0.82%	2,954,159	$73M	added+3%	−0.10 pp	18 q
ARCHArch Resources Inc	0.78%	971,130	$70M	trimmed−11%	−0.14 pp	2 q
IBNICICI Bank Limited	0.69%	7,151,644	$61M	added+21%	+0.02 pp	18 q
YYJOYY Inc.	0.58%	590,300	$51M	added+1%	+0.16 pp	5 q
EPIWisdomTree India Earnings Fund ETF	0.55%	1,953,779	$49M	trimmed−21%	−0.20 pp	18 q
MBTMobile TeleSystems Public Joint Stock Company	0.51%	4,381,322	$46M	added+15%	+0.11 pp	12 q
CMCanadian Imperial Bank of Commerce	0.49%	496,210	$43M	new	+0.49 pp	new
RDS.BRoyal Dutch Shell PLC	0.45%	640,612	$40M	added+9%	+0.05 pp	7 q
JDJD.com, Inc.	0.43%	1,002,000	$38M	added+2%	−0.05 pp	2 q
BTIBritish American Tobacco p.l.c.	0.38%	538,226	$34M	added+27%	+0.02 pp	18 q
BCSBarclays PLC	0.36%	3,092,521	$32M	added+18%	+0.02 pp	18 q
NTESNetEase, inc.	0.36%	121,391	$32M	trimmed−55%	−0.65 pp	12 q
ABBNYAbb Ltd Spons	0.33%	1,173,124	$29M	added+4%	−0.02 pp	5 q
AVVIYAviva PLC U/	0.30%	777,457	$26M	added+87%	+0.12 pp	15 q
BPBP p.l.c.	0.30%	700,265	$27M	added+33%	+0.08 pp	2 q
NVSNovartis AG	0.30%	310,514	$27M	trimmed−16%	−0.08 pp	18 q
PKXPOSCO Holdings Inc.	0.28%	360,457	$25M	added+1%	0.00 pp	6 q
unresolvedGlaxosmithkline PLC	0.25%	550,910	$22M	added+30%	+0.02 pp	11 q
CEOCNOOC Limited	0.23%	156,798	$20M	added+10%	+0.04 pp	18 q
TTMTata Motors Limited	0.21%	608,412	$19M	trimmed−30%	−0.15 pp	18 q
VODVodafone Group PLC	0.21%	650,941	$19M	added+9%	0.00 pp	10 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.20%	1,733,872	$18M	added+1%	−0.01 pp	3 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.20%	1,883,226	$18M	trimmed−37%	−0.08 pp	18 q
PUKPrudential PLC	0.19%	352,754	$17M	trimmed−22%	−0.07 pp	6 q
SAPSap SE	0.19%	153,342	$17M	trimmed−2%	−0.01 pp	18 q
CUKNCarnival Plc-adr	0.18%	252,341	$16M	trimmed−1%	−0.03 pp	18 q
MOMOHello Group Inc.	0.18%	523,300	$16M	new	+0.18 pp	new
SMFGSumitomo Mitsui Financial Group, Inc	0.18%	2,130,824	$16M	added+58%	+0.05 pp	18 q
LYGLloyds Banking Group PLC	0.17%	4,244,858	$16M	added+7%	0.00 pp	18 q
DEODiageo plc	0.15%	103,312	$14M	added+4%	0.00 pp	9 q
unresolvedMicro Focus International Pl	0.11%	315,504	$10M	new	+0.11 pp	new
BBLBHP Group Plc	0.08%	199,392	$7M	trimmed−35%	−0.04 pp	2 q
INGING Groep N.V.	0.07%	315,493	$6M	trimmed−35%	−0.04 pp	7 q
TALTAL Education Group	0.06%	150,100	$5M	trimmed−2%	+0.02 pp	4 q
unresolvedChina Lodging Group Ltd	0.05%	34,900	$4M	new	+0.05 pp	new
HDBHDFC Bank Limited	0.05%	43,350	$4M	trimmed−32%	−0.02 pp	18 q
SNPLChina Petroleum & Chem-adr	0.04%	42,600	$3M	trimmed−9%	−0.01 pp	18 q
RDYDr. Reddy's Laboratories Limited	0.04%	96,043	$3M	trimmed−49%	−0.06 pp	16 q
INDAiShares MSCI India ETF	0.04%	113,300	$4M	trimmed−63%	−0.08 pp	12 q
KEPKorea Electric Power Corp	0.04%	210,900	$4M	trimmed−16%	−0.02 pp	12 q
INFYInfosys Limited	0.03%	187,715	$3M	trimmed−48%	−0.04 pp	18 q
CHTChunghwa Telecom Co., Ltd	0.02%	44,200	$2M	held	—	18 q
EWTiShares MSCI Taiwan ETF	0.02%	59,200	$2M	held	—	4 q
LPLLG Display Co. Ltd.	0.02%	161,900	$2M	trimmed−28%	−0.02 pp	12 q
AUOAU Optronics Corp	0.01%	210,600	$851,000	held	—	18 q
JKSJinkosolar Holdings Co	0.01%	21,200	$529,000	held	—	9 q
KTKT Corp.	0.01%	73,200	$1M	held	—	18 q
VEDLVedanta Ltd-adr	0.01%	53,275	$1M	added+9%	0.00 pp	10 q
unresolvedArcelormittal SA Luxembourg	0.00%	2,895	$75,000	trimmed−99%	−0.09 pp	5 q
unresolvedJust Energy Group Inc	0.00%	39,200	$228,000	added+27%	0.00 pp	2 q
unresolvedJa Solar Holdings Co Ltd	0.00%	45,000	$343,000	trimmed−62%	−0.01 pp	12 q
PC6APetrochina Co Ltd -adr	0.00%	3,407	$218,000	held	—	18 q
unresolvedRelx NV	0.00%	484	$10,000	trimmed−9%	0.00 pp	9 q
unresolvedRyanair Holdings PLC ADR	0.00%	6	$1,000	held	—	5 q
SNYSanofi	0.00%	575	$29,000	trimmed−99%	−0.06 pp	18 q
TTENTotalenergies SE -spon ADR	0.00%	103	$6,000	trimmed−81%	0.00 pp	18 q
GLINVanEck India Growth Leaders ETF	0.00%	2,500	$142,000	held	—	6 q
WITWipro Limited	0.00%	42,200	$240,000	held	—	16 q
UBSUBS Group AG	0.00%	855	$15,000	held	—	10 q
unresolvedSodastream International Ltd	0.00%	600	$40,000	held	—	3 q

Source

Form: 13F-HR
Reading: 6 defects · 15 unresolved
Accession: 0001140361-17-042509
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
A security outside the official 13F list — CUSIP 03938L104 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 05382A104 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 42813W101 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 59408Q304 not on the Official 13(f) List for 2017-09-30
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2017-09-30

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