Causeway Capital

Q4 2017 13F · by Sarah Ketterer, CEO

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $9.4B · prev $8.9B
Positions: 92 · prev 88
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%

Moves80 since the prior filing

+3.8 pp in · −3.8 pp out

New 4 +1.39 pp
Added 36 +2.41 pp
Trimmed 40 −3.80 pp
Exited 0 0.00 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.1 years per position

Low
Moderate
High

Top 5 positions39% of US stock

unresolved Canadian Pac Ry Ltd trimmed+0.18 pp trimmed+0.1810.2%
unresolved Encana Corp trimmed−0.32 pp trimmed−0.329.1%
BIDU Baidu, Inc. trimmed−1.17 pp trimmed−1.178.9%
MFC Manulife Financial Corp. added+0.03 pp added+0.035.5%
GIL Gildan Activewear Inc. added+0.20 pp added+0.205.0%

Positions92 in this filing · 0 exited


unresolvedCanadian Pac Ry Ltd	10.18%	5,255,730	$961M	trimmed−1%	+0.18 pp	4 q
unresolvedEncana Corp	9.05%	64,042,161	$854M	trimmed−10%	−0.32 pp	6 q
BIDUBaidu, Inc.	8.94%	3,602,312	$844M	trimmed−1%	−1.17 pp	7 q
MFCManulife Financial Corp.	5.45%	24,631,530	$514M	added+4%	+0.03 pp	6 q
GILGildan Activewear Inc.	4.96%	14,480,878	$468M	added+7%	+0.20 pp	5 q
BABAAlibaba Group Holding Limited	3.71%	2,027,877	$350M	trimmed−4%	−0.39 pp	9 q
CCitigroup Inc.	3.54%	4,484,046	$334M	trimmed−19%	−1.10 pp	19 q
MSFTMicrosoft Corp	3.24%	3,573,408	$306M	trimmed−4%	+0.13 pp	19 q
HALHalliburton Company	3.05%	5,894,182	$288M	added+14%	+0.38 pp	7 q
PDCEPDC Energy, Inc.	2.61%	4,777,877	$246M	trimmed−2%	−0.07 pp	7 q
LLYEli Lilly & Co.	2.58%	2,880,032	$243M	trimmed−4%	−0.31 pp	14 q
ORCLOracle Corp	2.51%	5,009,283	$237M	trimmed−4%	−0.33 pp	19 q
FLSFlowserve Corporation	2.43%	5,437,483	$229M	added+30%	+0.43 pp	4 q
SABRSabre Corporation	2.35%	10,821,613	$222M	trimmed−1%	+0.13 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.30%	5,473,545	$217M	trimmed−1%	−0.03 pp	19 q
AAPAdvance Auto Parts Inc	2.17%	2,051,121	$204M	added+2%	−0.07 pp	9 q
QCOMQualcomm Inc	2.06%	3,035,961	$194M	trimmed−19%	−0.13 pp	13 q
unresolvedCsra Inc	2.05%	6,459,955	$193M	added+12%	−0.03 pp	6 q
SMSM Energy Company	2.02%	8,634,955	$191M	trimmed−3%	+0.25 pp	12 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.00%	855,450	$189M	trimmed−4%	+1.04 pp	19 q
BACBank of America Corporation	1.74%	5,558,867	$164M	trimmed−3%	+0.11 pp	5 q
SIGSignet Jewelers Limited	1.72%	2,869,407	$162M	added+4%	−0.33 pp	6 q
CMCanadian Imperial Bank of Commerce	1.54%	1,492,250	$145M	added×3.0	+1.05 pp	2 q
unresolvedVerifone Sys Inc	1.52%	8,116,520	$144M	trimmed−1%	−0.35 pp	6 q
VIABViacom Inc. Class B	1.46%	4,462,334	$137M	added+17%	+0.26 pp	2 q
SKMSK Telecom Co., Ltd.	0.90%	3,044,081	$85M	added+3%	+0.08 pp	19 q
unresolvedNew Oriental Ed & Tech Grp I	0.85%	856,786	$81M	trimmed−12%	−0.12 pp	9 q
unresolvedVale S.A. PFD	0.85%	6,529,849	$80M	trimmed−17%	+0.02 pp	19 q
ARCHArch Resources Inc	0.83%	837,056	$78M	trimmed−14%	+0.05 pp	3 q
CHLChina Mobile Limited	0.83%	1,545,175	$78M	trimmed−2%	−0.06 pp	19 q
VWOVanguard FTSE Emerging Markets ETF	0.75%	1,538,194	$71M	trimmed−26%	−0.27 pp	6 q
FEFirstEnergy Corp.	0.71%	2,178,906	$67M	new	+0.71 pp	new
EPIWisdomTree India Earnings Fund ETF	0.67%	2,264,579	$63M	added+16%	+0.12 pp	19 q
IBNICICI Bank Limited	0.61%	5,958,844	$58M	trimmed−17%	−0.08 pp	19 q
YYJOYY Inc.	0.57%	479,300	$54M	trimmed−19%	−0.01 pp	6 q
MBTMobile TeleSystems Public Joint Stock Company	0.53%	4,916,122	$50M	added+12%	+0.02 pp	13 q
BCSBarclays PLC	0.42%	3,628,172	$40M	added+17%	+0.06 pp	19 q
BTIBritish American Tobacco p.l.c.	0.41%	584,284	$39M	added+9%	+0.03 pp	19 q
EEMiShares MSCI Emerging Markets ETF	0.38%	757,931	$36M	new	+0.38 pp	new
RDS.BRoyal Dutch Shell PLC	0.37%	516,197	$35M	trimmed−19%	−0.08 pp	8 q
ABBNYAbb Ltd Spons	0.35%	1,237,859	$33M	added+6%	+0.02 pp	6 q
BPBP p.l.c.	0.33%	741,141	$31M	added+4%	+0.03 pp	3 q
AVVIYAviva PLC U/	0.30%	814,117	$28M	added+5%	0.00 pp	16 q
NVSNovartis AG	0.30%	337,742	$28M	added+9%	0.00 pp	19 q
PKXPOSCO Holdings Inc.	0.30%	356,857	$28M	trimmed−1%	+0.02 pp	7 q
NTESNetEase, inc.	0.27%	73,091	$25M	trimmed−40%	−0.09 pp	13 q
BAPCredicorp LTD	0.25%	114,800	$24M	new	+0.25 pp	new
unresolvedGlaxosmithkline PLC	0.24%	630,163	$22M	added+14%	−0.01 pp	12 q
VODVodafone Group PLC	0.23%	676,997	$22M	added+4%	+0.02 pp	11 q
SMFGSumitomo Mitsui Financial Group, Inc	0.21%	2,256,701	$20M	added+6%	+0.03 pp	19 q
CUKNCarnival Plc-adr	0.20%	285,243	$19M	added+13%	+0.02 pp	19 q
PUKPrudential PLC	0.20%	374,547	$19M	added+6%	+0.01 pp	7 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.19%	1,723,772	$18M	trimmed−1%	−0.01 pp	4 q
SAPSap SE	0.19%	161,764	$18M	added+5%	0.00 pp	19 q
DEODiageo plc	0.17%	107,513	$16M	added+4%	+0.02 pp	10 q
LYGLloyds Banking Group PLC	0.17%	4,274,307	$16M	added+1%	0.00 pp	19 q
CEOCNOOC Limited	0.16%	103,095	$15M	trimmed−34%	−0.07 pp	19 q
MOMOHello Group Inc.	0.14%	537,600	$13M	added+3%	−0.04 pp	2 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.13%	1,209,886	$12M	trimmed−36%	−0.07 pp	19 q
unresolvedMicro Focus International Pl	0.12%	334,798	$11M	added+6%	+0.01 pp	2 q
BBLBHP Group Plc	0.10%	224,464	$9M	added+13%	+0.02 pp	3 q
INGING Groep N.V.	0.07%	335,859	$6M	added+6%	0.00 pp	8 q
INDAiShares MSCI India ETF	0.07%	182,800	$7M	added+61%	+0.03 pp	13 q
ATHMAutohome Inc.	0.05%	78,600	$5M	new	+0.05 pp	new
unresolvedChina Lodging Group Ltd	0.05%	34,900	$5M	held	—	2 q
RDYDr. Reddy's Laboratories Limited	0.04%	96,043	$4M	held	—	17 q
HDBHDFC Bank Limited	0.04%	41,450	$4M	trimmed−4%	−0.01 pp	19 q
INFYInfosys Limited	0.04%	242,015	$4M	added+29%	+0.01 pp	19 q
TTMTata Motors Limited	0.04%	115,212	$4M	trimmed−81%	−0.17 pp	19 q
SNPLChina Petroleum & Chem-adr	0.03%	42,700	$3M	added0%	−0.01 pp	19 q
KEPKorea Electric Power Corp	0.03%	168,300	$3M	trimmed−20%	−0.01 pp	13 q
CHTChunghwa Telecom Co., Ltd	0.02%	44,200	$2M	held	—	19 q
EWTiShares MSCI Taiwan ETF	0.02%	59,200	$2M	held	—	5 q
LPLLG Display Co. Ltd.	0.02%	140,300	$2M	trimmed−13%	0.00 pp	13 q
AUOAU Optronics Corp	0.01%	210,600	$876,000	held	—	19 q
JDJD.com, Inc.	0.01%	17,400	$721,000	trimmed−98%	−0.42 pp	3 q
JKSJinkosolar Holdings Co	0.01%	21,200	$510,000	held	—	10 q
KTKT Corp.	0.01%	73,200	$1M	held	—	19 q
GLINVanEck India Growth Leaders ETF	0.01%	9,149	$620,000	added×3.7	+0.01 pp	7 q
VEDLVedanta Ltd-adr	0.01%	63,075	$1M	added+18%	0.00 pp	11 q
WITWipro Limited	0.01%	89,100	$487,000	added×2.1	+0.01 pp	17 q
unresolvedArcelormittal SA Luxembourg	0.00%	1,230	$40,000	trimmed−58%	0.00 pp	6 q
unresolvedJust Energy Group Inc	0.00%	39,200	$168,000	held	—	3 q
unresolvedJa Solar Holdings Co Ltd	0.00%	45,000	$336,000	held	—	13 q
PC6APetrochina Co Ltd -adr	0.00%	3,407	$238,000	held	—	19 q
unresolvedRelx NV	0.00%	383	$9,000	trimmed−21%	0.00 pp	10 q
unresolvedRyanair Holdings PLC ADR	0.00%	6	$1,000	held	—	6 q
SNYSanofi	0.00%	361	$16,000	trimmed−37%	0.00 pp	19 q
TALTAL Education Group	0.00%	10,500	$312,000	trimmed−93%	−0.06 pp	5 q
TTENTotalenergies SE -spon ADR	0.00%	53	$3,000	trimmed−49%	0.00 pp	19 q
UBSUBS Group AG	0.00%	610	$11,000	trimmed−29%	0.00 pp	11 q
unresolvedSodastream International Ltd	0.00%	600	$42,000	held	—	4 q