Causeway Capital

Q1 2018 13F · by Sarah Ketterer, CEO

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $9.3B · prev $9.4B
Positions: 88 · prev 92
Options notional: $0
Documents: 1· no amendments

Picture98.5% US stock

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

US stock listed on a US exchange 98.5%
Foreign stock not listed in the US 1.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves85 since the prior filing

+8.2 pp in · −8.2 pp out

New 5 +2.72 pp
Added 40 +5.47 pp
Trimmed 31 −5.04 pp
Exited 9 −3.15 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions41% of US stock

MFC Manulife Financial Corp. added+4.64 pp added+4.6410.1%
unresolved Canadian Pac Ry Ltd trimmed−0.36 pp trimmed−0.369.8%
BIDU Baidu, Inc. trimmed−0.37 pp trimmed−0.378.6%
unresolved Encana Corp added−1.32 pp added−1.327.7%
GIL Gildan Activewear Inc. added−0.44 pp added−0.444.5%

Positions88 in this filing · 9 exited


MFCManulife Financial Corp.	10.09%	50,676,220	$942M	added×2.1	+4.64 pp	7 q
unresolvedCanadian Pac Ry Ltd	9.82%	5,191,526	$916M	trimmed−1%	−0.36 pp	5 q
BIDUBaidu, Inc.	8.57%	3,581,355	$799M	trimmed−1%	−0.37 pp	8 q
unresolvedEncana Corp	7.73%	65,589,243	$721M	added+2%	−1.32 pp	7 q
GILGildan Activewear Inc.	4.52%	14,595,321	$422M	added+1%	−0.44 pp	6 q
BABAAlibaba Group Holding Limited	3.61%	1,833,929	$337M	trimmed−10%	−0.10 pp	10 q
MSFTMicrosoft Corp	3.19%	3,260,513	$298M	trimmed−9%	−0.05 pp	20 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.18%	6,783,327	$297M	added+24%	+0.88 pp	20 q
LLYEli Lilly & Co.	3.07%	3,705,960	$287M	added+29%	+0.49 pp	15 q
CCitigroup Inc.	3.02%	4,168,266	$281M	trimmed−7%	−0.52 pp	20 q
AAPAdvance Auto Parts Inc	2.69%	2,119,385	$251M	added+3%	+0.52 pp	10 q
FLSFlowserve Corporation	2.63%	5,665,143	$245M	added+4%	+0.20 pp	5 q
SABRSabre Corporation	2.56%	11,137,479	$239M	added+3%	+0.21 pp	4 q
ORCLOracle Corp	2.54%	5,181,613	$237M	added+3%	+0.03 pp	20 q
FEFirstEnergy Corp.	2.28%	6,269,244	$213M	added×2.9	+1.57 pp	2 q
PDCEPDC Energy, Inc.	2.11%	4,019,675	$197M	trimmed−16%	−0.50 pp	8 q
BACBank of America Corporation	2.10%	6,519,056	$196M	added+17%	+0.36 pp	6 q
QCOMQualcomm Inc	1.87%	3,148,440	$174M	added+4%	−0.19 pp	14 q
SMSM Energy Company	1.72%	8,882,331	$160M	added+3%	−0.30 pp	13 q
VIABViacom Inc. Class B	1.52%	4,562,789	$142M	added+2%	+0.06 pp	3 q
unresolvedVerifone Sys Inc	1.39%	8,439,332	$130M	added+4%	−0.13 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.31%	572,752	$123M	trimmed−33%	−0.69 pp	20 q
MDLZMondelez International, Inc. Class A	1.23%	2,740,323	$114M	new	+1.23 pp	new
SIGSignet Jewelers Limited	1.22%	2,961,647	$114M	added+3%	−0.50 pp	7 q
CMCanadian Imperial Bank of Commerce	1.21%	1,281,566	$113M	trimmed−14%	−0.33 pp	3 q
HALHalliburton Company	1.20%	6,625,010	$112M	added+12%	−1.85 pp	8 q
unresolvedVale S.A. PFD	1.16%	8,517,774	$108M	added+30%	+0.31 pp	20 q
WFCWells Fargo & Co.	1.01%	1,796,480	$94M	new	+1.01 pp	new
CHLChina Mobile Limited	0.86%	1,758,734	$80M	added+14%	+0.03 pp	20 q
SKMSK Telecom Co., Ltd.	0.86%	3,302,391	$80M	added+8%	−0.04 pp	20 q
YYJOYY Inc.	0.71%	628,734	$66M	added+31%	+0.14 pp	7 q
MBTMobile TeleSystems Public Joint Stock Company	0.70%	5,713,773	$65M	added+16%	+0.17 pp	14 q
unresolvedNew Oriental Ed & Tech Grp I	0.64%	686,581	$60M	trimmed−20%	−0.21 pp	10 q
VWOVanguard FTSE Emerging Markets ETF	0.55%	1,088,981	$51M	trimmed−29%	−0.20 pp	7 q
IBNICICI Bank Limited	0.49%	5,154,271	$46M	trimmed−14%	−0.12 pp	20 q
BCSBarclays PLC	0.47%	3,676,361	$43M	added+1%	+0.05 pp	20 q
BTIBritish American Tobacco p.l.c.	0.47%	759,530	$44M	added+30%	+0.06 pp	20 q
unresolvedAndeavor	0.45%	418,814	$42M	new	+0.45 pp	new
BPBP p.l.c.	0.39%	896,752	$36M	added+19%	+0.06 pp	4 q
unresolvedGlaxosmithkline PLC	0.39%	920,777	$36M	added+46%	+0.15 pp	13 q
RDS.BRoyal Dutch Shell PLC	0.38%	541,255	$35M	added+5%	+0.01 pp	9 q
NVSNovartis AG	0.36%	411,077	$33M	added+22%	+0.06 pp	20 q
ABBNYAbb Ltd Spons	0.35%	1,381,138	$33M	added+12%	0.00 pp	7 q
AVVIYAviva PLC U/	0.33%	879,880	$31M	added+8%	+0.03 pp	17 q
BAPCredicorp LTD	0.33%	136,200	$31M	added+19%	+0.08 pp	2 q
EPIWisdomTree India Earnings Fund ETF	0.32%	1,151,700	$30M	trimmed−49%	−0.35 pp	20 q
PKXPOSCO Holdings Inc.	0.30%	353,971	$28M	trimmed−1%	0.00 pp	8 q
PUKPrudential PLC	0.28%	508,159	$26M	added+36%	+0.08 pp	8 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.26%	2,276,097	$24M	added+32%	+0.07 pp	5 q
VODVodafone Group PLC	0.23%	780,367	$22M	added+15%	0.00 pp	12 q
SAPSap SE	0.21%	189,562	$20M	added+17%	+0.02 pp	20 q
DEODiageo plc	0.17%	115,939	$16M	added+8%	0.00 pp	11 q
SMFGSumitomo Mitsui Financial Group, Inc	0.16%	1,804,784	$15M	trimmed−20%	−0.05 pp	20 q
LYGLloyds Banking Group PLC	0.15%	3,668,898	$14M	trimmed−14%	−0.02 pp	20 q
BBLBHP Group Plc	0.11%	248,167	$10M	added+11%	+0.01 pp	4 q
INGING Groep N.V.	0.08%	426,841	$7M	added+27%	+0.01 pp	9 q
unresolvedMicro Focus International Pl	0.06%	399,059	$6M	added+19%	−0.06 pp	3 q
CUKNCarnival Plc-adr	0.05%	72,947	$5M	trimmed−74%	−0.15 pp	20 q
EEMiShares MSCI Emerging Markets ETF	0.05%	104,105	$5M	trimmed−86%	−0.33 pp	2 q
SNPLChina Petroleum & Chem-adr	0.04%	42,420	$4M	trimmed−1%	+0.01 pp	20 q
INFYInfosys Limited	0.03%	133,700	$2M	trimmed−45%	−0.01 pp	20 q
KEPKorea Electric Power Corp	0.03%	166,034	$3M	trimmed−1%	0.00 pp	14 q
CHTChunghwa Telecom Co., Ltd	0.02%	44,200	$2M	held	—	20 q
DQDaqo New Energy Corp.	0.02%	38,800	$2M	new	+0.02 pp	new
RDYDr. Reddy's Laboratories Limited	0.02%	43,200	$1M	trimmed−55%	−0.02 pp	18 q
EWTiShares MSCI Taiwan ETF	0.02%	59,200	$2M	held	—	6 q
LPLLG Display Co. Ltd.	0.02%	138,713	$2M	trimmed−1%	0.00 pp	14 q
AUOAU Optronics Corp	0.01%	210,600	$962,000	held	—	20 q
HDBHDFC Bank Limited	0.01%	14,016	$1M	trimmed−66%	−0.03 pp	20 q
KTKT Corp.	0.01%	73,200	$1M	held	—	20 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.01%	61,999	$805,000	trimmed−95%	−0.12 pp	20 q
TTMTata Motors Limited	0.01%	48,503	$1M	trimmed−58%	−0.03 pp	20 q
GLINVanEck India Growth Leaders ETF	0.01%	9,149	$523,000	held	—	8 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.01%	10,716	$1M	new	+0.01 pp	new
VEDLVedanta Ltd-adr	0.01%	63,075	$1M	held	—	12 q
unresolvedArcelormittal SA Luxembourg	0.00%	460	$15,000	trimmed−63%	0.00 pp	7 q
CEOCNOOC Limited	0.00%	135	$20,000	trimmed−100%	−0.16 pp	20 q
unresolvedChina Lodging Group Ltd	0.00%	1,247	$164,000	trimmed−96%	−0.05 pp	3 q
unresolvedJust Energy Group Inc	0.00%	44,300	$195,000	added+13%	0.00 pp	4 q
unresolvedJa Solar Holdings Co Ltd	0.00%	45,000	$295,000	held	—	14 q
JKSJinkosolar Holdings Co	0.00%	12,500	$228,000	trimmed−41%	−0.01 pp	11 q
NTESNetEase, inc.	0.00%	1,000	$280,000	trimmed−99%	−0.27 pp	14 q
PC6APetrochina Co Ltd -adr	0.00%	3,407	$238,000	held	—	20 q
unresolvedRyanair Holdings PLC ADR	0.00%	6	$1,000	held	—	7 q
TALTAL Education Group	0.00%	10,500	$389,000	held	—	6 q
WITWipro Limited	0.00%	89,100	$460,000	held	—	18 q
UBSUBS Group AG	0.00%	360	$6,000	trimmed−41%	0.00 pp	12 q
unresolvedSodastream International Ltd	0.00%	600	$55,000	held	—	5 q
unresolvedCsra Inc	—	−6,459,955	—	exited	−2.05 pp	—
ARCHArch Resources Inc	—	−837,056	—	exited	−0.83 pp	—
MOMOHello Group Inc.	—	−537,600	—	exited	−0.14 pp	—
INDAiShares MSCI India ETF	—	−182,800	—	exited	−0.07 pp	—
ATHMAutohome Inc.	—	−78,600	—	exited	−0.05 pp	—
JDJD.com, Inc.	—	−17,400	—	exited	−0.01 pp	—
unresolvedRelx NV	—	−383	—	exited	0.00 pp	—
SNYSanofi	—	−361	—	exited	0.00 pp	—
TTENTotalenergies SE -spon ADR	—	−53	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 7 defects · 14 unresolved
Accession: 0001140361-18-023564
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 2018-03-31
A security outside the official 13F list — CUSIP 05382A104 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP 42813W101 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP 59408Q304 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2018-03-31
A security outside the official 13F list — CUSIP 91912E204 not on the Official 13(f) List for 2018-03-31

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