Causeway Capital

Q2 2018 13F · by Sarah Ketterer, CEO

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $9.9B · prev $9.3B
Positions: 93 · prev 88
Options notional: $0
Documents: 1· no amendments

Picture99.5% US stock

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

US stock listed on a US exchange 99.5%
Foreign stock not listed in the US 0.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves79 since the prior filing

+9.3 pp in · −9.3 pp out

New 9 +5.02 pp
Added 41 +4.27 pp
Trimmed 25 −8.12 pp
Exited 4 −1.18 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 50% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions40% of US stock

MFC Manulife Financial Corp. added−0.40 pp added−0.409.7%
BIDU Baidu, Inc. added+1.02 pp added+1.029.6%
unresolved Canadian Pac Ry Ltd trimmed−1.05 pp trimmed−1.058.8%
unresolved Encana Corp trimmed−0.45 pp trimmed−0.457.3%
GIL Gildan Activewear Inc. added−0.04 pp added−0.044.5%

Positions93 in this filing · 4 exited


MFCManulife Financial Corp.	9.69%	53,406,100	$960M	added+5%	−0.40 pp	8 q
BIDUBaidu, Inc.	9.59%	3,908,293	$950M	added+9%	+1.02 pp	9 q
unresolvedCanadian Pac Ry Ltd	8.77%	1,380,691	$868M	trimmed−73%	−1.05 pp	6 q
unresolvedEncana Corp	7.28%	55,249,997	$721M	trimmed−16%	−0.45 pp	8 q
GILGildan Activewear Inc.	4.48%	15,753,377	$444M	added+8%	−0.04 pp	7 q
BABAAlibaba Group Holding Limited	3.36%	1,795,291	$333M	trimmed−2%	−0.25 pp	11 q
CCitigroup Inc.	3.35%	4,952,604	$331M	added+19%	+0.33 pp	21 q
AAPAdvance Auto Parts Inc	3.08%	2,249,845	$305M	added+6%	+0.39 pp	11 q
SABRSabre Corporation	3.05%	12,252,445	$302M	added+10%	+0.49 pp	5 q
ORCLOracle Corp	2.83%	6,356,106	$280M	added+23%	+0.29 pp	21 q
FEFirstEnergy Corp.	2.79%	7,678,568	$276M	added+22%	+0.51 pp	3 q
HALHalliburton Company	2.68%	5,879,258	$265M	trimmed−11%	+1.48 pp	9 q
MSFTMicrosoft Corp	2.45%	2,457,672	$242M	trimmed−25%	−0.74 pp	21 q
FLSFlowserve Corporation	2.43%	5,961,357	$241M	added+5%	−0.20 pp	6 q
LLYEli Lilly & Co.	2.36%	2,737,558	$234M	trimmed−26%	−0.71 pp	16 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.21%	5,996,146	$219M	trimmed−12%	−0.97 pp	21 q
BACBank of America Corporation	2.04%	7,168,703	$202M	added+10%	−0.06 pp	7 q
QCOMQualcomm Inc	1.86%	3,275,291	$184M	added+4%	−0.01 pp	15 q
SIGSignet Jewelers Limited	1.75%	3,105,084	$173M	added+5%	+0.53 pp	8 q
MDLZMondelez International, Inc. Class A	1.66%	4,018,155	$165M	added+47%	+0.43 pp	2 q
VIABViacom Inc. Class B	1.65%	5,427,041	$164M	added+19%	+0.13 pp	4 q
SMSM Energy Company	1.62%	6,258,040	$161M	trimmed−30%	−0.10 pp	14 q
DDominion Energy, Inc	1.53%	2,222,510	$152M	new	+1.53 pp	new
ZBHZimmer Biomet Holdings, Inc.	1.34%	1,187,863	$132M	new	+1.34 pp	new
CMCanadian Imperial Bank of Commerce	1.21%	4,743,640	$120M	added×3.7	0.00 pp	4 q
VALEVale S.a.	1.16%	8,957,616	$115M	new	+1.16 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.13%	457,740	$112M	trimmed−20%	−0.18 pp	21 q
WFCWells Fargo & Co.	1.08%	1,928,523	$107M	added+7%	+0.07 pp	2 q
SKMSK Telecom Co., Ltd.	0.93%	3,912,137	$92M	added+18%	+0.07 pp	21 q
YYJOYY Inc.	0.81%	797,013	$80M	added+27%	+0.10 pp	8 q
CHLChina Mobile Limited	0.77%	1,709,110	$76M	trimmed−3%	−0.09 pp	21 q
BAPCredicorp LTD	0.74%	324,582	$73M	added×2.4	+0.41 pp	3 q
unresolvedNew Oriental Ed & Tech Grp I	0.59%	615,212	$58M	trimmed−10%	−0.05 pp	11 q
LDOSLeidos Holdings, Inc.	0.57%	949,949	$56M	new	+0.57 pp	new
MBTMobile TeleSystems Public Joint Stock Company	0.51%	5,737,473	$51M	added0%	−0.19 pp	15 q
IBNICICI Bank Limited	0.42%	5,129,408	$41M	trimmed−0%	−0.07 pp	21 q
BTIBritish American Tobacco p.l.c.	0.39%	759,954	$38M	added0%	−0.08 pp	21 q
BCSBarclays PLC	0.37%	3,634,572	$36M	trimmed−1%	−0.10 pp	21 q
RDS.BRoyal Dutch Shell PLC	0.37%	506,806	$37M	trimmed−6%	−0.01 pp	10 q
ABBNYAbb Ltd Spons	0.35%	1,581,539	$34M	added+15%	0.00 pp	8 q
NVSNovartis AG	0.35%	461,962	$35M	added+12%	−0.01 pp	21 q
BPBP p.l.c.	0.33%	707,906	$32M	trimmed−22%	−0.06 pp	5 q
PUKPrudential PLC	0.33%	712,985	$33M	added+40%	+0.05 pp	9 q
AVVIYAviva PLC U/	0.32%	894,864	$31M	added+2%	−0.01 pp	18 q
EEMiShares MSCI Emerging Markets ETF	0.31%	715,800	$31M	added×6.9	+0.26 pp	3 q
EPIWisdomTree India Earnings Fund ETF	0.31%	1,228,265	$31M	added+7%	−0.01 pp	21 q
PKXPOSCO Holdings Inc.	0.29%	387,351	$29M	added+9%	−0.01 pp	9 q
SAPSap SE	0.23%	194,772	$23M	added+3%	+0.02 pp	21 q
VODVodafone Group PLC	0.20%	804,973	$20M	added+3%	−0.03 pp	13 q
HTHTH World Group Limited	0.19%	368,880	$19M	new	+0.19 pp	new
INDAiShares MSCI India ETF	0.19%	572,000	$19M	new	+0.19 pp	new
CUKNCarnival Plc-adr	0.18%	306,471	$18M	added×4.2	+0.13 pp	21 q
DEODiageo plc	0.17%	118,399	$17M	added+2%	0.00 pp	12 q
unresolvedGlaxosmithkline PLC	0.17%	428,526	$17M	trimmed−53%	−0.22 pp	14 q
SMFGSumitomo Mitsui Financial Group, Inc	0.16%	2,048,701	$16M	added+14%	0.00 pp	21 q
LYGLloyds Banking Group PLC	0.14%	4,075,512	$14M	added+11%	−0.01 pp	21 q
unresolvedMicro Focus International Pl	0.14%	828,092	$14M	added×2.1	+0.08 pp	4 q
VWOVanguard FTSE Emerging Markets ETF	0.14%	324,000	$14M	trimmed−70%	−0.41 pp	8 q
BBLBHP Group Plc	0.13%	286,770	$13M	added+16%	+0.02 pp	5 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.10%	1,575,525	$9M	trimmed−31%	−0.16 pp	6 q
INGING Groep N.V.	0.08%	549,728	$8M	added+29%	0.00 pp	10 q
SNPLChina Petroleum & Chem-adr	0.04%	42,420	$4M	held	—	21 q
INFYInfosys Limited	0.03%	133,700	$3M	held	—	21 q
CHTChunghwa Telecom Co., Ltd	0.02%	44,200	$2M	held	—	21 q
DQDaqo New Energy Corp.	0.02%	52,700	$2M	added+36%	0.00 pp	2 q
EWTiShares MSCI Taiwan ETF	0.02%	59,200	$2M	held	—	7 q
KBKB Financial Group Inc	0.02%	39,560	$2M	new	+0.02 pp	new
LPLLG Display Co. Ltd.	0.02%	248,713	$2M	added+79%	0.00 pp	15 q
AUOAU Optronics Corp	0.01%	210,600	$891,000	held	—	21 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.01%	34,000	$902,000	new	+0.01 pp	new
RDYDr. Reddy's Laboratories Limited	0.01%	43,200	$1M	held	—	19 q
HDBHDFC Bank Limited	0.01%	14,016	$1M	held	—	21 q
KEPKorea Electric Power Corp	0.01%	96,019	$1M	trimmed−42%	−0.02 pp	15 q
SHGShinhan Financial Group Co Ltd	0.01%	28,375	$1M	new	+0.01 pp	new
TTMTata Motors Limited	0.01%	48,503	$948,000	held	—	21 q
VEDLVedanta Ltd-adr	0.01%	63,075	$858,000	held	—	13 q
unresolvedAndeavor	0.00%	19	$2,000	trimmed−100%	−0.45 pp	2 q
unresolvedArcelormittal SA Luxembourg	0.00%	460	$13,000	held	—	8 q
CEOCNOOC Limited	0.00%	32	$5,000	trimmed−76%	0.00 pp	21 q
unresolvedJust Energy Group Inc	0.00%	51,300	$186,000	added+16%	0.00 pp	5 q
unresolvedJa Solar Holdings Co Ltd	0.00%	45,000	$306,000	held	—	15 q
JKSJinkosolar Holdings Co	0.00%	12,500	$172,000	held	—	12 q
NTESNetEase, inc.	0.00%	1,000	$253,000	held	—	15 q
PDCEPDC Energy, Inc.	0.00%	89	$5,000	trimmed−100%	−2.11 pp	9 q
PC6APetrochina Co Ltd -adr	0.00%	257,407	$453,000	added×75.6	0.00 pp	21 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.00%	15,299	$135,000	trimmed−75%	−0.01 pp	21 q
unresolvedRyanair Holdings PLC ADR	0.00%	6	$1,000	held	—	8 q
TALTAL Education Group	0.00%	10,500	$386,000	held	—	7 q
GLINVanEck India Growth Leaders ETF	0.00%	9,149	$445,000	held	—	9 q
unresolvedVerifone Sys Inc	0.00%	188	$4,000	trimmed−100%	−1.39 pp	8 q
WITWipro Limited	0.00%	50,027	$240,000	trimmed−44%	0.00 pp	19 q
UBSUBS Group AG	0.00%	360	$6,000	held	—	13 q
unresolvedSodastream International Ltd	0.00%	600	$51,000	held	—	6 q
unresolvedVale S.A. PFD	—	−8,517,774	—	exited	−1.16 pp	—
KTKT Corp.	—	−73,200	—	exited	−0.01 pp	—
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	—	−10,716	—	exited	−0.01 pp	—
unresolvedChina Lodging Group Ltd	—	−1,247	—	exited	0.00 pp	—