Causeway Capital

Q3 2018 13F · by Sarah Ketterer, CEO

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $10.0B · prev $9.9B
Positions: 88 · prev 93
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%

Moves85 since the prior filing

+4.5 pp in · −4.5 pp out

New 2 +1.01 pp
Added 45 +3.52 pp
Trimmed 31 −3.33 pp
Exited 7 −1.16 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 38% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions38% of US stock

BIDU Baidu, Inc. added+0.53 pp added+0.5310.1%
MFC Manulife Financial Corp. added+0.10 pp added+0.109.8%
unresolved Encana Corp added+0.16 pp added+0.167.4%
unresolved Canadian Pac Ry Ltd added−2.66 pp added−2.666.1%
GIL Gildan Activewear Inc. added+0.34 pp added+0.344.8%

Positions88 in this filing · 7 exited


BIDUBaidu, Inc.	10.12%	4,405,546	$1.0B	added+13%	+0.53 pp	10 q
MFCManulife Financial Corp.	9.79%	54,502,910	$975M	added+2%	+0.10 pp	9 q
unresolvedEncana Corp	7.44%	56,485,900	$741M	added+2%	+0.16 pp	9 q
unresolvedCanadian Pac Ry Ltd	6.11%	2,869,075	$608M	added×2.1	−2.66 pp	7 q
GILGildan Activewear Inc.	4.82%	15,764,528	$480M	added0%	+0.34 pp	8 q
CCitigroup Inc.	3.58%	4,967,250	$356M	added0%	+0.23 pp	22 q
HALHalliburton Company	3.51%	8,613,962	$349M	added+47%	+0.83 pp	10 q
ORCLOracle Corp	3.38%	6,523,832	$336M	added+3%	+0.55 pp	22 q
SABRSabre Corporation	3.29%	12,561,367	$328M	added+3%	+0.24 pp	6 q
BABAAlibaba Group Holding Limited	2.97%	1,795,615	$296M	added0%	−0.39 pp	12 q
AAPAdvance Auto Parts Inc	2.89%	1,711,436	$288M	trimmed−24%	−0.19 pp	12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.89%	6,504,441	$287M	added+8%	+0.68 pp	22 q
FEFirstEnergy Corp.	2.70%	7,234,115	$269M	trimmed−6%	−0.09 pp	4 q
FLSFlowserve Corporation	2.63%	4,793,956	$262M	trimmed−20%	+0.20 pp	7 q
MSFTMicrosoft Corp	2.38%	2,071,735	$237M	trimmed−16%	−0.07 pp	22 q
BACBank of America Corporation	2.27%	7,673,430	$226M	added+7%	+0.23 pp	8 q
QCOMQualcomm Inc	2.02%	2,788,630	$201M	trimmed−15%	+0.16 pp	16 q
SIGSignet Jewelers Limited	1.93%	2,916,103	$192M	trimmed−6%	+0.18 pp	9 q
VIABViacom Inc. Class B	1.90%	5,589,255	$189M	added+3%	+0.25 pp	5 q
MDLZMondelez International, Inc. Class A	1.79%	4,143,086	$178M	added+3%	+0.13 pp	3 q
DDominion Energy, Inc	1.77%	2,502,327	$176M	added+13%	+0.24 pp	2 q
ZBHZimmer Biomet Holdings, Inc.	1.60%	1,212,462	$159M	added+2%	+0.26 pp	2 q
VALEVale S.a.	1.41%	9,487,977	$141M	added+6%	+0.25 pp	2 q
LDOSLeidos Holdings, Inc.	1.29%	1,859,814	$129M	added+96%	+0.72 pp	2 q
LLYEli Lilly & Co.	1.19%	1,107,572	$119M	trimmed−60%	−1.17 pp	17 q
CMCanadian Imperial Bank of Commerce	1.17%	1,243,004	$117M	trimmed−74%	−0.04 pp	5 q
WFCWells Fargo & Co.	1.11%	2,095,650	$110M	added+9%	+0.03 pp	3 q
SKMSK Telecom Co., Ltd.	1.07%	3,833,882	$107M	trimmed−2%	+0.14 pp	22 q
RESRPC, Inc.	1.00%	6,408,307	$99M	new	+1.00 pp	new
BAPCredicorp LTD	0.93%	414,566	$92M	added+28%	+0.19 pp	4 q
CHLChina Mobile Limited	0.85%	1,726,954	$85M	added+1%	+0.08 pp	22 q
YYJOYY Inc.	0.61%	803,733	$60M	added+1%	−0.20 pp	9 q
EPIWisdomTree India Earnings Fund ETF	0.60%	2,475,265	$60M	added×2.0	+0.29 pp	22 q
MBTMobile TeleSystems Public Joint Stock Company	0.52%	6,017,662	$51M	added+5%	+0.01 pp	16 q
unresolvedNew Oriental Ed & Tech Grp I	0.46%	614,766	$45M	trimmed−0%	−0.13 pp	12 q
IBNICICI Bank Limited	0.41%	4,856,162	$41M	trimmed−5%	−0.01 pp	22 q
BTIBritish American Tobacco p.l.c.	0.40%	852,371	$40M	added+12%	+0.01 pp	22 q
NVSNovartis AG	0.39%	450,132	$39M	trimmed−3%	+0.04 pp	22 q
PUKPrudential PLC	0.39%	835,234	$38M	added+17%	+0.06 pp	10 q
ABBNYAbb Ltd Spons	0.38%	1,612,710	$38M	added+2%	+0.03 pp	9 q
RDS.BRoyal Dutch Shell PLC	0.37%	516,055	$37M	added+2%	0.00 pp	11 q
AVVIYAviva PLC U/	0.36%	897,370	$36M	added0%	+0.04 pp	19 q
BCSBarclays PLC	0.36%	4,057,242	$36M	added+12%	−0.01 pp	22 q
VWOVanguard FTSE Emerging Markets ETF	0.34%	823,501	$34M	added×2.5	+0.20 pp	9 q
BPBP p.l.c.	0.33%	706,931	$33M	trimmed−2%	0.00 pp	6 q
PKXPOSCO Holdings Inc.	0.25%	380,620	$25M	trimmed−2%	−0.04 pp	10 q
SAPSap SE	0.22%	177,134	$22M	trimmed−9%	−0.01 pp	22 q
CUKNCarnival Plc-adr	0.20%	309,615	$20M	added+1%	+0.02 pp	22 q
INDAiShares MSCI India ETF	0.19%	572,000	$19M	held	—	2 q
VODVodafone Group PLC	0.18%	818,338	$18M	added+2%	−0.02 pp	14 q
DEODiageo plc	0.17%	119,205	$17M	added+1%	0.00 pp	13 q
SMFGSumitomo Mitsui Financial Group, Inc	0.17%	2,058,597	$17M	added0%	+0.01 pp	22 q
unresolvedGlaxosmithkline PLC	0.16%	389,980	$16M	trimmed−9%	−0.01 pp	15 q
unresolvedMicro Focus International Pl	0.16%	846,713	$16M	added+2%	+0.02 pp	5 q
LYGLloyds Banking Group PLC	0.13%	4,121,085	$13M	added+1%	−0.01 pp	22 q
BBLBHP Group Plc	0.10%	229,678	$10M	trimmed−20%	−0.03 pp	6 q
INGING Groep N.V.	0.07%	548,893	$7M	trimmed−0%	−0.01 pp	11 q
SNPLChina Petroleum & Chem-adr	0.04%	42,420	$4M	held	—	22 q
GLINVanEck India Growth Leaders ETF	0.04%	92,949	$4M	added×10.2	+0.04 pp	10 q
INFYInfosys Limited	0.03%	295,232	$3M	added+10%	0.00 pp	22 q
CHTChunghwa Telecom Co., Ltd	0.02%	44,200	$2M	held	—	22 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.02%	72,900	$2M	added×2.1	+0.01 pp	2 q
RDYDr. Reddy's Laboratories Limited	0.02%	43,200	$1M	held	—	20 q
HDBHDFC Bank Limited	0.02%	16,818	$2M	added+20%	+0.01 pp	22 q
EWTiShares MSCI Taiwan ETF	0.02%	59,200	$2M	held	—	8 q
AUOAU Optronics Corp	0.01%	210,600	$887,000	held	—	22 q
DQDaqo New Energy Corp.	0.01%	30,200	$789,000	trimmed−43%	−0.01 pp	3 q
unresolvedJust Energy Group Inc	0.01%	240,000	$744,000	added×4.7	+0.01 pp	6 q
LPLLG Display Co. Ltd.	0.01%	138,020	$1M	trimmed−45%	−0.01 pp	16 q
TTMTata Motors Limited	0.01%	59,003	$906,000	added+22%	0.00 pp	22 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.01%	8,400	$942,000	new	+0.01 pp	new
VEDLVedanta Ltd-adr	0.01%	58,617	$750,000	trimmed−7%	0.00 pp	14 q
WITWipro Limited	0.01%	130,027	$677,000	added×2.6	+0.01 pp	20 q
unresolvedArcelormittal SA Luxembourg	0.00%	454	$14,000	trimmed−1%	0.00 pp	9 q
CEOCNOOC Limited	0.00%	32	$6,000	held	—	22 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.00%	47,828	$282,000	trimmed−97%	−0.10 pp	7 q
HTHTH World Group Limited	0.00%	1,632	$53,000	trimmed−100%	−0.19 pp	2 q
EEMiShares MSCI Emerging Markets ETF	0.00%	11,420	$490,000	trimmed−98%	−0.31 pp	4 q
JKSJinkosolar Holdings Co	0.00%	11,400	$123,000	trimmed−9%	0.00 pp	13 q
KEPKorea Electric Power Corp	0.00%	32,519	$428,000	trimmed−66%	−0.01 pp	16 q
NTESNetEase, inc.	0.00%	1,000	$228,000	held	—	16 q
PC6APetrochina Co Ltd -adr	0.00%	3,407	$277,000	trimmed−99%	0.00 pp	22 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.00%	10,399	$109,000	trimmed−32%	0.00 pp	22 q
unresolvedRyanair Holdings PLC ADR	0.00%	6	$1,000	held	—	9 q
SMSM Energy Company	0.00%	280	$9,000	trimmed−100%	−1.62 pp	15 q
TALTAL Education Group	0.00%	9,300	$239,000	trimmed−11%	0.00 pp	8 q
UBSUBS Group AG	0.00%	360	$6,000	held	—	14 q
unresolvedSodastream International Ltd	0.00%	2,807	$402,000	added×4.7	0.00 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−457,740	—	exited	−1.13 pp	—
KBKB Financial Group Inc	—	−39,560	—	exited	−0.02 pp	—
SHGShinhan Financial Group Co Ltd	—	−28,375	—	exited	−0.01 pp	—
unresolvedAndeavor	—	−19	—	exited	0.00 pp	—
unresolvedJa Solar Holdings Co Ltd	—	−45,000	—	exited	0.00 pp	—
PDCEPDC Energy, Inc.	—	−89	—	exited	0.00 pp	—
unresolvedVerifone Sys Inc	—	−188	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 6 defects · 9 unresolved
Accession: 0001567619-18-006033
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 2018-09-30
A security outside the official 13F list — CUSIP 05382A104 not on the Official 13(f) List for 2018-09-30
A security outside the official 13F list — CUSIP 42813W101 not on the Official 13(f) List for 2018-09-30
A security outside the official 13F list — CUSIP 59408Q304 not on the Official 13(f) List for 2018-09-30
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2018-09-30

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