Causeway Capital

Q4 2018 13F · by Sarah Ketterer, CEO

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $8.4B · prev $10.0B
Positions: 90 · prev 88
Options notional: $0
Documents: 1· no amendments

Picture99.2% US stock

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

US stock listed on a US exchange 99.2%
Foreign stock not listed in the US 0.8%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves81 since the prior filing

+10.4 pp in · −10.4 pp out

New 7 +6.59 pp
Added 35 +3.76 pp
Trimmed 34 −10.21 pp
Exited 5 −0.22 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 52% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions36% of US stock

MFC Manulife Financial Corp. added+1.16 pp added+1.1610.9%
BIDU Baidu, Inc. added−0.19 pp added−0.199.9%
unresolved Encana Corp added−1.23 pp added−1.236.2%
GIL Gildan Activewear Inc. trimmed+0.82 pp trimmed+0.825.6%
ORCL Oracle Corp added+0.36 pp added+0.363.7%

Positions90 in this filing · 5 exited


MFCManulife Financial Corp.	10.95%	64,765,989	$919M	added+19%	+1.16 pp	10 q
BIDUBaidu, Inc.	9.93%	5,252,361	$833M	added+19%	−0.19 pp	11 q
unresolvedEncana Corp	6.21%	90,161,289	$521M	added+60%	−1.23 pp	10 q
GILGildan Activewear Inc.	5.64%	15,601,389	$474M	trimmed−1%	+0.82 pp	9 q
ORCLOracle Corp	3.74%	6,959,100	$314M	added+7%	+0.36 pp	23 q
CCitigroup Inc.	3.54%	5,704,794	$297M	added+15%	−0.04 pp	23 q
HALHalliburton Company	3.53%	11,138,926	$296M	added+29%	+0.02 pp	11 q
SABRSabre Corporation	3.50%	13,561,115	$293M	added+8%	+0.21 pp	7 q
BABAAlibaba Group Holding Limited	2.78%	1,702,766	$233M	trimmed−5%	−0.19 pp	13 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.65%	6,033,669	$223M	trimmed−7%	−0.24 pp	23 q
BACBank of America Corporation	2.61%	8,893,977	$219M	added+16%	+0.34 pp	9 q
MSFTMicrosoft Corp	2.60%	2,147,760	$218M	added+4%	+0.22 pp	23 q
FLSFlowserve Corporation	2.55%	5,639,538	$214M	added+18%	−0.08 pp	8 q
CMCanadian Imperial Bank of Commerce	2.53%	2,852,739	$213M	added×2.3	+1.36 pp	6 q
ALKAlaska Air Group, Inc.	2.30%	3,165,808	$193M	new	+2.30 pp	new
QCOMQualcomm Inc	2.13%	3,146,684	$179M	added+13%	+0.11 pp	17 q
MDLZMondelez International, Inc. Class A	2.10%	4,402,597	$176M	added+6%	+0.31 pp	4 q
FEFirstEnergy Corp.	1.99%	4,442,599	$167M	trimmed−39%	−0.71 pp	5 q
VIABViacom Inc. Class B	1.79%	5,848,200	$150M	added+5%	−0.11 pp	6 q
unresolvedCanadian Pac Ry Ltd	1.71%	807,218	$143M	trimmed−72%	−4.40 pp	8 q
VALEVale S.a.	1.64%	10,425,283	$138M	added+10%	+0.23 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	1.63%	1,315,463	$136M	added+9%	+0.03 pp	3 q
AAPAdvance Auto Parts Inc	1.62%	865,452	$136M	trimmed−49%	−1.27 pp	13 q
MPCMarathon Petroleum Corporation	1.60%	2,270,550	$134M	new	+1.60 pp	new
LDOSLeidos Holdings, Inc.	1.42%	2,258,039	$119M	added+21%	+0.13 pp	3 q
SNXTD SYNNEX Corporation	1.40%	1,457,899	$118M	new	+1.40 pp	new
WFCWells Fargo & Co.	1.28%	2,333,395	$108M	added+11%	+0.17 pp	4 q
SIGSignet Jewelers Limited	1.23%	3,241,987	$103M	added+11%	−0.70 pp	10 q
BAPCredicorp LTD	1.15%	436,829	$97M	added+5%	+0.22 pp	5 q
SKMSK Telecom Co., Ltd.	1.12%	3,499,954	$94M	trimmed−9%	+0.05 pp	23 q
CHLChina Mobile Limited	0.90%	1,571,477	$75M	trimmed−9%	+0.05 pp	23 q
RESRPC, Inc.	0.82%	7,013,272	$69M	added+9%	−0.18 pp	2 q
EPIWisdomTree India Earnings Fund ETF	0.79%	2,660,365	$66M	added+7%	+0.19 pp	23 q
FDXFedEx Corporation	0.64%	331,444	$53M	new	+0.64 pp	new
IBNICICI Bank Limited	0.62%	5,093,731	$52M	added+5%	+0.21 pp	23 q
YYJOYY Inc.	0.59%	826,562	$49M	added+3%	−0.02 pp	10 q
MBTMobile TeleSystems Public Joint Stock Company	0.50%	5,959,738	$42M	trimmed−1%	−0.02 pp	17 q
TAKTakeda Pharmaceutical Company Limited	0.44%	2,204,384	$37M	new	+0.44 pp	new
PUKPrudential PLC	0.43%	1,019,127	$36M	added+22%	+0.04 pp	11 q
INFYInfosys Limited	0.42%	3,683,732	$35M	added×12.5	+0.39 pp	23 q
BTIBritish American Tobacco p.l.c.	0.36%	936,882	$30M	added+10%	−0.04 pp	23 q
RDS.BRoyal Dutch Shell PLC	0.36%	505,251	$30M	trimmed−2%	−0.01 pp	12 q
ABBNYAbb Ltd Spons	0.33%	1,470,211	$28M	trimmed−9%	−0.05 pp	10 q
AVVIYAviva PLC U/	0.33%	735,553	$28M	trimmed−18%	−0.03 pp	20 q
BCSBarclays PLC	0.31%	3,502,203	$26M	trimmed−14%	−0.05 pp	23 q
BPBP p.l.c.	0.30%	657,027	$25M	trimmed−8%	−0.03 pp	7 q
NVSNovartis AG	0.30%	292,788	$25M	trimmed−35%	−0.09 pp	23 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.29%	2,100,651	$24M	added×202.0	+0.29 pp	23 q
unresolvedRyanair Holdings PLC ADR	0.26%	219,602	$22M	added×36600.3	+0.26 pp	10 q
PKXPOSCO Holdings Inc.	0.24%	362,002	$20M	trimmed−5%	−0.01 pp	11 q
INDAiShares MSCI India ETF	0.23%	572,000	$19M	held	—	3 q
AMXNAmerica Movil-spn ADR Cl L	0.21%	1,251,459	$18M	new	+0.21 pp	new
unresolvedMicro Focus International Pl	0.19%	919,275	$16M	added+9%	+0.03 pp	6 q
VODVodafone Group PLC	0.18%	800,961	$15M	trimmed−2%	0.00 pp	15 q
CUKNCarnival Plc-adr	0.15%	261,672	$13M	trimmed−15%	−0.05 pp	23 q
SMFGSumitomo Mitsui Financial Group, Inc	0.14%	1,809,287	$12M	trimmed−12%	−0.03 pp	23 q
unresolvedGlaxosmithkline PLC	0.13%	284,591	$11M	trimmed−27%	−0.03 pp	16 q
LYGLloyds Banking Group PLC	0.13%	4,159,125	$11M	added+1%	0.00 pp	23 q
INGING Groep N.V.	0.12%	918,340	$10M	added+67%	+0.05 pp	12 q
BBLBHP Group Plc	0.11%	224,003	$9M	trimmed−2%	+0.01 pp	7 q
SNPLChina Petroleum & Chem-adr	0.03%	41,196	$3M	trimmed−3%	−0.01 pp	23 q
TTMTata Motors Limited	0.03%	216,247	$3M	added×3.7	+0.02 pp	23 q
VWOVanguard FTSE Emerging Markets ETF	0.03%	63,442	$2M	trimmed−92%	−0.31 pp	10 q
CHTChunghwa Telecom Co., Ltd	0.02%	44,200	$2M	held	—	23 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.02%	72,900	$2M	held	—	3 q
RDYDr. Reddy's Laboratories Limited	0.02%	43,200	$2M	held	—	21 q
HDBHDFC Bank Limited	0.02%	16,818	$2M	held	—	23 q
EWTiShares MSCI Taiwan ETF	0.02%	59,200	$2M	held	—	9 q
unresolvedNew Oriental Ed & Tech Grp I	0.02%	31,839	$2M	trimmed−95%	−0.44 pp	13 q
AUOAU Optronics Corp	0.01%	210,600	$830,000	held	—	23 q
DQDaqo New Energy Corp.	0.01%	30,704	$718,000	added+2%	0.00 pp	4 q
unresolvedJust Energy Group Inc	0.01%	269,200	$888,000	added+12%	0.00 pp	7 q
KEPKorea Electric Power Corp	0.01%	32,519	$480,000	held	—	17 q
LPLLG Display Co. Ltd.	0.01%	118,113	$967,000	trimmed−14%	0.00 pp	17 q
GLINVanEck India Growth Leaders ETF	0.01%	20,877	$885,000	trimmed−78%	−0.03 pp	11 q
VEDLVedanta Ltd-adr	0.01%	58,617	$676,000	held	—	15 q
WITWipro Limited	0.01%	130,027	$667,000	held	—	21 q
unresolvedArcelormittal SA Luxembourg	0.00%	424	$9,000	trimmed−7%	0.00 pp	10 q
CEOCNOOC Limited	0.00%	13	$2,000	trimmed−59%	0.00 pp	23 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.00%	30,784	$248,000	trimmed−36%	0.00 pp	8 q
unresolvedCrescent Pt Energy Corp	0.00%	110,286	$333,000	new	0.00 pp	new
DEODiageo plc	0.00%	124	$18,000	trimmed−100%	−0.17 pp	14 q
DDominion Energy, Inc	0.00%	44	$3,000	trimmed−100%	−1.77 pp	3 q
HTHTH World Group Limited	0.00%	32	$1,000	trimmed−98%	0.00 pp	3 q
JKSJinkosolar Holdings Co	0.00%	11,400	$113,000	held	—	14 q
LLYEli Lilly & Co.	0.00%	81	$9,000	trimmed−100%	−1.19 pp	18 q
NTESNetEase, inc.	0.00%	1,000	$235,000	held	—	17 q
PC6APetrochina Co Ltd -adr	0.00%	3,407	$210,000	held	—	23 q
TALTAL Education Group	0.00%	9,300	$248,000	held	—	9 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.00%	3,000	$284,000	trimmed−64%	−0.01 pp	2 q
SAPSap SE	—	−177,134	—	exited	−0.22 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−11,420	—	exited	0.00 pp	—
SMSM Energy Company	—	−280	—	exited	0.00 pp	—
UBSUBS Group AG	—	−360	—	exited	0.00 pp	—
unresolvedSodastream International Ltd	—	−2,807	—	exited	0.00 pp	—