Causeway Capital

Q1 2019 13F · by Sarah Ketterer, CEO

As of: Mar 31, 2019
Filed: May 15, 2019
US stock: $9.9B · prev $8.4B
Positions: 89 · prev 90
Options notional: $0
Documents: 1· no amendments

Picture98.8% US stock

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

US stock listed on a US exchange 98.8%
Foreign stock not listed in the US 1.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves86 since the prior filing

+20.1 pp in · −20.1 pp out

New 10 +17.19 pp
Added 31 +2.96 pp
Trimmed 34 −15.53 pp
Exited 11 −4.62 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 70% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions45% of US stock

99952EUR Linde PLC/OLD new+13.94 pp new+13.9413.9%
BIDU Baidu, Inc. added−1.04 pp added−1.048.9%
unresolved Encana Corp added+2.37 pp added+2.378.6%
MFC Manulife Financial Corp. trimmed−2.81 pp trimmed−2.818.1%
GIL Gildan Activewear Inc. trimmed−0.18 pp trimmed−0.185.5%

Positions89 in this filing · 11 exited


99952EURLinde PLC/OLD	13.94%	7,848,262	$1.4B	new	+13.94 pp	new
BIDUBaidu, Inc.	8.89%	5,342,096	$881M	added+2%	−1.04 pp	12 q
unresolvedEncana Corp	8.58%	117,363,590	$850M	added+30%	+2.37 pp	11 q
MFCManulife Financial Corp.	8.14%	47,683,200	$806M	trimmed−26%	−2.81 pp	11 q
GILGildan Activewear Inc.	5.46%	15,028,766	$541M	trimmed−4%	−0.18 pp	10 q
BABAAlibaba Group Holding Limited	3.65%	1,979,618	$361M	added+16%	+0.87 pp	14 q
ORCLOracle Corp	3.00%	5,535,452	$297M	trimmed−20%	−0.74 pp	24 q
HALHalliburton Company	2.79%	9,418,639	$276M	trimmed−15%	−0.74 pp	12 q
SABRSabre Corporation	2.56%	11,865,725	$254M	trimmed−13%	−0.94 pp	8 q
CCitigroup Inc.	2.54%	4,049,746	$252M	trimmed−29%	−1.00 pp	24 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.51%	6,065,072	$248M	added+1%	−0.14 pp	24 q
ALKAlaska Air Group, Inc.	2.46%	4,337,514	$243M	added+37%	+0.16 pp	2 q
CMCanadian Imperial Bank of Commerce	2.23%	2,786,926	$220M	trimmed−2%	−0.30 pp	7 q
MSFTMicrosoft Corp	1.98%	1,664,158	$196M	trimmed−23%	−0.62 pp	24 q
MPCMarathon Petroleum Corporation	1.86%	3,075,263	$184M	added+35%	+0.26 pp	2 q
MDLZMondelez International, Inc. Class A	1.72%	3,413,461	$170M	trimmed−22%	−0.38 pp	5 q
FLSFlowserve Corporation	1.64%	3,598,895	$162M	trimmed−36%	−0.91 pp	9 q
LDOSLeidos Holdings, Inc.	1.47%	2,268,479	$145M	added0%	+0.05 pp	4 q
MRKMerck & Co., Inc.	1.46%	1,742,969	$145M	new	+1.46 pp	new
SNXTD SYNNEX Corporation	1.44%	1,490,711	$142M	added+2%	+0.04 pp	2 q
VIABViacom Inc. Class B	1.36%	4,785,932	$134M	trimmed−18%	−0.43 pp	7 q
ZBHZimmer Biomet Holdings, Inc.	1.35%	1,048,673	$134M	trimmed−20%	−0.28 pp	4 q
FEFirstEnergy Corp.	1.32%	3,149,413	$131M	trimmed−29%	−0.67 pp	6 q
BACBank of America Corporation	1.14%	4,081,566	$113M	trimmed−54%	−1.47 pp	10 q
VALEVale S.a.	1.09%	8,238,352	$108M	trimmed−21%	−0.55 pp	4 q
BAPCredicorp LTD	1.06%	438,653	$105M	added0%	−0.09 pp	6 q
WFCWells Fargo & Co.	0.90%	1,852,459	$90M	trimmed−21%	−0.38 pp	5 q
SKMSK Telecom Co., Ltd.	0.89%	3,603,737	$88M	added+3%	−0.23 pp	24 q
RESRPC, Inc.	0.85%	7,394,007	$84M	added+5%	+0.03 pp	3 q
CHLChina Mobile Limited	0.81%	1,583,365	$81M	added+1%	−0.09 pp	24 q
IBNICICI Bank Limited	0.72%	6,227,393	$71M	added+22%	+0.10 pp	24 q
SIGSignet Jewelers Limited	0.72%	2,641,928	$72M	trimmed−19%	−0.51 pp	11 q
YYJOYY Inc.	0.66%	780,062	$65M	trimmed−6%	+0.07 pp	11 q
unresolvedRyanair Holdings PLC ADR	0.63%	829,494	$62M	added×3.8	+0.37 pp	11 q
TAKTakeda Pharmaceutical Company Limited	0.49%	2,388,353	$49M	added+8%	+0.05 pp	2 q
MBTMobile TeleSystems Public Joint Stock Company	0.48%	6,334,759	$48M	added+6%	−0.02 pp	18 q
GGBGerdau S.A.	0.42%	10,747,400	$42M	new	+0.42 pp	new
EEMiShares MSCI Emerging Markets ETF	0.42%	969,437	$42M	new	+0.42 pp	new
INFYInfosys Limited	0.41%	3,683,732	$40M	held	—	24 q
EPIWisdomTree India Earnings Fund ETF	0.41%	1,524,256	$40M	trimmed−43%	−0.38 pp	24 q
BTIBritish American Tobacco p.l.c.	0.40%	948,264	$40M	added+1%	+0.04 pp	24 q
PUKPrudential PLC	0.40%	989,412	$40M	trimmed−3%	−0.03 pp	12 q
ABBNYAbb Ltd Spons	0.36%	1,901,899	$36M	added+29%	+0.03 pp	11 q
RDS.BRoyal Dutch Shell PLC	0.36%	552,076	$35M	added+9%	0.00 pp	13 q
VIVTelefonica Brasil, S.A.	0.34%	2,760,800	$33M	new	+0.34 pp	new
BPBP p.l.c.	0.31%	691,848	$30M	added+4%	+0.01 pp	8 q
BCSBarclays PLC	0.31%	3,823,157	$31M	added+7%	0.00 pp	24 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.30%	2,100,651	$30M	held	—	24 q
AVVIYAviva PLC U/	0.29%	711,247	$29M	trimmed−3%	−0.04 pp	21 q
NVSNovartis AG	0.27%	282,730	$27M	trimmed−3%	−0.03 pp	24 q
SAPSap SE	0.26%	222,749	$26M	new	+0.26 pp	new
unresolvedMicro Focus International Pl	0.25%	971,814	$25M	added+6%	+0.06 pp	7 q
PKXPOSCO Holdings Inc.	0.21%	361,378	$20M	trimmed−0%	−0.03 pp	12 q
VODVodafone Group PLC	0.21%	1,144,704	$21M	added+43%	+0.03 pp	16 q
TTENTotalenergies SE -spon ADR	0.17%	303,421	$17M	new	+0.17 pp	new
SMFGSumitomo Mitsui Financial Group, Inc	0.15%	2,049,855	$14M	added+13%	+0.01 pp	24 q
LYGLloyds Banking Group PLC	0.14%	4,278,781	$14M	added+3%	+0.01 pp	24 q
INGING Groep N.V.	0.13%	1,027,593	$12M	added+12%	+0.01 pp	13 q
CUKNCarnival Plc-adr	0.12%	234,851	$12M	trimmed−10%	−0.03 pp	24 q
unresolvedAzul Sa-adr	0.10%	340,000	$10M	new	+0.10 pp	new
RELXRelx PLC	0.08%	378,428	$8M	new	+0.08 pp	new
VWOVanguard FTSE Emerging Markets ETF	0.06%	140,909	$6M	added×2.2	+0.03 pp	11 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.05%	187,207	$5M	added×2.6	+0.03 pp	4 q
AMXNAmerica Movil-spn ADR Cl L	0.03%	224,327	$3M	trimmed−82%	−0.18 pp	2 q
SNPLChina Petroleum & Chem-adr	0.03%	42,029	$3M	added+2%	0.00 pp	24 q
CHTChunghwa Telecom Co., Ltd	0.02%	44,200	$2M	held	—	24 q
RDYDr. Reddy's Laboratories Limited	0.02%	43,200	$2M	held	—	22 q
HDBHDFC Bank Limited	0.02%	16,818	$2M	held	—	24 q
EWTiShares MSCI Taiwan ETF	0.02%	59,200	$2M	held	—	10 q
unresolvedNew Oriental Ed & Tech Grp I	0.02%	25,839	$2M	trimmed−19%	0.00 pp	14 q
GLINVanEck India Growth Leaders ETF	0.02%	36,839	$2M	added+76%	+0.01 pp	12 q
AUOAU Optronics Corp	0.01%	210,600	$767,000	held	—	24 q
DQDaqo New Energy Corp.	0.01%	30,704	$1M	held	—	5 q
unresolvedJust Energy Group Inc	0.01%	263,561	$896,000	trimmed−2%	0.00 pp	8 q
LPLLG Display Co. Ltd.	0.01%	118,113	$1M	held	—	18 q
TTMTata Motors Limited	0.01%	69,087	$868,000	trimmed−68%	−0.02 pp	24 q
VEDLVedanta Ltd-adr	0.01%	58,617	$619,000	held	—	16 q
WITWipro Limited	0.01%	219,950	$875,000	added+27%	0.00 pp	22 q
unresolvedArcelormittal SA Luxembourg	0.00%	408	$8,000	trimmed−4%	0.00 pp	11 q
BBLBHP Group Plc	0.00%	665	$32,000	trimmed−100%	−0.11 pp	8 q
unresolvedCanadian Pac Ry Ltd	0.00%	170	$35,000	trimmed−100%	−1.71 pp	9 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.00%	30,784	$326,000	held	—	9 q
DEODiageo plc	0.00%	33	$5,000	trimmed−73%	0.00 pp	15 q
unresolvedGlaxosmithkline PLC	0.00%	1,423	$59,000	trimmed−100%	−0.13 pp	17 q
SMINiShares MSCI India Small-Cap ETF	0.00%	4,800	$194,000	new	0.00 pp	new
KEPKorea Electric Power Corp	0.00%	32,519	$423,000	held	—	18 q
NTESNetEase, inc.	0.00%	1,000	$241,000	held	—	18 q
PC6APetrochina Co Ltd -adr	0.00%	3,407	$223,000	held	—	24 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.00%	600	$62,000	trimmed−80%	0.00 pp	3 q
QCOMQualcomm Inc	—	−3,146,684	—	exited	−2.13 pp	—
AAPAdvance Auto Parts Inc	—	−865,452	—	exited	−1.62 pp	—
FDXFedEx Corporation	—	−331,444	—	exited	−0.64 pp	—
INDAiShares MSCI India ETF	—	−572,000	—	exited	−0.23 pp	—
CEOCNOOC Limited	—	−13	—	exited	0.00 pp	—
unresolvedCrescent Pt Energy Corp	—	−110,286	—	exited	0.00 pp	—
DDominion Energy, Inc	—	−44	—	exited	0.00 pp	—
HTHTH World Group Limited	—	−32	—	exited	0.00 pp	—
JKSJinkosolar Holdings Co	—	−11,400	—	exited	0.00 pp	—
LLYEli Lilly & Co.	—	−81	—	exited	0.00 pp	—
TALTAL Education Group	—	−9,300	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 6 defects · 9 unresolved
Accession: 0001567619-19-010980
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 2019-03-31
A security outside the official 13F list — CUSIP 05382A104 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 42813W101 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 59408Q304 not on the Official 13(f) List for 2019-03-31
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2019-03-31

Search