Causeway Capital

Q2 2019 13F · by Sarah Ketterer, CEO

As of: Jun 30, 2019
Filed: Aug 14, 2019
US stock: $9.1B · prev $9.9B
Positions: 87 · prev 89
Options notional: $0
Documents: 1· no amendments

Picture96.0% US stock

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

US stock listed on a US exchange 96.0%
Foreign stock not listed in the US 4.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves83 since the prior filing

+7.1 pp in · −7.1 pp out

New 7 +1.60 pp
Added 33 +5.49 pp
Trimmed 34 −6.32 pp
Exited 9 −0.78 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions38% of US stock

99952EUR Linde PLC/OLD trimmed−0.27 pp trimmed−0.2713.7%
unresolved Encana Corp added−1.63 pp added−1.637.0%
BIDU Baidu, Inc. trimmed−2.07 pp trimmed−2.076.8%
GIL Gildan Activewear Inc. trimmed+0.62 pp trimmed+0.626.1%
MFC Manulife Financial Corp. trimmed−3.95 pp trimmed−3.954.2%

Positions87 in this filing · 9 exited


99952EURLinde PLC/OLD	13.67%	6,219,701	$1.2B	trimmed−21%	−0.27 pp	2 q
unresolvedEncana Corp	6.95%	123,720,000	$635M	added+5%	−1.63 pp	12 q
BIDUBaidu, Inc.	6.82%	5,307,607	$623M	trimmed−1%	−2.07 pp	13 q
GILGildan Activewear Inc.	6.08%	14,368,243	$556M	trimmed−4%	+0.62 pp	11 q
MFCManulife Financial Corp.	4.19%	21,045,854	$383M	trimmed−56%	−3.95 pp	12 q
BABAAlibaba Group Holding Limited	3.75%	2,020,772	$342M	added+2%	+0.10 pp	15 q
unresolvedRyanair Holdings PLC ADR	3.36%	4,785,708	$307M	added×5.8	+2.73 pp	12 q
SABRSabre Corporation	2.96%	12,173,825	$270M	added+3%	+0.40 pp	9 q
ALKAlaska Air Group, Inc.	2.90%	4,142,076	$265M	trimmed−5%	+0.44 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.81%	6,549,982	$257M	added+8%	+0.30 pp	25 q
CCitigroup Inc.	2.58%	3,369,000	$236M	trimmed−17%	+0.04 pp	25 q
MPCMarathon Petroleum Corporation	2.47%	4,039,782	$226M	added+31%	+0.61 pp	3 q
ORCLOracle Corp	2.41%	3,869,153	$220M	trimmed−30%	−0.59 pp	25 q
CMCanadian Imperial Bank of Commerce	2.37%	2,751,652	$216M	trimmed−1%	+0.14 pp	8 q
HALHalliburton Company	2.30%	9,238,395	$210M	trimmed−2%	−0.49 pp	13 q
SNXTD SYNNEX Corporation	2.30%	2,134,584	$210M	added+43%	+0.86 pp	3 q
MSFTMicrosoft Corp	2.11%	1,441,196	$193M	trimmed−13%	+0.13 pp	25 q
LDOSLeidos Holdings, Inc.	1.88%	2,149,505	$172M	trimmed−5%	+0.41 pp	5 q
FLSFlowserve Corporation	1.83%	3,172,748	$167M	trimmed−12%	+0.19 pp	10 q
FEFirstEnergy Corp.	1.77%	3,788,049	$162M	added+20%	+0.45 pp	7 q
MRKMerck & Co., Inc.	1.62%	1,760,055	$148M	added+1%	+0.16 pp	2 q
VIABViacom Inc. Class B	1.61%	4,918,585	$147M	added+3%	+0.25 pp	8 q
MDLZMondelez International, Inc. Class A	1.52%	2,573,849	$139M	trimmed−25%	−0.20 pp	6 q
ZBHZimmer Biomet Holdings, Inc.	1.42%	1,105,665	$130M	added+5%	+0.07 pp	5 q
VALEVale S.a.	1.20%	8,163,957	$110M	trimmed−1%	+0.11 pp	5 q
BACBank of America Corporation	1.13%	3,572,917	$104M	trimmed−12%	−0.01 pp	11 q
WFCWells Fargo & Co.	0.97%	1,881,703	$89M	added+2%	+0.07 pp	6 q
BAPCredicorp LTD	0.96%	383,034	$88M	trimmed−13%	−0.10 pp	7 q
SKMSK Telecom Co., Ltd.	0.94%	3,464,597	$86M	trimmed−4%	+0.05 pp	25 q
IBNICICI Bank Limited	0.89%	6,434,777	$81M	added+3%	+0.17 pp	25 q
CHLChina Mobile Limited	0.82%	1,660,210	$75M	added+5%	+0.01 pp	25 q
unresolvedGeneral Electric Co	0.80%	6,980,327	$73M	new	+0.80 pp	new
MBTMobile TeleSystems Public Joint Stock Company	0.63%	6,164,614	$57M	trimmed−3%	+0.15 pp	19 q
YUMCYum China Holdings, Inc.	0.60%	1,195,600	$55M	new	+0.60 pp	new
RESRPC, Inc.	0.57%	7,203,443	$52M	trimmed−3%	−0.28 pp	4 q
SIGSignet Jewelers Limited	0.50%	2,571,778	$46M	trimmed−3%	−0.22 pp	12 q
TAKTakeda Pharmaceutical Company Limited	0.49%	2,547,740	$45M	added+7%	0.00 pp	3 q
YYJOYY Inc.	0.47%	614,131	$43M	trimmed−21%	−0.19 pp	12 q
PUKPrudential PLC	0.45%	930,688	$41M	trimmed−6%	+0.05 pp	13 q
ABBNYAbb Ltd Spons	0.42%	1,935,760	$39M	added+2%	+0.06 pp	12 q
EPIWisdomTree India Earnings Fund ETF	0.42%	1,480,353	$39M	trimmed−3%	+0.01 pp	25 q
VIVTelefonica Brasil, S.A.	0.41%	2,874,300	$37M	added+4%	+0.07 pp	2 q
GGBGerdau S.A.	0.40%	9,509,134	$37M	trimmed−12%	−0.02 pp	2 q
BCSBarclays PLC	0.39%	4,657,353	$35M	added+22%	+0.08 pp	25 q
AVVIYAviva PLC U/	0.38%	850,500	$35M	added+20%	+0.09 pp	22 q
BTIBritish American Tobacco p.l.c.	0.37%	978,380	$34M	added+3%	−0.03 pp	25 q
RDS.BRoyal Dutch Shell PLC	0.35%	481,219	$32M	trimmed−13%	−0.01 pp	14 q
SAPSap SE	0.34%	227,340	$31M	added+2%	+0.08 pp	2 q
BPBP p.l.c.	0.32%	708,519	$30M	added+2%	+0.01 pp	9 q
unresolvedNew Oriental Ed & Tech Grp I	0.31%	292,231	$28M	added×11.3	+0.29 pp	15 q
TTENTotalenergies SE -spon ADR	0.30%	497,384	$28M	added+64%	+0.13 pp	2 q
NVSNovartis AG	0.28%	277,339	$25M	trimmed−2%	+0.01 pp	25 q
INFYInfosys Limited	0.26%	2,185,065	$23M	trimmed−41%	−0.15 pp	25 q
unresolvedMicro Focus International Pl	0.23%	810,371	$21M	trimmed−17%	−0.02 pp	8 q
PKXPOSCO Holdings Inc.	0.20%	350,478	$19M	trimmed−3%	−0.01 pp	13 q
VODVodafone Group PLC	0.19%	1,063,709	$17M	trimmed−7%	−0.02 pp	17 q
INGING Groep N.V.	0.17%	1,342,265	$16M	added+31%	+0.04 pp	14 q
SMFGSumitomo Mitsui Financial Group, Inc	0.16%	2,100,088	$15M	added+2%	+0.01 pp	25 q
LYGLloyds Banking Group PLC	0.14%	4,401,413	$13M	added+3%	0.00 pp	25 q
unresolvedAzul Sa-adr	0.12%	340,000	$11M	held	—	2 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.11%	365,750	$10M	added+95%	+0.06 pp	5 q
RELXRelx PLC	0.11%	398,377	$10M	added+5%	+0.03 pp	2 q
INDAiShares MSCI India ETF	0.09%	227,900	$8M	new	+0.09 pp	new
CUKNCarnival Plc-adr	0.06%	118,747	$5M	trimmed−49%	−0.06 pp	25 q
KSAiShares MSCI Saudi Arabia ETF	0.05%	142,000	$5M	new	+0.05 pp	new
SNPLChina Petroleum & Chem-adr	0.03%	44,915	$3M	added+7%	0.00 pp	25 q
JKSJinkosolar Holdings Co	0.03%	127,059	$3M	new	+0.03 pp	new
VIPSVipshop Holdings Limited	0.03%	303,300	$3M	new	+0.03 pp	new
AMXNAmerica Movil-spn ADR Cl L	0.02%	136,565	$2M	trimmed−39%	−0.01 pp	3 q
CHTChunghwa Telecom Co., Ltd	0.02%	44,200	$2M	held	—	25 q
DQDaqo New Energy Corp.	0.02%	46,784	$2M	added+52%	+0.01 pp	6 q
RDYDr. Reddy's Laboratories Limited	0.02%	42,012	$2M	trimmed−3%	0.00 pp	23 q
HDBHDFC Bank Limited	0.02%	16,818	$2M	held	—	25 q
EWTiShares MSCI Taiwan ETF	0.02%	59,200	$2M	held	—	11 q
GLINVanEck India Growth Leaders ETF	0.02%	36,839	$1M	held	—	13 q
AUOAU Optronics Corp	0.01%	210,600	$623,000	held	—	25 q
unresolvedJust Energy Group Inc	0.01%	244,461	$1M	trimmed−7%	0.00 pp	9 q
LPLLG Display Co. Ltd.	0.01%	124,313	$963,000	added+5%	0.00 pp	19 q
TTMTata Motors Limited	0.01%	69,087	$807,000	held	—	25 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.01%	5,777	$608,000	added×9.6	+0.01 pp	4 q
VEDLVedanta Ltd-adr	0.01%	58,617	$596,000	held	—	17 q
WITWipro Limited	0.01%	219,950	$952,000	held	—	23 q
CYOUChangyou.com Limited	0.00%	44,300	$426,000	new	0.00 pp	new
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.00%	30,784	$375,000	held	—	10 q
SMINiShares MSCI India Small-Cap ETF	0.00%	4,800	$186,000	held	—	2 q
NTESNetEase, inc.	0.00%	1,000	$256,000	held	—	19 q
PC6APetrochina Co Ltd -adr	0.00%	3,407	$188,000	held	—	25 q
EEMiShares MSCI Emerging Markets ETF	—	−969,437	—	exited	−0.42 pp	—
PBR.APetroleo Brasileiro S.A.-Petrobras	—	−2,100,651	—	exited	−0.30 pp	—
VWOVanguard FTSE Emerging Markets ETF	—	−140,909	—	exited	−0.06 pp	—
unresolvedArcelormittal SA Luxembourg	—	−408	—	exited	0.00 pp	—
BBLBHP Group Plc	—	−665	—	exited	0.00 pp	—
unresolvedCanadian Pac Ry Ltd	—	−170	—	exited	0.00 pp	—
DEODiageo plc	—	−33	—	exited	0.00 pp	—
unresolvedGlaxosmithkline PLC	—	−1,423	—	exited	0.00 pp	—
KEPKorea Electric Power Corp	—	−32,519	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 7 unresolved
Accession: 0001567619-19-016702
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

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