Causeway Capital

Q3 2019 13F · by Sarah Ketterer, CEO

As of: Sep 30, 2019
Filed: Nov 14, 2019
US stock: $8.4B · prev $9.1B
Positions: 86 · prev 87
Options notional: $0
Documents: 1· no amendments

Picture94.6% US stock

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

US stock listed on a US exchange 94.6%
Foreign stock not listed in the US 5.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves80 since the prior filing

+6.4 pp in · −6.4 pp out

New 5 +1.26 pp
Added 22 +5.14 pp
Trimmed 47 −5.50 pp
Exited 6 −0.89 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions35% of US stock

99952EUR Linde PLC/OLD trimmed−1.36 pp trimmed−1.3612.3%
unresolved Encana Corp added−0.01 pp added−0.016.9%
BIDU Baidu, Inc. added−0.07 pp added−0.076.8%
unresolved Ryanair Holdings PLC ADR added+1.61 pp added+1.615.0%
GIL Gildan Activewear Inc. trimmed−1.58 pp trimmed−1.584.5%

Positions86 in this filing · 6 exited


99952EURLinde PLC/OLD	12.31%	5,321,232	$1.0B	trimmed−14%	−1.36 pp	3 q
unresolvedEncana Corp	6.94%	126,225,786	$581M	added+2%	−0.01 pp	13 q
BIDUBaidu, Inc.	6.75%	5,501,915	$565M	added+4%	−0.07 pp	14 q
unresolvedRyanair Holdings PLC ADR	4.97%	6,269,744	$416M	added+31%	+1.61 pp	13 q
GILGildan Activewear Inc.	4.50%	10,623,619	$377M	trimmed−26%	−1.58 pp	12 q
BABAAlibaba Group Holding Limited	3.97%	1,989,289	$333M	trimmed−2%	+0.22 pp	16 q
MFCManulife Financial Corp.	3.56%	16,231,592	$298M	trimmed−23%	−0.63 pp	13 q
SABRSabre Corporation	3.40%	12,716,461	$285M	added+4%	+0.44 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.29%	5,924,980	$275M	trimmed−10%	+0.48 pp	26 q
SNXTD SYNNEX Corporation	3.10%	2,299,845	$260M	added+8%	+0.80 pp	4 q
MPCMarathon Petroleum Corporation	3.07%	4,231,994	$257M	added+5%	+0.60 pp	4 q
ORCLOracle Corp	2.76%	4,192,407	$231M	added+8%	+0.35 pp	26 q
CMCanadian Imperial Bank of Commerce	2.68%	2,722,185	$225M	trimmed−1%	+0.31 pp	9 q
ALKAlaska Air Group, Inc.	2.65%	3,414,462	$222M	trimmed−18%	−0.25 pp	4 q
CCitigroup Inc.	2.49%	3,021,831	$209M	trimmed−10%	−0.09 pp	26 q
HALHalliburton Company	2.39%	10,607,970	$200M	added+15%	+0.09 pp	14 q
MSFTMicrosoft Corp	2.37%	1,424,544	$198M	trimmed−1%	+0.26 pp	26 q
LDOSLeidos Holdings, Inc.	2.18%	2,126,960	$183M	trimmed−1%	+0.30 pp	6 q
FEFirstEnergy Corp.	1.86%	3,227,222	$156M	trimmed−15%	+0.09 pp	8 q
MRKMerck & Co., Inc.	1.84%	1,829,585	$154M	added+4%	+0.22 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	1.65%	1,009,417	$139M	trimmed−9%	+0.23 pp	6 q
VIABViacom Inc. Class B	1.61%	5,601,770	$135M	added+14%	0.00 pp	9 q
WFCWells Fargo & Co.	1.13%	1,870,789	$94M	trimmed−1%	+0.16 pp	7 q
MDLZMondelez International, Inc. Class A	1.05%	1,586,160	$88M	trimmed−38%	−0.47 pp	7 q
FLSFlowserve Corporation	1.02%	1,834,057	$86M	trimmed−42%	−0.81 pp	11 q
VALEVale S.a.	0.99%	7,192,429	$83M	trimmed−12%	−0.21 pp	6 q
BRXBrixmor Property Group Inc.	0.92%	3,779,232	$77M	new	+0.92 pp	new
SKMSK Telecom Co., Ltd.	0.92%	3,455,241	$77M	trimmed−0%	−0.02 pp	26 q
IBNICICI Bank Limited	0.89%	6,136,412	$75M	trimmed−5%	0.00 pp	26 q
YUMCYum China Holdings, Inc.	0.84%	1,540,520	$70M	added+29%	+0.24 pp	2 q
CHLChina Mobile Limited	0.80%	1,615,863	$67M	trimmed−3%	−0.02 pp	26 q
BAPCredicorp LTD	0.79%	315,965	$66M	trimmed−18%	−0.17 pp	8 q
unresolvedNew Oriental Ed & Tech Grp I	0.59%	449,531	$50M	added+54%	+0.28 pp	16 q
BACBank of America Corporation	0.53%	1,519,106	$44M	trimmed−57%	−0.60 pp	12 q
TAKTakeda Pharmaceutical Company Limited	0.52%	2,528,500	$43M	trimmed−1%	+0.03 pp	4 q
MBTMobile TeleSystems Public Joint Stock Company	0.51%	5,313,684	$43M	trimmed−14%	−0.12 pp	20 q
SIGSignet Jewelers Limited	0.51%	2,531,807	$42M	trimmed−2%	+0.01 pp	13 q
ABBNYAbb Ltd Spons	0.48%	2,051,929	$40M	added+6%	+0.06 pp	13 q
VIVTelefonica Brasil, S.A.	0.47%	2,960,262	$39M	added+3%	+0.06 pp	3 q
PUKPrudential PLC	0.41%	936,643	$34M	added+1%	−0.04 pp	14 q
EPIWisdomTree India Earnings Fund ETF	0.39%	1,373,353	$33M	trimmed−7%	−0.03 pp	26 q
BCSBarclays PLC	0.38%	4,332,019	$32M	trimmed−9%	−0.01 pp	26 q
BTIBritish American Tobacco p.l.c.	0.38%	853,276	$31M	trimmed−13%	+0.01 pp	26 q
RESRPC, Inc.	0.36%	5,372,499	$30M	trimmed−25%	−0.21 pp	5 q
RDS.BRoyal Dutch Shell PLC	0.36%	505,110	$30M	added+5%	+0.01 pp	15 q
VIPSVipshop Holdings Limited	0.36%	3,392,352	$30M	added×11.2	+0.33 pp	2 q
YYJOYY Inc.	0.36%	542,721	$31M	trimmed−12%	−0.11 pp	13 q
AVVIYAviva PLC U/	0.30%	572,407	$26M	trimmed−33%	−0.08 pp	23 q
BPBP p.l.c.	0.30%	656,854	$25M	trimmed−9%	−0.02 pp	10 q
SAPSap SE	0.30%	212,519	$25M	trimmed−7%	−0.04 pp	3 q
TTENTotalenergies SE -spon ADR	0.29%	461,599	$24M	trimmed−7%	−0.01 pp	3 q
NVSNovartis AG	0.27%	257,850	$22M	trimmed−7%	−0.01 pp	26 q
VODVodafone Group PLC	0.26%	1,100,267	$22M	added+3%	+0.07 pp	18 q
PKXPOSCO Holdings Inc.	0.20%	348,778	$16M	trimmed−0%	0.00 pp	14 q
AUAngloGold Ashanti plc	0.18%	806,900	$15M	new	+0.18 pp	new
LYGLloyds Banking Group PLC	0.18%	5,841,518	$15M	added+33%	+0.04 pp	26 q
INGING Groep N.V.	0.16%	1,291,489	$13M	trimmed−4%	−0.01 pp	15 q
SMFGSumitomo Mitsui Financial Group, Inc	0.16%	1,969,299	$13M	trimmed−6%	0.00 pp	26 q
INFYInfosys Limited	0.15%	1,128,382	$13M	trimmed−48%	−0.11 pp	26 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.14%	438,797	$12M	added+20%	+0.03 pp	6 q
unresolvedMicro Focus International Pl	0.11%	664,579	$9M	trimmed−18%	−0.12 pp	9 q
JDJD.com, Inc.	0.10%	309,600	$9M	new	+0.10 pp	new
KSAiShares MSCI Saudi Arabia ETF	0.08%	298,068	$7M	added×2.1	+0.03 pp	2 q
unresolvedAzul Sa-adr	0.07%	170,344	$6M	trimmed−50%	−0.05 pp	3 q
RELXRelx PLC	0.07%	246,783	$6M	trimmed−38%	−0.04 pp	3 q
INDAiShares MSCI India ETF	0.06%	137,900	$5M	trimmed−39%	−0.03 pp	2 q
BSBRBanco Santander (Brasil) SA	0.03%	231,400	$3M	new	+0.03 pp	new
SNPLChina Petroleum & Chem-adr	0.03%	43,715	$3M	trimmed−3%	0.00 pp	26 q
DQDaqo New Energy Corp.	0.03%	46,784	$2M	held	—	7 q
EWTiShares MSCI Taiwan ETF	0.03%	59,200	$2M	held	—	12 q
HTTHigh Templar Tech Limited	0.03%	348,900	$2M	new	+0.03 pp	new
AMXNAmerica Movil-spn ADR Cl L	0.02%	127,865	$2M	trimmed−6%	0.00 pp	4 q
CHTChunghwa Telecom Co., Ltd	0.02%	44,200	$2M	held	—	26 q
RDYDr. Reddy's Laboratories Limited	0.02%	47,045	$2M	added+12%	0.00 pp	24 q
HDBHDFC Bank Limited	0.02%	33,636	$2M	held	—	26 q
JKSJinkosolar Holdings Co	0.02%	127,059	$2M	held	—	2 q
AUOAU Optronics Corp	0.01%	210,600	$518,000	held	—	26 q
GGBGerdau S.A.	0.01%	305,479	$962,000	trimmed−97%	−0.39 pp	3 q
LPLLG Display Co. Ltd.	0.01%	124,313	$740,000	held	—	20 q
TTMTata Motors Limited	0.01%	69,043	$579,000	trimmed−0%	0.00 pp	26 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.01%	4,666	$476,000	trimmed−19%	0.00 pp	5 q
VEDLVedanta Ltd-adr	0.01%	58,617	$509,000	held	—	18 q
WITWipro Limited	0.01%	219,950	$803,000	held	—	24 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.00%	30,784	$366,000	held	—	11 q
NTESNetEase, inc.	0.00%	1,000	$266,000	held	—	20 q
PC6APetrochina Co Ltd -adr	0.00%	3,407	$173,000	held	—	26 q
unresolvedGeneral Electric Co	—	−6,980,327	—	exited	−0.80 pp	—
CUKNCarnival Plc-adr	—	−118,747	—	exited	−0.06 pp	—
GLINVanEck India Growth Leaders ETF	—	−36,839	—	exited	−0.02 pp	—
unresolvedJust Energy Group Inc	—	−244,461	—	exited	−0.01 pp	—
CYOUChangyou.com Limited	—	−44,300	—	exited	0.00 pp	—
SMINiShares MSCI India Small-Cap ETF	—	−4,800	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 3 defects · 5 unresolved
Accession: 0001567619-19-021346
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 05382A104 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 59408Q304 not on the Official 13(f) List for 2019-09-30
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2019-09-30

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