Causeway Capital

Q4 2019 13F · by Sarah Ketterer, CEO

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $9.3B · prev $8.4B
Positions: 87 · prev 86
Options notional: $0
Documents: 1· no amendments

Picture93.6% US stock

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

US stock listed on a US exchange 93.6%
Foreign stock not listed in the US 6.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves84 since the prior filing

+16.1 pp in · −16.1 pp out

New 10 +10.21 pp
Added 26 +5.91 pp
Trimmed 39 −8.93 pp
Exited 9 −7.18 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 54% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions38% of US stock

99952EUR Linde PLC/OLD trimmed−1.51 pp trimmed−1.5110.8%
BIDU Baidu, Inc. added+2.20 pp added+2.208.9%
unresolved Encana Corp added−0.08 pp added−0.086.9%
unresolved Ryanair Holdings PLC ADR added+1.09 pp added+1.096.1%
BABA Alibaba Group Holding Limited added+0.87 pp added+0.874.8%

Positions87 in this filing · 9 exited


99952EURLinde PLC/OLD	10.80%	4,728,905	$1.0B	trimmed−11%	−1.51 pp	4 q
BIDUBaidu, Inc.	8.95%	6,617,939	$834M	added+20%	+2.20 pp	15 q
unresolvedEncana Corp	6.86%	136,379,916	$640M	added+8%	−0.08 pp	14 q
unresolvedRyanair Holdings PLC ADR	6.06%	6,441,206	$564M	added+3%	+1.09 pp	14 q
BABAAlibaba Group Holding Limited	4.84%	2,128,139	$451M	added+7%	+0.87 pp	17 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.90%	6,253,617	$363M	added+6%	+0.61 pp	27 q
MFCManulife Financial Corp.	3.51%	16,104,315	$327M	trimmed−1%	−0.05 pp	14 q
SABRSabre Corporation	3.17%	13,177,892	$296M	added+4%	−0.23 pp	11 q
SNXTD SYNNEX Corporation	3.03%	2,194,061	$283M	trimmed−5%	−0.07 pp	5 q
HALHalliburton Company	2.76%	10,514,935	$257M	trimmed−1%	+0.37 pp	15 q
CMCanadian Imperial Bank of Commerce	2.42%	2,714,701	$226M	trimmed−0%	−0.26 pp	10 q
ORCLOracle Corp	2.41%	4,233,389	$224M	added+1%	−0.35 pp	27 q
MPCMarathon Petroleum Corporation	2.37%	3,672,915	$221M	trimmed−13%	−0.70 pp	5 q
MSFTMicrosoft Corp	2.29%	1,353,498	$213M	trimmed−5%	−0.08 pp	27 q
LDOSLeidos Holdings, Inc.	2.16%	2,058,613	$202M	trimmed−3%	−0.02 pp	7 q
CCitigroup Inc.	2.15%	2,511,280	$201M	trimmed−17%	−0.34 pp	27 q
PARAParamount Global-class B	2.04%	4,540,401	$191M	new	+2.04 pp	new
unresolvedGeneral Electric Co	2.03%	16,965,702	$189M	new	+2.03 pp	new
MRKMerck & Co., Inc.	1.73%	1,770,110	$161M	trimmed−3%	−0.11 pp	4 q
GILGildan Activewear Inc.	1.66%	5,240,087	$155M	trimmed−51%	−2.84 pp	13 q
FEFirstEnergy Corp.	1.62%	3,113,024	$151M	trimmed−4%	−0.24 pp	9 q
FDXFedEx Corporation	1.61%	993,057	$150M	new	+1.61 pp	new
ASHAshland Inc.	1.19%	1,448,021	$111M	new	+1.19 pp	new
EXCExelon Corporation	1.05%	2,153,113	$98M	new	+1.05 pp	new
WFCWells Fargo & Co.	1.04%	1,799,064	$97M	trimmed−4%	−0.09 pp	8 q
VALEVale S.a.	1.02%	7,174,962	$95M	trimmed−0%	+0.03 pp	7 q
ARNCHowmet Aerospace Inc.	0.99%	2,985,944	$92M	new	+0.99 pp	new
IBNICICI Bank Limited	0.95%	5,894,545	$89M	trimmed−4%	+0.06 pp	27 q
SIGSignet Jewelers Limited	0.90%	3,840,304	$83M	added+52%	+0.39 pp	14 q
unresolvedNew Oriental Ed & Tech Grp I	0.85%	653,708	$79M	added+45%	+0.26 pp	17 q
ALKAlaska Air Group, Inc.	0.81%	1,114,019	$75M	trimmed−67%	−1.84 pp	5 q
SKMSK Telecom Co., Ltd.	0.81%	3,275,348	$76M	trimmed−5%	−0.11 pp	27 q
YUMCYum China Holdings, Inc.	0.72%	1,393,720	$67M	trimmed−10%	−0.12 pp	3 q
0LW9Westrock Co	0.70%	1,522,348	$65M	new	+0.70 pp	new
CHLChina Mobile Limited	0.69%	1,511,092	$64M	trimmed−6%	−0.11 pp	27 q
BAPCredicorp LTD	0.69%	303,414	$65M	trimmed−4%	−0.10 pp	9 q
VIPSVipshop Holdings Limited	0.65%	4,284,932	$61M	added+26%	+0.29 pp	3 q
JDJD.com, Inc.	0.62%	1,636,418	$58M	added×5.3	+0.52 pp	2 q
MBTMobile TeleSystems Public Joint Stock Company	0.59%	5,420,227	$55M	added+2%	+0.08 pp	21 q
TAKTakeda Pharmaceutical Company Limited	0.53%	2,502,296	$49M	trimmed−1%	+0.01 pp	5 q
VIVTelefonica Brasil, S.A.	0.49%	3,172,416	$45M	added+7%	+0.02 pp	4 q
ABBNYAbb Ltd Spons	0.42%	1,625,509	$39M	trimmed−21%	−0.06 pp	14 q
BTIBritish American Tobacco p.l.c.	0.38%	843,990	$36M	trimmed−1%	0.00 pp	27 q
BCSBarclays PLC	0.36%	3,547,028	$34M	trimmed−18%	−0.02 pp	27 q
EPIWisdomTree India Earnings Fund ETF	0.34%	1,280,953	$32M	trimmed−7%	−0.05 pp	27 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.32%	1,975,223	$29M	new	+0.32 pp	new
RDS.BRoyal Dutch Shell PLC	0.32%	490,293	$29M	trimmed−3%	−0.04 pp	16 q
NVSNovartis AG	0.30%	293,899	$28M	added+14%	+0.03 pp	27 q
SAPSap SE	0.30%	210,480	$28M	trimmed−1%	0.00 pp	4 q
BPBP p.l.c.	0.29%	704,290	$27M	added+7%	−0.01 pp	11 q
PUKPrudential PLC	0.28%	675,131	$26M	trimmed−28%	−0.13 pp	15 q
TTENTotalenergies SE -spon ADR	0.28%	478,096	$26M	added+4%	−0.01 pp	4 q
MOMOHello Group Inc.	0.27%	742,106	$25M	new	+0.27 pp	new
AUAngloGold Ashanti plc	0.26%	1,065,149	$24M	added+32%	+0.08 pp	2 q
AVVIYAviva PLC U/	0.25%	468,265	$23M	trimmed−18%	−0.05 pp	24 q
VODVodafone Group PLC	0.22%	1,061,714	$21M	trimmed−4%	−0.04 pp	19 q
PKXPOSCO Holdings Inc.	0.18%	339,033	$17M	trimmed−3%	−0.02 pp	15 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.17%	543,079	$16M	added+24%	+0.03 pp	7 q
INGING Groep N.V.	0.17%	1,308,214	$16M	added+1%	+0.01 pp	16 q
SMFGSumitomo Mitsui Financial Group, Inc	0.16%	1,953,246	$14M	trimmed−1%	0.00 pp	27 q
RELXRelx PLC	0.13%	488,508	$12M	added+98%	+0.06 pp	4 q
unresolvedMicro Focus International Pl	0.11%	711,714	$10M	added+7%	0.00 pp	10 q
INFYInfosys Limited	0.10%	867,182	$9M	trimmed−23%	−0.05 pp	27 q
KSAiShares MSCI Saudi Arabia ETF	0.10%	293,829	$9M	trimmed−1%	+0.02 pp	3 q
LYGLloyds Banking Group PLC	0.10%	2,696,874	$9M	trimmed−54%	−0.08 pp	27 q
JOYYJOYY Inc.	0.08%	137,863	$7M	trimmed−75%	−0.28 pp	14 q
unresolvedAzul Sa-adr	0.07%	143,375	$6M	trimmed−16%	0.00 pp	4 q
HTTHigh Templar Tech Limited	0.06%	1,088,900	$5M	added×3.1	+0.03 pp	2 q
INDAiShares MSCI India ETF	0.05%	137,900	$5M	held	—	3 q
EWTiShares MSCI Taiwan ETF	0.04%	87,719	$4M	added+48%	+0.01 pp	13 q
SNPLChina Petroleum & Chem-adr	0.03%	45,768	$3M	added+5%	0.00 pp	27 q
DQDaqo New Energy Corp.	0.03%	46,784	$2M	held	—	8 q
HDBHDFC Bank Limited	0.03%	40,636	$3M	added+21%	+0.01 pp	27 q
JKSJinkosolar Holdings Co	0.03%	127,059	$3M	held	—	3 q
AMXNAmerica Movil-spn ADR Cl L	0.02%	101,600	$2M	trimmed−21%	0.00 pp	5 q
CHTChunghwa Telecom Co., Ltd	0.02%	62,128	$2M	added+41%	0.00 pp	27 q
RDYDr. Reddy's Laboratories Limited	0.02%	47,045	$2M	held	—	25 q
AUOAU Optronics Corp	0.01%	210,600	$689,000	held	—	27 q
EEMiShares MSCI Emerging Markets ETF	0.01%	22,000	$987,000	new	+0.01 pp	new
LPLLG Display Co. Ltd.	0.01%	124,313	$863,000	held	—	21 q
TTMTata Motors Limited	0.01%	69,043	$893,000	held	—	27 q
VEDLVedanta Ltd-adr	0.01%	58,617	$506,000	held	—	19 q
WITWipro Limited	0.01%	219,950	$825,000	held	—	25 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.00%	30,784	$463,000	held	—	12 q
GGBGerdau S.A.	0.00%	10,700	$52,000	trimmed−97%	−0.01 pp	4 q
NTESNetEase, inc.	0.00%	1,000	$307,000	held	—	21 q
PC6APetrochina Co Ltd -adr	0.00%	3,407	$171,000	held	—	27 q
ZBHZimmer Biomet Holdings, Inc.	—	−1,009,417	—	exited	−1.65 pp	—
VIABViacom Inc. Class B	—	−5,601,770	—	exited	−1.61 pp	—
MDLZMondelez International, Inc. Class A	—	−1,586,160	—	exited	−1.05 pp	—
FLSFlowserve Corporation	—	−1,834,057	—	exited	−1.02 pp	—
BRXBrixmor Property Group Inc.	—	−3,779,232	—	exited	−0.92 pp	—
BACBank of America Corporation	—	−1,519,106	—	exited	−0.53 pp	—
RESRPC, Inc.	—	−5,372,499	—	exited	−0.36 pp	—
BSBRBanco Santander (Brasil) SA	—	−231,400	—	exited	−0.03 pp	—
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	—	−4,666	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 6 unresolved
Accession: 0001567619-20-003630
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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