Causeway Capital

Q1 2020 13F · by Sarah Ketterer, CEO

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $6.3B · prev $9.3B
Positions: 85 · prev 87
Options notional: $0
Documents: 1· no amendments

Picture92.7% US stock

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

US stock listed on a US exchange 92.7%
Foreign stock not listed in the US 7.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves96 since the prior filing

+17.7 pp in · −17.6 pp out

New 13 +9.44 pp
Added 39 +8.21 pp
Trimmed 29 +0.51 pp
Exited 15 −18.14 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions40% of US stock

99952EUR Linde PLC/OLD trimmed+0.30 pp trimmed+0.3011.1%
BIDU Baidu, Inc. added+1.84 pp added+1.8410.8%
unresolved Ryanair Holdings PLC ADR added+0.92 pp added+0.927.0%
BABA Alibaba Group Holding Limited added+1.90 pp added+1.906.7%
TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed+0.86 pp trimmed+0.864.8%

Positions85 in this filing · 15 exited


99952EURLinde PLC/OLD	11.10%	4,014,206	$694M	trimmed−15%	+0.30 pp	5 q
BIDUBaidu, Inc.	10.79%	6,702,688	$676M	added+1%	+1.84 pp	16 q
unresolvedRyanair Holdings PLC ADR	6.98%	8,225,111	$437M	added+28%	+0.92 pp	15 q
BABAAlibaba Group Holding Limited	6.74%	2,168,396	$422M	added+2%	+1.90 pp	18 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	4.76%	6,237,317	$298M	trimmed−0%	+0.86 pp	28 q
MFCManulife Financial Corp.	3.32%	16,584,151	$208M	added+3%	−0.19 pp	15 q
ORCLOracle Corp	2.65%	3,427,713	$166M	trimmed−19%	+0.24 pp	28 q
LDOSLeidos Holdings, Inc.	2.63%	1,793,222	$164M	trimmed−13%	+0.47 pp	8 q
CMCanadian Imperial Bank of Commerce	2.61%	2,813,819	$163M	added+4%	+0.19 pp	11 q
FDXFedEx Corporation	2.53%	1,305,825	$158M	added+32%	+0.92 pp	2 q
unresolvedGeneral Electric Co	2.51%	19,783,895	$157M	added+17%	+0.48 pp	2 q
CCitigroup Inc.	2.48%	3,686,897	$155M	added+47%	+0.33 pp	28 q
MSFTMicrosoft Corp	2.42%	959,402	$151M	trimmed−29%	+0.13 pp	28 q
SNXTD SYNNEX Corporation	2.42%	2,071,409	$151M	trimmed−6%	−0.61 pp	6 q
ASHAshland Inc.	2.04%	2,551,236	$128M	added+76%	+0.85 pp	2 q
CCEPCoca-Cola Europacific Partners plc	1.89%	3,147,911	$118M	new	+1.89 pp	new
MRKMerck & Co., Inc.	1.79%	1,455,042	$112M	trimmed−18%	+0.06 pp	5 q
AVGOBroadcom Inc.	1.61%	424,642	$101M	new	+1.61 pp	new
SABRSabre Corporation	1.51%	15,913,413	$94M	added+21%	−1.66 pp	12 q
JDJD.com, Inc.	1.46%	2,251,152	$91M	added+38%	+0.84 pp	3 q
RGAReinsurance Group of America, Incorporated	1.27%	943,508	$79M	new	+1.27 pp	new
S9QSpirit Aerosystems Hold-cl A	1.27%	3,276,766	$79M	new	+1.27 pp	new
unresolvedNew Oriental Ed & Tech Grp I	1.18%	681,008	$74M	added+4%	+0.33 pp	18 q
NCLHNorwegian Cruise Line Holdings Ltd.	1.16%	6,630,617	$73M	new	+1.16 pp	new
HWMHowmet Aerospace Inc.	1.12%	4,353,431	$70M	added+46%	+0.13 pp	2 q
PARAParamount Global-class B	1.08%	4,845,793	$68M	added+7%	−0.96 pp	2 q
VIPSVipshop Holdings Limited	1.07%	4,307,232	$67M	added+1%	+0.42 pp	4 q
VALEVale S.a.	0.97%	7,319,405	$61M	added+2%	−0.05 pp	8 q
CHLChina Mobile Limited	0.87%	1,439,766	$54M	trimmed−5%	+0.18 pp	28 q
WFCWells Fargo & Co.	0.87%	1,890,629	$54M	added+5%	−0.17 pp	9 q
IBNICICI Bank Limited	0.83%	6,122,845	$52M	added+4%	−0.12 pp	28 q
SKMSK Telecom Co., Ltd.	0.82%	3,161,534	$51M	trimmed−3%	+0.01 pp	28 q
NTESNetEase, inc.	0.81%	158,500	$51M	added×158.5	+0.81 pp	22 q
EXCExelon Corporation	0.79%	1,347,788	$50M	trimmed−37%	−0.26 pp	2 q
INFYInfosys Limited	0.72%	5,460,582	$45M	added×6.3	+0.62 pp	28 q
YUMCYum China Holdings, Inc.	0.71%	1,037,371	$44M	trimmed−26%	−0.01 pp	4 q
FCXFreeport-McMoran Inc.	0.67%	6,257,941	$42M	new	+0.67 pp	new
DISThe Walt Disney Company	0.66%	430,162	$42M	new	+0.66 pp	new
MBTMobile TeleSystems Public Joint Stock Company	0.66%	5,470,027	$42M	added+1%	+0.07 pp	22 q
TAKTakeda Pharmaceutical Company Limited	0.53%	2,173,365	$33M	trimmed−13%	0.00 pp	6 q
VIVTelefonica Brasil, S.A.	0.48%	3,183,316	$30M	added0%	−0.01 pp	5 q
MCMoelis & Company	0.47%	1,040,432	$29M	new	+0.47 pp	new
ABBNYAbb Ltd Spons	0.45%	1,617,999	$28M	trimmed−0%	+0.03 pp	15 q
BAPCredicorp LTD	0.44%	194,414	$28M	trimmed−36%	−0.25 pp	10 q
BTIBritish American Tobacco p.l.c.	0.43%	783,843	$27M	trimmed−7%	+0.05 pp	28 q
NVSNovartis AG	0.43%	326,734	$27M	added+11%	+0.13 pp	28 q
BCSBarclays PLC	0.34%	4,716,370	$21M	added+33%	−0.02 pp	28 q
SAPSap SE	0.33%	187,620	$21M	trimmed−11%	+0.03 pp	5 q
MOMOHello Group Inc.	0.32%	919,006	$20M	added+24%	+0.05 pp	2 q
EPIWisdomTree India Earnings Fund ETF	0.32%	1,236,053	$20M	trimmed−4%	−0.02 pp	28 q
VODVodafone Group PLC	0.29%	1,297,522	$18M	added+22%	+0.07 pp	20 q
AVVIYAviva PLC U/	0.28%	386,618	$17M	trimmed−17%	+0.03 pp	25 q
RELXRelx PLC	0.28%	818,054	$18M	added+67%	+0.15 pp	5 q
TTENTotalenergies SE -spon ADR	0.24%	406,112	$15M	trimmed−15%	−0.04 pp	5 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.23%	554,979	$14M	added+2%	+0.06 pp	8 q
PUKPrudential PLC	0.19%	475,999	$12M	trimmed−30%	−0.09 pp	16 q
SMFGSumitomo Mitsui Financial Group, Inc	0.19%	2,543,153	$12M	added+30%	+0.03 pp	28 q
INGING Groep N.V.	0.18%	2,154,060	$11M	added+65%	+0.01 pp	17 q
PKXPOSCO Holdings Inc.	0.18%	342,333	$11M	added+1%	0.00 pp	16 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.16%	3,186,580	$10M	new	+0.16 pp	new
INDAiShares MSCI India ETF	0.16%	415,800	$10M	added×3.0	+0.11 pp	4 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.16%	1,802,123	$10M	trimmed−9%	−0.16 pp	2 q
OVVOvintiv Inc.	0.13%	3,062,844	$8M	new	+0.13 pp	new
BPBP p.l.c.	0.12%	300,715	$7M	trimmed−57%	−0.17 pp	12 q
KSAiShares MSCI Saudi Arabia ETF	0.12%	293,829	$8M	held	—	4 q
JOYYJOYY Inc.	0.11%	134,242	$7M	trimmed−3%	+0.03 pp	15 q
RDYDr. Reddy's Laboratories Limited	0.10%	157,345	$6M	added×3.3	+0.08 pp	26 q
DQDaqo New Energy Corp.	0.08%	82,584	$5M	added+77%	+0.05 pp	9 q
DEODiageo plc	0.07%	34,340	$4M	new	+0.07 pp	new
HDBHDFC Bank Limited	0.07%	106,736	$4M	added×2.6	+0.04 pp	28 q
RIORio Tinto plc	0.07%	101,644	$5M	new	+0.07 pp	new
unresolvedMicro Focus International Pl	0.06%	750,713	$4M	added+5%	−0.05 pp	11 q
CHTChunghwa Telecom Co., Ltd	0.04%	62,128	$2M	held	—	28 q
EWTiShares MSCI Taiwan ETF	0.04%	74,019	$2M	trimmed−16%	0.00 pp	14 q
SNPLChina Petroleum & Chem-adr	0.03%	41,308	$2M	trimmed−10%	0.00 pp	28 q
JKSJinkosolar Holdings Co	0.03%	126,359	$2M	trimmed−1%	0.00 pp	4 q
unresolvedAzul Sa-adr	0.02%	143,375	$1M	held	—	5 q
HTTHigh Templar Tech Limited	0.02%	740,000	$1M	trimmed−32%	−0.04 pp	3 q
VEDLVedanta Ltd-adr	0.02%	405,332	$1M	added×6.9	+0.01 pp	20 q
AUAngloGold Ashanti plc	0.01%	31,000	$516,000	trimmed−97%	−0.25 pp	3 q
CLSCelestica, Inc.	0.01%	108,100	$378,000	new	+0.01 pp	new
TTMTata Motors Limited	0.01%	75,643	$357,000	added+10%	0.00 pp	28 q
WITWipro Limited	0.01%	249,950	$775,000	added+14%	0.00 pp	26 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.00%	30,784	$227,000	held	—	13 q
LPLLG Display Co. Ltd.	0.00%	40,100	$178,000	trimmed−68%	−0.01 pp	22 q
unresolvedEncana Corp	—	−136,379,916	—	exited	−6.86 pp	—
HALHalliburton Company	—	−10,514,935	—	exited	−2.76 pp	—
MPCMarathon Petroleum Corporation	—	−3,672,915	—	exited	−2.37 pp	—
GILGildan Activewear Inc.	—	−5,240,087	—	exited	−1.66 pp	—
FEFirstEnergy Corp.	—	−3,113,024	—	exited	−1.62 pp	—
SIGSignet Jewelers Limited	—	−3,840,304	—	exited	−0.90 pp	—
ALKAlaska Air Group, Inc.	—	−1,114,019	—	exited	−0.81 pp	—
0LW9Westrock Co	—	−1,522,348	—	exited	−0.70 pp	—
RDS.BRoyal Dutch Shell PLC	—	−490,293	—	exited	−0.32 pp	—
LYGLloyds Banking Group PLC	—	−2,696,874	—	exited	−0.10 pp	—
AMXNAmerica Movil-spn ADR Cl L	—	−101,600	—	exited	−0.02 pp	—
AUOAU Optronics Corp	—	−210,600	—	exited	−0.01 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−22,000	—	exited	−0.01 pp	—
GGBGerdau S.A.	—	−10,700	—	exited	0.00 pp	—
PC6APetrochina Co Ltd -adr	—	−3,407	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 3 defects · 5 unresolved
Accession: 0001567619-20-010263
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 2020-03-31
A security outside the official 13F list — CUSIP 59408Q304 not on the Official 13(f) List for 2020-03-31
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2020-03-31

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