Causeway Capital

Q2 2020 13F · by Sarah Ketterer, CEO

As of: Jun 30, 2020
Filed: Aug 14, 2020
US stock: $5.6B · prev $6.3B
Positions: 79 · prev 85
Options notional: $0
Documents: 1· no amendments

Picture89.6% US stock

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

US stock listed on a US exchange 89.6%
Foreign stock not listed in the US 10.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves92 since the prior filing

+9.7 pp in · −9.7 pp out

New 8 +3.24 pp
Added 18 +6.43 pp
Trimmed 52 −0.79 pp
Exited 14 −8.91 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions46% of US stock

BIDU Baidu, Inc. trimmed+2.34 pp trimmed+2.3413.1%
unresolved Ryanair Holdings PLC ADR added+3.11 pp added+3.1110.1%
99952EUR Linde PLC/OLD trimmed−1.59 pp trimmed−1.599.5%
BABA Alibaba Group Holding Limited trimmed+0.83 pp trimmed+0.837.6%
TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed+0.54 pp trimmed+0.545.3%

Positions79 in this filing · 14 exited


BIDUBaidu, Inc.	13.13%	6,081,490	$729M	trimmed−9%	+2.34 pp	17 q
unresolvedRyanair Holdings PLC ADR	10.09%	8,445,453	$560M	added+3%	+3.11 pp	16 q
99952EURLinde PLC/OLD	9.51%	2,490,923	$528M	trimmed−38%	−1.59 pp	6 q
BABAAlibaba Group Holding Limited	7.57%	1,949,223	$420M	trimmed−10%	+0.83 pp	19 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	5.30%	5,184,417	$294M	trimmed−17%	+0.54 pp	29 q
CCEPCoca-Cola Europacific Partners plc	3.02%	4,442,140	$168M	added+41%	+1.13 pp	2 q
SNXTD SYNNEX Corporation	2.56%	1,187,641	$142M	trimmed−43%	+0.14 pp	7 q
JDJD.com, Inc.	2.24%	2,066,152	$124M	trimmed−8%	+0.78 pp	4 q
CCitigroup Inc.	2.08%	2,264,759	$116M	trimmed−39%	−0.40 pp	29 q
ORCLOracle Corp	2.05%	2,063,212	$114M	trimmed−40%	−0.60 pp	29 q
LDOSLeidos Holdings, Inc.	1.99%	1,181,930	$111M	trimmed−34%	−0.64 pp	9 q
ASHAshland Inc.	1.97%	1,585,975	$110M	trimmed−38%	−0.07 pp	3 q
unresolvedGeneral Electric Co	1.83%	14,913,354	$102M	trimmed−25%	−0.68 pp	3 q
FDXFedEx Corporation	1.82%	720,026	$101M	trimmed−45%	−0.71 pp	3 q
MSFTMicrosoft Corp	1.71%	465,322	$95M	trimmed−52%	−0.71 pp	29 q
RGAReinsurance Group of America, Incorporated	1.63%	1,150,905	$90M	added+22%	+0.36 pp	2 q
AVGOBroadcom Inc.	1.47%	259,165	$82M	trimmed−39%	−0.14 pp	2 q
S9QSpirit Aerosystems Hold-cl A	1.47%	3,420,010	$82M	added+4%	+0.20 pp	2 q
SABRSabre Corporation	1.42%	9,749,142	$79M	trimmed−39%	−0.09 pp	13 q
PARAParamount Global-class B	1.23%	2,933,834	$68M	trimmed−39%	+0.15 pp	3 q
VALEVale S.a.	1.22%	6,587,364	$68M	trimmed−10%	+0.25 pp	9 q
NTESNetEase, inc.	1.21%	155,900	$67M	trimmed−2%	+0.40 pp	23 q
unresolvedNew Oriental Ed & Tech Grp I	1.14%	486,008	$63M	trimmed−29%	−0.04 pp	19 q
MRKMerck & Co., Inc.	1.13%	814,074	$63M	trimmed−44%	−0.66 pp	6 q
JLLJones Lang LaSalle, Inc.	1.10%	589,971	$61M	new	+1.10 pp	new
IBNICICI Bank Limited	1.03%	6,149,382	$57M	added0%	+0.20 pp	29 q
VIPSVipshop Holdings Limited	0.99%	2,757,832	$55M	trimmed−36%	−0.08 pp	5 q
DISThe Walt Disney Company	0.93%	462,748	$52M	added+8%	+0.27 pp	2 q
INFYInfosys Limited	0.85%	4,886,449	$47M	trimmed−11%	+0.13 pp	29 q
WFCWells Fargo & Co.	0.85%	1,833,384	$47M	trimmed−3%	−0.02 pp	10 q
MBTMobile TeleSystems Public Joint Stock Company	0.81%	4,864,651	$45M	trimmed−11%	+0.15 pp	23 q
YUMCYum China Holdings, Inc.	0.81%	937,561	$45M	trimmed−10%	+0.10 pp	5 q
GGenpact Limited	0.79%	1,204,671	$44M	new	+0.79 pp	new
EXCExelon Corporation	0.78%	1,186,592	$43M	trimmed−12%	−0.01 pp	3 q
FCXFreeport-McMoran Inc.	0.78%	3,729,917	$43M	trimmed−40%	+0.11 pp	2 q
ESNTEssent Group LTD	0.76%	1,157,786	$42M	new	+0.76 pp	new
MCMoelis & Company	0.65%	1,159,678	$36M	added+11%	+0.18 pp	2 q
SKMSK Telecom Co., Ltd.	0.64%	1,844,327	$36M	trimmed−42%	−0.18 pp	29 q
ABBNYAbb Ltd Spons	0.57%	1,408,007	$32M	trimmed−13%	+0.12 pp	16 q
BAPCredicorp LTD	0.52%	217,161	$29M	added+12%	+0.08 pp	11 q
NVSNovartis AG	0.51%	326,186	$28M	trimmed−0%	+0.08 pp	29 q
TAKTakeda Pharmaceutical Company Limited	0.50%	1,540,379	$28M	trimmed−29%	−0.03 pp	7 q
BTIBritish American Tobacco p.l.c.	0.45%	648,823	$25M	trimmed−17%	+0.02 pp	29 q
INGING Groep N.V.	0.44%	3,503,647	$24M	added+63%	+0.26 pp	18 q
SAPSap SE	0.39%	154,460	$22M	trimmed−18%	+0.06 pp	6 q
BCSBarclays PLC	0.38%	3,752,178	$21M	trimmed−20%	+0.04 pp	29 q
CHLChina Mobile Limited	0.38%	631,145	$21M	trimmed−56%	−0.49 pp	29 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.38%	708,479	$21M	added+28%	+0.15 pp	9 q
EPIWisdomTree India Earnings Fund ETF	0.36%	1,000,429	$20M	trimmed−19%	+0.04 pp	29 q
PDDPDD Holdings Inc.	0.33%	213,200	$18M	new	+0.33 pp	new
VODVodafone Group PLC	0.33%	1,145,705	$18M	trimmed−12%	+0.04 pp	21 q
VIVTelefonica Brasil, S.A.	0.30%	1,870,130	$17M	trimmed−41%	−0.18 pp	6 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.29%	2,029,023	$16M	added+13%	+0.13 pp	3 q
RELXRelx PLC	0.27%	635,603	$15M	trimmed−22%	−0.01 pp	6 q
TTENTotalenergies SE -spon ADR	0.27%	390,800	$15M	trimmed−4%	+0.03 pp	6 q
PUKPrudential PLC	0.26%	471,562	$14M	trimmed−1%	+0.07 pp	17 q
BPBP p.l.c.	0.24%	570,357	$13M	added+90%	+0.12 pp	13 q
AVVIYAviva PLC U/	0.23%	236,726	$13M	trimmed−39%	−0.05 pp	26 q
INDAiShares MSCI India ETF	0.23%	440,300	$13M	added+6%	+0.07 pp	5 q
SMFGSumitomo Mitsui Financial Group, Inc	0.23%	2,243,897	$13M	trimmed−12%	+0.04 pp	29 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.21%	3,414,943	$12M	added+7%	+0.05 pp	2 q
JOYYJOYY Inc.	0.20%	128,442	$11M	trimmed−4%	+0.09 pp	16 q
PKXPOSCO Holdings Inc.	0.20%	303,133	$11M	trimmed−11%	+0.02 pp	17 q
KSAiShares MSCI Saudi Arabia ETF	0.16%	328,011	$9M	added+12%	+0.04 pp	5 q
SNYSanofi	0.16%	174,285	$9M	new	+0.16 pp	new
RDYDr. Reddy's Laboratories Limited	0.14%	146,880	$8M	trimmed−7%	+0.04 pp	27 q
HDBHDFC Bank Limited	0.13%	153,136	$7M	added+43%	+0.06 pp	29 q
MTArcelorMittal	0.08%	434,245	$5M	new	+0.08 pp	new
DQDaqo New Energy Corp.	0.07%	49,484	$4M	trimmed−40%	−0.01 pp	10 q
unresolvedMicro Focus International Pl	0.07%	674,281	$4M	trimmed−10%	+0.01 pp	12 q
VEDLVedanta Ltd-adr	0.04%	438,617	$2M	added+8%	+0.02 pp	21 q
unresolvedAzul Sa-adr	0.03%	143,375	$2M	held	—	6 q
SNPLChina Petroleum & Chem-adr	0.02%	24,208	$1M	trimmed−41%	−0.01 pp	29 q
JKSJinkosolar Holdings Co	0.02%	70,759	$1M	trimmed−44%	−0.01 pp	5 q
BTGB2Gold Corp.	0.01%	86,200	$490,000	new	+0.01 pp	new
CLSCelestica, Inc.	0.01%	95,400	$652,000	trimmed−12%	0.00 pp	2 q
JWNNordstrom, Inc.	0.01%	31,600	$489,000	new	+0.01 pp	new
TTMTata Motors Limited	0.01%	105,243	$691,000	added+39%	0.00 pp	29 q
WITWipro Limited	0.01%	186,850	$618,000	trimmed−25%	0.00 pp	27 q
MFCManulife Financial Corp.	—	−16,584,151	—	exited	−3.32 pp	—
CMCanadian Imperial Bank of Commerce	—	−2,813,819	—	exited	−2.61 pp	—
NCLHNorwegian Cruise Line Holdings Ltd.	—	−6,630,617	—	exited	−1.16 pp	—
HWMHowmet Aerospace Inc.	—	−4,353,431	—	exited	−1.12 pp	—
MOMOHello Group Inc.	—	−919,006	—	exited	−0.32 pp	—
OVVOvintiv Inc.	—	−3,062,844	—	exited	−0.13 pp	—
DEODiageo plc	—	−34,340	—	exited	−0.07 pp	—
RIORio Tinto plc	—	−101,644	—	exited	−0.07 pp	—
CHTChunghwa Telecom Co., Ltd	—	−62,128	—	exited	−0.04 pp	—
EWTiShares MSCI Taiwan ETF	—	−74,019	—	exited	−0.04 pp	—
HTTHigh Templar Tech Limited	—	−740,000	—	exited	−0.02 pp	—
AUAngloGold Ashanti plc	—	−31,000	—	exited	−0.01 pp	—
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	—	−30,784	—	exited	0.00 pp	—
LPLLG Display Co. Ltd.	—	−40,100	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 5 unresolved
Accession: 0001567619-20-015209
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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