Causeway Capital

Q3 2020 13F · by Sarah Ketterer, CEO

As of: Sep 30, 2020
Filed: Nov 13, 2020
US stock: $5.4B · prev $5.6B
Positions: 79 · prev 79
Options notional: $0
Documents: 1· no amendments

Picture90.6% US stock

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

US stock listed on a US exchange 90.6%
Foreign stock not listed in the US 9.4%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves89 since the prior filing

+19.6 pp in · −19.6 pp out

New 11 +8.72 pp
Added 27 +10.90 pp
Trimmed 40 −12.97 pp
Exited 11 −6.65 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 54% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions43% of US stock

BABA Alibaba Group Holding Limited added+4.02 pp added+4.0211.6%
BIDU Baidu, Inc. trimmed−3.59 pp trimmed−3.599.5%
unresolved Ryanair Holdings PLC ADR trimmed−0.68 pp trimmed−0.689.4%
TSM Taiwan Semiconductor Manufacturing Company Ltd. added+2.78 pp added+2.788.1%
99952EUR Linde PLC/OLD trimmed−4.83 pp trimmed−4.834.7%

Positions79 in this filing · 11 exited


BABAAlibaba Group Holding Limited	11.59%	2,118,196	$623M	added+9%	+4.02 pp	20 q
BIDUBaidu, Inc.	9.54%	4,051,280	$513M	trimmed−33%	−3.59 pp	18 q
unresolvedRyanair Holdings PLC ADR	9.41%	6,182,288	$505M	trimmed−27%	−0.68 pp	17 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	8.08%	5,357,918	$434M	added+3%	+2.78 pp	30 q
99952EURLinde PLC/OLD	4.68%	1,056,844	$252M	trimmed−58%	−4.83 pp	7 q
JDJD.com, Inc.	2.94%	2,036,347	$158M	trimmed−1%	+0.70 pp	5 q
CCEPCoca-Cola Europacific Partners plc	2.84%	3,927,679	$152M	trimmed−12%	−0.18 pp	3 q
ASHAshland Inc.	2.13%	1,613,300	$114M	added+2%	+0.16 pp	4 q
SNXTD SYNNEX Corporation	2.09%	800,121	$112M	trimmed−33%	−0.47 pp	8 q
LDOSLeidos Holdings, Inc.	1.91%	1,149,467	$102M	trimmed−3%	−0.08 pp	10 q
GOOGAlphabet Inc. Class C	1.89%	69,077	$102M	new	+1.89 pp	new
RGAReinsurance Group of America, Incorporated	1.80%	1,017,021	$97M	trimmed−12%	+0.17 pp	3 q
CCitigroup Inc.	1.73%	2,156,121	$93M	trimmed−5%	−0.35 pp	30 q
unresolvedGeneral Electric Co	1.72%	14,837,761	$92M	trimmed−1%	−0.11 pp	4 q
INFYInfosys Limited	1.58%	6,147,545	$85M	added+26%	+0.73 pp	30 q
VALEVale S.a.	1.57%	7,972,786	$84M	added+21%	+0.35 pp	10 q
DISThe Walt Disney Company	1.52%	659,594	$82M	added+43%	+0.59 pp	3 q
BKNGBooking Holdings Inc.	1.41%	44,411	$76M	new	+1.41 pp	new
LVSLas Vegas Sands Corp.	1.40%	1,615,027	$75M	new	+1.40 pp	new
WFCWells Fargo & Co.	1.40%	3,204,658	$75M	added+75%	+0.55 pp	11 q
FDXFedEx Corporation	1.37%	292,162	$73M	trimmed−59%	−0.45 pp	4 q
NTESNetEase, inc.	1.36%	168,085	$73M	added+8%	+0.15 pp	24 q
ORCLOracle Corp	1.30%	1,170,847	$70M	trimmed−43%	−0.75 pp	30 q
JLLJones Lang LaSalle, Inc.	1.29%	727,521	$70M	added+23%	+0.19 pp	2 q
S9QSpirit Aerosystems Hold-cl A	1.22%	3,474,365	$66M	added+2%	−0.25 pp	3 q
AVGOBroadcom Inc.	1.20%	177,456	$65M	trimmed−32%	−0.27 pp	3 q
SABRSabre Corporation	1.14%	9,374,393	$61M	trimmed−4%	−0.28 pp	14 q
AFLAflac Inc.	1.08%	1,603,016	$58M	new	+1.08 pp	new
IBNICICI Bank Limited	1.08%	5,908,271	$58M	trimmed−4%	+0.05 pp	30 q
ALKAlaska Air Group, Inc.	1.07%	1,563,096	$57M	new	+1.07 pp	new
EXCExelon Corporation	1.07%	1,602,852	$57M	added+35%	+0.29 pp	4 q
unresolvedNew Oriental Ed & Tech Grp I	1.07%	384,786	$58M	trimmed−21%	−0.07 pp	20 q
YUMCYum China Holdings, Inc.	1.03%	1,044,933	$55M	added+11%	+0.22 pp	6 q
ESNTEssent Group LTD	1.03%	1,500,137	$56M	added+30%	+0.27 pp	2 q
GGenpact Limited	0.75%	1,040,884	$41M	trimmed−14%	−0.04 pp	2 q
COPConocoPhillips	0.74%	1,209,722	$40M	new	+0.74 pp	new
VIPSVipshop Holdings Limited	0.74%	2,543,978	$40M	trimmed−8%	−0.25 pp	6 q
MBTMobile TeleSystems Public Joint Stock Company	0.73%	4,471,971	$39M	trimmed−8%	−0.08 pp	24 q
BXPBXP, Inc.	0.66%	441,175	$35M	new	+0.66 pp	new
MCMoelis & Company	0.59%	897,690	$32M	trimmed−23%	−0.06 pp	3 q
INGING Groep N.V.	0.57%	4,309,185	$31M	added+23%	+0.13 pp	19 q
NVSNovartis AG	0.51%	315,018	$27M	trimmed−3%	0.00 pp	30 q
TAKTakeda Pharmaceutical Company Limited	0.49%	1,478,524	$26M	trimmed−4%	−0.01 pp	8 q
ABBNYAbb Ltd Spons	0.47%	997,728	$25M	trimmed−29%	−0.10 pp	17 q
BTIBritish American Tobacco p.l.c.	0.46%	681,051	$25M	added+5%	+0.01 pp	30 q
HDBHDFC Bank Limited	0.44%	472,968	$24M	added×3.1	+0.31 pp	30 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.42%	662,402	$23M	trimmed−7%	+0.04 pp	10 q
BCSBarclays PLC	0.37%	3,924,680	$20M	added+5%	−0.01 pp	30 q
CHLChina Mobile Limited	0.37%	626,140	$20M	trimmed−1%	−0.01 pp	30 q
SAPSap SE	0.33%	113,867	$18M	trimmed−26%	−0.06 pp	7 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.30%	2,266,699	$16M	added+12%	+0.01 pp	4 q
SNYSanofi	0.30%	324,708	$16M	added+86%	+0.14 pp	2 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.29%	5,661,473	$16M	added+66%	+0.08 pp	3 q
RDYDr. Reddy's Laboratories Limited	0.26%	197,676	$14M	added+35%	+0.12 pp	28 q
NBISNebius Group N.V. Class A	0.26%	216,112	$14M	new	+0.26 pp	new
PUKPrudential PLC	0.24%	453,696	$13M	trimmed−4%	−0.02 pp	18 q
BPBP p.l.c.	0.23%	700,280	$12M	added+23%	−0.01 pp	14 q
INDAiShares MSCI India ETF	0.23%	371,089	$13M	trimmed−16%	0.00 pp	6 q
SMFGSumitomo Mitsui Financial Group, Inc	0.23%	2,163,490	$12M	trimmed−4%	0.00 pp	30 q
PKXPOSCO Holdings Inc.	0.22%	282,904	$12M	trimmed−7%	+0.02 pp	18 q
TTENTotalenergies SE -spon ADR	0.21%	331,381	$11M	trimmed−15%	−0.06 pp	7 q
JOYYJOYY Inc.	0.19%	129,142	$10M	added+1%	−0.01 pp	17 q
KSAiShares MSCI Saudi Arabia ETF	0.16%	280,618	$8M	trimmed−14%	0.00 pp	6 q
MTArcelorMittal	0.11%	426,117	$6M	trimmed−2%	+0.03 pp	2 q
VEDLVedanta Ltd-adr	0.10%	761,396	$6M	added+74%	+0.06 pp	22 q
MELIMercado Libre, Inc	0.09%	4,500	$5M	new	+0.09 pp	new
MOMOHello Group Inc.	0.07%	283,800	$4M	new	+0.07 pp	new
RELXRelx PLC	0.07%	159,717	$4M	trimmed−75%	−0.20 pp	7 q
QFINQfin Holdings, Inc.	0.05%	239,888	$3M	new	+0.05 pp	new
unresolvedAzul Sa-adr	0.04%	143,375	$2M	held	—	7 q
DQDaqo New Energy Corp.	0.04%	15,941	$2M	trimmed−68%	−0.03 pp	11 q
VIVTelefonica Brasil, S.A.	0.03%	226,062	$2M	trimmed−88%	−0.27 pp	7 q
SNPLChina Petroleum & Chem-adr	0.02%	25,958	$1M	added+7%	0.00 pp	30 q
unresolvedMicro Focus International Pl	0.02%	254,176	$818,000	trimmed−62%	−0.05 pp	13 q
TTMTata Motors Limited	0.02%	138,287	$1M	added+31%	+0.01 pp	30 q
WITWipro Limited	0.02%	199,750	$939,000	added+7%	+0.01 pp	28 q
BTGB2Gold Corp.	0.01%	83,800	$546,000	trimmed−3%	0.00 pp	2 q
CLSCelestica, Inc.	0.01%	93,100	$642,000	trimmed−2%	0.00 pp	3 q
SKMSK Telecom Co., Ltd.	0.01%	14,131	$317,000	trimmed−99%	−0.63 pp	30 q
MSFTMicrosoft Corp	—	−465,322	—	exited	−1.71 pp	—
PARAParamount Global-class B	—	−2,933,834	—	exited	−1.23 pp	—
MRKMerck & Co., Inc.	—	−814,074	—	exited	−1.13 pp	—
FCXFreeport-McMoran Inc.	—	−3,729,917	—	exited	−0.78 pp	—
BAPCredicorp LTD	—	−217,161	—	exited	−0.52 pp	—
EPIWisdomTree India Earnings Fund ETF	—	−1,000,429	—	exited	−0.36 pp	—
PDDPDD Holdings Inc.	—	−213,200	—	exited	−0.33 pp	—
VODVodafone Group PLC	—	−1,145,705	—	exited	−0.33 pp	—
AVVIYAviva PLC U/	—	−236,726	—	exited	−0.23 pp	—
JKSJinkosolar Holdings Co	—	−70,759	—	exited	−0.02 pp	—
JWNNordstrom, Inc.	—	−31,600	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 5 unresolved
Accession: 0001567619-20-019363
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 59408Q304 not on the Official 13(f) List for 2020-09-30
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2020-09-30

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