Causeway Capital

Q4 2020 13F · by Sarah Ketterer, CEO

As of: Dec 31, 2020
Filed: Feb 12, 2021
US stock: $5.3B · prev $5.4B
Positions: 80 · prev 79
Options notional: $0
Documents: 1· no amendments

Picture89.7% US stock

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

US stock listed on a US exchange 89.7%
Foreign stock not listed in the US 10.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves84 since the prior filing

+11.6 pp in · −11.6 pp out

New 8 +6.23 pp
Added 17 +5.33 pp
Trimmed 52 −1.38 pp
Exited 7 −10.23 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions44% of US stock

BIDU Baidu, Inc. trimmed+1.78 pp trimmed+1.7811.3%
TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed+2.30 pp trimmed+2.3010.4%
unresolved Ryanair Holdings PLC ADR trimmed+0.91 pp trimmed+0.9110.3%
BABA Alibaba Group Holding Limited trimmed−2.47 pp trimmed−2.479.1%
JD JD.com, Inc. trimmed+0.16 pp trimmed+0.163.1%

Positions80 in this filing · 7 exited


BIDUBaidu, Inc.	11.32%	2,785,043	$602M	trimmed−31%	+1.78 pp	19 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	10.38%	5,061,135	$552M	trimmed−6%	+2.30 pp	31 q
unresolvedRyanair Holdings PLC ADR	10.32%	4,991,756	$549M	trimmed−19%	+0.91 pp	18 q
BABAAlibaba Group Holding Limited	9.12%	2,085,195	$485M	trimmed−2%	−2.47 pp	21 q
JDJD.com, Inc.	3.10%	1,873,225	$165M	trimmed−8%	+0.16 pp	6 q
VALEVale S.a.	2.70%	8,571,546	$144M	added+8%	+1.13 pp	11 q
INFYInfosys Limited	2.09%	6,551,860	$111M	added+7%	+0.51 pp	31 q
ASHAshland Inc.	2.01%	1,350,419	$107M	trimmed−16%	−0.12 pp	5 q
DISThe Walt Disney Company	1.87%	548,341	$99M	trimmed−17%	+0.35 pp	4 q
LDOSLeidos Holdings, Inc.	1.87%	944,117	$99M	trimmed−18%	−0.04 pp	11 q
GOOGAlphabet Inc. Class C	1.83%	55,620	$97M	trimmed−19%	−0.06 pp	2 q
SABRSabre Corporation	1.73%	7,661,298	$92M	trimmed−18%	+0.59 pp	15 q
IBNICICI Bank Limited	1.67%	5,992,077	$89M	added+1%	+0.59 pp	31 q
RGAReinsurance Group of America, Incorporated	1.55%	710,978	$82M	trimmed−30%	−0.25 pp	4 q
NTESNetEase, inc.	1.52%	845,822	$81M	added+1%	+0.16 pp	25 q
BKNGBooking Holdings Inc.	1.45%	34,641	$77M	trimmed−22%	+0.04 pp	2 q
CNXCConcentrix Corporation	1.44%	774,608	$76M	new	+1.44 pp	new
AVGOBroadcom Inc.	1.43%	173,813	$76M	trimmed−2%	+0.23 pp	4 q
CCitigroup Inc.	1.41%	1,220,128	$75M	trimmed−43%	−0.32 pp	31 q
WFCWells Fargo & Co.	1.41%	2,483,241	$75M	trimmed−23%	+0.01 pp	12 q
FISVFiserv, Inc.	1.39%	651,244	$74M	new	+1.39 pp	new
LVSLas Vegas Sands Corp.	1.29%	1,146,770	$68M	trimmed−29%	−0.11 pp	2 q
unresolvedNew Oriental Ed & Tech Grp I	1.27%	363,387	$68M	trimmed−6%	+0.20 pp	21 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.24%	5,948,320	$66M	added×2.6	+0.94 pp	5 q
EXCExelon Corporation	1.22%	1,534,741	$65M	trimmed−4%	+0.15 pp	5 q
ESNTEssent Group LTD	1.16%	1,424,816	$62M	trimmed−5%	+0.13 pp	3 q
COPConocoPhillips	1.15%	1,526,215	$61M	added+26%	+0.41 pp	2 q
ORCLOracle Corp	1.09%	899,381	$58M	trimmed−23%	−0.21 pp	31 q
GGenpact Limited	1.05%	1,352,481	$56M	added+30%	+0.30 pp	3 q
AFLAflac Inc.	1.03%	1,235,009	$55M	trimmed−23%	−0.05 pp	2 q
JLLJones Lang LaSalle, Inc.	1.02%	367,122	$54M	trimmed−50%	−0.27 pp	3 q
YUMCYum China Holdings, Inc.	1.02%	952,522	$54M	trimmed−9%	−0.01 pp	7 q
S9QSpirit Aerosystems Hold-cl A	0.97%	1,322,141	$52M	trimmed−62%	−0.25 pp	4 q
SYFSynchrony Financial	0.91%	1,392,257	$48M	new	+0.91 pp	new
HDBHDFC Bank Limited	0.80%	587,145	$42M	added+24%	+0.36 pp	31 q
unresolvedGeneral Electric Co	0.77%	3,772,309	$41M	trimmed−75%	−0.95 pp	5 q
AREAlexandria Real Estate Equities, Inc.	0.75%	224,001	$40M	new	+0.75 pp	new
ALKAlaska Air Group, Inc.	0.71%	728,722	$38M	trimmed−53%	−0.36 pp	2 q
CARRCarrier Global Corporation	0.71%	999,935	$38M	new	+0.71 pp	new
VIPSVipshop Holdings Limited	0.71%	1,350,069	$38M	trimmed−47%	−0.03 pp	7 q
HRCHill-rom Holdings, Inc.	0.70%	378,873	$37M	new	+0.70 pp	new
MELIMercado Libre, Inc	0.56%	17,689	$30M	added×3.9	+0.47 pp	2 q
INGING Groep N.V.	0.54%	3,045,255	$29M	trimmed−29%	−0.03 pp	20 q
NVSNovartis AG	0.54%	305,578	$29M	trimmed−3%	+0.03 pp	31 q
TAKTakeda Pharmaceutical Company Limited	0.53%	1,544,171	$28M	added+4%	+0.04 pp	9 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.50%	661,294	$26M	trimmed−0%	+0.08 pp	11 q
ABBNYAbb Ltd Spons	0.45%	851,712	$24M	trimmed−15%	−0.02 pp	18 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.44%	4,737,165	$23M	trimmed−16%	+0.15 pp	4 q
SNYSanofi	0.41%	449,586	$22M	added+38%	+0.11 pp	3 q
BTIBritish American Tobacco p.l.c.	0.39%	548,481	$21M	trimmed−19%	−0.07 pp	31 q
BCSBarclays PLC	0.35%	2,340,088	$19M	trimmed−40%	−0.02 pp	31 q
PKXPOSCO Holdings Inc.	0.32%	270,434	$17M	trimmed−4%	+0.10 pp	19 q
INDAiShares MSCI India ETF	0.31%	404,270	$16M	added+9%	+0.08 pp	7 q
TTENTotalenergies SE -spon ADR	0.30%	377,819	$16M	added+14%	+0.09 pp	8 q
GFIGold Fields Ltd	0.29%	1,640,726	$15M	new	+0.29 pp	new
NBISNebius Group N.V. Class A	0.28%	210,716	$15M	trimmed−3%	+0.02 pp	2 q
SAPSap SE	0.27%	111,350	$15M	trimmed−2%	−0.06 pp	8 q
SMFGSumitomo Mitsui Financial Group, Inc	0.27%	2,346,565	$14M	added+8%	+0.04 pp	31 q
RDYDr. Reddy's Laboratories Limited	0.26%	194,306	$14M	trimmed−2%	0.00 pp	29 q
PUKPrudential PLC	0.26%	377,691	$14M	trimmed−17%	+0.02 pp	19 q
SNXTD SYNNEX Corporation	0.23%	147,771	$12M	trimmed−82%	−1.86 pp	9 q
BPBP p.l.c.	0.18%	475,007	$10M	trimmed−32%	−0.05 pp	15 q
KSAiShares MSCI Saudi Arabia ETF	0.18%	309,033	$10M	added+10%	+0.02 pp	7 q
MTArcelorMittal	0.15%	356,506	$8M	trimmed−16%	+0.04 pp	3 q
JOYYJOYY Inc.	0.15%	101,547	$8M	trimmed−21%	−0.04 pp	18 q
VEDLVedanta Ltd-adr	0.11%	690,749	$6M	trimmed−9%	+0.01 pp	23 q
QFINQfin Holdings, Inc.	0.09%	407,188	$5M	added+70%	+0.04 pp	2 q
MBTMobile TeleSystems Public Joint Stock Company	0.08%	476,359	$4M	trimmed−89%	−0.65 pp	25 q
MOMOHello Group Inc.	0.07%	283,800	$4M	held	—	2 q
unresolvedAzul Sa-adr	0.06%	143,375	$3M	held	—	8 q
WITWipro Limited	0.06%	521,077	$3M	added×2.6	+0.04 pp	29 q
unresolvedCredit Suisse Group Spon ADR	0.04%	170,983	$2M	new	+0.04 pp	new
VIVTelefonica Brasil, S.A.	0.04%	226,062	$2M	held	—	8 q
TTMTata Motors Limited	0.03%	121,176	$2M	trimmed−12%	+0.01 pp	31 q
SNPLChina Petroleum & Chem-adr	0.02%	22,508	$1M	trimmed−13%	0.00 pp	31 q
DQDaqo New Energy Corp.	0.02%	23,151	$1M	trimmed−71%	−0.02 pp	12 q
CLSCelestica, Inc.	0.01%	85,000	$686,000	trimmed−9%	0.00 pp	4 q
CHLChina Mobile Limited	0.01%	13,529	$386,000	trimmed−98%	−0.36 pp	31 q
SKMSK Telecom Co., Ltd.	0.01%	12,875	$315,000	trimmed−9%	0.00 pp	31 q
BTGB2Gold Corp.	0.00%	21,600	$121,000	trimmed−74%	−0.01 pp	3 q
99952EURLinde PLC/OLD	—	−1,056,844	—	exited	−4.68 pp	—
CCEPCoca-Cola Europacific Partners plc	—	−3,927,679	—	exited	−2.84 pp	—
FDXFedEx Corporation	—	−292,162	—	exited	−1.37 pp	—
BXPBXP, Inc.	—	−441,175	—	exited	−0.66 pp	—
MCMoelis & Company	—	−897,690	—	exited	−0.59 pp	—
RELXRelx PLC	—	−159,717	—	exited	−0.07 pp	—
unresolvedMicro Focus International Pl	—	−254,176	—	exited	−0.02 pp	—