Causeway Capital

Q1 2021 13F · by Sarah Ketterer, CEO

As of: Mar 31, 2021
Filed: May 14, 2021
US stock: $5.1B · prev $5.3B
Positions: 82 · prev 80
Options notional: $0
Documents: 1· no amendments

Picture90.2% US stock

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

US stock listed on a US exchange 90.2%
Foreign stock not listed in the US 9.8%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves89 since the prior filing

+14.3 pp in · −14.4 pp out

New 12 +4.84 pp
Added 33 +9.48 pp
Trimmed 34 −9.72 pp
Exited 10 −4.69 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 50% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions37% of US stock

TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed+0.65 pp trimmed+0.6511.0%
unresolved Ryanair Holdings PLC ADR trimmed−0.52 pp trimmed−0.529.8%
BABA Alibaba Group Holding Limited trimmed−0.46 pp trimmed−0.468.7%
BIDU Baidu, Inc. trimmed−7.19 pp trimmed−7.194.1%
JD JD.com, Inc. trimmed−0.08 pp trimmed−0.083.0%

Positions82 in this filing · 10 exited


TSMTaiwan Semiconductor Manufacturing Company Ltd.	11.03%	4,738,901	$561M	trimmed−6%	+0.65 pp	32 q
unresolvedRyanair Holdings PLC ADR	9.80%	4,330,100	$498M	trimmed−13%	−0.52 pp	19 q
BABAAlibaba Group Holding Limited	8.66%	1,942,351	$440M	trimmed−7%	−0.46 pp	22 q
BIDUBaidu, Inc.	4.13%	965,618	$210M	trimmed−65%	−7.19 pp	20 q
JDJD.com, Inc.	3.02%	1,819,972	$153M	trimmed−3%	−0.08 pp	7 q
GOOGAlphabet Inc. Class C	2.94%	72,258	$149M	added+30%	+1.11 pp	3 q
VALEVale S.a.	2.84%	8,296,851	$144M	trimmed−3%	+0.14 pp	12 q
ASHAshland Inc.	2.42%	1,387,595	$123M	added+3%	+0.41 pp	6 q
INFYInfosys Limited	2.41%	6,539,548	$122M	trimmed−0%	+0.32 pp	32 q
ESNTEssent Group LTD	2.37%	2,533,301	$120M	added+78%	+1.21 pp	4 q
SABRSabre Corporation	2.27%	7,807,619	$116M	added+2%	+0.54 pp	16 q
BKNGBooking Holdings Inc.	2.14%	46,808	$109M	added+35%	+0.69 pp	3 q
CNXCConcentrix Corporation	2.14%	727,717	$109M	trimmed−6%	+0.70 pp	2 q
AVGOBroadcom Inc.	2.11%	230,871	$107M	added+33%	+0.68 pp	5 q
DISThe Walt Disney Company	2.06%	568,156	$105M	added+4%	+0.19 pp	5 q
FISVFiserv, Inc.	2.01%	856,552	$102M	added+32%	+0.62 pp	2 q
LDOSLeidos Holdings, Inc.	1.90%	1,001,883	$96M	added+6%	+0.03 pp	12 q
GGenpact Limited	1.82%	2,156,447	$92M	added+59%	+0.77 pp	4 q
IBNICICI Bank Limited	1.81%	5,736,361	$92M	trimmed−4%	+0.14 pp	32 q
EXCExelon Corporation	1.70%	1,971,770	$86M	added+28%	+0.48 pp	6 q
CARRCarrier Global Corporation	1.46%	1,751,976	$74M	added+75%	+0.75 pp	2 q
LVSLas Vegas Sands Corp.	1.45%	1,214,180	$74M	added+6%	+0.16 pp	3 q
CCitigroup Inc.	1.40%	978,301	$71M	trimmed−20%	−0.01 pp	32 q
COPConocoPhillips	1.29%	1,236,037	$65M	trimmed−19%	+0.14 pp	3 q
NTESNetEase, inc.	1.28%	631,603	$65M	trimmed−25%	−0.24 pp	26 q
ORCLOracle Corp	1.27%	919,047	$64M	added+2%	+0.18 pp	32 q
JLLJones Lang LaSalle, Inc.	1.07%	303,206	$54M	trimmed−17%	+0.05 pp	4 q
0LW9Westrock Co	1.05%	1,022,409	$53M	new	+1.05 pp	new
MDLZMondelez International, Inc. Class A	1.03%	897,066	$53M	new	+1.03 pp	new
SRESempra	1.03%	396,310	$53M	new	+1.03 pp	new
AREAlexandria Real Estate Equities, Inc.	1.00%	308,955	$51M	added+38%	+0.25 pp	2 q
HDBHDFC Bank Limited	0.92%	601,868	$47M	added+3%	+0.12 pp	32 q
HRCHill-rom Holdings, Inc.	0.83%	382,960	$42M	added+1%	+0.13 pp	2 q
VIPSVipshop Holdings Limited	0.82%	1,398,709	$42M	added+4%	+0.11 pp	8 q
AFLAflac Inc.	0.81%	803,301	$41M	trimmed−35%	−0.22 pp	3 q
DGXQuest Diagnostics Inc.	0.81%	319,572	$41M	new	+0.81 pp	new
YUMCYum China Holdings, Inc.	0.80%	685,299	$41M	trimmed−28%	−0.22 pp	8 q
RGAReinsurance Group of America, Incorporated	0.77%	309,956	$39M	trimmed−56%	−0.78 pp	5 q
NVSNovartis AG	0.67%	397,358	$34M	added+30%	+0.13 pp	32 q
unresolvedNew Oriental Ed & Tech Grp I	0.65%	2,375,229	$33M	added×6.5	−0.62 pp	22 q
SNYSanofi	0.62%	634,956	$31M	added+41%	+0.21 pp	4 q
TAKTakeda Pharmaceutical Company Limited	0.60%	1,673,455	$31M	added+8%	+0.07 pp	10 q
TTENTotalenergies SE -spon ADR	0.59%	644,706	$30M	added+71%	+0.29 pp	9 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.57%	3,368,524	$29M	trimmed−43%	−0.67 pp	6 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.55%	720,321	$28M	added+9%	+0.05 pp	12 q
S9QSpirit Aerosystems Hold-cl A	0.52%	541,634	$26M	trimmed−59%	−0.45 pp	5 q
SAPSap SE	0.50%	208,791	$26M	added+88%	+0.23 pp	9 q
INGING Groep N.V.	0.48%	1,988,061	$24M	trimmed−35%	−0.06 pp	21 q
BTIBritish American Tobacco p.l.c.	0.43%	562,784	$22M	added+3%	+0.04 pp	32 q
BPBP p.l.c.	0.39%	819,186	$20M	added+72%	+0.21 pp	16 q
BCSBarclays PLC	0.36%	1,782,572	$18M	trimmed−24%	+0.01 pp	32 q
PKXPOSCO Holdings Inc.	0.36%	253,108	$18M	trimmed−6%	+0.04 pp	20 q
unresolvedUnilever Spn.Adr 1:1	0.36%	332,195	$19M	new	+0.36 pp	new
PUKPrudential PLC	0.34%	405,349	$17M	added+7%	+0.08 pp	20 q
SMFGSumitomo Mitsui Financial Group, Inc	0.32%	2,243,132	$16M	trimmed−4%	+0.05 pp	32 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.30%	2,931,394	$15M	trimmed−38%	−0.14 pp	5 q
INDAiShares MSCI India ETF	0.30%	361,684	$15M	trimmed−11%	−0.01 pp	8 q
WMWaste Management, Inc.	0.29%	114,614	$15M	new	+0.29 pp	new
ABBNYAbb Ltd Spons	0.28%	465,774	$14M	trimmed−45%	−0.17 pp	19 q
KSAiShares MSCI Saudi Arabia ETF	0.28%	398,206	$14M	added+29%	+0.10 pp	8 q
RELXRelx PLC	0.23%	470,100	$12M	new	+0.23 pp	new
unresolvedCredit Suisse Group Spon ADR	0.21%	1,022,408	$11M	added×6.0	+0.17 pp	2 q
QFINQfin Holdings, Inc.	0.21%	407,188	$11M	held	—	3 q
RDYDr. Reddy's Laboratories Limited	0.20%	161,829	$10M	trimmed−17%	−0.06 pp	30 q
VEDLVedanta Ltd-adr	0.18%	737,445	$9M	added+7%	+0.07 pp	24 q
MTArcelorMittal	0.13%	227,599	$7M	trimmed−36%	−0.02 pp	4 q
WITWipro Limited	0.07%	523,210	$3M	added0%	+0.01 pp	30 q
unresolvedAzul Sa-adr	0.06%	143,375	$3M	held	—	9 q
JOYYJOYY Inc.	0.06%	31,248	$3M	trimmed−69%	−0.09 pp	19 q
MOMOHello Group Inc.	0.05%	162,700	$2M	trimmed−43%	−0.02 pp	3 q
TTMTata Motors Limited	0.04%	89,303	$2M	trimmed−26%	+0.01 pp	32 q
SNPLChina Petroleum & Chem-adr	0.03%	25,964	$1M	added+15%	+0.01 pp	32 q
FINVFinVolution Group	0.03%	217,158	$2M	new	+0.03 pp	new
VIVTelefonica Brasil, S.A.	0.03%	226,062	$2M	held	—	9 q
DQDaqo New Energy Corp.	0.02%	15,345	$1M	trimmed−34%	0.00 pp	13 q
CLSCelestica, Inc.	0.01%	83,800	$701,000	trimmed−1%	0.00 pp	5 q
MELIMercado Libre, Inc	0.01%	315	$464,000	trimmed−98%	−0.55 pp	3 q
TCOMTrip.com Group Limited	0.01%	8,400	$333,000	new	+0.01 pp	new
ATHMAutohome Inc.	0.00%	800	$75,000	new	0.00 pp	new
HTHTH World Group Limited	0.00%	2,000	$110,000	new	0.00 pp	new
SKMSK Telecom Co., Ltd.	0.00%	7,293	$199,000	trimmed−43%	−0.01 pp	32 q
ZTOZTO Express (Cayman) Inc.	0.00%	3,900	$114,000	new	0.00 pp	new
WFCWells Fargo & Co.	—	−2,483,241	—	exited	−1.41 pp	—
SYFSynchrony Financial	—	−1,392,257	—	exited	−0.91 pp	—
unresolvedGeneral Electric Co	—	−3,772,309	—	exited	−0.77 pp	—
ALKAlaska Air Group, Inc.	—	−728,722	—	exited	−0.71 pp	—
GFIGold Fields Ltd	—	−1,640,726	—	exited	−0.29 pp	—
NBISNebius Group N.V. Class A	—	−210,716	—	exited	−0.28 pp	—
SNXTD SYNNEX Corporation	—	−147,771	—	exited	−0.23 pp	—
MBTMobile TeleSystems Public Joint Stock Company	—	−476,359	—	exited	−0.08 pp	—
CHLChina Mobile Limited	—	−13,529	—	exited	−0.01 pp	—
BTGB2Gold Corp.	—	−21,600	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 5 unresolved
Accession: 0001567619-21-010055
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 783513104 not on the Official 13(f) List for 2021-03-31
A security outside the official 13F list — CUSIP 87936R106 not on the Official 13(f) List for 2021-03-31

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