Causeway Capital

Q2 2021 13F · by Sarah Ketterer, CEO

As of: Jun 30, 2021
Filed: Aug 13, 2021
US stock: $4.9B · prev $5.1B
Positions: 78 · prev 82
Options notional: $0
Documents: 1· no amendments

Picture91.7% US stock

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

US stock listed on a US exchange 91.7%
Foreign stock not listed in the US 8.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves81 since the prior filing

+10.5 pp in · −10.5 pp out

New 5 +6.79 pp
Added 26 +3.68 pp
Trimmed 41 −7.24 pp
Exited 9 −3.25 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions33% of US stock

TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed−0.51 pp trimmed−0.5110.5%
unresolved Ryanair Holdings PLC ADR trimmed−1.50 pp trimmed−1.508.3%
BABA Alibaba Group Holding Limited trimmed−0.60 pp trimmed−0.608.1%
VALE Vale S.a. trimmed+0.48 pp trimmed+0.483.3%
GOOG Alphabet Inc. Class C trimmed+0.33 pp trimmed+0.333.3%

Positions78 in this filing · 9 exited


TSMTaiwan Semiconductor Manufacturing Company Ltd.	10.52%	4,287,768	$515M	trimmed−10%	−0.51 pp	33 q
unresolvedRyanair Holdings PLC ADR	8.30%	3,755,540	$406M	trimmed−13%	−1.50 pp	20 q
BABAAlibaba Group Holding Limited	8.06%	1,740,198	$395M	trimmed−10%	−0.60 pp	23 q
VALEVale S.a.	3.32%	7,132,526	$163M	trimmed−14%	+0.48 pp	13 q
GOOGAlphabet Inc. Class C	3.27%	64,003	$160M	trimmed−11%	+0.33 pp	4 q
BAPCredicorp LTD	2.87%	1,159,970	$140M	new	+2.87 pp	new
JDJD.com, Inc.	2.53%	1,549,897	$124M	trimmed−15%	−0.49 pp	8 q
INFYInfosys Limited	2.48%	5,723,416	$121M	trimmed−12%	+0.07 pp	33 q
ASHAshland Inc.	2.37%	1,326,471	$116M	trimmed−4%	−0.05 pp	7 q
FISVFiserv, Inc.	2.25%	1,031,392	$110M	added+20%	+0.24 pp	3 q
BIDUBaidu, Inc.	2.21%	531,808	$108M	trimmed−45%	−1.92 pp	21 q
CNXCConcentrix Corporation	2.20%	656,379	$108M	trimmed−10%	+0.06 pp	3 q
SABRSabre Corporation	2.18%	8,547,462	$107M	added+9%	−0.09 pp	17 q
BKNGBooking Holdings Inc.	2.08%	46,617	$102M	trimmed−0%	−0.06 pp	4 q
ESNTEssent Group LTD	2.07%	2,256,106	$101M	trimmed−11%	−0.30 pp	5 q
AVGOBroadcom Inc.	2.02%	207,938	$99M	trimmed−10%	−0.09 pp	6 q
GGenpact Limited	2.00%	2,151,574	$98M	trimmed−0%	+0.18 pp	5 q
DISThe Walt Disney Company	1.94%	540,628	$95M	trimmed−5%	−0.12 pp	6 q
METAMeta Platforms, Inc. Class A	1.68%	236,190	$82M	new	+1.68 pp	new
EXCExelon Corporation	1.65%	1,824,246	$81M	trimmed−7%	−0.05 pp	7 q
CARRCarrier Global Corporation	1.64%	1,650,339	$80M	trimmed−6%	+0.18 pp	3 q
IBNICICI Bank Limited	1.63%	4,672,347	$80M	trimmed−19%	−0.18 pp	33 q
LVSLas Vegas Sands Corp.	1.42%	1,319,670	$70M	added+9%	−0.03 pp	4 q
0LW9Westrock Co	1.33%	1,224,190	$65M	added+20%	+0.28 pp	2 q
NTESNetEase, inc.	1.27%	540,187	$62M	trimmed−14%	−0.01 pp	27 q
MDLZMondelez International, Inc. Class A	1.26%	990,147	$62M	added+10%	+0.23 pp	2 q
LDOSLeidos Holdings, Inc.	1.16%	562,720	$57M	trimmed−44%	−0.74 pp	13 q
ORCLOracle Corp	1.14%	716,927	$56M	trimmed−22%	−0.13 pp	33 q
CCitigroup Inc.	1.10%	759,129	$54M	trimmed−22%	−0.30 pp	33 q
AIZAssurant, Inc.	1.07%	334,823	$52M	new	+1.07 pp	new
WMWaste Management, Inc.	1.06%	372,301	$52M	added×3.2	+0.77 pp	2 q
HRCHill-rom Holdings, Inc.	1.01%	433,464	$49M	added+13%	+0.18 pp	3 q
COPConocoPhillips	0.98%	789,714	$48M	trimmed−36%	−0.31 pp	4 q
SRESempra	0.98%	361,040	$48M	trimmed−9%	−0.05 pp	2 q
BERYBerry Global Group, Inc.	0.96%	724,541	$47M	new	+0.96 pp	new
YUMCYum China Holdings, Inc.	0.94%	695,447	$46M	added+1%	+0.14 pp	9 q
AREAlexandria Real Estate Equities, Inc.	0.93%	249,493	$45M	trimmed−19%	−0.07 pp	3 q
DGXQuest Diagnostics Inc.	0.82%	305,502	$40M	trimmed−4%	+0.01 pp	2 q
NVSNovartis AG	0.80%	426,982	$39M	added+7%	+0.13 pp	33 q
SNYSanofi	0.74%	686,797	$36M	added+8%	+0.12 pp	5 q
HDBHDFC Bank Limited	0.73%	491,288	$36M	trimmed−18%	−0.19 pp	33 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.70%	2,920,806	$34M	trimmed−13%	+0.13 pp	7 q
TAKTakeda Pharmaceutical Company Limited	0.70%	2,031,264	$34M	added+21%	+0.10 pp	11 q
SAPSap SE	0.68%	237,387	$33M	added+14%	+0.18 pp	10 q
TTENTotalenergies SE -spon ADR	0.61%	657,849	$30M	added+2%	+0.02 pp	10 q
QFINQfin Holdings, Inc.	0.58%	696,237	$28M	added+71%	+0.37 pp	4 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.57%	689,078	$28M	trimmed−4%	+0.02 pp	13 q
unresolvedUnilever Spn.Adr 1:1	0.49%	406,635	$24M	added+22%	+0.13 pp	2 q
VIPSVipshop Holdings Limited	0.46%	1,125,418	$23M	trimmed−20%	−0.36 pp	9 q
BPBP p.l.c.	0.45%	833,744	$22M	added+2%	+0.06 pp	17 q
BTIBritish American Tobacco p.l.c.	0.39%	491,175	$19M	trimmed−13%	−0.04 pp	33 q
FINVFinVolution Group	0.39%	2,010,261	$19M	added×9.3	+0.36 pp	2 q
PKXPOSCO Holdings Inc.	0.35%	220,163	$17M	trimmed−13%	−0.01 pp	21 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.34%	2,683,214	$17M	trimmed−8%	+0.04 pp	6 q
RELXRelx PLC	0.34%	624,889	$17M	added+33%	+0.11 pp	2 q
unresolvedCredit Suisse Group Spon ADR	0.32%	1,517,555	$16M	added+48%	+0.11 pp	3 q
KSAiShares MSCI Saudi Arabia ETF	0.32%	391,483	$16M	trimmed−2%	+0.04 pp	9 q
PUKPrudential PLC	0.32%	413,056	$16M	added+2%	−0.02 pp	21 q
SMFGSumitomo Mitsui Financial Group, Inc	0.32%	2,280,336	$16M	added+2%	0.00 pp	33 q
BCSBarclays PLC	0.30%	1,522,298	$15M	trimmed−15%	−0.06 pp	33 q
INDAiShares MSCI India ETF	0.29%	315,612	$14M	trimmed−13%	−0.01 pp	9 q
unresolvedNew Oriental Ed & Tech Grp I	0.29%	1,759,698	$14M	trimmed−26%	−0.36 pp	23 q
ABBNYAbb Ltd Spons	0.24%	352,915	$12M	trimmed−24%	−0.04 pp	20 q
MTArcelorMittal	0.24%	376,173	$12M	added+65%	+0.11 pp	5 q
RDYDr. Reddy's Laboratories Limited	0.24%	163,059	$12M	added+1%	+0.04 pp	31 q
INGING Groep N.V.	0.24%	905,557	$12M	trimmed−54%	−0.24 pp	22 q
AZNNAstrazeneca Plc-spons ADR	0.21%	169,783	$10M	new	+0.21 pp	new
VEDLVedanta Ltd-adr	0.19%	648,024	$9M	trimmed−12%	+0.01 pp	25 q
WITWipro Limited	0.11%	672,691	$5M	added+29%	+0.04 pp	31 q
MELIMercado Libre, Inc	0.10%	3,180	$5M	added×10.1	+0.09 pp	4 q
unresolvedAzul Sa-adr	0.08%	143,375	$4M	held	—	10 q
MOMOHello Group Inc.	0.05%	162,700	$2M	held	—	4 q
TTMTata Motors Limited	0.04%	89,303	$2M	held	—	33 q
VIVTelefonica Brasil, S.A.	0.04%	226,062	$2M	held	—	10 q
SNPLChina Petroleum & Chem-adr	0.03%	25,964	$1M	held	—	33 q
CLSCelestica, Inc.	0.02%	143,505	$1M	added+71%	+0.01 pp	6 q
TCOMTrip.com Group Limited	0.01%	8,118	$288,000	trimmed−3%	0.00 pp	2 q
SKMSK Telecom Co., Ltd.	0.00%	7,293	$229,000	held	—	33 q
JLLJones Lang LaSalle, Inc.	—	−303,206	—	exited	−1.07 pp	—
AFLAflac Inc.	—	−803,301	—	exited	−0.81 pp	—
RGAReinsurance Group of America, Incorporated	—	−309,956	—	exited	−0.77 pp	—
S9QSpirit Aerosystems Hold-cl A	—	−541,634	—	exited	−0.52 pp	—
JOYYJOYY Inc.	—	−31,248	—	exited	−0.06 pp	—
DQDaqo New Energy Corp.	—	−15,345	—	exited	−0.02 pp	—
ATHMAutohome Inc.	—	−800	—	exited	0.00 pp	—
HTHTH World Group Limited	—	−2,000	—	exited	0.00 pp	—
ZTOZTO Express (Cayman) Inc.	—	−3,900	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 5 unresolved
Accession: 0001567619-21-015404
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 2021-06-30
A security outside the official 13F list — CUSIP 87936R106 not on the Official 13(f) List for 2021-06-30

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