Causeway Capital

Q3 2021 13F · by Sarah Ketterer, CEO

As of: Sep 30, 2021
Filed: Nov 12, 2021
US stock: $4.4B · prev $4.9B
Positions: 81 · prev 78
Options notional: $0
Documents: 1· no amendments

Picture88.0% US stock

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

US stock listed on a US exchange 88.0%
Foreign stock not listed in the US 12.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves85 since the prior filing

+13.2 pp in · −13.2 pp out

New 10 +4.57 pp
Added 22 +8.66 pp
Trimmed 46 −9.67 pp
Exited 7 −3.55 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 49% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions35% of US stock

unresolved Ryanair Holdings PLC ADR added+3.67 pp added+3.6712.0%
TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed−0.17 pp trimmed−0.1710.3%
BABA Alibaba Group Holding Limited trimmed−2.55 pp trimmed−2.555.5%
BAP Credicorp LTD added+1.30 pp added+1.304.2%
GOOG Alphabet Inc. Class C trimmed−0.25 pp trimmed−0.253.0%

Positions81 in this filing · 7 exited


unresolvedRyanair Holdings PLC ADR	11.97%	4,831,803	$532M	added+29%	+3.67 pp	21 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	10.35%	4,119,404	$460M	trimmed−4%	−0.17 pp	34 q
BABAAlibaba Group Holding Limited	5.51%	1,652,647	$245M	trimmed−5%	−2.55 pp	24 q
BAPCredicorp LTD	4.17%	1,669,907	$185M	added+44%	+1.30 pp	2 q
GOOGAlphabet Inc. Class C	3.02%	50,320	$134M	trimmed−21%	−0.25 pp	5 q
INFYInfosys Limited	2.81%	5,619,616	$125M	trimmed−2%	+0.33 pp	34 q
ASHAshland Inc.	2.43%	1,213,479	$108M	trimmed−9%	+0.06 pp	8 q
FISVFiserv, Inc.	2.41%	986,340	$107M	trimmed−4%	+0.16 pp	4 q
BKNGBooking Holdings Inc.	2.37%	44,368	$105M	trimmed−5%	+0.29 pp	5 q
unresolvedGeneral Electric Co	2.32%	1,000,308	$103M	new	+2.32 pp	new
CNXCConcentrix Corporation	2.29%	574,264	$102M	trimmed−13%	+0.09 pp	4 q
GGenpact Limited	2.22%	2,076,549	$99M	trimmed−3%	+0.22 pp	6 q
VALEVale S.a.	2.19%	6,988,707	$97M	trimmed−2%	−1.13 pp	14 q
ESNTEssent Group LTD	2.14%	2,158,040	$95M	trimmed−4%	+0.07 pp	6 q
SABRSabre Corporation	2.10%	7,867,451	$93M	trimmed−8%	−0.08 pp	18 q
METAMeta Platforms, Inc. Class A	1.97%	257,700	$87M	added+9%	+0.29 pp	2 q
LVSLas Vegas Sands Corp.	1.87%	2,264,123	$83M	added+72%	+0.45 pp	5 q
0LW9Westrock Co	1.86%	1,661,509	$83M	added+36%	+0.53 pp	3 q
BERYBerry Global Group, Inc.	1.81%	1,323,518	$81M	added+83%	+0.85 pp	2 q
IBNICICI Bank Limited	1.79%	4,222,403	$80M	trimmed−10%	+0.16 pp	34 q
DISThe Walt Disney Company	1.76%	461,244	$78M	trimmed−15%	−0.18 pp	7 q
JDJD.com, Inc.	1.67%	1,027,478	$74M	trimmed−34%	−0.86 pp	9 q
AVGOBroadcom Inc.	1.57%	143,592	$70M	trimmed−31%	−0.45 pp	7 q
BIDUBaidu, Inc.	1.33%	385,102	$59M	trimmed−28%	−0.88 pp	22 q
CARRCarrier Global Corporation	1.33%	1,139,582	$59M	trimmed−31%	−0.31 pp	4 q
WMWaste Management, Inc.	1.19%	353,570	$53M	trimmed−5%	+0.13 pp	3 q
LDOSLeidos Holdings, Inc.	1.04%	478,707	$46M	trimmed−15%	−0.12 pp	14 q
COPConocoPhillips	1.03%	673,657	$46M	trimmed−15%	+0.05 pp	5 q
SRESempra	0.99%	347,360	$44M	trimmed−4%	+0.01 pp	3 q
EXCExelon Corporation	0.98%	902,146	$44M	trimmed−51%	−0.67 pp	8 q
CCitigroup Inc.	0.97%	616,118	$43M	trimmed−19%	−0.13 pp	34 q
MDLZMondelez International, Inc. Class A	0.81%	621,440	$36M	trimmed−37%	−0.45 pp	3 q
AMXNAmerica Movil-spn ADR Cl L	0.79%	1,977,851	$35M	new	+0.79 pp	new
AIZAssurant, Inc.	0.79%	222,757	$35M	trimmed−33%	−0.28 pp	2 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.77%	3,406,238	$34M	added+17%	+0.07 pp	8 q
NVSNovartis AG	0.74%	401,116	$33M	trimmed−6%	−0.06 pp	34 q
BPBP p.l.c.	0.73%	1,190,870	$33M	added+43%	+0.28 pp	18 q
SAPSap SE	0.72%	236,993	$32M	trimmed−0%	+0.04 pp	11 q
TTENTotalenergies SE -spon ADR	0.72%	670,306	$32M	added+2%	+0.11 pp	11 q
TAKTakeda Pharmaceutical Company Limited	0.70%	1,906,998	$31M	trimmed−6%	0.00 pp	12 q
YUMCYum China Holdings, Inc.	0.70%	531,375	$31M	trimmed−24%	−0.24 pp	10 q
SNYSanofi	0.69%	636,016	$31M	trimmed−7%	−0.05 pp	6 q
HDBHDFC Bank Limited	0.68%	415,443	$30M	trimmed−15%	−0.05 pp	34 q
QFINQfin Holdings, Inc.	0.61%	1,325,021	$27M	added+90%	+0.03 pp	5 q
unresolvedUnilever Spn.Adr 1:1	0.55%	451,297	$24M	added+11%	+0.06 pp	3 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.53%	613,365	$23M	trimmed−11%	−0.04 pp	14 q
CXCemex S.A.B. de C.V.	0.51%	3,136,029	$22M	new	+0.51 pp	new
JXNJackson Financial Inc.	0.48%	814,045	$21M	new	+0.48 pp	new
AZNNAstrazeneca Plc-spons ADR	0.47%	347,011	$21M	added×2.0	+0.26 pp	2 q
KSAiShares MSCI Saudi Arabia ETF	0.45%	480,955	$20M	added+23%	+0.13 pp	10 q
PUKPrudential PLC	0.42%	474,337	$19M	added+15%	+0.10 pp	22 q
NTESNetEase, inc.	0.40%	210,383	$18M	trimmed−61%	−0.87 pp	28 q
BTIBritish American Tobacco p.l.c.	0.39%	491,809	$17M	added0%	0.00 pp	34 q
ORCLOracle Corp	0.39%	199,209	$17M	trimmed−72%	−0.75 pp	34 q
SMFGSumitomo Mitsui Financial Group, Inc	0.36%	2,288,665	$16M	added0%	+0.04 pp	34 q
unresolvedCredit Suisse Group Spon ADR	0.35%	1,587,470	$16M	added+5%	+0.03 pp	4 q
INDAiShares MSCI India ETF	0.35%	315,706	$15M	added0%	+0.06 pp	10 q
BCSBarclays PLC	0.33%	1,438,836	$15M	trimmed−5%	+0.03 pp	34 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.30%	2,030,741	$13M	trimmed−24%	−0.04 pp	7 q
RELXRelx PLC	0.30%	459,007	$13M	trimmed−27%	−0.04 pp	3 q
VEDLVedanta Ltd-adr	0.30%	861,755	$13M	added+33%	+0.11 pp	26 q
MELIMercado Libre, Inc	0.28%	7,431	$12M	added×2.3	+0.18 pp	5 q
PKXPOSCO Holdings Inc.	0.28%	177,318	$12M	trimmed−19%	−0.07 pp	22 q
INGING Groep N.V.	0.25%	778,796	$11M	trimmed−14%	+0.01 pp	23 q
RDS.ARoyal Dutch Shell PLC	0.22%	215,247	$10M	new	+0.22 pp	new
WITWipro Limited	0.22%	1,094,729	$10M	added+63%	+0.11 pp	32 q
MTArcelorMittal	0.19%	273,484	$8M	trimmed−27%	−0.05 pp	6 q
FINVFinVolution Group	0.18%	1,413,757	$8M	trimmed−30%	−0.21 pp	3 q
RDYDr. Reddy's Laboratories Limited	0.12%	81,340	$5M	trimmed−50%	−0.12 pp	32 q
INMDInMode Ltd.	0.08%	42,800	$3M	new	+0.08 pp	new
unresolvedAzul Sa-adr	0.06%	143,375	$3M	held	—	11 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.06%	18,972	$3M	new	+0.06 pp	new
PDDPDD Holdings Inc.	0.05%	24,601	$2M	new	+0.05 pp	new
MOMOHello Group Inc.	0.04%	162,700	$2M	held	—	5 q
EWTiShares MSCI Taiwan ETF	0.04%	30,307	$2M	new	+0.04 pp	new
TTMTata Motors Limited	0.04%	82,537	$2M	trimmed−8%	0.00 pp	34 q
CLSCelestica, Inc.	0.03%	127,405	$1M	trimmed−11%	+0.01 pp	7 q
SNPLChina Petroleum & Chem-adr	0.03%	28,152	$1M	added+8%	0.00 pp	34 q
SMINiShares MSCI India Small-Cap ETF	0.02%	17,701	$1M	new	+0.02 pp	new
ABBNYAbb Ltd Spons	0.01%	13,720	$458,000	trimmed−96%	−0.23 pp	21 q
TCOMTrip.com Group Limited	0.01%	8,118	$250,000	held	—	3 q
HRCHill-rom Holdings, Inc.	—	−433,464	—	exited	−1.01 pp	—
AREAlexandria Real Estate Equities, Inc.	—	−249,493	—	exited	−0.93 pp	—
DGXQuest Diagnostics Inc.	—	−305,502	—	exited	−0.82 pp	—
VIPSVipshop Holdings Limited	—	−1,125,418	—	exited	−0.46 pp	—
unresolvedNew Oriental Ed & Tech Grp I	—	−1,759,698	—	exited	−0.29 pp	—
VIVTelefonica Brasil, S.A.	—	−226,062	—	exited	−0.04 pp	—
SKMSK Telecom Co., Ltd.	—	−7,293	—	exited	0.00 pp	—

Source

Form: 13F-HR
Reading: 1 defect · 5 unresolved
Accession: 0001567619-21-019892
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 2021-09-30

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