Causeway Capital

Q4 2021 13F · by Sarah Ketterer, CEO

As of: Dec 31, 2021
Filed: Feb 11, 2022
US stock: $4.5B · prev $4.4B
Positions: 82 · prev 81
Options notional: $0
Documents: 1· no amendments

Picture84.7% US stock

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

US stock listed on a US exchange 84.7%
Foreign stock not listed in the US 15.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves89 since the prior filing

+14.9 pp in · −14.9 pp out

New 10 +6.65 pp
Added 42 +8.23 pp
Trimmed 28 −10.81 pp
Exited 9 −4.06 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 57% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions33% of US stock

unresolved Ryanair Holdings PLC ADR added+0.15 pp added+0.1512.1%
TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed−0.74 pp trimmed−0.749.6%
CNI Canadian National Railway new+4.37 pp new+4.374.4%
GOOG Alphabet Inc. Class C added+0.41 pp added+0.413.4%
unresolved General Electric Co added+0.87 pp added+0.873.2%

Positions82 in this filing · 9 exited


unresolvedRyanair Holdings PLC ADR	12.12%	5,017,453	$551M	added+4%	+0.15 pp	22 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	9.61%	3,632,775	$437M	trimmed−12%	−0.74 pp	35 q
CNICanadian National Railway	4.37%	1,799,444	$199M	new	+4.37 pp	new
GOOGAlphabet Inc. Class C	3.43%	53,971	$156M	added+7%	+0.41 pp	6 q
unresolvedGeneral Electric Co	3.19%	1,534,229	$145M	added+53%	+0.87 pp	2 q
BAPCredicorp LTD	3.14%	1,284,148	$143M	trimmed−23%	−1.03 pp	3 q
INFYInfosys Limited	2.91%	5,233,259	$132M	trimmed−7%	+0.10 pp	35 q
BKNGBooking Holdings Inc.	2.87%	54,315	$130M	added+22%	+0.50 pp	6 q
GGenpact Limited	2.85%	2,445,496	$130M	added+18%	+0.63 pp	7 q
BABAAlibaba Group Holding Limited	2.75%	1,053,560	$125M	trimmed−36%	−2.76 pp	25 q
FISVFiserv, Inc.	2.67%	1,168,367	$121M	added+18%	+0.26 pp	5 q
AVGOBroadcom Inc.	2.48%	169,466	$113M	added+18%	+0.91 pp	8 q
ESNTEssent Group LTD	2.37%	2,368,501	$108M	added+10%	+0.23 pp	7 q
BERYBerry Global Group, Inc.	2.24%	1,383,206	$102M	added+5%	+0.43 pp	3 q
LVSLas Vegas Sands Corp.	2.24%	2,709,757	$102M	added+20%	+0.37 pp	6 q
DISThe Walt Disney Company	2.13%	626,207	$97M	added+36%	+0.37 pp	8 q
SABRSabre Corporation	1.98%	10,465,402	$90M	added+33%	−0.12 pp	19 q
0LW9Westrock Co	1.96%	2,013,303	$89M	added+21%	+0.10 pp	4 q
CNXCConcentrix Corporation	1.95%	496,038	$89M	trimmed−14%	−0.34 pp	5 q
METAMeta Platforms, Inc. Class A	1.73%	350,705	$79M	added+36%	−0.24 pp	3 q
IBNICICI Bank Limited	1.67%	3,830,019	$76M	trimmed−9%	−0.12 pp	35 q
WMWaste Management, Inc.	1.63%	443,758	$74M	added+26%	+0.44 pp	4 q
MDLZMondelez International, Inc. Class A	1.59%	1,088,058	$72M	added+75%	+0.78 pp	4 q
JDJD.com, Inc.	1.45%	942,860	$66M	trimmed−8%	−0.22 pp	10 q
ASHAshland Inc.	1.43%	605,770	$65M	trimmed−50%	−1.00 pp	9 q
CARRCarrier Global Corporation	1.36%	1,141,286	$62M	added0%	+0.03 pp	5 q
CCitigroup Inc.	1.17%	882,743	$53M	added+43%	+0.20 pp	35 q
LDOSLeidos Holdings, Inc.	1.11%	566,224	$50M	added+18%	+0.07 pp	15 q
SNXTD SYNNEX Corporation	1.09%	433,853	$50M	new	+1.09 pp	new
PBR.APetroleo Brasileiro S.A.-Petrobras	1.06%	4,749,752	$48M	added+39%	+0.29 pp	9 q
SRESempra	0.98%	336,677	$45M	trimmed−3%	−0.01 pp	4 q
AMXNAmerica Movil-spn ADR Cl L	0.89%	1,918,422	$40M	trimmed−3%	+0.10 pp	2 q
QFINQfin Holdings, Inc.	0.80%	1,581,885	$36M	added+19%	+0.19 pp	6 q
SAPSap SE	0.75%	244,119	$34M	added+3%	+0.03 pp	12 q
TTENTotalenergies SE -spon ADR	0.75%	693,152	$34M	added+3%	+0.03 pp	12 q
EXCExelon Corporation	0.74%	812,407	$33M	trimmed−10%	−0.24 pp	9 q
BPBP p.l.c.	0.73%	1,239,658	$33M	added+4%	0.00 pp	19 q
KSAiShares MSCI Saudi Arabia ETF	0.73%	1,037,252	$33M	added×2.2	+0.28 pp	11 q
NVSNovartis AG	0.73%	381,967	$33M	trimmed−5%	−0.01 pp	35 q
SNYSanofi	0.70%	639,305	$32M	added+1%	+0.01 pp	7 q
ZBHZimmer Biomet Holdings, Inc.	0.68%	241,863	$31M	new	+0.68 pp	new
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.56%	656,337	$26M	added+7%	+0.03 pp	15 q
PUKPrudential PLC	0.49%	643,392	$22M	added+36%	+0.07 pp	23 q
RDS.ARoyal Dutch Shell PLC	0.48%	497,775	$22M	added×2.3	+0.26 pp	2 q
unresolvedUnilever Spn.Adr 1:1	0.48%	409,401	$22M	trimmed−9%	−0.07 pp	4 q
INDAiShares MSCI India ETF	0.46%	460,379	$21M	added+46%	+0.11 pp	11 q
ORCLOracle Corp	0.45%	233,576	$20M	added+17%	+0.06 pp	35 q
TAKTakeda Pharmaceutical Company Limited	0.45%	1,509,149	$21M	trimmed−21%	−0.25 pp	13 q
AZNNAstrazeneca Plc-spons ADR	0.42%	330,472	$19M	trimmed−5%	−0.05 pp	3 q
BTIBritish American Tobacco p.l.c.	0.39%	472,318	$18M	trimmed−4%	0.00 pp	35 q
unresolvedCredit Suisse Group Spon ADR	0.37%	1,747,147	$17M	added+10%	+0.02 pp	5 q
WITWipro Limited	0.35%	1,607,534	$16M	added+47%	+0.13 pp	33 q
BCSBarclays PLC	0.34%	1,481,673	$15M	added+3%	+0.01 pp	35 q
HDBHDFC Bank Limited	0.33%	233,642	$15M	trimmed−44%	−0.35 pp	35 q
SMFGSumitomo Mitsui Financial Group, Inc	0.30%	2,018,269	$14M	trimmed−12%	−0.06 pp	35 q
RELXRelx PLC	0.28%	387,455	$13M	trimmed−16%	−0.02 pp	4 q
BIDUBaidu, Inc.	0.27%	83,578	$12M	trimmed−78%	−1.06 pp	23 q
PKXPOSCO Holdings Inc.	0.23%	178,249	$10M	added+1%	−0.05 pp	23 q
MTArcelorMittal	0.20%	280,763	$9M	added+3%	+0.01 pp	7 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.19%	1,483,266	$9M	trimmed−27%	−0.11 pp	8 q
INGING Groep N.V.	0.19%	628,643	$9M	trimmed−19%	−0.06 pp	24 q
unresolvedGlaxosmithkline PLC	0.17%	178,546	$8M	new	+0.17 pp	new
DQDaqo New Energy Corp.	0.15%	172,483	$7M	new	+0.15 pp	new
FINVFinVolution Group	0.15%	1,413,757	$7M	held	—	4 q
PDDPDD Holdings Inc.	0.15%	116,800	$7M	added×4.7	+0.10 pp	2 q
TTMTata Motors Limited	0.15%	219,631	$7M	added×2.7	+0.11 pp	35 q
VALEVale S.a.	0.14%	441,730	$6M	trimmed−94%	−2.05 pp	15 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.14%	51,122	$7M	added×2.7	+0.08 pp	2 q
RDYDr. Reddy's Laboratories Limited	0.10%	70,287	$5M	trimmed−14%	−0.02 pp	33 q
SMINiShares MSCI India Small-Cap ETF	0.10%	75,184	$5M	added×4.2	+0.08 pp	2 q
unresolvedCrescent Pt Energy Corp	0.09%	734,300	$4M	new	+0.09 pp	new
CXCemex S.A.B. de C.V.	0.08%	542,301	$4M	trimmed−83%	−0.43 pp	2 q
INMDInMode Ltd.	0.07%	44,577	$3M	trimmed−48%	−0.01 pp	2 q
unresolvedAzul Sa-adr	0.04%	143,375	$2M	held	—	12 q
KBKB Financial Group Inc	0.04%	41,725	$2M	new	+0.04 pp	new
UMCUnited Microelectronic Corp.	0.04%	172,099	$2M	new	+0.04 pp	new
CLSCelestica, Inc.	0.03%	123,305	$1M	trimmed−3%	0.00 pp	8 q
SNPLChina Petroleum & Chem-adr	0.03%	30,939	$1M	added+10%	0.00 pp	35 q
ABBNYAbb Ltd Spons	0.01%	8,167	$312,000	trimmed−40%	0.00 pp	22 q
EWMiShares MSCI Malaysia ETF	0.01%	18,804	$471,000	new	+0.01 pp	new
ZIMZIM Integrated Shipping Services Ltd.	0.01%	38,000	$385,000	new	+0.01 pp	new
TCOMTrip.com Group Limited	0.00%	8,892	$219,000	added+10%	−0.01 pp	4 q
COPConocoPhillips	—	−673,657	—	exited	−1.03 pp	—
AIZAssurant, Inc.	—	−222,757	—	exited	−0.79 pp	—
YUMCYum China Holdings, Inc.	—	−531,375	—	exited	−0.70 pp	—
JXNJackson Financial Inc.	—	−814,045	—	exited	−0.48 pp	—
NTESNetEase, inc.	—	−210,383	—	exited	−0.40 pp	—
VEDLVedanta Ltd-adr	—	−861,755	—	exited	−0.30 pp	—
MELIMercado Libre, Inc	—	−7,431	—	exited	−0.28 pp	—
MOMOHello Group Inc.	—	−162,700	—	exited	−0.04 pp	—
EWTiShares MSCI Taiwan ETF	—	−30,307	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 7 unresolved
Accession: 0001567619-22-003403
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 369604103 not on the Official 13(f) List for 2021-12-31
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2021-12-31

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