Causeway Capital

Q1 2022 13F · by Sarah Ketterer, CEO

As of: Mar 31, 2022
Filed: May 13, 2022
US stock: $4.2B · prev $4.5B
Positions: 75 · prev 82
Options notional: $0
Documents: 1· no amendments

Picture85.0% US stock

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

US stock listed on a US exchange 85.0%
Foreign stock not listed in the US 15.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves84 since the prior filing

+12.8 pp in · −12.8 pp out

New 6 +1.30 pp
Added 37 +11.51 pp
Trimmed 28 −5.58 pp
Exited 13 −7.18 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 51% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions38% of US stock

unresolved Ryanair Holdings PLC ADR added+1.02 pp added+1.0213.1%
TSM Taiwan Semiconductor Manufacturing Company Ltd. added−0.53 pp added−0.539.1%
CNI Canadian National Railway added+3.88 pp added+3.888.3%
GOOG Alphabet Inc. Class C added+0.28 pp added+0.283.7%
FISV Fiserv, Inc. added+0.66 pp added+0.663.3%

Positions75 in this filing · 13 exited


unresolvedRyanair Holdings PLC ADR	13.14%	6,309,195	$550M	added+26%	+1.02 pp	23 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	9.08%	3,643,210	$380M	added0%	−0.53 pp	36 q
CNICanadian National Railway	8.25%	2,572,261	$345M	added+43%	+3.88 pp	2 q
GOOGAlphabet Inc. Class C	3.71%	55,597	$155M	added+3%	+0.28 pp	7 q
FISVFiserv, Inc.	3.33%	1,372,717	$139M	added+17%	+0.66 pp	6 q
INFYInfosys Limited	3.09%	5,192,576	$129M	trimmed−1%	+0.18 pp	36 q
BKNGBooking Holdings Inc.	2.84%	50,693	$119M	trimmed−7%	−0.03 pp	7 q
GGenpact Limited	2.84%	2,730,792	$119M	added+12%	−0.01 pp	8 q
LDOSLeidos Holdings, Inc.	2.48%	961,782	$104M	added+70%	+1.37 pp	16 q
CNXCConcentrix Corporation	2.41%	605,638	$101M	added+22%	+0.46 pp	6 q
LVSLas Vegas Sands Corp.	2.37%	2,550,274	$99M	trimmed−6%	+0.13 pp	7 q
BERYBerry Global Group, Inc.	2.34%	1,692,979	$98M	added+22%	+0.10 pp	4 q
0LW9Westrock Co	2.33%	2,076,009	$98M	added+3%	+0.37 pp	5 q
SABRSabre Corporation	2.29%	8,392,580	$96M	trimmed−20%	+0.31 pp	20 q
BABAAlibaba Group Holding Limited	2.25%	865,392	$94M	trimmed−18%	−0.50 pp	26 q
DISThe Walt Disney Company	2.15%	654,733	$90M	added+5%	+0.02 pp	9 q
ESNTEssent Group LTD	2.04%	2,070,430	$85M	trimmed−13%	−0.33 pp	8 q
unresolvedGeneral Electric Co	1.90%	871,116	$80M	trimmed−43%	−1.29 pp	3 q
WMWaste Management, Inc.	1.82%	480,432	$76M	added+8%	+0.19 pp	5 q
METAMeta Platforms, Inc. Class A	1.80%	339,209	$75M	trimmed−3%	+0.07 pp	4 q
IBNICICI Bank Limited	1.80%	3,971,967	$75M	added+4%	+0.13 pp	36 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.70%	5,093,856	$71M	added+7%	+0.64 pp	10 q
ZBHZimmer Biomet Holdings, Inc.	1.70%	556,198	$71M	added×2.3	+1.02 pp	2 q
MDLZMondelez International, Inc. Class A	1.64%	1,094,677	$69M	added+1%	+0.05 pp	5 q
CARRCarrier Global Corporation	1.37%	1,246,119	$57M	added+9%	+0.01 pp	6 q
CCitigroup Inc.	1.14%	890,340	$48M	added+1%	−0.03 pp	36 q
SNXTD SYNNEX Corporation	1.11%	448,132	$46M	added+3%	+0.02 pp	2 q
AVGOBroadcom Inc.	1.02%	67,822	$43M	trimmed−60%	−1.46 pp	9 q
KSAiShares MSCI Saudi Arabia ETF	0.88%	1,041,499	$37M	added0%	+0.15 pp	12 q
TTENTotalenergies SE -spon ADR	0.86%	710,893	$36M	added+3%	+0.11 pp	13 q
NVSNovartis AG	0.82%	391,762	$34M	added+3%	+0.09 pp	36 q
SHELShell plc	0.82%	621,887	$34M	new	+0.82 pp	new
BPBP p.l.c.	0.78%	1,111,307	$33M	trimmed−10%	+0.05 pp	20 q
JDJD.com, Inc.	0.75%	541,387	$31M	trimmed−43%	−0.70 pp	11 q
SNYSanofi	0.75%	610,183	$31M	trimmed−5%	+0.05 pp	8 q
SAPSap SE	0.72%	273,117	$30M	added+12%	−0.03 pp	13 q
QFINQfin Holdings, Inc.	0.69%	1,887,564	$29M	added+19%	−0.11 pp	7 q
AZNNAstrazeneca Plc-spons ADR	0.65%	408,155	$27M	added+24%	+0.23 pp	4 q
PUKPrudential PLC	0.65%	920,325	$27M	added+43%	+0.16 pp	24 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.57%	719,923	$24M	added+10%	+0.01 pp	16 q
TAKTakeda Pharmaceutical Company Limited	0.55%	1,601,046	$23M	added+6%	+0.10 pp	14 q
unresolvedUnilever Spn.Adr 1:1	0.53%	484,627	$22M	added+18%	+0.05 pp	5 q
RELXRelx PLC	0.51%	692,848	$22M	added+79%	+0.23 pp	5 q
DQDaqo New Energy Corp.	0.47%	475,126	$20M	added×2.8	+0.32 pp	2 q
INDAiShares MSCI India ETF	0.47%	444,715	$20M	trimmed−3%	+0.01 pp	12 q
BTIBritish American Tobacco p.l.c.	0.42%	411,924	$17M	trimmed−13%	+0.03 pp	36 q
INGING Groep N.V.	0.40%	1,592,402	$17M	added×2.5	+0.21 pp	25 q
BCSBarclays PLC	0.37%	1,950,780	$15M	added+32%	+0.03 pp	36 q
unresolvedCredit Suisse Group Spon ADR	0.30%	1,573,856	$12M	trimmed−10%	−0.07 pp	6 q
SMFGSumitomo Mitsui Financial Group, Inc	0.30%	1,978,964	$12M	trimmed−2%	0.00 pp	36 q
WITWipro Limited	0.29%	1,557,311	$12M	trimmed−3%	−0.06 pp	34 q
unresolvedGlaxosmithkline PLC	0.27%	258,378	$11M	added+45%	+0.10 pp	2 q
PKXPOSCO Holdings Inc.	0.26%	183,556	$11M	added+3%	+0.03 pp	24 q
HDBHDFC Bank Limited	0.24%	164,363	$10M	trimmed−30%	−0.09 pp	36 q
PHGKoninklijke Philips N.v.	0.19%	257,116	$8M	new	+0.19 pp	new
TTMTata Motors Limited	0.18%	268,543	$8M	added+22%	+0.03 pp	36 q
ZIMZIM Integrated Shipping Services Ltd.	0.16%	89,398	$7M	added×2.4	+0.15 pp	2 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.15%	1,130,747	$6M	trimmed−24%	−0.04 pp	9 q
FINVFinVolution Group	0.13%	1,413,070	$6M	trimmed−0%	−0.02 pp	5 q
EFAiShares MSCI EAFE ETF	0.12%	68,600	$5M	new	+0.12 pp	new
EFViShares MSCI EAFE Value ETF	0.11%	94,753	$5M	new	+0.11 pp	new
BIDUBaidu, Inc.	0.10%	31,222	$4M	trimmed−63%	−0.17 pp	24 q
SMINiShares MSCI India Small-Cap ETF	0.10%	73,308	$4M	trimmed−3%	0.00 pp	3 q
unresolvedCrescent Pt Energy Corp	0.09%	526,000	$4M	trimmed−28%	0.00 pp	2 q
RDYDr. Reddy's Laboratories Limited	0.09%	69,758	$4M	trimmed−1%	−0.01 pp	34 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.06%	20,600	$3M	trimmed−60%	−0.08 pp	3 q
MTArcelorMittal	0.05%	70,120	$2M	trimmed−75%	−0.15 pp	8 q
BXKBancolombia S.a.-spons ADR	0.05%	46,700	$2M	new	+0.05 pp	new
KBKB Financial Group Inc	0.05%	41,725	$2M	held	—	2 q
CLSCelestica, Inc.	0.04%	123,305	$1M	held	—	9 q
SNPLChina Petroleum & Chem-adr	0.04%	30,140	$1M	trimmed−3%	+0.01 pp	36 q
UMCUnited Microelectronic Corp.	0.04%	172,099	$2M	held	—	2 q
ASHAshland Inc.	0.01%	2,227	$219,000	trimmed−100%	−1.42 pp	10 q
MSFTMicrosoft Corp	0.01%	958	$295,000	new	+0.01 pp	new
TCOMTrip.com Group Limited	0.00%	8,892	$206,000	held	—	5 q
BAPCredicorp LTD	—	−1,284,148	—	exited	−3.14 pp	—
SRESempra	—	−336,677	—	exited	−0.98 pp	—
AMXNAmerica Movil-spn ADR Cl L	—	−1,918,422	—	exited	−0.89 pp	—
EXCExelon Corporation	—	−812,407	—	exited	−0.74 pp	—
RDS.ARoyal Dutch Shell PLC	—	−497,775	—	exited	−0.48 pp	—
ORCLOracle Corp	—	−233,576	—	exited	−0.45 pp	—
PDDPDD Holdings Inc.	—	−116,800	—	exited	−0.15 pp	—
VALEVale S.a.	—	−441,730	—	exited	−0.14 pp	—
CXCemex S.A.B. de C.V.	—	−542,301	—	exited	−0.08 pp	—
INMDInMode Ltd.	—	−44,577	—	exited	−0.07 pp	—
unresolvedAzul Sa-adr	—	−143,375	—	exited	−0.04 pp	—
ABBNYAbb Ltd Spons	—	−8,167	—	exited	−0.01 pp	—
EWMiShares MSCI Malaysia ETF	—	−18,804	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 6 unresolved
Accession: 0001567619-22-010488
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 2022-03-31
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2022-03-31

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