Causeway Capital

Q2 2022 13F · by Sarah Ketterer, CEO

As of: Jun 30, 2022
Filed: Aug 15, 2022
US stock: $4.0B · prev $4.2B
Positions: 80 · prev 75
Options notional: $0
Documents: 1· no amendments

Picture86.9% US stock

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

US stock listed on a US exchange 86.9%
Foreign stock not listed in the US 13.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves83 since the prior filing

+15.3 pp in · −15.3 pp out

New 12 +4.06 pp
Added 24 +11.23 pp
Trimmed 40 −14.05 pp
Exited 7 −1.26 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 41% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions42% of US stock

CNI Canadian National Railway added+5.97 pp added+5.9714.2%
unresolved Ryanair Holdings PLC ADR added−1.82 pp added−1.8211.3%
TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed−2.12 pp trimmed−2.127.0%
SAP Sap SE added+5.94 pp added+5.946.7%
G Genpact Limited trimmed−0.03 pp trimmed−0.032.8%

Positions80 in this filing · 7 exited


CNICanadian National Railway	14.22%	5,070,035	$570M	added+97%	+5.97 pp	3 q
unresolvedRyanair Holdings PLC ADR	11.32%	6,746,345	$454M	added+7%	−1.82 pp	24 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	6.96%	3,413,389	$279M	trimmed−6%	−2.12 pp	37 q
SAPSap SE	6.66%	294,130	$267M	added+8%	+5.94 pp	14 q
GGenpact Limited	2.81%	2,656,908	$113M	trimmed−3%	−0.03 pp	9 q
FISVFiserv, Inc.	2.77%	1,246,890	$111M	trimmed−9%	−0.56 pp	7 q
BABAAlibaba Group Holding Limited	2.37%	834,869	$95M	trimmed−4%	+0.12 pp	27 q
BERYBerry Global Group, Inc.	2.34%	1,716,873	$94M	added+1%	0.00 pp	5 q
LVSLas Vegas Sands Corp.	2.30%	2,747,061	$92M	added+8%	−0.07 pp	8 q
CNXCConcentrix Corporation	2.26%	667,478	$91M	added+10%	−0.15 pp	7 q
GOOGAlphabet Inc. Class C	2.02%	37,110	$81M	trimmed−33%	−1.69 pp	8 q
LDOSLeidos Holdings, Inc.	2.01%	800,609	$81M	trimmed−17%	−0.47 pp	17 q
CARRCarrier Global Corporation	1.91%	2,150,892	$77M	added+73%	+0.54 pp	7 q
BKNGBooking Holdings Inc.	1.90%	43,501	$76M	trimmed−14%	−0.94 pp	8 q
unresolvedGeneral Electric Co	1.80%	1,131,604	$72M	added+30%	−0.10 pp	4 q
DISThe Walt Disney Company	1.71%	724,540	$68M	added+11%	−0.44 pp	10 q
INFYInfosys Limited	1.70%	3,681,324	$68M	trimmed−29%	−1.39 pp	37 q
MDLZMondelez International, Inc. Class A	1.62%	1,048,425	$65M	trimmed−4%	−0.02 pp	6 q
DQDaqo New Energy Corp.	1.44%	811,490	$58M	added+71%	+0.97 pp	3 q
IBNICICI Bank Limited	1.41%	3,187,242	$57M	trimmed−20%	−0.39 pp	37 q
ZBHZimmer Biomet Holdings, Inc.	1.37%	521,773	$55M	trimmed−6%	−0.33 pp	3 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.34%	5,055,779	$54M	trimmed−1%	−0.36 pp	11 q
WMWaste Management, Inc.	1.34%	349,972	$54M	trimmed−27%	−0.48 pp	6 q
SABRSabre Corporation	1.33%	9,166,048	$53M	added+9%	−0.96 pp	21 q
METAMeta Platforms, Inc. Class A	1.30%	322,288	$52M	trimmed−5%	−0.50 pp	5 q
ESNTEssent Group LTD	1.28%	1,314,173	$51M	trimmed−37%	−0.76 pp	9 q
WFCWells Fargo & Co.	1.21%	1,236,279	$48M	new	+1.21 pp	new
CCitigroup Inc.	1.18%	1,027,039	$47M	added+15%	+0.04 pp	37 q
0LW9Westrock Co	1.17%	1,178,609	$47M	trimmed−43%	−1.16 pp	6 q
KSAiShares MSCI Saudi Arabia ETF	1.06%	1,029,242	$43M	trimmed−1%	+0.18 pp	13 q
SNXTD SYNNEX Corporation	1.01%	445,653	$41M	trimmed−1%	−0.10 pp	3 q
VALEVale S.a.	0.87%	2,392,131	$35M	new	+0.87 pp	new
QFINQfin Holdings, Inc.	0.85%	1,980,192	$34M	added+5%	+0.16 pp	8 q
JDJD.com, Inc.	0.76%	477,386	$31M	trimmed−12%	+0.01 pp	12 q
PUKPrudential PLC	0.69%	1,109,096	$28M	added+21%	+0.04 pp	25 q
unresolvedUnilever Spn.Adr 1:1	0.68%	594,188	$27M	added+23%	+0.15 pp	6 q
NVSNovartis AG	0.66%	312,341	$26M	trimmed−20%	−0.16 pp	37 q
BIDUBaidu, Inc.	0.65%	175,696	$26M	added×5.6	+0.55 pp	25 q
SNYSanofi	0.62%	496,681	$25M	trimmed−19%	−0.13 pp	9 q
AZNNAstrazeneca Plc-spons ADR	0.55%	333,897	$22M	trimmed−18%	−0.10 pp	5 q
AVGOBroadcom Inc.	0.55%	44,982	$22M	trimmed−34%	−0.47 pp	10 q
RELXRelx PLC	0.55%	820,336	$22M	added+18%	+0.04 pp	6 q
JLLJones Lang LaSalle, Inc.	0.54%	124,715	$22M	new	+0.54 pp	new
TAKTakeda Pharmaceutical Company Limited	0.53%	1,506,823	$21M	trimmed−6%	−0.02 pp	15 q
VEAVanguard FTSE Developed Markets ETF	0.52%	511,822	$21M	new	+0.52 pp	new
BCSBarclays PLC	0.48%	2,542,190	$19M	added+30%	+0.11 pp	37 q
INGING Groep N.V.	0.40%	1,613,204	$16M	added+1%	0.00 pp	26 q
TTENTotalenergies SE -spon ADR	0.39%	294,802	$16M	trimmed−59%	−0.47 pp	14 q
BPBP p.l.c.	0.35%	496,518	$14M	trimmed−55%	−0.43 pp	21 q
BTIBritish American Tobacco p.l.c.	0.35%	330,544	$14M	trimmed−20%	−0.07 pp	37 q
INDAiShares MSCI India ETF	0.34%	345,566	$14M	trimmed−22%	−0.13 pp	13 q
PDDPDD Holdings Inc.	0.34%	218,559	$14M	new	+0.34 pp	new
PHGKoninklijke Philips N.v.	0.33%	622,890	$13M	added×2.3	+0.14 pp	2 q
GSKGSK plc	0.28%	258,163	$11M	new	+0.28 pp	new
SMFGSumitomo Mitsui Financial Group, Inc	0.28%	1,876,056	$11M	trimmed−5%	−0.02 pp	37 q
SHELShell plc	0.25%	191,452	$10M	trimmed−69%	−0.57 pp	2 q
HDBHDFC Bank Limited	0.21%	152,417	$8M	trimmed−7%	−0.03 pp	37 q
unresolvedCredit Suisse Group Spon ADR	0.19%	1,347,695	$8M	trimmed−14%	−0.11 pp	7 q
PKXPOSCO Holdings Inc.	0.19%	170,913	$8M	trimmed−7%	−0.07 pp	25 q
BBVABanco Bilbao Vizcaya Argentaria, S.A.	0.17%	1,506,786	$7M	added+33%	+0.02 pp	10 q
WITWipro Limited	0.17%	1,283,596	$7M	trimmed−18%	−0.12 pp	35 q
BXKBancolombia S.a.-spons ADR	0.16%	214,414	$7M	added×4.6	+0.11 pp	2 q
TTMTata Motors Limited	0.16%	246,987	$6M	trimmed−8%	−0.02 pp	37 q
ZIMZIM Integrated Shipping Services Ltd.	0.13%	114,397	$5M	added+28%	−0.03 pp	3 q
NTESNetEase, inc.	0.12%	53,187	$5M	new	+0.12 pp	new
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.08%	59,514	$3M	new	+0.08 pp	new
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.08%	32,794	$3M	added+59%	+0.02 pp	4 q
RDYDr. Reddy's Laboratories Limited	0.07%	47,253	$3M	trimmed−32%	−0.02 pp	35 q
SMINiShares MSCI India Small-Cap ETF	0.07%	55,041	$3M	trimmed−25%	−0.03 pp	4 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.05%	30,578	$2M	new	+0.05 pp	new
KBKB Financial Group Inc	0.04%	41,725	$2M	held	—	3 q
SNPLChina Petroleum & Chem-adr	0.03%	30,140	$1M	held	—	37 q
EFAiShares MSCI EAFE ETF	0.03%	20,994	$1M	trimmed−69%	−0.09 pp	2 q
ACWIiShares MSCI ACWI ETF	0.03%	13,391	$1M	new	+0.03 pp	new
UMCUnited Microelectronic Corp.	0.03%	172,099	$1M	held	—	3 q
ASHAshland Inc.	0.01%	2,135	$220,000	trimmed−4%	0.00 pp	11 q
SCZiShares MSCI EAFE Small-Cap ETF	0.01%	7,800	$426,000	new	+0.01 pp	new
MSFTMicrosoft Corp	0.01%	941	$242,000	trimmed−2%	0.00 pp	2 q
TCOMTrip.com Group Limited	0.01%	8,892	$244,000	held	—	6 q
VEUVanguard FTSE All-World Ex-US ETF	0.01%	5,346	$267,000	new	+0.01 pp	new
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	—	−719,923	—	exited	−0.57 pp	—
unresolvedGlaxosmithkline PLC	—	−258,378	—	exited	−0.27 pp	—
FINVFinVolution Group	—	−1,413,070	—	exited	−0.13 pp	—
EFViShares MSCI EAFE Value ETF	—	−94,753	—	exited	−0.11 pp	—
unresolvedCrescent Pt Energy Corp	—	−526,000	—	exited	−0.09 pp	—
MTArcelorMittal	—	−70,120	—	exited	−0.05 pp	—
CLSCelestica, Inc.	—	−123,305	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 3 defects · 4 unresolved
Accession: 0001567619-22-016013
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 2022-06-30
A security outside the official 13F list — CUSIP 37733W204 not on the Official 13(f) List for 2022-06-30
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2022-06-30

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