Causeway Capital

Q3 2022 13F · by Sarah Ketterer, CEO

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $3.6B · prev $4.0B
Positions: 81 · prev 80
Options notional: $0
Documents: 1· no amendments

Picture86.4% US stock

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

US stock listed on a US exchange 86.4%
Foreign stock not listed in the US 13.6%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves91 since the prior filing

+16.9 pp in · −16.8 pp out

New 14 +8.15 pp
Added 19 +8.74 pp
Trimmed 45 −13.29 pp
Exited 13 −3.56 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 59% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions44% of US stock

CNI Canadian National Railway trimmed−0.12 pp trimmed−0.1214.1%
unresolved Ryanair Holdings PLC ADR added+1.17 pp added+1.1712.5%
EFA iShares MSCI EAFE ETF added+6.67 pp added+6.676.7%
TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed−0.49 pp trimmed−0.496.5%
EFV iShares MSCI EAFE Value ETF new+4.53 pp new+4.534.5%

Positions81 in this filing · 13 exited


CNICanadian National Railway	14.10%	4,659,452	$503M	trimmed−8%	−0.12 pp	4 q
unresolvedRyanair Holdings PLC ADR	12.49%	7,633,572	$446M	added+13%	+1.17 pp	25 q
EFAiShares MSCI EAFE ETF	6.70%	4,269,452	$239M	added×203.4	+6.67 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	6.47%	3,369,625	$231M	trimmed−1%	−0.49 pp	38 q
EFViShares MSCI EAFE Value ETF	4.53%	4,197,000	$162M	new	+4.53 pp	new
GGenpact Limited	2.62%	2,137,481	$94M	trimmed−20%	−0.19 pp	10 q
LVSLas Vegas Sands Corp.	2.37%	2,251,659	$84M	trimmed−18%	+0.07 pp	9 q
BABAAlibaba Group Holding Limited	2.26%	1,010,193	$81M	added+21%	−0.11 pp	28 q
FISVFiserv, Inc.	2.18%	833,222	$78M	trimmed−33%	−0.59 pp	8 q
CNXCConcentrix Corporation	2.00%	640,383	$71M	trimmed−4%	−0.26 pp	8 q
BKNGBooking Holdings Inc.	1.81%	39,404	$65M	trimmed−9%	−0.09 pp	9 q
GOOGAlphabet Inc. Class C	1.77%	657,847	$63M	trimmed−11%	−0.25 pp	9 q
BERYBerry Global Group, Inc.	1.72%	1,318,629	$61M	trimmed−23%	−0.62 pp	6 q
IBNICICI Bank Limited	1.70%	2,901,338	$61M	trimmed−9%	+0.29 pp	38 q
DISThe Walt Disney Company	1.68%	634,822	$60M	trimmed−12%	−0.03 pp	11 q
LDOSLeidos Holdings, Inc.	1.57%	639,574	$56M	trimmed−20%	−0.44 pp	18 q
CARRCarrier Global Corporation	1.48%	1,483,328	$53M	trimmed−31%	−0.43 pp	8 q
MDLZMondelez International, Inc. Class A	1.40%	912,462	$50M	trimmed−13%	−0.22 pp	7 q
KSAiShares MSCI Saudi Arabia ETF	1.37%	1,189,133	$49M	added+16%	+0.31 pp	14 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.36%	4,374,581	$48M	trimmed−13%	+0.02 pp	12 q
ZBHZimmer Biomet Holdings, Inc.	1.35%	459,209	$48M	trimmed−12%	−0.02 pp	4 q
METAMeta Platforms, Inc. Class A	1.24%	326,509	$44M	added+1%	−0.06 pp	6 q
DQDaqo New Energy Corp.	1.22%	820,257	$44M	added+1%	−0.22 pp	4 q
WFCWells Fargo & Co.	1.22%	1,084,255	$44M	trimmed−12%	+0.01 pp	2 q
CCitigroup Inc.	1.19%	1,018,635	$42M	trimmed−1%	+0.01 pp	38 q
0LW9Westrock Co	1.13%	1,303,405	$40M	added+11%	−0.04 pp	7 q
unresolvedGeneral Electric Co	1.09%	626,353	$39M	trimmed−45%	−0.71 pp	5 q
VALEVale S.a.	0.97%	2,610,526	$35M	added+9%	+0.10 pp	2 q
INFYInfosys Limited	0.96%	2,022,861	$34M	trimmed−45%	−0.74 pp	38 q
PDDPDD Holdings Inc.	0.88%	501,312	$31M	added×2.3	+0.54 pp	2 q
SNXTD SYNNEX Corporation	0.88%	384,915	$31M	trimmed−14%	−0.13 pp	4 q
JDJD.com, Inc.	0.79%	559,200	$28M	added+17%	+0.03 pp	13 q
PUKPrudential PLC	0.71%	1,267,882	$25M	added+14%	+0.02 pp	26 q
QFINQfin Holdings, Inc.	0.70%	1,959,051	$25M	trimmed−1%	−0.15 pp	9 q
SAPSap SE	0.64%	280,112	$23M	trimmed−5%	−6.02 pp	15 q
unresolvedUnilever Spn.Adr 1:1	0.62%	505,659	$22M	trimmed−15%	−0.06 pp	7 q
BIDUBaidu, Inc.	0.59%	179,435	$21M	added+2%	−0.06 pp	26 q
NVSNovartis AG	0.58%	270,830	$21M	trimmed−13%	−0.08 pp	38 q
SABRSabre Corporation	0.58%	4,028,922	$21M	trimmed−56%	−0.75 pp	22 q
FXIiShares China Large-Cap ETF	0.54%	738,612	$19M	new	+0.54 pp	new
JLLJones Lang LaSalle, Inc.	0.54%	127,712	$19M	added+2%	0.00 pp	2 q
KWEBKraneShares CSI China Internet ETF	0.54%	778,936	$19M	new	+0.54 pp	new
AVTRAvantor, Inc.	0.52%	939,344	$18M	new	+0.52 pp	new
AVGOBroadcom Inc.	0.52%	42,061	$19M	trimmed−6%	−0.03 pp	11 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.52%	681,296	$18M	new	+0.52 pp	new
RELXRelx PLC	0.52%	765,477	$19M	trimmed−7%	−0.03 pp	7 q
TAKTakeda Pharmaceutical Company Limited	0.52%	1,430,705	$19M	trimmed−5%	−0.01 pp	16 q
SNYSanofi	0.49%	464,067	$18M	trimmed−7%	−0.13 pp	10 q
AZNNAstrazeneca Plc-spons ADR	0.47%	304,613	$17M	trimmed−9%	−0.08 pp	6 q
INGING Groep N.V.	0.45%	1,892,251	$16M	added+17%	+0.05 pp	27 q
BCSBarclays PLC	0.43%	2,409,008	$15M	trimmed−5%	−0.05 pp	38 q
TMETencent Music Entertainment Group	0.39%	3,417,205	$14M	new	+0.39 pp	new
VEAVanguard FTSE Developed Markets ETF	0.37%	363,849	$13M	trimmed−29%	−0.15 pp	2 q
EWYiShares MSCI South Korea ETF	0.35%	263,224	$12M	new	+0.35 pp	new
PHGKoninklijke Philips N.v.	0.32%	752,742	$12M	added+21%	−0.01 pp	3 q
TTENTotalenergies SE -spon ADR	0.28%	211,205	$10M	trimmed−28%	−0.11 pp	15 q
BTIBritish American Tobacco p.l.c.	0.27%	268,828	$10M	trimmed−19%	−0.08 pp	38 q
SMFGSumitomo Mitsui Financial Group, Inc	0.27%	1,729,467	$10M	trimmed−8%	−0.01 pp	38 q
BPBP p.l.c.	0.26%	331,054	$9M	trimmed−33%	−0.09 pp	22 q
HDBHDFC Bank Limited	0.26%	156,500	$9M	added+3%	+0.05 pp	38 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.24%	144,364	$8M	added×2.4	+0.16 pp	2 q
INDAiShares MSCI India ETF	0.24%	212,831	$9M	trimmed−38%	−0.10 pp	14 q
RIORio Tinto plc	0.24%	155,532	$9M	new	+0.24 pp	new
TTMTata Motors Limited	0.24%	355,503	$9M	added+44%	+0.08 pp	38 q
BUDAnheuser-Busch INBEV SA/NV	0.17%	131,098	$6M	new	+0.17 pp	new
PKXPOSCO Holdings Inc.	0.17%	168,208	$6M	trimmed−2%	−0.02 pp	26 q
GSKGSK plc	0.15%	183,544	$5M	trimmed−11%	−0.13 pp	2 q
BXKBancolombia S.a.-spons ADR	0.13%	186,412	$5M	trimmed−13%	−0.03 pp	3 q
RDYDr. Reddy's Laboratories Limited	0.13%	85,969	$5M	added+82%	+0.06 pp	36 q
MTArcelorMittal	0.11%	198,482	$4M	new	+0.11 pp	new
VIPSVipshop Holdings Limited	0.11%	460,500	$4M	new	+0.11 pp	new
MOMOHello Group Inc.	0.05%	424,876	$2M	new	+0.05 pp	new
URTHiShares MSCI World ETF	0.05%	17,186	$2M	new	+0.05 pp	new
SMINiShares MSCI India Small-Cap ETF	0.05%	36,165	$2M	trimmed−34%	−0.02 pp	5 q
KBKB Financial Group Inc	0.04%	41,725	$1M	held	—	4 q
WITWipro Limited	0.04%	327,145	$2M	trimmed−75%	−0.13 pp	36 q
NTESNetEase, inc.	0.03%	13,177	$996,000	trimmed−75%	−0.09 pp	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	2,519	$900,000	new	+0.03 pp	new
UMCUnited Microelectronic Corp.	0.03%	172,099	$959,000	held	—	4 q
ACWIiShares MSCI ACWI ETF	0.02%	9,549	$743,000	trimmed−29%	−0.01 pp	2 q
TCOMTrip.com Group Limited	0.01%	8,892	$243,000	held	—	7 q
WMWaste Management, Inc.	—	−349,972	—	exited	−1.34 pp	—
ESNTEssent Group LTD	—	−1,314,173	—	exited	−1.28 pp	—
SHELShell plc	—	−191,452	—	exited	−0.25 pp	—
unresolvedCredit Suisse Group Spon ADR	—	−1,347,695	—	exited	−0.19 pp	—
BBVABanco Bilbao Vizcaya Argentaria, S.A.	—	−1,506,786	—	exited	−0.17 pp	—
ZIMZIM Integrated Shipping Services Ltd.	—	−114,397	—	exited	−0.13 pp	—
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	—	−32,794	—	exited	−0.08 pp	—
FMXFomento Economico Mexicano, S.a.b. De C.v.	—	−30,578	—	exited	−0.05 pp	—
SNPLChina Petroleum & Chem-adr	—	−30,140	—	exited	−0.03 pp	—
ASHAshland Inc.	—	−2,135	—	exited	−0.01 pp	—
SCZiShares MSCI EAFE Small-Cap ETF	—	−7,800	—	exited	−0.01 pp	—
MSFTMicrosoft Corp	—	−941	—	exited	−0.01 pp	—
VEUVanguard FTSE All-World Ex-US ETF	—	−5,346	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 3 unresolved
Accession: 0001567619-22-019807
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 2022-09-30
A security outside the official 13F list — CUSIP 783513104 not on the Official 13(f) List for 2022-09-30

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