Causeway Capital

Q4 2022 13F · by Sarah Ketterer, CEO

As of: Dec 31, 2022
Filed: Feb 10, 2023
US stock: $3.4B · prev $3.6B
Positions: 83 · prev 81
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves94 since the prior filing

+29.6 pp in · −29.6 pp out

New 14 +21.69 pp
Added 19 +7.89 pp
Trimmed 49 −9.81 pp
Exited 12 −19.81 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 108% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions44% of US stock

Positions83 in this filing · 12 exited


RYAAYRyanair Holdings plc	16.71%	7,697,953	$575M	new	+16.71 pp	new
CNICanadian National Railway	14.60%	4,237,427	$503M	trimmed−9%	+0.50 pp	5 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	6.61%	3,058,834	$228M	trimmed−9%	+0.14 pp	39 q
BABAAlibaba Group Holding Limited	3.54%	1,384,838	$122M	added+37%	+1.28 pp	29 q
CNXCConcentrix Corporation	2.43%	628,313	$84M	trimmed−2%	+0.43 pp	9 q
DISThe Walt Disney Company	1.99%	788,927	$69M	added+24%	+0.31 pp	12 q
GGenpact Limited	1.97%	1,467,140	$68M	trimmed−31%	−0.65 pp	11 q
PDDPDD Holdings Inc.	1.93%	813,151	$66M	added+62%	+1.05 pp	3 q
FISVFiserv, Inc.	1.90%	647,477	$65M	trimmed−22%	−0.28 pp	9 q
BERYBerry Global Group, Inc.	1.89%	1,078,587	$65M	trimmed−18%	+0.17 pp	7 q
BKNGBooking Holdings Inc.	1.84%	31,513	$64M	trimmed−20%	+0.03 pp	10 q
LVSLas Vegas Sands Corp.	1.81%	1,294,587	$62M	trimmed−43%	−0.56 pp	10 q
GOOGAlphabet Inc. Class C	1.76%	684,943	$61M	added+4%	−0.01 pp	10 q
CARRCarrier Global Corporation	1.73%	1,445,803	$60M	trimmed−3%	+0.25 pp	9 q
CCitigroup Inc.	1.70%	1,297,826	$59M	added+27%	+0.51 pp	39 q
GEGE Aerospace	1.60%	655,810	$55M	new	+1.60 pp	new
ZBHZimmer Biomet Holdings, Inc.	1.60%	431,962	$55M	trimmed−6%	+0.25 pp	5 q
IBNICICI Bank Limited	1.56%	2,455,065	$54M	trimmed−15%	−0.14 pp	39 q
0LW9Westrock Co	1.52%	1,488,996	$52M	added+14%	+0.39 pp	8 q
MDLZMondelez International, Inc. Class A	1.48%	763,782	$51M	trimmed−16%	+0.08 pp	8 q
JDJD.com, Inc.	1.36%	836,240	$47M	added+50%	+0.57 pp	14 q
QFINQfin Holdings, Inc.	1.36%	2,298,521	$47M	added+17%	+0.66 pp	10 q
TMETencent Music Entertainment Group	1.35%	5,632,488	$47M	added+65%	+0.96 pp	2 q
FINVFinVolution Group	1.19%	8,270,022	$41M	new	+1.19 pp	new
METAMeta Platforms, Inc. Class A	1.09%	312,243	$38M	trimmed−4%	−0.15 pp	7 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.07%	3,963,694	$37M	trimmed−9%	−0.29 pp	13 q
PUKPrudential PLC	1.05%	1,310,509	$36M	added+3%	+0.34 pp	27 q
SNXTD SYNNEX Corporation	1.01%	368,775	$35M	trimmed−4%	+0.13 pp	5 q
VIPSVipshop Holdings Limited	1.00%	2,528,434	$34M	added×5.5	+0.89 pp	2 q
LDOSLeidos Holdings, Inc.	0.99%	325,545	$34M	trimmed−49%	−0.58 pp	19 q
DQDaqo New Energy Corp.	0.88%	784,255	$30M	trimmed−4%	−0.34 pp	5 q
AVTRAvantor, Inc.	0.83%	1,362,265	$29M	added+45%	+0.31 pp	2 q
SAPSap SE	0.81%	269,757	$28M	trimmed−4%	+0.17 pp	16 q
WFCWells Fargo & Co.	0.78%	652,582	$27M	trimmed−40%	−0.44 pp	3 q
BBDBanco Bradesco S.A.	0.73%	8,713,912	$25M	new	+0.73 pp	new
SABRSabre Corporation	0.66%	3,661,979	$23M	trimmed−9%	+0.08 pp	23 q
unresolvedUnilever Spn.Adr 1:1	0.64%	437,645	$22M	trimmed−13%	+0.02 pp	8 q
JLLJones Lang LaSalle, Inc.	0.63%	136,119	$22M	added+7%	+0.09 pp	3 q
TAKTakeda Pharmaceutical Company Limited	0.60%	1,330,042	$21M	trimmed−7%	+0.08 pp	17 q
TERTeradyne, Inc.	0.60%	238,375	$21M	new	+0.60 pp	new
AVGOBroadcom Inc.	0.59%	36,589	$20M	trimmed−13%	+0.07 pp	12 q
NVSNovartis AG	0.59%	222,832	$20M	trimmed−18%	+0.01 pp	39 q
BCSBarclays PLC	0.58%	2,548,012	$20M	added+6%	+0.15 pp	39 q
AZNNAstrazeneca Plc-spons ADR	0.57%	288,620	$20M	trimmed−5%	+0.10 pp	7 q
SNYSanofi	0.57%	404,457	$20M	trimmed−13%	+0.08 pp	11 q
RELXRelx PLC	0.56%	701,003	$19M	trimmed−8%	+0.04 pp	8 q
KSAiShares MSCI Saudi Arabia ETF	0.55%	502,228	$19M	trimmed−58%	−0.82 pp	15 q
INFYInfosys Limited	0.53%	1,019,249	$18M	trimmed−50%	−0.43 pp	39 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.52%	633,191	$18M	trimmed−7%	0.00 pp	2 q
INGING Groep N.V.	0.45%	1,273,863	$16M	trimmed−33%	0.00 pp	28 q
SMFGSumitomo Mitsui Financial Group, Inc	0.38%	1,623,736	$13M	trimmed−6%	+0.11 pp	39 q
BIDUBaidu, Inc.	0.37%	112,516	$13M	trimmed−37%	−0.22 pp	27 q
ATHMAutohome Inc.	0.36%	410,057	$13M	new	+0.36 pp	new
PHGKoninklijke Philips N.v.	0.36%	826,691	$12M	added+10%	+0.04 pp	4 q
BPBP p.l.c.	0.32%	316,851	$11M	trimmed−4%	+0.06 pp	23 q
RIORio Tinto plc	0.32%	153,074	$11M	trimmed−2%	+0.08 pp	2 q
HDBHDFC Bank Limited	0.31%	154,659	$11M	trimmed−1%	+0.05 pp	39 q
BUDAnheuser-Busch INBEV SA/NV	0.30%	174,453	$10M	added+33%	+0.13 pp	2 q
TTENTotalenergies SE -spon ADR	0.30%	165,836	$10M	trimmed−21%	+0.02 pp	16 q
VEAVanguard FTSE Developed Markets ETF	0.27%	223,851	$9M	trimmed−38%	−0.10 pp	3 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.25%	125,225	$9M	trimmed−13%	+0.01 pp	3 q
GSKGSK plc	0.24%	237,033	$8M	added+29%	+0.09 pp	3 q
TTMTata Motors Limited	0.24%	351,070	$8M	trimmed−1%	0.00 pp	39 q
PKXPOSCO Holdings Inc.	0.22%	140,402	$8M	trimmed−17%	+0.05 pp	27 q
BTIBritish American Tobacco p.l.c.	0.21%	185,204	$7M	trimmed−31%	−0.06 pp	39 q
MOMOHello Group Inc.	0.16%	615,635	$6M	added+45%	+0.11 pp	2 q
RDYDr. Reddy's Laboratories Limited	0.15%	100,822	$5M	added+17%	+0.02 pp	37 q
INDAiShares MSCI India ETF	0.13%	104,450	$4M	trimmed−51%	−0.11 pp	15 q
MMYTMakeMyTrip Limited	0.13%	157,957	$4M	new	+0.13 pp	new
CLSCelestica, Inc.	0.11%	333,794	$4M	new	+0.11 pp	new
unresolvedCrescent Pt Energy Corp	0.10%	466,196	$3M	new	+0.10 pp	new
MTArcelorMittal	0.09%	112,672	$3M	trimmed−43%	−0.02 pp	2 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.07%	22,691	$2M	new	+0.07 pp	new
KBKB Financial Group Inc	0.05%	41,725	$2M	held	—	5 q
INMDInMode Ltd.	0.05%	45,119	$2M	new	+0.05 pp	new
EFAiShares MSCI EAFE ETF	0.04%	19,596	$1M	trimmed−100%	−6.66 pp	4 q
WITWipro Limited	0.04%	320,065	$1M	trimmed−2%	0.00 pp	37 q
UMCUnited Microelectronic Corp.	0.03%	141,145	$921,677	trimmed−18%	0.00 pp	5 q
VALEVale S.a.	0.03%	51,213	$869,085	trimmed−98%	−0.94 pp	3 q
SMINiShares MSCI India Small-Cap ETF	0.02%	14,581	$754,713	trimmed−60%	−0.03 pp	6 q
TRMDTORM plc Class A	0.02%	23,440	$667,422	new	+0.02 pp	new
CGAUCenterra Gold Inc.	0.01%	74,000	$382,848	new	+0.01 pp	new
ERFEnerplus Corporation	0.01%	25,478	$449,407	new	+0.01 pp	new
unresolvedRyanair Holdings PLC ADR	—	−7,633,572	—	exited	−12.49 pp	—
EFViShares MSCI EAFE Value ETF	—	−4,197,000	—	exited	−4.53 pp	—
unresolvedGeneral Electric Co	—	−626,353	—	exited	−1.09 pp	—
FXIiShares China Large-Cap ETF	—	−738,612	—	exited	−0.54 pp	—
KWEBKraneShares CSI China Internet ETF	—	−778,936	—	exited	−0.54 pp	—
EWYiShares MSCI South Korea ETF	—	−263,224	—	exited	−0.35 pp	—
BXKBancolombia S.a.-spons ADR	—	−186,412	—	exited	−0.13 pp	—
URTHiShares MSCI World ETF	—	−17,186	—	exited	−0.05 pp	—
NTESNetEase, inc.	—	−13,177	—	exited	−0.03 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−2,519	—	exited	−0.03 pp	—
ACWIiShares MSCI ACWI ETF	—	−9,549	—	exited	−0.02 pp	—
TCOMTrip.com Group Limited	—	−8,892	—	exited	−0.01 pp	—