Causeway Capital

Q1 2023 13F · by Sarah Ketterer, CEO

As of: Mar 31, 2023
Filed: May 12, 2023
US stock: $4.2B · prev $3.4B
Positions: 81 · prev 83
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%

Moves93 since the prior filing

+15.3 pp in · −15.3 pp out

New 10 +9.15 pp
Added 35 +6.15 pp
Trimmed 36 −8.38 pp
Exited 12 −6.94 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 42% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions49% of US stock

RYAAY Ryanair Holdings plc added+4.19 pp added+4.1920.9%
CNI Canadian National Railway added−1.22 pp added−1.2213.4%
TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed−0.51 pp trimmed−0.516.1%
UBS UBS Group AG new+4.89 pp new+4.894.9%
BBD Banco Bradesco S.A. added+2.76 pp added+2.763.5%

Positions81 in this filing · 12 exited


RYAAYRyanair Holdings plc	20.90%	9,242,910	$872M	added+20%	+4.19 pp	2 q
CNICanadian National Railway	13.38%	4,732,894	$558M	added+12%	−1.22 pp	6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	6.10%	2,736,507	$255M	trimmed−11%	−0.51 pp	40 q
UBSUBS Group AG	4.89%	9,650,640	$204M	new	+4.89 pp	new
BBDBanco Bradesco S.A.	3.49%	55,569,677	$146M	added×6.4	+2.76 pp	2 q
BABAAlibaba Group Holding Limited	3.26%	1,332,096	$136M	trimmed−4%	−0.28 pp	30 q
GOOGAlphabet Inc. Class C	2.28%	912,756	$95M	added+33%	+0.52 pp	11 q
DISThe Walt Disney Company	1.89%	789,059	$79M	added0%	−0.10 pp	13 q
FISVFiserv, Inc.	1.86%	685,594	$77M	added+6%	−0.04 pp	10 q
CNXCConcentrix Corporation	1.82%	625,631	$76M	trimmed−0%	−0.61 pp	10 q
METAMeta Platforms, Inc. Class A	1.64%	322,736	$68M	added+3%	+0.55 pp	8 q
GGenpact Limited	1.64%	1,477,351	$68M	added+1%	−0.33 pp	12 q
CCitigroup Inc.	1.60%	1,419,071	$67M	added+9%	−0.10 pp	40 q
0LW9Westrock Co	1.55%	2,117,015	$65M	added+42%	+0.03 pp	9 q
CARRCarrier Global Corporation	1.52%	1,387,599	$63M	trimmed−4%	−0.21 pp	10 q
PDDPDD Holdings Inc.	1.49%	820,918	$62M	added+1%	−0.44 pp	4 q
BERYBerry Global Group, Inc.	1.38%	978,019	$58M	trimmed−9%	−0.51 pp	8 q
MDLZMondelez International, Inc. Class A	1.38%	826,837	$58M	added+8%	−0.10 pp	9 q
ZBHZimmer Biomet Holdings, Inc.	1.31%	423,890	$55M	trimmed−2%	−0.29 pp	6 q
TMETencent Music Entertainment Group	1.26%	6,361,744	$53M	added+13%	−0.09 pp	3 q
BAPCredicorp LTD	1.22%	384,722	$51M	new	+1.22 pp	new
SNXTD SYNNEX Corporation	1.17%	505,856	$49M	added+37%	+0.16 pp	6 q
VIPSVipshop Holdings Limited	1.12%	3,068,182	$47M	added+21%	+0.12 pp	3 q
LDOSLeidos Holdings, Inc.	1.04%	471,245	$43M	added+45%	+0.05 pp	20 q
QFINQfin Holdings, Inc.	1.01%	2,180,909	$42M	trimmed−5%	−0.35 pp	11 q
FINVFinVolution Group	0.90%	8,973,876	$37M	added+9%	−0.29 pp	2 q
IBNICICI Bank Limited	0.86%	1,663,273	$36M	trimmed−32%	−0.70 pp	40 q
SAPSap SE	0.86%	282,974	$36M	added+5%	+0.05 pp	17 q
GGBGerdau S.A.	0.84%	7,063,831	$35M	new	+0.84 pp	new
JLLJones Lang LaSalle, Inc.	0.77%	220,239	$32M	added+62%	+0.14 pp	4 q
PCGPG&E Corporation	0.76%	1,949,856	$32M	new	+0.76 pp	new
DQDaqo New Energy Corp.	0.75%	663,869	$31M	trimmed−15%	−0.13 pp	6 q
AVTRAvantor, Inc.	0.73%	1,446,123	$31M	added+6%	−0.10 pp	3 q
PUKPrudential PLC	0.66%	1,011,726	$28M	trimmed−23%	−0.39 pp	28 q
AZNNAstrazeneca Plc-spons ADR	0.54%	323,703	$22M	added+12%	−0.03 pp	8 q
NVSNovartis AG	0.54%	245,707	$23M	added+10%	−0.05 pp	40 q
EXEExpand Energy Corporation	0.53%	291,027	$22M	new	+0.53 pp	new
RELXRelx PLC	0.53%	682,880	$22M	trimmed−3%	−0.03 pp	9 q
BCSBarclays PLC	0.51%	2,941,009	$21M	added+15%	−0.07 pp	40 q
JDJD.com, Inc.	0.49%	464,782	$20M	trimmed−44%	−0.87 pp	15 q
ATHMAutohome Inc.	0.48%	597,557	$20M	added+46%	+0.12 pp	2 q
MOMOHello Group Inc.	0.48%	2,208,259	$20M	added×3.6	+0.32 pp	3 q
unresolvedUnilever Spn.Adr 1:1	0.48%	385,066	$20M	trimmed−12%	−0.16 pp	9 q
INGING Groep N.V.	0.46%	1,615,635	$19M	added+27%	+0.01 pp	29 q
SNYSanofi	0.45%	342,418	$19M	trimmed−15%	−0.12 pp	12 q
TAKTakeda Pharmaceutical Company Limited	0.45%	1,129,366	$19M	trimmed−15%	−0.15 pp	18 q
PHGKoninklijke Philips N.v.	0.44%	1,006,811	$18M	added+22%	+0.08 pp	5 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.40%	568,908	$17M	trimmed−10%	−0.12 pp	3 q
LVSLas Vegas Sands Corp.	0.39%	282,413	$16M	trimmed−78%	−1.42 pp	11 q
INFYInfosys Limited	0.38%	897,726	$16M	trimmed−12%	−0.15 pp	40 q
SABRSabre Corporation	0.36%	3,547,402	$15M	trimmed−3%	−0.30 pp	24 q
SMFGSumitomo Mitsui Financial Group, Inc	0.32%	1,667,593	$13M	added+3%	−0.06 pp	40 q
GSKGSK plc	0.27%	319,160	$11M	added+35%	+0.03 pp	4 q
KSAiShares MSCI Saudi Arabia ETF	0.27%	287,960	$11M	trimmed−43%	−0.28 pp	16 q
JKSJinkosolar Holdings Co	0.27%	223,504	$11M	new	+0.27 pp	new
RIORio Tinto plc	0.26%	155,414	$11M	added+2%	−0.06 pp	3 q
VEAVanguard FTSE Developed Markets ETF	0.25%	232,638	$11M	added+4%	−0.02 pp	4 q
DEODiageo plc	0.24%	55,630	$10M	new	+0.24 pp	new
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.23%	117,020	$9M	trimmed−7%	−0.02 pp	4 q
BUDAnheuser-Busch INBEV SA/NV	0.22%	137,930	$9M	trimmed−21%	−0.08 pp	3 q
BPBP p.l.c.	0.22%	245,123	$9M	trimmed−23%	−0.10 pp	24 q
BIDUBaidu, Inc.	0.22%	61,625	$9M	trimmed−45%	−0.15 pp	28 q
RDYDr. Reddy's Laboratories Limited	0.22%	160,966	$9M	added+60%	+0.07 pp	38 q
PKXPOSCO Holdings Inc.	0.22%	129,209	$9M	trimmed−8%	0.00 pp	28 q
HIMXHimax Technologies, Inc.	0.21%	1,066,251	$9M	new	+0.21 pp	new
TTENTotalenergies SE -spon ADR	0.19%	137,490	$8M	trimmed−17%	−0.11 pp	17 q
MMYTMakeMyTrip Limited	0.18%	299,512	$7M	added+90%	+0.05 pp	2 q
HDBHDFC Bank Limited	0.17%	103,462	$7M	trimmed−33%	−0.14 pp	40 q
YPFYPF Sociedad Anonima	0.17%	632,206	$7M	new	+0.17 pp	new
BTIBritish American Tobacco p.l.c.	0.16%	193,827	$7M	added+5%	−0.05 pp	40 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.12%	47,647	$5M	added×2.1	+0.05 pp	2 q
INDAiShares MSCI India ETF	0.10%	103,137	$4M	trimmed−1%	−0.03 pp	16 q
CLSCelestica, Inc.	0.07%	225,333	$3M	trimmed−32%	−0.04 pp	2 q
unresolvedCrescent Pt Energy Corp	0.05%	321,594	$2M	trimmed−31%	−0.05 pp	2 q
ACWIiShares MSCI ACWI ETF	0.02%	10,057	$916,842	new	+0.02 pp	new
SMINiShares MSCI India Small-Cap ETF	0.02%	14,401	$716,320	trimmed−1%	0.00 pp	7 q
KBKB Financial Group Inc	0.02%	26,332	$959,011	trimmed−37%	−0.03 pp	6 q
UMCUnited Microelectronic Corp.	0.02%	115,229	$1M	trimmed−18%	−0.01 pp	6 q
CGAUCenterra Gold Inc.	0.01%	37,000	$238,674	trimmed−50%	0.00 pp	2 q
WITWipro Limited	0.01%	102,776	$461,464	trimmed−68%	−0.03 pp	38 q
TRMDTORM plc Class A	0.01%	11,720	$360,323	trimmed−50%	−0.01 pp	2 q
BKNGBooking Holdings Inc.	—	−31,513	—	exited	−1.84 pp	—
GEGE Aerospace	—	−655,810	—	exited	−1.60 pp	—
PBR.APetroleo Brasileiro S.A.-Petrobras	—	−3,963,694	—	exited	−1.07 pp	—
WFCWells Fargo & Co.	—	−652,582	—	exited	−0.78 pp	—
TERTeradyne, Inc.	—	−238,375	—	exited	−0.60 pp	—
AVGOBroadcom Inc.	—	−36,589	—	exited	−0.59 pp	—
TTMTata Motors Limited	—	−351,070	—	exited	−0.24 pp	—
MTArcelorMittal	—	−112,672	—	exited	−0.09 pp	—
INMDInMode Ltd.	—	−45,119	—	exited	−0.05 pp	—
EFAiShares MSCI EAFE ETF	—	−19,596	—	exited	−0.04 pp	—
VALEVale S.a.	—	−51,213	—	exited	−0.03 pp	—
ERFEnerplus Corporation	—	−25,478	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001567619-23-006055
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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