Causeway Capital

Q2 2023 13F · by Sarah Ketterer, CEO

As of: Jun 30, 2023
Filed: Aug 9, 2023
US stock: $3.8B · prev $4.2B
Positions: 81 · 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%

Moves89 since the prior filing

+11.4 pp in · −11.3 pp out

New 9 +5.13 pp
Added 32 +6.25 pp
Trimmed 39 −8.71 pp
Exited 9 −2.61 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 41% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions44% of US stock

RYAAY Ryanair Holdings plc trimmed+0.95 pp trimmed+0.9521.9%
CNI Canadian National Railway trimmed−4.17 pp trimmed−4.179.2%
UBS UBS Group AG trimmed−0.15 pp trimmed−0.154.7%
BBD Banco Bradesco S.A. trimmed+0.58 pp trimmed+0.584.1%
TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed−2.35 pp trimmed−2.353.8%

Positions81 in this filing · 9 exited


RYAAYRyanair Holdings plc	21.85%	7,505,935	$830M	trimmed−19%	+0.95 pp	3 q
CNICanadian National Railway	9.21%	2,887,742	$350M	trimmed−39%	−4.17 pp	7 q
UBSUBS Group AG	4.74%	8,903,128	$180M	trimmed−8%	−0.15 pp	2 q
BBDBanco Bradesco S.A.	4.07%	44,667,150	$155M	trimmed−20%	+0.58 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.75%	1,410,503	$142M	trimmed−48%	−2.35 pp	41 q
GOOGAlphabet Inc. Class C	2.62%	821,434	$99M	trimmed−10%	+0.34 pp	12 q
FISVFiserv, Inc.	2.16%	651,769	$82M	trimmed−5%	+0.30 pp	11 q
BABAAlibaba Group Holding Limited	2.10%	956,280	$80M	trimmed−28%	−1.16 pp	31 q
GGenpact Limited	1.99%	2,014,599	$76M	added+36%	+0.35 pp	13 q
DISThe Walt Disney Company	1.96%	835,862	$75M	added+6%	+0.07 pp	14 q
CCitigroup Inc.	1.81%	1,489,948	$69M	added+5%	+0.21 pp	41 q
0LW9Westrock Co	1.62%	2,111,676	$61M	trimmed−0%	+0.07 pp	10 q
SNXTD SYNNEX Corporation	1.57%	632,815	$59M	added+25%	+0.40 pp	7 q
PDDPDD Holdings Inc.	1.51%	828,195	$57M	added+1%	+0.02 pp	5 q
METAMeta Platforms, Inc. Class A	1.48%	195,871	$56M	trimmed−39%	−0.16 pp	9 q
MDLZMondelez International, Inc. Class A	1.43%	745,574	$54M	trimmed−10%	+0.05 pp	10 q
AVTRAvantor, Inc.	1.40%	2,584,454	$53M	added+79%	+0.67 pp	4 q
LDOSLeidos Holdings, Inc.	1.30%	558,903	$49M	added+19%	+0.26 pp	21 q
VIPSVipshop Holdings Limited	1.30%	2,983,517	$49M	trimmed−3%	+0.18 pp	4 q
BERYBerry Global Group, Inc.	1.27%	749,132	$48M	trimmed−23%	−0.11 pp	9 q
ABBVAbbvie Inc.	1.20%	339,060	$46M	new	+1.20 pp	new
JLLJones Lang LaSalle, Inc.	1.18%	287,019	$45M	added+30%	+0.41 pp	5 q
TMETencent Music Entertainment Group	1.18%	6,052,922	$45M	trimmed−5%	−0.08 pp	4 q
DGXQuest Diagnostics Inc.	1.14%	308,493	$43M	new	+1.14 pp	new
GGBGerdau S.A.	1.06%	7,730,421	$40M	added+9%	+0.22 pp	2 q
EXEExpand Energy Corporation	1.04%	473,809	$40M	added+63%	+0.51 pp	2 q
CARRCarrier Global Corporation	0.99%	754,096	$37M	trimmed−46%	−0.53 pp	11 q
CNXCConcentrix Corporation	0.98%	458,881	$37M	trimmed−27%	−0.84 pp	11 q
CSXCSX Corporation	0.89%	996,806	$34M	new	+0.89 pp	new
DQDaqo New Energy Corp.	0.89%	855,780	$34M	added+29%	+0.14 pp	7 q
QFINQfin Holdings, Inc.	0.89%	1,955,327	$34M	trimmed−10%	−0.12 pp	12 q
PCGPG&E Corporation	0.87%	1,903,169	$33M	trimmed−2%	+0.11 pp	2 q
SAPSap SE	0.87%	241,809	$33M	trimmed−15%	+0.01 pp	18 q
ZBHZimmer Biomet Holdings, Inc.	0.87%	226,018	$33M	trimmed−47%	−0.44 pp	7 q
BPBP p.l.c.	0.75%	807,582	$28M	added×3.3	+0.53 pp	25 q
BCSBarclays PLC	0.70%	3,384,022	$27M	added+15%	+0.19 pp	41 q
PUKPrudential PLC	0.70%	935,054	$26M	trimmed−8%	+0.04 pp	29 q
FINVFinVolution Group	0.69%	5,720,944	$26M	trimmed−36%	−0.21 pp	3 q
PHGKoninklijke Philips N.v.	0.66%	1,161,830	$25M	added+10%	+0.22 pp	6 q
RELXRelx PLC	0.65%	743,294	$25M	added+9%	+0.12 pp	10 q
MOMOHello Group Inc.	0.60%	2,371,087	$23M	added+7%	+0.12 pp	4 q
NVSNovartis AG	0.60%	225,548	$23M	trimmed−8%	+0.06 pp	41 q
INGING Groep N.V.	0.59%	1,673,823	$23M	added+4%	+0.13 pp	30 q
BIDUBaidu, Inc.	0.58%	161,198	$22M	added×2.6	+0.36 pp	29 q
SNYSanofi	0.53%	372,068	$20M	added+9%	+0.08 pp	13 q
unresolvedUnilever Spn.Adr 1:1	0.53%	389,680	$20M	added+1%	+0.05 pp	10 q
DEODiageo plc	0.51%	111,316	$19M	added×2.0	+0.27 pp	2 q
AZNNAstrazeneca Plc-spons ADR	0.50%	264,346	$19M	trimmed−18%	−0.04 pp	9 q
TAKTakeda Pharmaceutical Company Limited	0.46%	1,120,584	$18M	trimmed−1%	+0.01 pp	19 q
RIORio Tinto plc	0.45%	269,658	$17M	added+74%	+0.19 pp	4 q
TSNTyson Foods, Inc.	0.44%	324,897	$17M	new	+0.44 pp	new
CFGCitizens Financial Group, Inc.	0.43%	633,246	$17M	new	+0.43 pp	new
JKSJinkosolar Holdings Co	0.39%	337,514	$15M	added+51%	+0.12 pp	2 q
SMFGSumitomo Mitsui Financial Group, Inc	0.38%	1,666,326	$14M	trimmed−0%	+0.06 pp	41 q
GSKGSK plc	0.37%	399,430	$14M	added+25%	+0.10 pp	5 q
IBNICICI Bank Limited	0.35%	576,197	$13M	trimmed−65%	−0.51 pp	41 q
IQiQIYI, Inc.	0.35%	2,468,900	$13M	new	+0.35 pp	new
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.33%	471,303	$13M	trimmed−17%	−0.07 pp	4 q
BUDAnheuser-Busch INBEV SA/NV	0.31%	205,014	$12M	added+49%	+0.09 pp	4 q
MELIMercado Libre, Inc	0.31%	10,070	$12M	new	+0.31 pp	new
YPFYPF Sociedad Anonima	0.31%	791,539	$12M	added+25%	+0.14 pp	2 q
ATHMAutohome Inc.	0.30%	389,101	$11M	trimmed−35%	−0.18 pp	3 q
SABRSabre Corporation	0.30%	3,547,735	$11M	added0%	−0.06 pp	25 q
BTIBritish American Tobacco p.l.c.	0.28%	325,080	$11M	added+68%	+0.12 pp	41 q
INFYInfosys Limited	0.27%	627,924	$10M	trimmed−30%	−0.11 pp	41 q
VISTVista Energy S.A.B. de C.V.	0.27%	429,632	$10M	new	+0.27 pp	new
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.25%	111,937	$9M	trimmed−4%	+0.02 pp	5 q
RDYDr. Reddy's Laboratories Limited	0.25%	149,982	$9M	trimmed−7%	+0.03 pp	39 q
VEAVanguard FTSE Developed Markets ETF	0.24%	195,139	$9M	trimmed−16%	−0.01 pp	5 q
KSAiShares MSCI Saudi Arabia ETF	0.23%	208,978	$9M	trimmed−27%	−0.04 pp	17 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.21%	70,875	$8M	added+49%	+0.09 pp	3 q
MMYTMakeMyTrip Limited	0.16%	218,869	$6M	trimmed−27%	−0.02 pp	3 q
HDBHDFC Bank Limited	0.13%	69,402	$5M	trimmed−33%	−0.04 pp	41 q
2663476DGolden Ocean Group Ltd	0.10%	505,904	$4M	new	+0.10 pp	new
CLSCelestica, Inc.	0.09%	227,513	$3M	added+1%	+0.02 pp	3 q
TRMDTORM plc Class A	0.09%	136,465	$3M	added×11.6	+0.08 pp	3 q
INDAiShares MSCI India ETF	0.08%	66,249	$3M	trimmed−36%	−0.02 pp	17 q
HIMXHimax Technologies, Inc.	0.05%	258,200	$2M	trimmed−76%	−0.16 pp	2 q
UMCUnited Microelectronic Corp.	0.05%	220,778	$2M	added+92%	+0.03 pp	7 q
KBKB Financial Group Inc	0.03%	26,332	$958,485	held	—	7 q
WITWipro Limited	0.01%	100,430	$474,030	trimmed−2%	0.00 pp	39 q
BAPCredicorp LTD	—	−384,722	—	exited	−1.22 pp	—
JDJD.com, Inc.	—	−464,782	—	exited	−0.49 pp	—
LVSLas Vegas Sands Corp.	—	−282,413	—	exited	−0.39 pp	—
PKXPOSCO Holdings Inc.	—	−129,209	—	exited	−0.22 pp	—
TTENTotalenergies SE -spon ADR	—	−137,490	—	exited	−0.19 pp	—
unresolvedCrescent Pt Energy Corp	—	−321,594	—	exited	−0.05 pp	—
ACWIiShares MSCI ACWI ETF	—	−10,057	—	exited	−0.02 pp	—
SMINiShares MSCI India Small-Cap ETF	—	−14,401	—	exited	−0.02 pp	—
CGAUCenterra Gold Inc.	—	−37,000	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0000894579-23-000230
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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