Causeway Capital

Q3 2023 13F · by Sarah Ketterer, CEO

As of: Sep 30, 2023
Filed: Nov 9, 2023
US stock: $3.8B · prev $3.8B
Positions: 89 · 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

+31.8 pp in · −31.9 pp out

New 16 +23.35 pp
Added 40 +8.45 pp
Trimmed 30 −16.95 pp
Exited 8 −14.93 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 117% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions38% of US stock

RYAAY Ryanair Holdings plc trimmed−11.29 pp trimmed−11.2910.6%
EFA iShares MSCI EAFE ETF new+8.71 pp new+8.718.7%
CP Canadian Pacific Kansas City Limited new+8.06 pp new+8.068.1%
UBS UBS Group AG added+1.15 pp added+1.155.9%
BBD Banco Bradesco S.A. added+0.75 pp added+0.754.8%

Positions89 in this filing · 8 exited


RYAAYRyanair Holdings plc	10.56%	4,117,682	$400M	trimmed−45%	−11.29 pp	4 q
EFAiShares MSCI EAFE ETF	8.71%	4,789,941	$330M	new	+8.71 pp	new
CPCanadian Pacific Kansas City Limited	8.06%	4,091,735	$306M	new	+8.06 pp	new
UBSUBS Group AG	5.89%	8,998,675	$223M	added+1%	+1.15 pp	3 q
BBDBanco Bradesco S.A.	4.82%	64,072,052	$183M	added+43%	+0.75 pp	4 q
BABAAlibaba Group Holding Limited	2.59%	1,129,748	$98M	added+18%	+0.49 pp	32 q
GOOGAlphabet Inc. Class C	2.44%	701,234	$92M	trimmed−15%	−0.18 pp	13 q
DISThe Walt Disney Company	2.33%	1,088,542	$88M	added+30%	+0.37 pp	15 q
GGenpact Limited	2.06%	2,159,210	$78M	added+7%	+0.07 pp	14 q
SNXTD SYNNEX Corporation	2.05%	778,367	$78M	added+23%	+0.48 pp	8 q
FISVFiserv, Inc.	1.98%	663,230	$75M	added+2%	−0.18 pp	12 q
PDDPDD Holdings Inc.	1.72%	663,897	$65M	trimmed−20%	+0.21 pp	6 q
CCitigroup Inc.	1.66%	1,524,594	$63M	added+2%	−0.15 pp	42 q
DGXQuest Diagnostics Inc.	1.57%	489,694	$60M	added+59%	+0.43 pp	2 q
ABBVAbbvie Inc.	1.56%	397,183	$59M	added+17%	+0.36 pp	2 q
EXEExpand Energy Corporation	1.53%	673,192	$58M	added+42%	+0.49 pp	3 q
AVTRAvantor, Inc.	1.43%	2,572,999	$54M	trimmed−0%	+0.03 pp	5 q
MDLZMondelez International, Inc. Class A	1.41%	772,419	$54M	added+4%	−0.02 pp	11 q
CNXCConcentrix Corporation	1.39%	658,107	$53M	added+43%	+0.41 pp	12 q
IFFInternational Flavors & Fragrances Inc.	1.36%	755,351	$51M	new	+1.36 pp	new
VIPSVipshop Holdings Limited	1.29%	3,050,456	$49M	added+2%	−0.01 pp	5 q
ZBRAZebra Technologies Corporation	1.29%	207,143	$49M	new	+1.29 pp	new
METAMeta Platforms, Inc. Class A	1.22%	153,998	$46M	trimmed−21%	−0.26 pp	10 q
ZBHZimmer Biomet Holdings, Inc.	1.20%	405,863	$46M	added+80%	+0.33 pp	8 q
JLLJones Lang LaSalle, Inc.	1.19%	318,886	$45M	added+11%	+0.01 pp	6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.14%	497,529	$43M	trimmed−65%	−2.61 pp	42 q
CSXCSX Corporation	1.10%	1,361,391	$42M	added+37%	+0.21 pp	2 q
PCGPG&E Corporation	1.06%	2,487,794	$40M	added+31%	+0.19 pp	3 q
FINVFinVolution Group	1.04%	7,903,920	$39M	added+38%	+0.35 pp	4 q
SAPSap SE	0.99%	290,321	$38M	added+20%	+0.12 pp	19 q
GGBGerdau S.A.	0.96%	7,648,106	$36M	trimmed−1%	−0.10 pp	3 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.95%	2,624,104	$36M	new	+0.95 pp	new
BPBP p.l.c.	0.92%	897,340	$35M	added+11%	+0.17 pp	26 q
ALLThe Allstate Corporation	0.90%	305,951	$34M	new	+0.90 pp	new
CFGCitizens Financial Group, Inc.	0.84%	1,194,520	$32M	added+89%	+0.41 pp	2 q
BCSBarclays PLC	0.83%	4,042,661	$31M	added+19%	+0.13 pp	42 q
BERYBerry Global Group, Inc.	0.83%	506,850	$31M	trimmed−32%	−0.44 pp	10 q
TSNTyson Foods, Inc.	0.81%	606,708	$31M	added+87%	+0.37 pp	2 q
SHELShell plc	0.79%	463,105	$30M	new	+0.79 pp	new
PUKPrudential PLC	0.77%	1,328,428	$29M	added+42%	+0.07 pp	30 q
SNYSanofi	0.68%	480,642	$26M	added+29%	+0.15 pp	14 q
AZNNAstrazeneca Plc-spons ADR	0.63%	355,221	$24M	added+34%	+0.13 pp	10 q
DQDaqo New Energy Corp.	0.59%	741,683	$22M	trimmed−13%	−0.30 pp	8 q
IEFAiShares Core MSCI EAFE ETF	0.58%	343,100	$22M	new	+0.58 pp	new
PHGKoninklijke Philips N.v.	0.57%	1,092,037	$22M	trimmed−6%	−0.09 pp	7 q
GSKGSK plc	0.54%	564,747	$20M	added+41%	+0.17 pp	6 q
RIORio Tinto plc	0.53%	313,462	$20M	added+16%	+0.08 pp	5 q
DEODiageo plc	0.52%	131,507	$20M	added+18%	+0.01 pp	3 q
BIDUBaidu, Inc.	0.51%	142,699	$19M	trimmed−11%	−0.07 pp	30 q
RELXRelx PLC	0.51%	571,819	$19M	trimmed−23%	−0.14 pp	11 q
TAKTakeda Pharmaceutical Company Limited	0.51%	1,244,309	$19M	added+11%	+0.05 pp	20 q
NVSNovartis AG	0.50%	187,019	$19M	trimmed−17%	−0.10 pp	42 q
INGING Groep N.V.	0.49%	1,421,758	$19M	trimmed−15%	−0.10 pp	31 q
QFINQfin Holdings, Inc.	0.47%	1,158,584	$18M	trimmed−41%	−0.42 pp	13 q
BTIBritish American Tobacco p.l.c.	0.46%	560,165	$18M	added+72%	+0.18 pp	42 q
unresolvedUnilever Spn.Adr 1:1	0.45%	343,782	$17M	trimmed−12%	−0.08 pp	11 q
BUDAnheuser-Busch INBEV SA/NV	0.44%	304,020	$17M	added+48%	+0.13 pp	5 q
VEAVanguard FTSE Developed Markets ETF	0.44%	377,949	$17M	added+94%	+0.20 pp	6 q
SABRSabre Corporation	0.42%	3,527,949	$16M	trimmed−1%	+0.12 pp	26 q
ATHMAutohome Inc.	0.39%	485,611	$15M	added+25%	+0.09 pp	4 q
VISTVista Energy S.A.B. de C.V.	0.37%	464,195	$14M	added+8%	+0.10 pp	2 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.36%	529,313	$14M	added+12%	+0.03 pp	5 q
IQiQIYI, Inc.	0.28%	2,262,804	$11M	trimmed−8%	−0.07 pp	2 q
MOMOHello Group Inc.	0.27%	1,492,187	$10M	trimmed−37%	−0.33 pp	5 q
IBNICICI Bank Limited	0.27%	449,264	$10M	trimmed−22%	−0.08 pp	42 q
SMFGSumitomo Mitsui Financial Group, Inc	0.27%	1,033,076	$10M	trimmed−38%	−0.11 pp	42 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.26%	126,594	$10M	added+13%	+0.01 pp	6 q
KSAiShares MSCI Saudi Arabia ETF	0.21%	200,689	$8M	trimmed−4%	−0.02 pp	18 q
MMYTMakeMyTrip Limited	0.21%	192,127	$8M	trimmed−12%	+0.05 pp	4 q
RDYDr. Reddy's Laboratories Limited	0.20%	115,238	$8M	trimmed−23%	−0.05 pp	40 q
INFYInfosys Limited	0.20%	450,220	$8M	trimmed−28%	−0.07 pp	42 q
HDBHDFC Bank Limited	0.19%	119,163	$7M	added+72%	+0.06 pp	42 q
MNSOMINISO Group Holding Limited	0.18%	266,754	$7M	new	+0.18 pp	new
JKSJinkosolar Holdings Co	0.16%	205,219	$6M	trimmed−39%	−0.23 pp	3 q
NWGNatWest Group plc	0.16%	1,044,782	$6M	new	+0.16 pp	new
CLSCelestica, Inc.	0.15%	230,954	$6M	added+2%	+0.06 pp	4 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.15%	52,286	$6M	trimmed−26%	−0.06 pp	4 q
BTEBaytex Energy Corp.	0.09%	734,076	$3M	new	+0.09 pp	new
2663476DGolden Ocean Group Ltd	0.08%	392,847	$3M	trimmed−22%	−0.02 pp	2 q
FXIiShares China Large-Cap ETF	0.07%	101,700	$3M	new	+0.07 pp	new
SMINiShares MSCI India Small-Cap ETF	0.07%	43,758	$3M	new	+0.07 pp	new
VETVermilion Energy Inc.	0.07%	189,271	$3M	new	+0.07 pp	new
HIMXHimax Technologies, Inc.	0.04%	258,200	$2M	held	—	3 q
UMCUnited Microelectronic Corp.	0.04%	220,778	$2M	held	—	8 q
INMDInMode Ltd.	0.04%	48,493	$1M	new	+0.04 pp	new
ACWIiShares MSCI ACWI ETF	0.03%	10,732	$991,361	new	+0.03 pp	new
KBKB Financial Group Inc	0.03%	26,332	$1M	held	—	8 q
INDAiShares MSCI India ETF	0.02%	21,294	$941,621	trimmed−68%	−0.06 pp	18 q
TRMDTORM plc Class A	0.01%	11,720	$318,326	trimmed−91%	−0.08 pp	4 q
CNICanadian National Railway	—	−2,887,742	—	exited	−9.21 pp	—
0LW9Westrock Co	—	−2,111,676	—	exited	−1.62 pp	—
LDOSLeidos Holdings, Inc.	—	−558,903	—	exited	−1.30 pp	—
TMETencent Music Entertainment Group	—	−6,052,922	—	exited	−1.18 pp	—
CARRCarrier Global Corporation	—	−754,096	—	exited	−0.99 pp	—
MELIMercado Libre, Inc	—	−10,070	—	exited	−0.31 pp	—
YPFYPF Sociedad Anonima	—	−791,539	—	exited	−0.31 pp	—
WITWipro Limited	—	−100,430	—	exited	−0.01 pp	—