Causeway Capital

Q4 2023 13F · by Sarah Ketterer, CEO

As of: Dec 31, 2023
Filed: Feb 14, 2024
US stock: $3.9B · prev $3.8B
Positions: 89 · prev 89
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

+16.6 pp in · −16.5 pp out

New 10 +4.33 pp
Added 43 +12.30 pp
Trimmed 31 −4.12 pp
Exited 10 −12.43 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 58% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions34% of US stock

RYAAY Ryanair Holdings plc trimmed+1.01 pp trimmed+1.0111.6%
CP Canadian Pacific Kansas City Limited added+3.20 pp added+3.2011.3%
BBD Banco Bradesco S.A. trimmed−0.13 pp trimmed−0.134.7%
UBS UBS Group AG trimmed−2.09 pp trimmed−2.093.8%
DIS The Walt Disney Company added+0.20 pp added+0.202.5%

Positions89 in this filing · 10 exited


RYAAYRyanair Holdings plc	11.57%	3,407,180	$454M	trimmed−17%	+1.01 pp	5 q
CPCanadian Pacific Kansas City Limited	11.26%	5,561,777	$442M	added+36%	+3.20 pp	2 q
BBDBanco Bradesco S.A.	4.69%	52,618,058	$184M	trimmed−18%	−0.13 pp	5 q
UBSUBS Group AG	3.80%	4,809,753	$149M	trimmed−47%	−2.09 pp	4 q
DISThe Walt Disney Company	2.53%	1,102,237	$100M	added+1%	+0.20 pp	16 q
PDDPDD Holdings Inc.	2.45%	657,517	$96M	trimmed−1%	+0.73 pp	7 q
GOOGAlphabet Inc. Class C	2.38%	661,944	$93M	trimmed−6%	−0.06 pp	14 q
SNXTD SYNNEX Corporation	2.19%	798,400	$86M	added+3%	+0.14 pp	9 q
GGenpact Limited	2.11%	2,382,617	$83M	added+10%	+0.05 pp	15 q
CCitigroup Inc.	2.00%	1,529,941	$79M	added0%	+0.34 pp	43 q
IFFInternational Flavors & Fragrances Inc.	1.99%	964,184	$78M	added+28%	+0.63 pp	2 q
ZBRAZebra Technologies Corporation	1.95%	280,774	$77M	added+36%	+0.66 pp	2 q
BABAAlibaba Group Holding Limited	1.85%	935,720	$73M	trimmed−17%	−0.74 pp	33 q
FISVFiserv, Inc.	1.83%	540,050	$72M	trimmed−19%	−0.15 pp	13 q
JLLJones Lang LaSalle, Inc.	1.77%	367,362	$69M	added+15%	+0.58 pp	7 q
ZBHZimmer Biomet Holdings, Inc.	1.75%	564,669	$69M	added+39%	+0.55 pp	9 q
DGXQuest Diagnostics Inc.	1.73%	492,707	$68M	added+1%	+0.16 pp	3 q
ABBVAbbvie Inc.	1.59%	402,866	$62M	added+1%	+0.03 pp	3 q
PBR.APetroleo Brasileiro S.A.-Petrobras	1.58%	4,058,598	$62M	added+55%	+0.63 pp	2 q
AVTRAvantor, Inc.	1.49%	2,559,572	$58M	trimmed−1%	+0.06 pp	6 q
PCGPG&E Corporation	1.46%	3,177,705	$57M	added+28%	+0.40 pp	4 q
CSXCSX Corporation	1.42%	1,611,661	$56M	added+18%	+0.32 pp	3 q
TSNTyson Foods, Inc.	1.37%	1,000,568	$54M	added+65%	+0.56 pp	3 q
METAMeta Platforms, Inc. Class A	1.36%	150,405	$53M	trimmed−2%	+0.14 pp	11 q
VIPSVipshop Holdings Limited	1.35%	2,986,610	$53M	trimmed−2%	+0.06 pp	6 q
ADIAnalog Devices, Inc.	1.33%	263,109	$52M	new	+1.33 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.23%	462,769	$48M	trimmed−7%	+0.09 pp	43 q
CFGCitizens Financial Group, Inc.	1.21%	1,428,581	$47M	added+20%	+0.37 pp	3 q
BERYBerry Global Group, Inc.	1.13%	656,814	$44M	added+30%	+0.30 pp	11 q
CNXCConcentrix Corporation	1.04%	417,788	$41M	trimmed−37%	−0.35 pp	13 q
BCSBarclays PLC	1.00%	4,969,641	$39M	added+23%	+0.17 pp	43 q
STXSeagate Technology Holdings PLC (Ireland)	1.00%	458,070	$39M	new	+1.00 pp	new
BPBP p.l.c.	0.97%	1,070,719	$38M	added+19%	+0.05 pp	27 q
GGBGerdau S.A.	0.91%	7,358,971	$36M	trimmed−4%	−0.05 pp	4 q
SAPSap SE	0.87%	219,972	$34M	trimmed−24%	−0.12 pp	20 q
PUKPrudential PLC	0.85%	1,481,760	$33M	added+12%	+0.08 pp	31 q
SHELShell plc	0.85%	508,567	$33M	added+10%	+0.06 pp	2 q
PHGKoninklijke Philips N.v.	0.83%	1,392,617	$32M	added+28%	+0.26 pp	8 q
9991429DAptiv Irish Holdings Ltd	0.83%	363,303	$33M	new	+0.83 pp	new
AZNNAstrazeneca Plc-spons ADR	0.79%	460,722	$31M	added+30%	+0.16 pp	11 q
JKSJinkosolar Holdings Co	0.78%	826,558	$31M	added×4.0	+0.62 pp	4 q
EXEExpand Energy Corporation	0.75%	381,075	$29M	trimmed−43%	−0.78 pp	4 q
GSKGSK plc	0.75%	795,441	$29M	added+41%	+0.21 pp	7 q
DEODiageo plc	0.74%	199,977	$29M	added+52%	+0.22 pp	4 q
VEAVanguard FTSE Developed Markets ETF	0.71%	582,680	$28M	added+54%	+0.27 pp	7 q
BUDAnheuser-Busch INBEV SA/NV	0.68%	413,645	$27M	added+36%	+0.24 pp	6 q
INGING Groep N.V.	0.63%	1,644,818	$25M	added+16%	+0.14 pp	32 q
RELXRelx PLC	0.63%	622,977	$25M	added+9%	+0.12 pp	12 q
SNYSanofi	0.56%	442,269	$22M	trimmed−8%	−0.12 pp	15 q
NVSNovartis AG	0.54%	209,089	$21M	added+12%	+0.04 pp	43 q
FINVFinVolution Group	0.49%	3,938,932	$19M	trimmed−50%	−0.55 pp	5 q
TAKTakeda Pharmaceutical Company Limited	0.49%	1,345,645	$19M	added+8%	−0.02 pp	21 q
QFINQfin Holdings, Inc.	0.46%	1,132,917	$18M	trimmed−2%	−0.01 pp	14 q
NTESNetEase, inc.	0.45%	189,973	$18M	new	+0.45 pp	new
BTIBritish American Tobacco p.l.c.	0.41%	556,299	$16M	trimmed−1%	−0.05 pp	43 q
SABRSabre Corporation	0.37%	3,332,673	$15M	trimmed−6%	−0.05 pp	27 q
unresolvedUnilever Spn.Adr 1:1	0.36%	293,724	$14M	trimmed−15%	−0.09 pp	12 q
VISTVista Energy S.A.B. de C.V.	0.35%	459,950	$14M	trimmed−1%	−0.02 pp	3 q
ATHMAutohome Inc.	0.34%	479,488	$13M	trimmed−1%	−0.05 pp	5 q
IQiQIYI, Inc.	0.34%	2,753,628	$13M	added+22%	+0.06 pp	3 q
DQDaqo New Energy Corp.	0.32%	467,194	$12M	trimmed−37%	−0.27 pp	9 q
CXCemex S.A.B. de C.V.	0.31%	1,580,203	$12M	new	+0.31 pp	new
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.29%	122,367	$12M	trimmed−3%	+0.03 pp	7 q
IBNICICI Bank Limited	0.27%	449,264	$11M	held	—	43 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.26%	423,574	$10M	trimmed−20%	−0.10 pp	6 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.26%	89,168	$10M	added+71%	+0.11 pp	5 q
INFYInfosys Limited	0.25%	541,426	$10M	added+20%	+0.05 pp	43 q
NWGNatWest Group plc	0.24%	1,647,757	$9M	added+58%	+0.08 pp	2 q
SMFGSumitomo Mitsui Financial Group, Inc	0.24%	988,309	$10M	trimmed−4%	−0.03 pp	43 q
MMYTMakeMyTrip Limited	0.23%	192,127	$9M	held	—	5 q
JOYYJOYY Inc.	0.22%	216,129	$9M	new	+0.22 pp	new
KSAiShares MSCI Saudi Arabia ETF	0.21%	192,689	$8M	trimmed−4%	0.00 pp	19 q
MNSOMINISO Group Holding Limited	0.21%	395,971	$8M	added+48%	+0.03 pp	2 q
RDYDr. Reddy's Laboratories Limited	0.20%	115,238	$8M	held	—	41 q
HDBHDFC Bank Limited	0.20%	119,596	$8M	added0%	+0.01 pp	43 q
RIORio Tinto plc	0.20%	105,426	$8M	trimmed−66%	−0.33 pp	6 q
CLSCelestica, Inc.	0.18%	233,872	$7M	added+1%	+0.03 pp	5 q
MOMOHello Group Inc.	0.18%	1,036,348	$7M	trimmed−31%	−0.09 pp	6 q
SMINiShares MSCI India Small-Cap ETF	0.16%	88,992	$6M	added×2.0	+0.09 pp	2 q
INDAiShares MSCI India ETF	0.11%	85,090	$4M	added×4.0	+0.09 pp	19 q
AGROAdecoagro S.a.	0.10%	370,517	$4M	new	+0.10 pp	new
ERFEnerplus Corporation	0.06%	154,569	$2M	new	+0.06 pp	new
VETVermilion Energy Inc.	0.06%	187,071	$2M	trimmed−1%	−0.01 pp	2 q
UMCUnited Microelectronic Corp.	0.05%	220,778	$2M	held	—	9 q
KBKB Financial Group Inc	0.04%	36,022	$1M	added+37%	+0.01 pp	9 q
ACWIiShares MSCI ACWI ETF	0.03%	12,347	$1M	added+15%	0.00 pp	2 q
VEUVanguard FTSE All-World Ex-US ETF	0.02%	10,961	$615,373	new	+0.02 pp	new
JDJD.com, Inc.	0.01%	10,975	$317,068	new	+0.01 pp	new
TRMDTORM plc Class A	0.01%	11,720	$354,638	held	—	5 q
EFAiShares MSCI EAFE ETF	—	−4,789,941	—	exited	−8.71 pp	—
MDLZMondelez International, Inc. Class A	—	−772,419	—	exited	−1.41 pp	—
ALLThe Allstate Corporation	—	−305,951	—	exited	−0.90 pp	—
IEFAiShares Core MSCI EAFE ETF	—	−343,100	—	exited	−0.58 pp	—
BIDUBaidu, Inc.	—	−142,699	—	exited	−0.51 pp	—
BTEBaytex Energy Corp.	—	−734,076	—	exited	−0.09 pp	—
2663476DGolden Ocean Group Ltd	—	−392,847	—	exited	−0.08 pp	—
FXIiShares China Large-Cap ETF	—	−101,700	—	exited	−0.07 pp	—
HIMXHimax Technologies, Inc.	—	−258,200	—	exited	−0.04 pp	—
INMDInMode Ltd.	—	−48,493	—	exited	−0.04 pp	—