Causeway Capital

Q1 2024 13F · by Sarah Ketterer, CEO

As of: Mar 31, 2024
Filed: May 13, 2024
US stock: $3.8B · prev $3.9B
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

+14.1 pp in · −14.1 pp out

New 10 +3.82 pp
Added 37 +10.28 pp
Trimmed 37 −5.73 pp
Exited 10 −8.42 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 47% a year, about 2.1 years per position

Low
Moderate
High

Top 5 positions35% of US stock

CP Canadian Pacific Kansas City Limited added+4.33 pp added+4.3315.6%
RYAAY Ryanair Holdings plc trimmed−1.16 pp trimmed−1.1610.4%
BBD Banco Bradesco S.A. trimmed−1.30 pp trimmed−1.303.4%
GOOG Alphabet Inc. Class C added+0.71 pp added+0.713.1%
DIS The Walt Disney Company trimmed+0.10 pp trimmed+0.102.6%

Positions89 in this filing · 10 exited


CPCanadian Pacific Kansas City Limited	15.59%	6,757,838	$596M	added+22%	+4.33 pp	3 q
RYAAYRyanair Holdings plc	10.41%	2,734,465	$398M	trimmed−20%	−1.16 pp	6 q
BBDBanco Bradesco S.A.	3.39%	45,297,112	$130M	trimmed−14%	−1.30 pp	6 q
GOOGAlphabet Inc. Class C	3.09%	776,763	$118M	added+17%	+0.71 pp	15 q
DISThe Walt Disney Company	2.63%	822,867	$101M	trimmed−25%	+0.10 pp	17 q
PBR.APetroleo Brasileiro S.A.-Petrobras	2.59%	6,638,426	$99M	added+64%	+1.01 pp	3 q
SNXTD SYNNEX Corporation	2.29%	774,907	$88M	trimmed−3%	+0.10 pp	10 q
CCitigroup Inc.	2.10%	1,270,833	$80M	trimmed−17%	+0.10 pp	44 q
PDDPDD Holdings Inc.	2.07%	682,373	$79M	added+4%	−0.38 pp	8 q
ZBRAZebra Technologies Corporation	1.98%	251,261	$76M	trimmed−11%	+0.03 pp	3 q
PCGPG&E Corporation	1.88%	4,289,563	$72M	added+35%	+0.42 pp	5 q
ADIAnalog Devices, Inc.	1.84%	355,396	$70M	added+35%	+0.51 pp	2 q
FISVFiserv, Inc.	1.78%	424,600	$68M	trimmed−21%	−0.05 pp	14 q
DGXQuest Diagnostics Inc.	1.75%	501,117	$67M	added+2%	+0.02 pp	4 q
ZBHZimmer Biomet Holdings, Inc.	1.75%	506,255	$67M	trimmed−10%	0.00 pp	10 q
JLLJones Lang LaSalle, Inc.	1.74%	341,805	$67M	trimmed−7%	−0.03 pp	8 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.74%	489,167	$67M	added+6%	+0.51 pp	44 q
IFFInternational Flavors & Fragrances Inc.	1.73%	770,715	$66M	trimmed−20%	−0.26 pp	3 q
GGenpact Limited	1.72%	1,995,889	$66M	trimmed−16%	−0.39 pp	16 q
BABAAlibaba Group Holding Limited	1.58%	836,524	$61M	trimmed−11%	−0.27 pp	34 q
METAMeta Platforms, Inc. Class A	1.53%	120,698	$59M	trimmed−20%	+0.17 pp	12 q
TSNTyson Foods, Inc.	1.43%	927,806	$55M	trimmed−7%	+0.06 pp	4 q
ORCLOracle Corp	1.41%	429,021	$54M	new	+1.41 pp	new
TRMBTrimble Inc.	1.39%	824,877	$53M	new	+1.39 pp	new
VIPSVipshop Holdings Limited	1.39%	3,212,654	$53M	added+8%	+0.04 pp	7 q
STXSeagate Technology Holdings PLC (Ireland)	1.31%	539,196	$50M	added+18%	+0.31 pp	2 q
BCSBarclays PLC	1.24%	5,032,620	$48M	added+1%	+0.24 pp	44 q
CFGCitizens Financial Group, Inc.	1.24%	1,310,199	$48M	trimmed−8%	+0.03 pp	4 q
BPBP p.l.c.	1.13%	1,146,697	$43M	added+7%	+0.16 pp	28 q
BERYBerry Global Group, Inc.	1.07%	673,939	$41M	added+3%	−0.06 pp	12 q
SAPSap SE	1.03%	201,557	$39M	trimmed−8%	+0.16 pp	21 q
ABBVAbbvie Inc.	1.02%	213,613	$39M	trimmed−47%	−0.57 pp	4 q
SHELShell plc	0.95%	541,229	$36M	added+6%	+0.10 pp	3 q
PUKPrudential PLC	0.93%	1,848,602	$36M	added+25%	+0.08 pp	32 q
DEODiageo plc	0.90%	232,328	$35M	added+16%	+0.16 pp	5 q
AZNNAstrazeneca Plc-spons ADR	0.88%	496,476	$34M	added+8%	+0.09 pp	12 q
PHGKoninklijke Philips N.v.	0.87%	1,668,887	$33M	added+20%	+0.04 pp	9 q
GSKGSK plc	0.83%	737,185	$32M	trimmed−7%	+0.08 pp	8 q
INGING Groep N.V.	0.82%	1,898,686	$31M	added+15%	+0.19 pp	33 q
9991429DAptiv Irish Holdings Ltd	0.78%	373,987	$30M	added+3%	−0.05 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	0.75%	470,017	$29M	added+14%	+0.07 pp	7 q
RELXRelx PLC	0.73%	644,352	$28M	added+3%	+0.10 pp	13 q
IQiQIYI, Inc.	0.69%	6,251,065	$26M	added×2.3	+0.35 pp	4 q
NTESNetEase, inc.	0.69%	254,244	$26M	added+34%	+0.24 pp	2 q
CNXCConcentrix Corporation	0.63%	361,721	$24M	trimmed−13%	−0.41 pp	14 q
NVSNovartis AG	0.61%	239,468	$23M	added+15%	+0.07 pp	44 q
SNYSanofi	0.59%	465,879	$23M	added+5%	+0.03 pp	16 q
QFINQfin Holdings, Inc.	0.58%	1,208,823	$22M	added+7%	+0.12 pp	15 q
BTIBritish American Tobacco p.l.c.	0.56%	696,191	$21M	added+25%	+0.15 pp	44 q
VISTVista Energy S.A.B. de C.V.	0.54%	498,158	$21M	added+8%	+0.19 pp	4 q
FINVFinVolution Group	0.52%	3,972,782	$20M	added+1%	+0.03 pp	6 q
TAKTakeda Pharmaceutical Company Limited	0.52%	1,444,908	$20M	added+7%	+0.03 pp	22 q
DQDaqo New Energy Corp.	0.50%	681,168	$19M	added+46%	+0.18 pp	10 q
VEAVanguard FTSE Developed Markets ETF	0.49%	373,285	$19M	trimmed−36%	−0.22 pp	8 q
TMETencent Music Entertainment Group	0.48%	1,639,662	$18M	new	+0.48 pp	new
GGBGerdau S.A.	0.45%	3,910,808	$17M	trimmed−47%	−0.46 pp	5 q
WBWeibo Corporation	0.43%	1,807,944	$16M	new	+0.43 pp	new
ATHMAutohome Inc.	0.36%	525,354	$14M	added+10%	+0.02 pp	6 q
JKSJinkosolar Holdings Co	0.35%	526,386	$13M	trimmed−36%	−0.43 pp	5 q
NWGNatWest Group plc	0.33%	1,846,245	$13M	added+12%	+0.09 pp	3 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.32%	502,131	$12M	added+19%	+0.06 pp	7 q
IBNICICI Bank Limited	0.31%	445,310	$12M	trimmed−1%	+0.04 pp	44 q
MMYTMakeMyTrip Limited	0.31%	164,793	$12M	trimmed−14%	+0.08 pp	6 q
MOMOHello Group Inc.	0.27%	1,661,767	$10M	added+60%	+0.09 pp	7 q
CLSCelestica, Inc.	0.26%	222,454	$10M	trimmed−5%	+0.08 pp	6 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.25%	98,213	$10M	trimmed−20%	−0.04 pp	8 q
INFYInfosys Limited	0.25%	541,426	$10M	held	—	44 q
RDYDr. Reddy's Laboratories Limited	0.22%	115,238	$8M	held	—	42 q
SABRSabre Corporation	0.19%	3,057,805	$7M	trimmed−8%	−0.18 pp	28 q
HDBHDFC Bank Limited	0.18%	119,596	$7M	held	—	44 q
KSAiShares MSCI Saudi Arabia ETF	0.18%	157,660	$7M	trimmed−18%	−0.03 pp	20 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.17%	55,360	$6M	trimmed−38%	−0.09 pp	6 q
INDAiShares MSCI India ETF	0.14%	101,260	$5M	added+19%	+0.03 pp	20 q
SMINiShares MSCI India Small-Cap ETF	0.12%	67,450	$5M	trimmed−24%	−0.04 pp	3 q
WITWipro Limited	0.04%	243,245	$1M	new	+0.04 pp	new
KBKB Financial Group Inc	0.03%	21,119	$1M	trimmed−41%	−0.01 pp	10 q
ZIMZIM Integrated Shipping Services Ltd.	0.03%	131,833	$1M	new	+0.03 pp	new
EFAiShares MSCI EAFE ETF	0.02%	7,239	$578,067	new	+0.02 pp	new
ACWIiShares MSCI ACWI ETF	0.02%	7,580	$834,834	trimmed−39%	−0.01 pp	3 q
RIORio Tinto plc	0.02%	9,525	$607,114	trimmed−91%	−0.18 pp	7 q
JDJD.com, Inc.	0.01%	10,975	$300,605	held	—	2 q
MSFTMicrosoft Corp	0.01%	965	$405,995	new	+0.01 pp	new
NVDANvidia Corp	0.01%	334	$301,789	new	+0.01 pp	new
SMFGSumitomo Mitsui Financial Group, Inc	0.01%	20,361	$239,647	trimmed−98%	−0.23 pp	44 q
unresolvedUnilever Spn.Adr 1:1	0.01%	7,017	$352,174	trimmed−98%	−0.35 pp	13 q
UMCUnited Microelectronic Corp.	0.01%	58,748	$475,271	trimmed−73%	−0.04 pp	10 q
VEUVanguard FTSE All-World Ex-US ETF	0.01%	4,225	$247,787	trimmed−61%	−0.01 pp	2 q
TRMDTORM plc Class A	0.01%	11,720	$397,061	held	—	6 q
2663476DGolden Ocean Group Ltd	0.00%	13,809	$174,079	new	0.00 pp	new
UBSUBS Group AG	—	−4,809,753	—	exited	−3.80 pp	—
AVTRAvantor, Inc.	—	−2,559,572	—	exited	−1.49 pp	—
CSXCSX Corporation	—	−1,611,661	—	exited	−1.42 pp	—
EXEExpand Energy Corporation	—	−381,075	—	exited	−0.75 pp	—
CXCemex S.A.B. de C.V.	—	−1,580,203	—	exited	−0.31 pp	—
JOYYJOYY Inc.	—	−216,129	—	exited	−0.22 pp	—
MNSOMINISO Group Holding Limited	—	−395,971	—	exited	−0.21 pp	—
AGROAdecoagro S.a.	—	−370,517	—	exited	−0.10 pp	—
ERFEnerplus Corporation	—	−154,569	—	exited	−0.06 pp	—
VETVermilion Energy Inc.	—	−187,071	—	exited	−0.06 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0000943663-24-000131
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

Search