Causeway Capital

Q2 2024 13F · by Sarah Ketterer, CEO

As of: Jun 30, 2024
Filed: Aug 7, 2024
US stock: $3.7B · prev $3.8B
Positions: 90 · 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%

Moves98 since the prior filing

+13.5 pp in · −13.5 pp out

New 11 +5.75 pp
Added 41 +7.79 pp
Trimmed 36 −8.48 pp
Exited 10 −5.06 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 57% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions33% of US stock

CP Canadian Pacific Kansas City Limited added+1.62 pp added+1.6217.2%
RYAAY Ryanair Holdings plc trimmed−3.43 pp trimmed−3.437.0%
BBD Banco Bradesco S.A. added−0.29 pp added−0.293.1%
PDD PDD Holdings Inc. added+0.63 pp added+0.632.7%
DIS The Walt Disney Company added+0.04 pp added+0.042.7%

Positions90 in this filing · 10 exited


CPCanadian Pacific Kansas City Limited	17.21%	8,018,251	$631M	added+19%	+1.62 pp	4 q
RYAAYRyanair Holdings plc	6.98%	2,197,755	$256M	trimmed−20%	−3.43 pp	7 q
BBDBanco Bradesco S.A.	3.10%	50,757,586	$114M	added+12%	−0.29 pp	7 q
PDDPDD Holdings Inc.	2.70%	744,603	$99M	added+9%	+0.63 pp	9 q
DISThe Walt Disney Company	2.67%	986,285	$98M	added+20%	+0.04 pp	18 q
GOOGAlphabet Inc. Class C	2.44%	488,348	$90M	trimmed−37%	−0.65 pp	16 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.40%	505,772	$88M	added+3%	+0.66 pp	45 q
METAMeta Platforms, Inc. Class A	2.08%	151,509	$76M	added+26%	+0.55 pp	13 q
CCitigroup Inc.	2.02%	1,165,413	$74M	trimmed−8%	−0.08 pp	45 q
PCGPG&E Corporation	2.01%	4,224,459	$74M	trimmed−2%	+0.13 pp	6 q
SNXTD SYNNEX Corporation	2.01%	638,438	$74M	trimmed−18%	−0.28 pp	11 q
ZBHZimmer Biomet Holdings, Inc.	1.96%	660,806	$72M	added+31%	+0.21 pp	11 q
ADIAnalog Devices, Inc.	1.93%	309,829	$71M	trimmed−13%	+0.09 pp	3 q
ORCLOracle Corp	1.92%	497,948	$70M	added+16%	+0.51 pp	2 q
GGenpact Limited	1.84%	2,100,269	$68M	added+5%	+0.12 pp	17 q
DGXQuest Diagnostics Inc.	1.78%	476,116	$65M	trimmed−5%	+0.03 pp	5 q
FISVFiserv, Inc.	1.75%	430,954	$64M	added+2%	−0.03 pp	15 q
CTSHCognizant Technology Solutions	1.66%	893,875	$61M	new	+1.66 pp	new
JLLJones Lang LaSalle, Inc.	1.61%	287,045	$59M	trimmed−16%	−0.13 pp	9 q
BCSBarclays PLC	1.58%	5,411,878	$58M	added+8%	+0.34 pp	45 q
PFEPfizer Inc.	1.53%	2,003,659	$56M	new	+1.53 pp	new
PBR.APetroleo Brasileiro S.A.-Petrobras	1.45%	3,891,121	$53M	trimmed−41%	−1.14 pp	4 q
SHELShell plc	1.39%	704,593	$51M	added+30%	+0.44 pp	4 q
BPBP p.l.c.	1.29%	1,315,759	$47M	added+15%	+0.16 pp	29 q
CFGCitizens Financial Group, Inc.	1.29%	1,315,737	$47M	added0%	+0.05 pp	5 q
BABAAlibaba Group Holding Limited	1.27%	646,604	$47M	trimmed−23%	−0.31 pp	35 q
ZBRAZebra Technologies Corporation	1.26%	149,552	$46M	trimmed−40%	−0.72 pp	4 q
VIPSVipshop Holdings Limited	1.20%	3,385,530	$44M	added+5%	−0.19 pp	8 q
TMETencent Music Entertainment Group	1.18%	3,076,879	$43M	added+88%	+0.70 pp	2 q
SAPSap SE	1.14%	207,727	$42M	added+3%	+0.11 pp	22 q
BERYBerry Global Group, Inc.	1.08%	670,935	$39M	trimmed−0%	+0.01 pp	13 q
STXSeagate Technology Holdings PLC (Ireland)	1.08%	382,161	$39M	trimmed−29%	−0.23 pp	3 q
PUKPrudential PLC	1.05%	2,096,759	$38M	added+13%	+0.12 pp	33 q
CNXCConcentrix Corporation	0.97%	564,732	$36M	added+56%	+0.34 pp	15 q
CHKPCheck Point Software Technologies Ltd	0.97%	215,009	$35M	new	+0.97 pp	new
AZNNAstrazeneca Plc-spons ADR	0.96%	450,588	$35M	trimmed−9%	+0.08 pp	13 q
IFFInternational Flavors & Fragrances Inc.	0.90%	347,776	$33M	trimmed−55%	−0.83 pp	4 q
PHGKoninklijke Philips N.v.	0.89%	1,289,127	$32M	trimmed−25%	+0.02 pp	10 q
VEAVanguard FTSE Developed Markets ETF	0.89%	664,149	$33M	added+78%	+0.40 pp	9 q
BMYBristol-Myers Squibb Co.	0.82%	727,352	$30M	new	+0.82 pp	new
DEODiageo plc	0.81%	236,066	$30M	added+2%	−0.09 pp	6 q
GSKGSK plc	0.79%	753,535	$29M	added+2%	−0.04 pp	9 q
BUDAnheuser-Busch INBEV SA/NV	0.77%	488,305	$28M	added+4%	+0.02 pp	8 q
9991429DAptiv Irish Holdings Ltd	0.76%	397,969	$28M	added+6%	−0.02 pp	3 q
IQiQIYI, Inc.	0.75%	7,529,022	$28M	added+20%	+0.06 pp	5 q
JDJD.com, Inc.	0.69%	982,553	$25M	added×89.5	+0.68 pp	3 q
QFINQfin Holdings, Inc.	0.68%	1,272,846	$25M	added+5%	+0.10 pp	16 q
RELXRelx PLC	0.67%	534,333	$25M	trimmed−17%	−0.06 pp	14 q
INGING Groep N.V.	0.64%	1,377,005	$24M	trimmed−27%	−0.18 pp	34 q
SNYSanofi	0.64%	481,465	$23M	added+3%	+0.05 pp	17 q
BTIBritish American Tobacco p.l.c.	0.62%	732,823	$23M	added+5%	+0.06 pp	45 q
NVSNovartis AG	0.59%	202,335	$22M	trimmed−16%	−0.02 pp	45 q
FINVFinVolution Group	0.52%	3,988,297	$19M	added0%	0.00 pp	7 q
TAKTakeda Pharmaceutical Company Limited	0.48%	1,354,164	$18M	trimmed−6%	−0.04 pp	23 q
ATHMAutohome Inc.	0.42%	555,591	$15M	added+6%	+0.06 pp	7 q
NWGNatWest Group plc	0.42%	1,925,064	$15M	added+4%	+0.09 pp	4 q
WBWeibo Corporation	0.40%	1,900,400	$15M	added+5%	−0.03 pp	2 q
CLSCelestica, Inc.	0.37%	238,160	$14M	added+7%	+0.11 pp	7 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.37%	571,674	$13M	added+14%	+0.05 pp	8 q
MMYTMakeMyTrip Limited	0.37%	161,394	$14M	trimmed−2%	+0.06 pp	7 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.36%	112,384	$13M	added×2.0	+0.19 pp	7 q
IBNICICI Bank Limited	0.35%	441,801	$13M	trimmed−1%	+0.04 pp	45 q
MOMOHello Group Inc.	0.31%	1,883,974	$12M	added+13%	+0.04 pp	8 q
JKSJinkosolar Holdings Co	0.31%	551,670	$11M	added+5%	−0.04 pp	6 q
VISTVista Energy S.A.B. de C.V.	0.30%	240,538	$11M	trimmed−52%	−0.24 pp	5 q
INFYInfosys Limited	0.27%	530,713	$10M	trimmed−2%	+0.02 pp	45 q
WHRWhirlpool Corp.	0.26%	94,673	$10M	new	+0.26 pp	new
GGBGerdau S.A.	0.24%	2,670,178	$9M	trimmed−43%	−0.21 pp	6 q
RDYDr. Reddy's Laboratories Limited	0.22%	106,174	$8M	trimmed−8%	0.00 pp	43 q
MTArcelorMittal	0.21%	341,165	$8M	new	+0.21 pp	new
HDBHDFC Bank Limited	0.21%	118,654	$8M	trimmed−1%	+0.03 pp	45 q
BAPCredicorp LTD	0.21%	46,793	$8M	new	+0.21 pp	new
INDAiShares MSCI India ETF	0.14%	89,847	$5M	trimmed−11%	0.00 pp	21 q
KSAiShares MSCI Saudi Arabia ETF	0.14%	127,525	$5M	trimmed−19%	−0.04 pp	21 q
SMINiShares MSCI India Small-Cap ETF	0.13%	58,395	$5M	trimmed−13%	+0.01 pp	4 q
DQDaqo New Energy Corp.	0.09%	224,184	$3M	trimmed−67%	−0.41 pp	11 q
BTGB2Gold Corp.	0.07%	1,017,504	$3M	new	+0.07 pp	new
WITWipro Limited	0.04%	241,030	$1M	trimmed−1%	0.00 pp	2 q
ACWIiShares MSCI ACWI ETF	0.03%	10,175	$1M	added+34%	+0.01 pp	4 q
EFAiShares MSCI EAFE ETF	0.02%	9,482	$742,686	added+31%	0.00 pp	2 q
VWOVanguard FTSE Emerging Markets ETF	0.02%	15,779	$690,489	new	+0.02 pp	new
MSFTMicrosoft Corp	0.01%	940	$420,133	trimmed−3%	0.00 pp	2 q
NVDANvidia Corp	0.01%	3,170	$391,622	trimmed−5%	0.00 pp	2 q
SMFGSumitomo Mitsui Financial Group, Inc	0.01%	18,586	$249,242	trimmed−9%	0.00 pp	45 q
unresolvedUnilever Spn.Adr 1:1	0.01%	4,776	$262,639	trimmed−32%	0.00 pp	14 q
VEUVanguard FTSE All-World Ex-US ETF	0.01%	8,039	$471,427	added+90%	0.00 pp	3 q
2663476DGolden Ocean Group Ltd	0.01%	13,809	$191,815	held	—	2 q
TRMDTORM plc Class A	0.01%	11,720	$458,141	held	—	7 q
OPFIOppFi Inc.	0.00%	17,606	$59,684	new	0.00 pp	new
TACTransAlta Corporation	0.00%	23,343	$165,475	new	0.00 pp	new
TSNTyson Foods, Inc.	—	−927,806	—	exited	−1.43 pp	—
TRMBTrimble Inc.	—	−824,877	—	exited	−1.39 pp	—
ABBVAbbvie Inc.	—	−213,613	—	exited	−1.02 pp	—
NTESNetEase, inc.	—	−254,244	—	exited	−0.69 pp	—
KOFCoca-Cola FEMSA, S.A.B DE C.V	—	−98,213	—	exited	−0.25 pp	—
SABRSabre Corporation	—	−3,057,805	—	exited	−0.19 pp	—
KBKB Financial Group Inc	—	−21,119	—	exited	−0.03 pp	—
ZIMZIM Integrated Shipping Services Ltd.	—	−131,833	—	exited	−0.03 pp	—
RIORio Tinto plc	—	−9,525	—	exited	−0.02 pp	—
UMCUnited Microelectronic Corp.	—	−58,748	—	exited	−0.01 pp	—