Causeway Capital

Q3 2024 13F · by Sarah Ketterer, CEO

As of: Sep 30, 2024
Filed: Nov 13, 2024
US stock: $4.1B · prev $3.7B
Positions: 97 · prev 90
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%

Moves102 since the prior filing

+21.8 pp in · −21.8 pp out

New 15 +8.17 pp
Added 43 +13.61 pp
Trimmed 36 −16.55 pp
Exited 8 −5.20 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 81% a year, about 1.2 years per position

Low
Moderate
High

Top 5 positions36% of US stock

CP Canadian Pacific Kansas City Limited added+1.18 pp added+1.1818.4%
CHKP Check Point Software Technologies Ltd added+5.86 pp added+5.866.8%
SW Smurfit Westrock plc new+5.10 pp new+5.105.1%
BBD Banco Bradesco S.A. trimmed−0.09 pp trimmed−0.093.0%
EFA iShares MSCI EAFE ETF added+2.65 pp added+2.652.7%

Positions97 in this filing · 8 exited


CPCanadian Pacific Kansas City Limited	18.39%	8,742,034	$748M	added+9%	+1.18 pp	5 q
CHKPCheck Point Software Technologies Ltd	6.83%	1,441,781	$278M	added×6.7	+5.86 pp	2 q
SWSmurfit Westrock plc	5.10%	4,197,579	$207M	new	+5.10 pp	new
BBDBanco Bradesco S.A.	3.01%	45,975,637	$122M	trimmed−9%	−0.09 pp	8 q
EFAiShares MSCI EAFE ETF	2.67%	1,299,033	$109M	added×137.0	+2.65 pp	3 q
DISThe Walt Disney Company	2.62%	1,107,223	$107M	added+12%	−0.05 pp	19 q
PDDPDD Holdings Inc.	2.55%	768,777	$104M	added+3%	−0.15 pp	10 q
BABAAlibaba Group Holding Limited	2.31%	887,317	$94M	added+37%	+1.04 pp	36 q
GOOGAlphabet Inc. Class C	2.30%	560,716	$94M	added+15%	−0.14 pp	17 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.26%	528,851	$92M	added+5%	−0.14 pp	46 q
ZBHZimmer Biomet Holdings, Inc.	2.11%	794,288	$86M	added+20%	+0.15 pp	12 q
CCitigroup Inc.	1.98%	1,286,229	$81M	added+10%	−0.04 pp	46 q
ADIAnalog Devices, Inc.	1.93%	340,716	$78M	added+10%	0.00 pp	4 q
SNXTD SYNNEX Corporation	1.87%	633,477	$76M	trimmed−1%	−0.14 pp	12 q
CTSHCognizant Technology Solutions	1.85%	974,282	$75M	added+9%	+0.19 pp	2 q
PCGPG&E Corporation	1.85%	3,812,446	$75M	trimmed−10%	−0.16 pp	7 q
GGenpact Limited	1.69%	1,753,172	$69M	trimmed−17%	−0.15 pp	18 q
ORCLOracle Corp	1.66%	397,356	$68M	trimmed−20%	−0.26 pp	3 q
BCSBarclays PLC	1.63%	5,445,970	$66M	added+1%	+0.05 pp	46 q
PFEPfizer Inc.	1.57%	2,211,310	$64M	added+10%	+0.04 pp	2 q
METAMeta Platforms, Inc. Class A	1.48%	104,936	$60M	trimmed−31%	−0.60 pp	14 q
JDJD.com, Inc.	1.45%	1,471,091	$59M	added+50%	+0.76 pp	4 q
DGXQuest Diagnostics Inc.	1.30%	342,060	$53M	trimmed−28%	−0.48 pp	6 q
FISVFiserv, Inc.	1.29%	292,231	$52M	trimmed−32%	−0.46 pp	16 q
LYVLive Nation Entertainment Inc.	1.26%	469,127	$51M	new	+1.26 pp	new
JLLJones Lang LaSalle, Inc.	1.22%	184,742	$50M	trimmed−36%	−0.39 pp	10 q
DEODiageo plc	1.02%	296,927	$42M	added+26%	+0.21 pp	7 q
PHGKoninklijke Philips N.v.	1.02%	1,263,422	$41M	trimmed−2%	+0.13 pp	11 q
SAPSap SE	1.01%	179,048	$41M	trimmed−14%	−0.13 pp	23 q
QFINQfin Holdings, Inc.	1.01%	1,373,338	$41M	added+8%	+0.33 pp	17 q
PUKPrudential PLC	0.97%	2,136,769	$40M	added+2%	−0.08 pp	34 q
BMYBristol-Myers Squibb Co.	0.95%	750,455	$39M	added+3%	+0.13 pp	2 q
AZNNAstrazeneca Plc-spons ADR	0.94%	490,439	$38M	added+9%	−0.02 pp	14 q
BPBP p.l.c.	0.91%	1,184,453	$37M	trimmed−10%	−0.38 pp	30 q
CFGCitizens Financial Group, Inc.	0.90%	887,320	$36M	trimmed−33%	−0.39 pp	6 q
GSKGSK plc	0.90%	897,406	$37M	added+19%	+0.11 pp	10 q
STXSeagate Technology Holdings PLC (Ireland)	0.89%	330,110	$36M	trimmed−14%	−0.19 pp	4 q
9991429DAptiv Irish Holdings Ltd	0.84%	472,889	$34M	added+19%	+0.08 pp	4 q
BUDAnheuser-Busch INBEV SA/NV	0.83%	508,607	$34M	added+4%	+0.06 pp	9 q
AXSAxis Capital Holders Limited	0.80%	406,723	$32M	new	+0.80 pp	new
VIPSVipshop Holdings Limited	0.73%	1,896,196	$30M	trimmed−44%	−0.47 pp	9 q
SNYSanofi	0.70%	497,482	$29M	added+3%	+0.06 pp	18 q
BTIBritish American Tobacco p.l.c.	0.68%	754,901	$28M	added+3%	+0.06 pp	46 q
FINVFinVolution Group	0.66%	4,345,275	$27M	added+9%	+0.14 pp	8 q
VEAVanguard FTSE Developed Markets ETF	0.63%	485,531	$26M	trimmed−27%	−0.26 pp	10 q
MTArcelorMittal	0.61%	946,245	$25M	added×2.8	+0.40 pp	2 q
CNXCConcentrix Corporation	0.55%	433,254	$22M	trimmed−23%	−0.42 pp	16 q
SHELShell plc	0.54%	335,634	$22M	trimmed−52%	−0.85 pp	5 q
RELXRelx PLC	0.49%	424,410	$20M	trimmed−21%	−0.18 pp	15 q
WBWeibo Corporation	0.49%	1,967,181	$20M	added+4%	+0.09 pp	3 q
INGING Groep N.V.	0.48%	1,074,805	$20M	trimmed−22%	−0.16 pp	35 q
TAKTakeda Pharmaceutical Company Limited	0.45%	1,281,192	$18M	trimmed−5%	−0.03 pp	24 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.41%	584,659	$17M	added+2%	+0.04 pp	9 q
INDAiShares MSCI India ETF	0.38%	262,657	$15M	added×2.9	+0.24 pp	22 q
MOMOHello Group Inc.	0.36%	1,941,781	$15M	added+3%	+0.05 pp	9 q
SMINiShares MSCI India Small-Cap ETF	0.34%	158,913	$14M	added×2.7	+0.21 pp	5 q
IBNICICI Bank Limited	0.33%	446,261	$13M	added+1%	−0.02 pp	46 q
SHGShinhan Financial Group Co Ltd	0.32%	304,873	$13M	new	+0.32 pp	new
CLSCelestica, Inc.	0.30%	240,660	$12M	added+1%	−0.07 pp	8 q
BAPCredicorp LTD	0.30%	67,467	$12M	added+44%	+0.09 pp	2 q
INFYInfosys Limited	0.29%	537,836	$12M	added+1%	+0.02 pp	46 q
NWGNatWest Group plc	0.26%	1,125,064	$11M	trimmed−42%	−0.16 pp	5 q
GGBGerdau S.A.	0.23%	2,670,178	$9M	held	—	7 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.23%	73,567	$9M	trimmed−35%	−0.13 pp	8 q
RDYDr. Reddy's Laboratories Limited	0.21%	107,861	$9M	added+2%	−0.01 pp	44 q
MMYTMakeMyTrip Limited	0.19%	83,313	$8M	trimmed−48%	−0.18 pp	8 q
HDBHDFC Bank Limited	0.18%	118,223	$7M	trimmed−0%	−0.03 pp	46 q
IQiQIYI, Inc.	0.16%	2,258,840	$6M	trimmed−70%	−0.59 pp	6 q
BABoeing Company	0.14%	37,577	$6M	new	+0.14 pp	new
NGGNational Grid PLC	0.13%	74,164	$5M	new	+0.13 pp	new
KSAiShares MSCI Saudi Arabia ETF	0.11%	107,809	$5M	trimmed−15%	−0.03 pp	22 q
HAFNIOHafnia Limited	0.10%	546,511	$4M	new	+0.10 pp	new
VISTVista Energy S.A.B. de C.V.	0.09%	84,269	$4M	trimmed−65%	−0.21 pp	6 q
BTGB2Gold Corp.	0.08%	1,005,404	$3M	trimmed−1%	+0.01 pp	2 q
JKSJinkosolar Holdings Co	0.08%	127,600	$3M	trimmed−77%	−0.23 pp	7 q
AGROAdecoagro S.a.	0.08%	300,558	$3M	new	+0.08 pp	new
URTHiShares MSCI World ETF	0.06%	14,500	$2M	new	+0.06 pp	new
TACTransAlta Corporation	0.06%	223,983	$2M	added×9.6	+0.06 pp	2 q
TSEMTower Semiconductor Ltd	0.06%	57,206	$3M	new	+0.06 pp	new
ZIMZIM Integrated Shipping Services Ltd.	0.06%	96,425	$2M	new	+0.06 pp	new
ACWIiShares MSCI ACWI ETF	0.05%	17,883	$2M	added+76%	+0.02 pp	5 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.05%	139,761	$2M	trimmed−96%	−1.40 pp	5 q
WITWipro Limited	0.04%	244,403	$2M	added+1%	0.00 pp	3 q
EFViShares MSCI EAFE Value ETF	0.03%	22,400	$1M	new	+0.03 pp	new
NVSNovartis AG	0.02%	7,382	$849,075	trimmed−96%	−0.57 pp	46 q
VEUVanguard FTSE All-World Ex-US ETF	0.02%	9,952	$626,976	added+24%	+0.01 pp	4 q
VWOVanguard FTSE Emerging Markets ETF	0.02%	20,965	$1M	added+33%	0.00 pp	2 q
AAPLApple Inc.	0.01%	939	$218,787	new	+0.01 pp	new
CIGIColliers International Group Inc. Subordinate Voting Shares	0.01%	1,677	$254,787	new	+0.01 pp	new
MSFTMicrosoft Corp	0.01%	940	$404,482	held	—	3 q
NVDANvidia Corp	0.01%	4,233	$514,056	added+34%	0.00 pp	3 q
RYAAYRyanair Holdings plc	0.01%	10,645	$480,933	trimmed−100%	−6.97 pp	8 q
SMFGSumitomo Mitsui Financial Group, Inc	0.01%	16,119	$203,581	trimmed−13%	0.00 pp	46 q
TCOMTrip.com Group Limited	0.01%	3,973	$236,115	new	+0.01 pp	new
unresolvedUnilever Spn.Adr 1:1	0.01%	3,743	$243,129	trimmed−22%	0.00 pp	15 q
TRMDTORM plc Class A	0.01%	11,720	$399,352	held	—	8 q
OPFIOppFi Inc.	0.00%	14,180	$67,071	trimmed−19%	0.00 pp	2 q
ZBRAZebra Technologies Corporation	—	−149,552	—	exited	−1.26 pp	—
TMETencent Music Entertainment Group	—	−3,076,879	—	exited	−1.18 pp	—
BERYBerry Global Group, Inc.	—	−670,935	—	exited	−1.08 pp	—
IFFInternational Flavors & Fragrances Inc.	—	−347,776	—	exited	−0.90 pp	—
ATHMAutohome Inc.	—	−555,591	—	exited	−0.42 pp	—
WHRWhirlpool Corp.	—	−94,673	—	exited	−0.26 pp	—
DQDaqo New Energy Corp.	—	−224,184	—	exited	−0.09 pp	—
2663476DGolden Ocean Group Ltd	—	−13,809	—	exited	−0.01 pp	—