Causeway Capital

Q4 2024 13F · by Sarah Ketterer, CEO

As of: Dec 31, 2024
Filed: Feb 12, 2025
US stock: $4.4B · prev $4.1B
Positions: 107 · prev 97
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%

Moves114 since the prior filing

+19.4 pp in · −19.4 pp out

New 22 +8.25 pp
Added 41 +11.16 pp
Trimmed 39 −15.41 pp
Exited 12 −3.99 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 61% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions43% of US stock

Positions107 in this filing · 12 exited


CPCanadian Pacific Kansas City Limited	25.43%	15,429,804	$1.1B	added+77%	+7.04 pp	6 q
CHKPCheck Point Software Technologies Ltd	8.20%	1,929,604	$360M	added+34%	+1.37 pp	3 q
ABXBarrick Mining Corporation	3.92%	11,112,293	$172M	new	+3.92 pp	new
SWSmurfit Westrock plc	3.27%	2,662,964	$143M	trimmed−37%	−1.83 pp	2 q
GOOGAlphabet Inc. Class C	2.58%	595,557	$113M	added+6%	+0.28 pp	18 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.38%	529,064	$104M	added0%	+0.12 pp	47 q
DISThe Walt Disney Company	2.13%	841,942	$94M	trimmed−24%	−0.49 pp	20 q
CCitigroup Inc.	1.98%	1,234,875	$87M	trimmed−4%	0.00 pp	47 q
ZBHZimmer Biomet Holdings, Inc.	1.85%	769,932	$81M	trimmed−3%	−0.26 pp	13 q
BABAAlibaba Group Holding Limited	1.84%	951,168	$81M	added+7%	−0.47 pp	37 q
BCSBarclays PLC	1.79%	5,930,467	$79M	added+9%	+0.16 pp	47 q
ADIAnalog Devices, Inc.	1.77%	366,558	$78M	added+8%	−0.16 pp	5 q
SNXTD SYNNEX Corporation	1.59%	596,782	$70M	trimmed−6%	−0.28 pp	13 q
BBDBanco Bradesco S.A.	1.58%	36,313,506	$69M	trimmed−21%	−1.43 pp	9 q
AXSAxis Capital Holders Limited	1.47%	728,331	$65M	added+79%	+0.67 pp	2 q
CTSHCognizant Technology Solutions	1.43%	818,303	$63M	trimmed−16%	−0.42 pp	3 q
VEAVanguard FTSE Developed Markets ETF	1.38%	1,266,361	$61M	added×2.6	+0.75 pp	11 q
METAMeta Platforms, Inc. Class A	1.33%	99,561	$58M	trimmed−5%	−0.15 pp	15 q
MRKMerck & Co., Inc.	1.32%	584,473	$58M	new	+1.32 pp	new
AZNNAstrazeneca Plc-spons ADR	1.24%	831,870	$55M	added+70%	+0.30 pp	15 q
BABoeing Company	1.22%	302,750	$54M	added×8.1	+1.08 pp	2 q
QFINQfin Holdings, Inc.	1.20%	1,377,475	$53M	added0%	+0.19 pp	18 q
JDJD.com, Inc.	1.19%	1,511,092	$52M	added+3%	−0.26 pp	5 q
PCGPG&E Corporation	1.16%	2,520,673	$51M	trimmed−34%	−0.69 pp	8 q
PFEPfizer Inc.	1.11%	1,832,790	$49M	trimmed−17%	−0.46 pp	3 q
GGenpact Limited	1.11%	1,136,018	$49M	trimmed−35%	−0.58 pp	19 q
ORCLOracle Corp	1.10%	290,613	$48M	trimmed−27%	−0.56 pp	4 q
DGXQuest Diagnostics Inc.	1.05%	304,481	$46M	trimmed−11%	−0.25 pp	7 q
SAPSap SE	1.00%	177,860	$44M	trimmed−1%	−0.01 pp	24 q
PDDPDD Holdings Inc.	0.99%	446,272	$43M	trimmed−42%	−1.56 pp	11 q
BIIBBiogen Inc.	0.98%	281,702	$43M	new	+0.98 pp	new
PHGKoninklijke Philips N.v.	0.90%	1,566,850	$40M	added+24%	−0.12 pp	12 q
BPBP p.l.c.	0.88%	1,302,058	$38M	added+10%	−0.03 pp	31 q
DEODiageo plc	0.85%	294,763	$37M	trimmed−1%	−0.17 pp	8 q
GSKGSK plc	0.83%	1,076,580	$36M	added+20%	−0.07 pp	11 q
JLLJones Lang LaSalle, Inc.	0.78%	134,579	$34M	trimmed−27%	−0.44 pp	11 q
PUKPrudential PLC	0.78%	2,136,842	$34M	added0%	−0.19 pp	35 q
CFGCitizens Financial Group, Inc.	0.76%	764,553	$33M	trimmed−14%	−0.14 pp	7 q
SNYSanofi	0.76%	690,436	$33M	added+39%	+0.06 pp	19 q
BAPCredicorp LTD	0.71%	169,568	$31M	added×2.5	+0.41 pp	3 q
9991429DAptiv Irish Holdings Ltd	0.70%	509,649	$31M	added+8%	−0.14 pp	5 q
LYVLive Nation Entertainment Inc.	0.69%	235,621	$31M	trimmed−50%	−0.57 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	0.65%	574,298	$29M	added+13%	−0.18 pp	10 q
MTArcelorMittal	0.56%	1,067,400	$25M	added+13%	−0.05 pp	3 q
INGING Groep N.V.	0.53%	1,491,567	$23M	added+39%	+0.05 pp	36 q
BTIBritish American Tobacco p.l.c.	0.52%	629,912	$23M	trimmed−17%	−0.16 pp	47 q
WBWeibo Corporation	0.49%	2,259,267	$22M	added+15%	0.00 pp	4 q
RELXRelx PLC	0.48%	465,886	$21M	added+10%	−0.01 pp	16 q
XPXP Inc. Class A	0.47%	1,728,899	$20M	new	+0.47 pp	new
SESea Limited	0.45%	185,494	$20M	new	+0.45 pp	new
FINVFinVolution Group	0.43%	2,802,844	$19M	trimmed−36%	−0.23 pp	9 q
CNXCConcentrix Corporation	0.40%	409,812	$18M	trimmed−5%	−0.15 pp	17 q
CLSCelestica, Inc.	0.36%	171,423	$16M	trimmed−29%	+0.06 pp	9 q
ALLYAlly Financial Inc.	0.35%	423,364	$15M	new	+0.35 pp	new
IBNICICI Bank Limited	0.32%	473,232	$14M	added+6%	−0.01 pp	47 q
ZIMZIM Integrated Shipping Services Ltd.	0.29%	587,518	$13M	added×6.1	+0.23 pp	2 q
INDAiShares MSCI India ETF	0.28%	230,591	$12M	trimmed−12%	−0.10 pp	23 q
INFYInfosys Limited	0.27%	546,743	$12M	added+2%	−0.02 pp	47 q
SNNSmith & Nephew plc	0.27%	480,888	$12M	new	+0.27 pp	new
AUAngloGold Ashanti plc	0.25%	501,799	$11M	new	+0.25 pp	new
SHGShinhan Financial Group Co Ltd	0.24%	325,639	$11M	added+7%	−0.08 pp	2 q
MMYTMakeMyTrip Limited	0.22%	84,661	$10M	added+2%	+0.03 pp	9 q
SMINiShares MSCI India Small-Cap ETF	0.21%	120,877	$9M	trimmed−24%	−0.13 pp	6 q
KSAiShares MSCI Saudi Arabia ETF	0.20%	216,594	$9M	added×2.0	+0.09 pp	23 q
RDYDr. Reddy's Laboratories Limited	0.19%	539,305	$9M	held	—	45 q
HDBHDFC Bank Limited	0.19%	127,749	$8M	added+8%	+0.01 pp	47 q
NWGNatWest Group plc	0.19%	801,864	$8M	trimmed−29%	−0.07 pp	6 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.19%	73,644	$8M	added0%	−0.04 pp	9 q
GGBGerdau S.A.	0.18%	2,670,178	$8M	held	—	8 q
URTHiShares MSCI World ETF	0.18%	51,466	$8M	added×3.5	+0.12 pp	2 q
MOMOHello Group Inc.	0.16%	884,747	$7M	trimmed−54%	−0.20 pp	10 q
TAKTakeda Pharmaceutical Company Limited	0.16%	522,030	$7M	trimmed−59%	−0.29 pp	25 q
ATATAtour Lifestyle Holdings Limited	0.12%	193,682	$5M	new	+0.12 pp	new
AGROAdecoagro S.a.	0.12%	567,374	$5M	added+89%	+0.04 pp	2 q
IQiQIYI, Inc.	0.10%	2,244,700	$5M	trimmed−1%	−0.06 pp	7 q
EFAiShares MSCI EAFE ETF	0.09%	53,024	$4M	trimmed−96%	−2.58 pp	4 q
VIPSVipshop Holdings Limited	0.09%	301,815	$4M	trimmed−84%	−0.64 pp	10 q
HAFNIOHafnia Limited	0.07%	575,856	$3M	added+5%	−0.03 pp	2 q
TSEMTower Semiconductor Ltd	0.07%	58,944	$3M	added+3%	+0.01 pp	2 q
BTGB2Gold Corp.	0.06%	1,061,304	$3M	added+6%	−0.02 pp	3 q
ACWIiShares MSCI ACWI ETF	0.06%	23,048	$3M	added+29%	+0.01 pp	6 q
VEUVanguard FTSE All-World Ex-US ETF	0.04%	32,541	$2M	added×3.3	+0.02 pp	5 q
WITWipro Limited	0.04%	488,806	$2M	held	—	4 q
VWOVanguard FTSE Emerging Markets ETF	0.02%	15,090	$664,564	trimmed−28%	0.00 pp	3 q
ACGLArch Capital Group Ltd	0.02%	8,531	$787,838	new	+0.02 pp	new
ACNAccenture PLC	0.02%	2,451	$862,237	new	+0.02 pp	new
AAPLApple Inc.	0.01%	961	$240,654	added+2%	0.00 pp	2 q
KOFCoca-Cola FEMSA, S.A.B DE C.V	0.01%	5,350	$416,712	new	+0.01 pp	new
CIGIColliers International Group Inc. Subordinate Voting Shares	0.01%	1,677	$227,938	held	—	2 q
MSFTMicrosoft Corp	0.01%	940	$396,210	held	—	4 q
NVSNovartis AG	0.01%	5,866	$570,837	trimmed−21%	−0.01 pp	47 q
NVDANvidia Corp	0.01%	3,840	$515,674	trimmed−9%	0.00 pp	4 q
SHELShell plc	0.01%	10,132	$634,791	trimmed−97%	−0.53 pp	6 q
RYAAYRyanair Holdings plc	0.01%	9,093	$396,355	trimmed−15%	0.00 pp	9 q
TECKTeck Resources Limited	0.01%	6,480	$262,588	new	+0.01 pp	new
DOXAmdocs Limited	0.01%	6,390	$544,045	new	+0.01 pp	new
ARCOArcos Dorados Holdings Inc.	0.01%	34,300	$249,704	new	+0.01 pp	new
ICLRIcon Plc	0.01%	1,250	$262,138	new	+0.01 pp	new
NENoble Corporation plc	0.01%	8,462	$265,707	new	+0.01 pp	new
WTWWillis Towers Watson Public Limited Company	0.01%	1,563	$489,594	new	+0.01 pp	new
CNHCnh Industrial N.v.	0.01%	33,849	$383,509	new	+0.01 pp	new
EROEro Copper Corp.	0.00%	16,000	$215,603	new	0.00 pp	new
ITUBItau Unibanco Holding S.A.	0.00%	43,222	$214,381	new	0.00 pp	new
OSUROraSure Technologies Inc	0.00%	10,092	$36,432	new	0.00 pp	new
SMFGSumitomo Mitsui Financial Group, Inc	0.00%	13,348	$193,416	trimmed−17%	−0.01 pp	47 q
TCOMTrip.com Group Limited	0.00%	3,148	$216,142	trimmed−21%	−0.01 pp	2 q
unresolvedUnilever Spn.Adr 1:1	0.00%	3,566	$202,201	trimmed−5%	−0.01 pp	16 q
FISVFiserv, Inc.	—	−292,231	—	exited	−1.29 pp	—
BMYBristol-Myers Squibb Co.	—	−750,455	—	exited	−0.95 pp	—
STXSeagate Technology Holdings PLC (Ireland)	—	−330,110	—	exited	−0.89 pp	—
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	—	−584,659	—	exited	−0.41 pp	—
NGGNational Grid PLC	—	−75,385	—	exited	−0.13 pp	—
VISTVista Energy S.A.B. de C.V.	—	−84,269	—	exited	−0.09 pp	—
JKSJinkosolar Holdings Co	—	−127,600	—	exited	−0.08 pp	—
TACTransAlta Corporation	—	−223,983	—	exited	−0.06 pp	—
PBR.APetroleo Brasileiro S.A.-Petrobras	—	−139,761	—	exited	−0.05 pp	—
EFViShares MSCI EAFE Value ETF	—	−22,400	—	exited	−0.03 pp	—
TRMDTORM plc Class A	—	−11,720	—	exited	−0.01 pp	—
OPFIOppFi Inc.	—	−14,180	—	exited	0.00 pp	—