Causeway Capital

Q1 2025 13F · by Sarah Ketterer, CEO

As of: Mar 31, 2025
Filed: May 14, 2025
US stock: $4.8B · prev $4.4B
Positions: 90 · prev 107
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%

Moves113 since the prior filing

+19.2 pp in · −19.1 pp out

New 10 +14.01 pp
Added 41 +5.22 pp
Trimmed 35 −7.53 pp
Exited 27 −11.61 pp

The book

Concentrated · behaves like 12 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 72% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions47% of US stock

CP Canadian Pacific Kansas City Limited added−0.18 pp added−0.1825.3%
CCL Carnival Corporation Ltd. new+10.85 pp new+10.8510.8%
ABX Barrick Mining Corporation added+0.89 pp added+0.894.8%
BABA Alibaba Group Holding Limited added+1.91 pp added+1.913.8%
SW Smurfit Westrock plc added−0.73 pp added−0.732.5%

Positions90 in this filing · 27 exited


CPCanadian Pacific Kansas City Limited	25.25%	17,208,788	$1.2B	added+12%	−0.18 pp	7 q
CCLCarnival Corporation Ltd.	10.85%	26,565,066	$519M	new	+10.85 pp	new
ABXBarrick Mining Corporation	4.81%	11,838,827	$230M	added+7%	+0.89 pp	2 q
BABAAlibaba Group Holding Limited	3.75%	1,356,010	$179M	added+43%	+1.91 pp	38 q
SWSmurfit Westrock plc	2.54%	2,693,844	$121M	added+1%	−0.73 pp	3 q
GOOGAlphabet Inc. Class C	2.28%	697,353	$109M	added+17%	−0.30 pp	19 q
CCitigroup Inc.	2.00%	1,350,907	$96M	added+9%	+0.02 pp	48 q
DISThe Walt Disney Company	1.97%	953,852	$94M	added+13%	−0.16 pp	21 q
ZBHZimmer Biomet Holdings, Inc.	1.91%	805,509	$91M	added+5%	+0.06 pp	14 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.80%	519,645	$86M	trimmed−2%	−0.58 pp	48 q
ADIAnalog Devices, Inc.	1.79%	424,025	$86M	added+16%	+0.02 pp	6 q
MRKMerck & Co., Inc.	1.68%	897,869	$81M	added+54%	+0.36 pp	2 q
JDJD.com, Inc.	1.55%	1,797,234	$74M	added+19%	+0.36 pp	6 q
AXSAxis Capital Holders Limited	1.52%	727,094	$73M	trimmed−0%	+0.05 pp	3 q
CTSHCognizant Technology Solutions	1.47%	917,875	$70M	added+12%	+0.04 pp	4 q
BCSBarclays PLC	1.45%	4,511,942	$69M	trimmed−24%	−0.34 pp	48 q
ORCLOracle Corp	1.44%	491,833	$69M	added+69%	+0.34 pp	5 q
AZNNAstrazeneca Plc-spons ADR	1.32%	857,887	$63M	added+3%	+0.08 pp	16 q
METAMeta Platforms, Inc. Class A	1.27%	105,485	$61M	added+6%	−0.06 pp	16 q
BIIBBiogen Inc.	1.24%	433,517	$59M	added+54%	+0.26 pp	2 q
QFINQfin Holdings, Inc.	1.23%	1,307,273	$59M	trimmed−5%	+0.03 pp	19 q
BPBP p.l.c.	1.13%	1,596,626	$54M	added+23%	+0.25 pp	32 q
PFEPfizer Inc.	1.07%	2,024,255	$51M	added+10%	−0.04 pp	4 q
APTVAptiv PLC	1.07%	860,744	$51M	new	+1.07 pp	new
PUKPrudential PLC	1.06%	2,353,670	$51M	added+10%	+0.28 pp	36 q
INFYInfosys Limited	1.01%	2,638,154	$48M	added×4.8	+0.74 pp	48 q
GGenpact Limited	0.99%	944,660	$48M	trimmed−17%	−0.12 pp	20 q
PCGPG&E Corporation	0.92%	2,567,270	$44M	added+2%	−0.24 pp	9 q
GSKGSK plc	0.90%	1,107,923	$43M	added+3%	+0.07 pp	12 q
BUDAnheuser-Busch INBEV SA/NV	0.89%	691,917	$43M	added+20%	+0.24 pp	11 q
SAPSap SE	0.87%	155,139	$42M	trimmed−13%	−0.13 pp	25 q
CFGCitizens Financial Group, Inc.	0.86%	1,004,199	$41M	added+31%	+0.10 pp	8 q
PHGKoninklijke Philips N.v.	0.81%	1,531,812	$39M	trimmed−2%	−0.09 pp	13 q
LYVLive Nation Entertainment Inc.	0.80%	294,721	$38M	added+25%	+0.11 pp	3 q
SNYSanofi	0.80%	693,261	$38M	added0%	+0.04 pp	20 q
DBDeutsche Bank Aktiengesellschaft	0.75%	1,513,500	$36M	new	+0.75 pp	new
JLLJones Lang LaSalle, Inc.	0.73%	140,446	$35M	added+4%	−0.05 pp	12 q
WHRWhirlpool Corp.	0.69%	363,785	$33M	new	+0.69 pp	new
DEODiageo plc	0.67%	306,666	$32M	added+4%	−0.18 pp	9 q
INGING Groep N.V.	0.60%	1,460,526	$29M	trimmed−2%	+0.07 pp	37 q
SESea Limited	0.54%	198,688	$26M	added+7%	+0.09 pp	2 q
BTIBritish American Tobacco p.l.c.	0.53%	608,927	$25M	trimmed−3%	+0.01 pp	48 q
ALLYAlly Financial Inc.	0.50%	651,383	$24M	added+54%	+0.15 pp	2 q
RELXRelx PLC	0.48%	454,346	$23M	trimmed−2%	0.00 pp	17 q
FINVFinVolution Group	0.46%	2,284,493	$22M	trimmed−18%	+0.03 pp	10 q
WBWeibo Corporation	0.45%	2,256,465	$21M	trimmed−0%	−0.04 pp	5 q
DGXQuest Diagnostics Inc.	0.43%	120,400	$20M	trimmed−60%	−0.62 pp	8 q
VEAVanguard FTSE Developed Markets ETF	0.43%	405,903	$21M	trimmed−68%	−0.95 pp	12 q
MTArcelorMittal	0.42%	704,291	$20M	trimmed−34%	−0.14 pp	4 q
ATATAtour Lifestyle Holdings Limited	0.38%	642,536	$18M	added×3.3	+0.26 pp	2 q
SNNSmith & Nephew plc	0.36%	607,357	$17M	added+26%	+0.09 pp	2 q
SHGShinhan Financial Group Co Ltd	0.34%	509,806	$16M	added+57%	+0.10 pp	3 q
EMBJEmbraer S.A.	0.31%	318,335	$15M	new	+0.31 pp	new
AUAngloGold Ashanti plc	0.30%	383,520	$14M	trimmed−24%	+0.05 pp	2 q
IBNICICI Bank Limited	0.29%	442,939	$14M	trimmed−6%	−0.03 pp	48 q
SNXTD SYNNEX Corporation	0.29%	131,359	$14M	trimmed−78%	−1.30 pp	14 q
MOMOHello Group Inc.	0.28%	2,089,913	$13M	added×2.4	+0.12 pp	11 q
KSAiShares MSCI Saudi Arabia ETF	0.27%	315,426	$13M	added+46%	+0.07 pp	24 q
PDDPDD Holdings Inc.	0.26%	105,926	$13M	trimmed−76%	−0.73 pp	12 q
CLSCelestica, Inc.	0.24%	146,152	$12M	trimmed−15%	−0.12 pp	10 q
VIPSVipshop Holdings Limited	0.24%	726,618	$11M	added×2.4	+0.15 pp	11 q
BAPCredicorp LTD	0.21%	54,527	$10M	trimmed−68%	−0.50 pp	4 q
ZIMZIM Integrated Shipping Services Ltd.	0.21%	678,540	$10M	added+15%	−0.08 pp	3 q
NWGNatWest Group plc	0.19%	764,702	$9M	trimmed−5%	0.00 pp	7 q
TMETencent Music Entertainment Group	0.19%	615,153	$9M	new	+0.19 pp	new
HDBHDFC Bank Limited	0.18%	127,749	$8M	held	—	48 q
BBDBanco Bradesco S.A.	0.17%	3,598,612	$8M	trimmed−90%	−1.41 pp	10 q
GGBGerdau S.A.	0.16%	2,670,178	$8M	held	—	9 q
INDAiShares MSCI India ETF	0.15%	143,169	$7M	trimmed−38%	−0.13 pp	24 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.15%	62,822	$7M	trimmed−15%	−0.04 pp	10 q
MMYTMakeMyTrip Limited	0.15%	75,621	$7M	trimmed−11%	−0.07 pp	10 q
IQiQIYI, Inc.	0.14%	2,896,200	$7M	added+29%	+0.04 pp	8 q
AGROAdecoagro S.a.	0.13%	563,076	$6M	trimmed−1%	+0.01 pp	3 q
SMINiShares MSCI India Small-Cap ETF	0.12%	84,765	$6M	trimmed−30%	−0.09 pp	7 q
JOYYJOYY Inc.	0.08%	87,784	$4M	new	+0.08 pp	new
RDYDr. Reddy's Laboratories Limited	0.04%	144,439	$2M	trimmed−73%	−0.15 pp	46 q
VRNVeren Inc.	0.04%	263,808	$2M	new	+0.04 pp	new
ACWIiShares MSCI ACWI ETF	0.03%	11,604	$1M	trimmed−50%	−0.03 pp	7 q
JKSJinkosolar Holdings Co	0.03%	75,084	$1M	new	+0.03 pp	new
VWOVanguard FTSE Emerging Markets ETF	0.03%	30,533	$1M	added×2.0	+0.01 pp	4 q
WITWipro Limited	0.03%	488,806	$1M	held	—	5 q
BTGB2Gold Corp.	0.01%	94,491	$268,521	trimmed−91%	−0.05 pp	4 q
EFAiShares MSCI EAFE ETF	0.01%	6,441	$526,391	trimmed−88%	−0.08 pp	5 q
MSFTMicrosoft Corp	0.01%	940	$352,867	held	—	5 q
NVSNovartis AG	0.01%	4,236	$472,236	trimmed−28%	0.00 pp	48 q
NVDANvidia Corp	0.01%	4,124	$446,959	added+7%	0.00 pp	5 q
VEUVanguard FTSE All-World Ex-US ETF	0.01%	6,763	$410,216	trimmed−79%	−0.03 pp	6 q
AAPLApple Inc.	0.00%	1,005	$223,241	added+5%	−0.01 pp	3 q
PBYIPuma Biotechnology Inc	0.00%	14,095	$41,721	new	0.00 pp	new
SHELShell plc	0.00%	2,944	$215,748	trimmed−71%	−0.01 pp	7 q
CHKPCheck Point Software Technologies Ltd	—	−1,929,604	—	exited	−8.20 pp	—
BABoeing Company	—	−302,750	—	exited	−1.22 pp	—
9991429DAptiv Irish Holdings Ltd	—	−509,649	—	exited	−0.70 pp	—
XPXP Inc. Class A	—	−1,728,899	—	exited	−0.47 pp	—
CNXCConcentrix Corporation	—	−409,812	—	exited	−0.40 pp	—
URTHiShares MSCI World ETF	—	−51,466	—	exited	−0.18 pp	—
TAKTakeda Pharmaceutical Company Limited	—	−522,030	—	exited	−0.16 pp	—
HAFNIOHafnia Limited	—	−575,856	—	exited	−0.07 pp	—
TSEMTower Semiconductor Ltd	—	−58,944	—	exited	−0.07 pp	—
ACGLArch Capital Group Ltd	—	−8,531	—	exited	−0.02 pp	—
ACNAccenture PLC	—	−2,451	—	exited	−0.02 pp	—
KOFCoca-Cola FEMSA, S.A.B DE C.V	—	−5,350	—	exited	−0.01 pp	—
CIGIColliers International Group Inc. Subordinate Voting Shares	—	−1,677	—	exited	−0.01 pp	—
RYAAYRyanair Holdings plc	—	−9,093	—	exited	−0.01 pp	—
TECKTeck Resources Limited	—	−6,480	—	exited	−0.01 pp	—
DOXAmdocs Limited	—	−6,390	—	exited	−0.01 pp	—
ARCOArcos Dorados Holdings Inc.	—	−34,300	—	exited	−0.01 pp	—
ICLRIcon Plc	—	−1,250	—	exited	−0.01 pp	—
NENoble Corporation plc	—	−8,462	—	exited	−0.01 pp	—
WTWWillis Towers Watson Public Limited Company	—	−1,563	—	exited	−0.01 pp	—
CNHCnh Industrial N.v.	—	−33,849	—	exited	−0.01 pp	—
EROEro Copper Corp.	—	−16,000	—	exited	0.00 pp	—
ITUBItau Unibanco Holding S.A.	—	−47,544	—	exited	0.00 pp	—
OSUROraSure Technologies Inc	—	−10,092	—	exited	0.00 pp	—
SMFGSumitomo Mitsui Financial Group, Inc	—	−13,348	—	exited	0.00 pp	—
TCOMTrip.com Group Limited	—	−3,148	—	exited	0.00 pp	—
unresolvedUnilever Spn.Adr 1:1	—	−3,566	—	exited	0.00 pp	—