Causeway Capital

Q2 2025 13F · by Sarah Ketterer, CEO

As of: Jun 30, 2025
Filed: Aug 12, 2025
US stock: $6.3B · prev $4.8B
Positions: 99 · 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

+17.3 pp in · −17.3 pp out

New 17 +5.57 pp
Added 44 +11.75 pp
Trimmed 33 −15.89 pp
Exited 8 −1.37 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions51% of US stock

CP Canadian Pacific Kansas City Limited trimmed−6.83 pp trimmed−6.8318.4%
CCL Carnival Corporation Ltd. added+2.11 pp added+2.1113.0%
DB Deutsche Bank Aktiengesellschaft added+8.28 pp added+8.289.0%
B Barrick Mining Corporation added+0.99 pp added+0.995.8%
SW Smurfit Westrock plc added+2.25 pp added+2.254.8%

Positions99 in this filing · 8 exited


CPCanadian Pacific Kansas City Limited	18.42%	14,680,499	$1.2B	trimmed−15%	−6.83 pp	8 q
CCLCarnival Corporation Ltd.	12.96%	29,128,074	$819M	added+10%	+2.11 pp	2 q
DBDeutsche Bank Aktiengesellschaft	9.03%	19,315,143	$570M	added×12.8	+8.28 pp	2 q
BBarrick Mining Corporation	5.80%	17,653,416	$367M	added+49%	+0.99 pp	3 q
SWSmurfit Westrock plc	4.79%	7,015,694	$303M	added×2.6	+2.25 pp	4 q
BABAAlibaba Group Holding Limited	2.23%	1,242,469	$141M	trimmed−8%	−1.52 pp	39 q
GOOGAlphabet Inc. Class C	2.03%	721,546	$128M	added+3%	−0.25 pp	20 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.86%	517,815	$117M	trimmed−0%	+0.06 pp	49 q
CCitigroup Inc.	1.70%	1,259,978	$107M	trimmed−7%	−0.30 pp	49 q
CTSHCognizant Technology Solutions	1.46%	1,181,358	$92M	added+29%	−0.01 pp	5 q
BCSBarclays PLC	1.37%	4,664,178	$87M	added+3%	−0.08 pp	49 q
ADIAnalog Devices, Inc.	1.34%	355,604	$85M	trimmed−16%	−0.45 pp	7 q
MRKMerck & Co., Inc.	1.23%	982,660	$78M	added+9%	−0.45 pp	3 q
DISThe Walt Disney Company	1.22%	623,677	$77M	trimmed−35%	−0.75 pp	22 q
METAMeta Platforms, Inc. Class A	1.12%	95,570	$71M	trimmed−9%	−0.15 pp	17 q
AZNNAstrazeneca Plc-spons ADR	1.05%	953,448	$67M	added+11%	−0.27 pp	17 q
AXSAxis Capital Holders Limited	1.04%	634,981	$66M	trimmed−13%	−0.48 pp	4 q
GGenpact Limited	1.00%	1,431,171	$63M	added+52%	+0.01 pp	21 q
BIIBBiogen Inc.	0.98%	493,355	$62M	added+14%	−0.26 pp	3 q
JDJD.com, Inc.	0.96%	1,854,381	$61M	added+3%	−0.59 pp	7 q
ORCLOracle Corp	0.96%	277,286	$61M	trimmed−44%	−0.48 pp	6 q
NTESNetEase, inc.	0.94%	441,494	$59M	new	+0.94 pp	new
QFINQfin Holdings, Inc.	0.90%	1,314,163	$57M	added+1%	−0.33 pp	20 q
ZBHZimmer Biomet Holdings, Inc.	0.83%	578,238	$53M	trimmed−28%	−1.08 pp	15 q
APTVAptiv PLC	0.78%	718,696	$49M	trimmed−17%	−0.29 pp	2 q
BPBP p.l.c.	0.77%	1,620,639	$49M	added+2%	−0.36 pp	33 q
PFEPfizer Inc.	0.75%	1,963,312	$48M	trimmed−3%	−0.32 pp	5 q
CFGCitizens Financial Group, Inc.	0.73%	1,032,974	$46M	added+3%	−0.13 pp	9 q
XPXP Inc. Class A	0.73%	2,280,437	$46M	new	+0.73 pp	new
IFFInternational Flavors & Fragrances Inc.	0.72%	622,703	$46M	new	+0.72 pp	new
BUDAnheuser-Busch INBEV SA/NV	0.70%	647,477	$44M	trimmed−6%	−0.19 pp	12 q
PHGKoninklijke Philips N.v.	0.70%	1,850,995	$44M	added+16%	−0.11 pp	14 q
WHRWhirlpool Corp.	0.70%	433,543	$44M	added+19%	+0.01 pp	2 q
DEODiageo plc	0.69%	430,710	$43M	added+40%	+0.02 pp	10 q
BAPCredicorp LTD	0.68%	192,758	$43M	added×3.5	+0.47 pp	5 q
GSKGSK plc	0.67%	1,107,076	$43M	trimmed−0%	−0.23 pp	13 q
SNYSanofi	0.64%	839,639	$41M	added+21%	−0.16 pp	21 q
PUKPrudential PLC	0.63%	1,597,829	$40M	trimmed−32%	−0.43 pp	37 q
PCGPG&E Corporation	0.60%	2,737,515	$38M	added+7%	−0.32 pp	10 q
JOYYJOYY Inc.	0.59%	731,870	$37M	added×8.3	+0.51 pp	2 q
TMETencent Music Entertainment Group	0.59%	1,903,885	$37M	added×3.1	+0.40 pp	2 q
AUAngloGold Ashanti plc	0.56%	788,151	$36M	added×2.1	+0.26 pp	3 q
JLLJones Lang LaSalle, Inc.	0.55%	137,057	$35M	trimmed−2%	−0.18 pp	13 q
SAPSap SE	0.55%	115,049	$35M	trimmed−26%	−0.32 pp	26 q
SESea Limited	0.54%	212,331	$34M	added+7%	0.00 pp	3 q
INGING Groep N.V.	0.53%	1,540,694	$34M	added+5%	−0.07 pp	38 q
LYVLive Nation Entertainment Inc.	0.53%	219,457	$33M	trimmed−26%	−0.27 pp	4 q
GFIGold Fields Ltd	0.51%	1,353,653	$32M	new	+0.51 pp	new
RELXRelx PLC	0.42%	482,845	$26M	added+6%	−0.06 pp	18 q
PAGSPagSeguro Digital Ltd.	0.41%	2,691,538	$26M	new	+0.41 pp	new
BTIBritish American Tobacco p.l.c.	0.40%	530,599	$25M	trimmed−13%	−0.13 pp	49 q
SNNSmith & Nephew plc	0.40%	821,008	$25M	added+35%	+0.04 pp	3 q
WBWeibo Corporation	0.40%	2,643,718	$25M	added+17%	−0.05 pp	6 q
MTArcelorMittal	0.39%	776,702	$25M	added+10%	−0.03 pp	5 q
NVONovo-Nordisk A/S	0.39%	353,884	$24M	new	+0.39 pp	new
SHGShinhan Financial Group Co Ltd	0.39%	550,138	$25M	added+8%	+0.05 pp	4 q
ALLYAlly Financial Inc.	0.37%	603,036	$23M	trimmed−7%	−0.13 pp	3 q
NGGNational Grid PLC	0.37%	315,994	$24M	new	+0.37 pp	new
ATATAtour Lifestyle Holdings Limited	0.35%	672,784	$22M	added+5%	−0.03 pp	3 q
FINVFinVolution Group	0.35%	2,351,203	$22M	added+3%	−0.11 pp	11 q
IRIngersoll Rand Inc.	0.35%	262,774	$22M	new	+0.35 pp	new
CLSCelestica, Inc.	0.31%	124,587	$19M	trimmed−15%	+0.07 pp	11 q
MOMOHello Group Inc.	0.31%	2,346,224	$20M	added+12%	+0.03 pp	12 q
BXPBXP, Inc.	0.29%	272,795	$18M	new	+0.29 pp	new
KEPKorea Electric Power Corp	0.27%	1,220,320	$17M	new	+0.27 pp	new
GPKGraphic Packaging Holding Company	0.25%	740,479	$16M	new	+0.25 pp	new
IBNICICI Bank Limited	0.24%	444,660	$15M	added0%	−0.05 pp	49 q
HDBHDFC Bank Limited	0.23%	187,589	$14M	added+47%	+0.05 pp	49 q
VEAVanguard FTSE Developed Markets ETF	0.22%	245,142	$14M	trimmed−40%	−0.21 pp	13 q
INDAiShares MSCI India ETF	0.19%	217,240	$12M	added+52%	+0.04 pp	25 q
KSAiShares MSCI Saudi Arabia ETF	0.19%	310,751	$12M	trimmed−1%	−0.08 pp	25 q
MELIMercado Libre, Inc	0.19%	4,525	$12M	new	+0.19 pp	new
VIPSVipshop Holdings Limited	0.19%	782,518	$12M	added+8%	−0.05 pp	12 q
ZIMZIM Integrated Shipping Services Ltd.	0.18%	711,364	$11M	added+5%	−0.03 pp	4 q
SMINiShares MSCI India Small-Cap ETF	0.17%	137,008	$11M	added+62%	+0.05 pp	8 q
NWGNatWest Group plc	0.14%	629,470	$9M	trimmed−18%	−0.05 pp	8 q
SNXTD SYNNEX Corporation	0.14%	62,872	$9M	trimmed−52%	−0.15 pp	15 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.13%	61,586	$8M	trimmed−2%	−0.02 pp	11 q
MMYTMakeMyTrip Limited	0.13%	83,521	$8M	added+10%	−0.02 pp	11 q
GGBGerdau S.A.	0.12%	2,670,178	$8M	held	—	10 q
INFYInfosys Limited	0.08%	283,927	$5M	trimmed−89%	−0.93 pp	49 q
IQiQIYI, Inc.	0.08%	2,896,200	$5M	held	—	9 q
CGAUCenterra Gold Inc.	0.07%	635,501	$5M	new	+0.07 pp	new
SMFGSumitomo Mitsui Financial Group, Inc	0.07%	301,796	$5M	new	+0.07 pp	new
RDYDr. Reddy's Laboratories Limited	0.04%	159,139	$2M	added+10%	0.00 pp	47 q
ACWIiShares MSCI ACWI ETF	0.02%	8,460	$1M	trimmed−27%	−0.01 pp	8 q
WITWipro Limited	0.02%	475,731	$1M	trimmed−3%	−0.01 pp	6 q
BTGB2Gold Corp.	0.01%	94,491	$340,708	held	—	5 q
EFAiShares MSCI EAFE ETF	0.01%	7,064	$631,417	added+10%	0.00 pp	6 q
MSFTMicrosoft Corp	0.01%	940	$467,565	held	—	6 q
NVDANvidia Corp	0.01%	3,631	$573,662	trimmed−12%	0.00 pp	6 q
VEUVanguard FTSE All-World Ex-US ETF	0.01%	8,926	$600,009	added+32%	0.00 pp	7 q
VWOVanguard FTSE Emerging Markets ETF	0.01%	7,149	$353,590	trimmed−77%	−0.02 pp	5 q
JBSJbs N.v.	0.01%	34,350	$501,854	new	+0.01 pp	new
AAPLApple Inc.	0.00%	1,003	$205,786	trimmed−0%	0.00 pp	4 q
BKNGBooking Holdings Inc.	0.00%	37	$214,202	new	0.00 pp	new
NVSNovartis AG	0.00%	2,084	$252,196	trimmed−51%	−0.01 pp	49 q
PBYIPuma Biotechnology Inc	0.00%	14,095	$48,346	held	—	2 q
INNSummit Hotel Properties, Inc.	0.00%	15,652	$79,669	new	0.00 pp	new
DGXQuest Diagnostics Inc.	—	−120,400	—	exited	−0.43 pp	—
EMBJEmbraer S.A.	—	−318,335	—	exited	−0.31 pp	—
PDDPDD Holdings Inc.	—	−105,926	—	exited	−0.26 pp	—
BBDBanco Bradesco S.A.	—	−3,598,612	—	exited	−0.17 pp	—
AGROAdecoagro S.a.	—	−563,076	—	exited	−0.13 pp	—
VRNVeren Inc.	—	−263,808	—	exited	−0.04 pp	—
JKSJinkosolar Holdings Co	—	−75,084	—	exited	−0.03 pp	—
SHELShell plc	—	−2,944	—	exited	0.00 pp	—