Causeway Capital

Q3 2025 13F · by Sarah Ketterer, CEO

As of: Sep 30, 2025
Filed: Nov 13, 2025
US stock: $7.6B · prev $6.3B
Positions: 105 · prev 99
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%

Moves106 since the prior filing

+11.1 pp in · −11.0 pp out

New 14 +3.15 pp
Added 53 +7.98 pp
Trimmed 31 −8.34 pp
Exited 8 −2.70 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions47% of US stock

Positions105 in this filing · 8 exited


CPCanadian Pacific Kansas City Limited	13.31%	13,522,873	$1.0B	trimmed−8%	−5.11 pp	9 q
CCLCarnival Corporation Ltd.	12.19%	31,912,001	$923M	added+10%	−0.77 pp	3 q
DBDeutsche Bank Aktiengesellschaft	8.19%	17,618,765	$620M	trimmed−9%	−0.84 pp	3 q
BBarrick Mining Corporation	6.80%	15,694,240	$515M	trimmed−11%	+1.00 pp	4 q
EFAiShares MSCI EAFE ETF	6.12%	4,959,667	$463M	added×702.1	+6.11 pp	7 q
SWSmurfit Westrock plc	4.23%	7,522,983	$320M	added+7%	−0.56 pp	5 q
BABAAlibaba Group Holding Limited	2.91%	1,231,464	$220M	trimmed−1%	+0.68 pp	40 q
GOOGAlphabet Inc. Class C	2.03%	632,158	$154M	trimmed−12%	0.00 pp	21 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.87%	507,751	$142M	trimmed−2%	+0.01 pp	50 q
CCitigroup Inc.	1.34%	998,078	$101M	trimmed−21%	−0.36 pp	50 q
NTESNetEase, inc.	1.28%	638,315	$97M	added+45%	+0.34 pp	2 q
MRKMerck & Co., Inc.	1.26%	1,134,057	$95M	added+15%	+0.03 pp	4 q
CTSHCognizant Technology Solutions	1.20%	1,350,178	$91M	added+14%	−0.26 pp	6 q
BCSBarclays PLC	1.19%	4,352,949	$90M	trimmed−7%	−0.18 pp	50 q
CARRCarrier Global Corporation	1.16%	1,466,481	$88M	new	+1.16 pp	new
AZNNAstrazeneca Plc-spons ADR	1.08%	1,067,371	$82M	added+12%	+0.03 pp	18 q
AXSAxis Capital Holders Limited	1.06%	836,861	$80M	added+32%	+0.02 pp	5 q
BIIBBiogen Inc.	1.05%	567,518	$79M	added+15%	+0.07 pp	4 q
GGenpact Limited	1.04%	1,878,432	$79M	added+31%	+0.04 pp	22 q
ADIAnalog Devices, Inc.	0.98%	302,272	$74M	trimmed−15%	−0.36 pp	8 q
DISThe Walt Disney Company	0.90%	595,915	$68M	trimmed−4%	−0.32 pp	23 q
GFIGold Fields Ltd	0.86%	1,543,015	$65M	added+14%	+0.35 pp	2 q
METAMeta Platforms, Inc. Class A	0.84%	86,917	$64M	trimmed−9%	−0.28 pp	18 q
APTVAptiv PLC	0.82%	722,843	$62M	added+1%	+0.04 pp	3 q
EGEverest Group, Ltd.	0.81%	175,686	$62M	new	+0.81 pp	new
CFGCitizens Financial Group, Inc.	0.77%	1,090,060	$58M	added+6%	+0.04 pp	10 q
ZBHZimmer Biomet Holdings, Inc.	0.76%	581,779	$57M	added+1%	−0.07 pp	16 q
BAPCredicorp LTD	0.76%	215,628	$57M	added+12%	+0.08 pp	6 q
BPBP p.l.c.	0.72%	1,583,385	$55M	trimmed−2%	−0.05 pp	34 q
INDAiShares MSCI India ETF	0.72%	1,054,005	$55M	added×4.9	+0.53 pp	26 q
PHGKoninklijke Philips N.v.	0.71%	1,958,112	$53M	added+6%	+0.01 pp	15 q
TMETencent Music Entertainment Group	0.71%	2,287,718	$53M	added+20%	+0.12 pp	3 q
PFEPfizer Inc.	0.70%	2,072,047	$53M	added+6%	−0.05 pp	6 q
SAPSap SE	0.68%	193,748	$52M	added+68%	+0.13 pp	27 q
GSKGSK plc	0.67%	1,177,001	$51M	added+6%	0.00 pp	14 q
GPKGraphic Packaging Holding Company	0.67%	2,601,576	$51M	added×3.5	+0.42 pp	2 q
NGGNational Grid PLC	0.64%	671,143	$49M	added×2.1	+0.27 pp	2 q
WHRWhirlpool Corp.	0.64%	617,039	$48M	added+42%	−0.06 pp	3 q
XPXP Inc. Class A	0.63%	2,538,130	$48M	added+11%	−0.10 pp	2 q
ORCLOracle Corp	0.62%	166,409	$47M	trimmed−40%	−0.34 pp	7 q
IRIngersoll Rand Inc.	0.61%	556,229	$46M	added×2.1	+0.26 pp	2 q
JOYYJOYY Inc.	0.61%	790,060	$46M	added+8%	+0.02 pp	3 q
SNYSanofi	0.61%	979,317	$46M	added+17%	−0.03 pp	22 q
DEODiageo plc	0.59%	466,866	$45M	added+8%	−0.10 pp	11 q
INGING Groep N.V.	0.55%	1,598,246	$42M	added+4%	+0.02 pp	39 q
PUKPrudential PLC	0.55%	1,475,439	$41M	trimmed−8%	−0.08 pp	38 q
PDDPDD Holdings Inc.	0.54%	309,641	$41M	new	+0.54 pp	new
NVONovo-Nordisk A/S	0.51%	695,979	$39M	added+97%	+0.12 pp	2 q
PAGSPagSeguro Digital Ltd.	0.51%	3,892,125	$39M	added+45%	+0.10 pp	2 q
LYVLive Nation Entertainment Inc.	0.50%	232,404	$38M	added+6%	−0.03 pp	5 q
QFINQfin Holdings, Inc.	0.49%	1,291,210	$37M	trimmed−2%	−0.41 pp	21 q
BUDAnheuser-Busch INBEV SA/NV	0.48%	609,686	$36M	trimmed−6%	−0.22 pp	13 q
WBWeibo Corporation	0.48%	2,952,249	$37M	added+12%	+0.08 pp	7 q
RELXRelx PLC	0.46%	723,161	$35M	added+50%	+0.04 pp	19 q
VEAVanguard FTSE Developed Markets ETF	0.40%	508,504	$30M	added×2.1	+0.18 pp	14 q
SHGShinhan Financial Group Co Ltd	0.38%	565,975	$29M	added+3%	−0.01 pp	5 q
JLLJones Lang LaSalle, Inc.	0.37%	94,710	$28M	trimmed−31%	−0.18 pp	14 q
SESea Limited	0.36%	153,370	$27M	trimmed−28%	−0.18 pp	4 q
SMINiShares MSCI India Small-Cap ETF	0.35%	367,520	$26M	added×2.7	+0.18 pp	9 q
ALLYAlly Financial Inc.	0.33%	636,169	$25M	added+5%	−0.04 pp	4 q
CLSCelestica, Inc.	0.33%	100,670	$25M	trimmed−19%	+0.02 pp	12 q
BTIBritish American Tobacco p.l.c.	0.32%	458,703	$24M	trimmed−14%	−0.08 pp	50 q
ATATAtour Lifestyle Holdings Limited	0.30%	611,570	$23M	trimmed−9%	−0.05 pp	4 q
BXPBXP, Inc.	0.29%	291,507	$22M	added+7%	0.00 pp	2 q
GGBGerdau S.A.	0.29%	7,189,270	$22M	added×2.7	+0.17 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.29%	64,603	$22M	new	+0.29 pp	new
MTArcelorMittal	0.28%	586,831	$21M	trimmed−24%	−0.11 pp	6 q
FINVFinVolution Group	0.28%	2,834,783	$21M	added+21%	−0.07 pp	12 q
VIPSVipshop Holdings Limited	0.28%	1,076,736	$21M	added+38%	+0.09 pp	13 q
MOMOHello Group Inc.	0.27%	2,794,347	$21M	added+19%	−0.04 pp	13 q
NWGNatWest Group plc	0.27%	1,435,963	$20M	added×2.3	+0.13 pp	9 q
SNNSmith & Nephew plc	0.27%	572,532	$21M	trimmed−30%	−0.13 pp	4 q
EWYiShares MSCI South Korea ETF	0.23%	221,895	$18M	new	+0.23 pp	new
ZIMZIM Integrated Shipping Services Ltd.	0.19%	1,082,641	$15M	added+52%	+0.01 pp	5 q
IBNICICI Bank Limited	0.18%	444,660	$13M	held	—	50 q
SMFGSumitomo Mitsui Financial Group, Inc	0.18%	800,903	$13M	added×2.7	+0.11 pp	2 q
AUAngloGold Ashanti plc	0.18%	198,513	$14M	trimmed−75%	−0.38 pp	4 q
HDBHDFC Bank Limited	0.17%	385,186	$13M	added+3%	−0.06 pp	50 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.17%	90,227	$13M	added+47%	+0.04 pp	12 q
CGAUCenterra Gold Inc.	0.12%	863,377	$9M	added+36%	+0.05 pp	2 q
KSAiShares MSCI Saudi Arabia ETF	0.10%	194,437	$8M	trimmed−37%	−0.09 pp	26 q
MMYTMakeMyTrip Limited	0.10%	82,319	$8M	trimmed−1%	−0.03 pp	12 q
INFYInfosys Limited	0.06%	283,927	$5M	held	—	50 q
FXIiShares China Large-Cap ETF	0.04%	71,000	$3M	new	+0.04 pp	new
RDYDr. Reddy's Laboratories Limited	0.03%	159,139	$2M	held	—	48 q
GRTUFGranite Real Estate Uts	0.02%	23,700	$1M	new	+0.02 pp	new
ACWIiShares MSCI ACWI ETF	0.02%	9,427	$1M	added+11%	0.00 pp	9 q
WITWipro Limited	0.02%	475,731	$1M	held	—	7 q
TIGOMillicom International Cellular S.A.	0.02%	38,000	$2M	new	+0.02 pp	new
BTGB2Gold Corp.	0.01%	94,491	$467,226	held	—	6 q
FSMFortuna Mining Corp.	0.01%	115,867	$1M	new	+0.01 pp	new
URTHiShares MSCI World ETF	0.01%	6,151	$1M	new	+0.01 pp	new
EWTiShares MSCI Taiwan ETF	0.01%	11,100	$706,182	new	+0.01 pp	new
MSFTMicrosoft Corp	0.01%	940	$486,873	held	—	7 q
NVDANvidia Corp	0.01%	3,805	$709,937	added+5%	0.00 pp	7 q
VEUVanguard FTSE All-World Ex-US ETF	0.01%	9,660	$689,399	added+8%	0.00 pp	8 q
ITRNIturan Location and Control Ltd.	0.01%	20,439	$730,081	new	+0.01 pp	new
JBSJbs N.v.	0.01%	26,297	$392,614	trimmed−23%	0.00 pp	2 q
ADTADT Inc.	0.00%	10,929	$95,192	new	0.00 pp	new
AAPLApple Inc.	0.00%	927	$236,042	trimmed−8%	0.00 pp	5 q
KEPKorea Electric Power Corp	0.00%	12,752	$166,411	trimmed−99%	−0.27 pp	2 q
NVSNovartis AG	0.00%	2,054	$263,395	trimmed−1%	0.00 pp	50 q
PBYIPuma Biotechnology Inc	0.00%	14,095	$74,844	held	—	3 q
INNSummit Hotel Properties, Inc.	0.00%	14,838	$81,461	trimmed−5%	0.00 pp	2 q
TCOMTrip.com Group Limited	0.00%	2,748	$206,650	new	0.00 pp	new
JDJD.com, Inc.	—	−1,854,381	—	exited	−0.96 pp	—
IFFInternational Flavors & Fragrances Inc.	—	−622,703	—	exited	−0.72 pp	—
PCGPG&E Corporation	—	−2,737,515	—	exited	−0.60 pp	—
MELIMercado Libre, Inc	—	−4,525	—	exited	−0.19 pp	—
SNXTD SYNNEX Corporation	—	−62,872	—	exited	−0.14 pp	—
IQiQIYI, Inc.	—	−2,896,200	—	exited	−0.08 pp	—
VWOVanguard FTSE Emerging Markets ETF	—	−7,149	—	exited	−0.01 pp	—
BKNGBooking Holdings Inc.	—	−37	—	exited	0.00 pp	—