Causeway Capital

Q4 2025 13F · by Sarah Ketterer, CEO

As of: Dec 31, 2025
Filed: Feb 13, 2026
US stock: $7.3B · prev $7.6B
Positions: 108 · prev 105
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%

Moves115 since the prior filing

+16.6 pp in · −16.6 pp out

New 14 +2.17 pp
Added 52 +14.41 pp
Trimmed 38 −12.93 pp
Exited 11 −3.65 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 58% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions48% of US stock

Positions108 in this filing · 11 exited


CCLCarnival Corporation Ltd.	14.26%	33,944,782	$1.0B	added+6%	+2.07 pp	4 q
CPCanadian Pacific Kansas City Limited	12.78%	12,596,802	$929M	trimmed−7%	−0.53 pp	10 q
SWSmurfit Westrock plc	10.18%	19,132,879	$740M	added×2.5	+5.95 pp	6 q
DBDeutsche Bank Aktiengesellschaft	7.59%	14,194,354	$552M	trimmed−19%	−0.60 pp	4 q
BBarrick Mining Corporation	3.64%	6,093,395	$264M	trimmed−61%	−3.16 pp	5 q
BABAAlibaba Group Holding Limited	2.43%	1,203,049	$176M	trimmed−2%	−0.48 pp	41 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.14%	511,720	$156M	added+1%	+0.27 pp	51 q
CTSHCognizant Technology Solutions	1.77%	1,552,361	$129M	added+15%	+0.57 pp	7 q
GOOGAlphabet Inc. Class C	1.60%	370,001	$116M	trimmed−41%	−0.43 pp	22 q
MRKMerck & Co., Inc.	1.51%	1,044,617	$110M	trimmed−8%	+0.25 pp	5 q
CARRCarrier Global Corporation	1.34%	1,848,827	$98M	added+26%	+0.18 pp	2 q
GGenpact Limited	1.34%	2,084,209	$97M	added+11%	+0.30 pp	23 q
BCSBarclays PLC	1.31%	3,750,607	$95M	trimmed−14%	+0.12 pp	51 q
AZNNAstrazeneca Plc-spons ADR	1.28%	1,010,898	$93M	trimmed−5%	+0.20 pp	19 q
BIIBBiogen Inc.	1.26%	521,101	$92M	trimmed−8%	+0.21 pp	5 q
CCitigroup Inc.	1.12%	697,445	$81M	trimmed−30%	−0.22 pp	51 q
EGEverest Group, Ltd.	1.11%	238,558	$81M	added+36%	+0.30 pp	2 q
AXSAxis Capital Holders Limited	1.06%	721,221	$77M	trimmed−14%	0.00 pp	6 q
METAMeta Platforms, Inc. Class A	1.00%	110,385	$73M	added+27%	+0.16 pp	19 q
ALKAlaska Air Group, Inc.	0.99%	1,434,517	$72M	new	+0.99 pp	new
ADIAnalog Devices, Inc.	0.98%	263,030	$71M	trimmed−13%	0.00 pp	9 q
GFIGold Fields Ltd	0.97%	1,621,076	$71M	added+5%	+0.11 pp	3 q
BAPCredicorp LTD	0.96%	242,024	$69M	added+12%	+0.20 pp	7 q
GPKGraphic Packaging Holding Company	0.94%	4,528,554	$68M	added+74%	+0.27 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	0.90%	728,498	$66M	added+25%	+0.14 pp	17 q
LYVLive Nation Entertainment Inc.	0.88%	447,113	$64M	added+92%	+0.38 pp	6 q
DISThe Walt Disney Company	0.85%	546,064	$62M	trimmed−8%	−0.05 pp	24 q
SAPSap SE	0.84%	250,748	$61M	added+29%	+0.16 pp	28 q
CFGCitizens Financial Group, Inc.	0.82%	1,014,186	$59M	trimmed−7%	+0.05 pp	11 q
PHGKoninklijke Philips N.v.	0.82%	2,198,531	$60M	added+12%	+0.11 pp	16 q
BPBP p.l.c.	0.78%	1,640,680	$57M	added+4%	+0.06 pp	35 q
NGGNational Grid PLC	0.76%	709,485	$55M	added+4%	+0.12 pp	3 q
WHRWhirlpool Corp.	0.76%	761,228	$55M	added+23%	+0.12 pp	4 q
JOYYJOYY Inc.	0.72%	812,601	$53M	added+3%	+0.11 pp	4 q
PFEPfizer Inc.	0.72%	2,091,719	$52M	added+1%	+0.02 pp	7 q
SNYSanofi	0.71%	1,063,958	$52M	added+9%	+0.10 pp	23 q
NVONovo-Nordisk A/S	0.70%	993,850	$51M	added+43%	+0.19 pp	3 q
APTVAptiv PLC	0.70%	668,620	$51M	trimmed−8%	−0.12 pp	4 q
RELXRelx PLC	0.66%	1,189,379	$48M	added+64%	+0.20 pp	20 q
IRIngersoll Rand Inc.	0.65%	596,771	$47M	added+7%	+0.04 pp	3 q
PUKPrudential PLC	0.65%	1,508,912	$47M	added+2%	+0.10 pp	39 q
BUDAnheuser-Busch INBEV SA/NV	0.62%	701,343	$45M	added+15%	+0.14 pp	14 q
INFYInfosys Limited	0.61%	2,482,318	$44M	added×8.7	+0.55 pp	51 q
DEODiageo plc	0.58%	485,288	$42M	added+4%	−0.01 pp	12 q
PDDPDD Holdings Inc.	0.58%	371,241	$42M	added+20%	+0.04 pp	2 q
PAGSPagSeguro Digital Ltd.	0.54%	4,045,457	$39M	added+4%	+0.03 pp	3 q
AUAngloGold Ashanti plc	0.52%	434,260	$38M	added×2.2	+0.34 pp	5 q
BAHBooz Allen Hamilton Holding Corporation	0.46%	396,332	$33M	new	+0.46 pp	new
BABoeing Company	0.45%	151,928	$33M	new	+0.45 pp	new
SMINiShares MSCI India Small-Cap ETF	0.44%	458,977	$32M	added+25%	+0.09 pp	10 q
SHGShinhan Financial Group Co Ltd	0.43%	579,796	$31M	added+2%	+0.05 pp	6 q
WBWeibo Corporation	0.42%	2,992,234	$31M	added+1%	−0.06 pp	8 q
TMETencent Music Entertainment Group	0.41%	1,689,576	$30M	trimmed−26%	−0.30 pp	4 q
BTIBritish American Tobacco p.l.c.	0.38%	483,138	$27M	added+5%	+0.06 pp	51 q
INGING Groep N.V.	0.38%	982,006	$27M	trimmed−39%	−0.17 pp	40 q
NWGNatWest Group plc	0.38%	1,587,264	$28M	added+11%	+0.11 pp	10 q
ALLYAlly Financial Inc.	0.37%	600,850	$27M	trimmed−6%	+0.04 pp	5 q
GGBGerdau S.A.	0.37%	7,259,433	$27M	added+1%	+0.08 pp	12 q
VEAVanguard FTSE Developed Markets ETF	0.36%	421,392	$26M	trimmed−17%	−0.04 pp	15 q
QFINQfin Holdings, Inc.	0.35%	1,306,636	$25M	added+1%	−0.14 pp	22 q
ZIMZIM Integrated Shipping Services Ltd.	0.35%	1,213,006	$26M	added+12%	+0.16 pp	6 q
SMFGSumitomo Mitsui Financial Group, Inc	0.31%	1,177,274	$23M	added+47%	+0.13 pp	3 q
CLSCelestica, Inc.	0.30%	73,302	$22M	trimmed−27%	−0.03 pp	13 q
INDAiShares MSCI India ETF	0.29%	386,205	$21M	trimmed−63%	−0.43 pp	27 q
JLLJones Lang LaSalle, Inc.	0.28%	59,456	$20M	trimmed−37%	−0.09 pp	15 q
SNNSmith & Nephew plc	0.27%	603,812	$20M	added+5%	0.00 pp	5 q
VIPSVipshop Holdings Limited	0.27%	1,089,598	$19M	added+1%	−0.01 pp	14 q
BXPBXP, Inc.	0.25%	272,049	$18M	trimmed−7%	−0.04 pp	3 q
CGAUCenterra Gold Inc.	0.25%	1,249,789	$18M	added+45%	+0.13 pp	3 q
MTArcelorMittal	0.24%	384,849	$18M	trimmed−34%	−0.04 pp	7 q
HDBHDFC Bank Limited	0.21%	422,279	$15M	added+10%	+0.04 pp	51 q
FINVFinVolution Group	0.20%	2,761,927	$14M	trimmed−3%	−0.08 pp	13 q
IBNICICI Bank Limited	0.20%	477,060	$14M	added+7%	+0.02 pp	51 q
EWTiShares MSCI Taiwan ETF	0.17%	190,341	$12M	added×17.1	+0.16 pp	2 q
VALEVale S.a.	0.16%	904,000	$12M	new	+0.16 pp	new
TIGOMillicom International Cellular S.A.	0.16%	215,950	$12M	added×5.7	+0.14 pp	2 q
EWYiShares MSCI South Korea ETF	0.15%	110,800	$11M	trimmed−50%	−0.08 pp	2 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.14%	72,930	$10M	trimmed−19%	−0.03 pp	13 q
FSMFortuna Mining Corp.	0.12%	863,628	$8M	added×7.5	+0.11 pp	2 q
EFAiShares MSCI EAFE ETF	0.11%	83,004	$8M	trimmed−98%	−6.01 pp	8 q
MOMOHello Group Inc.	0.08%	889,397	$6M	trimmed−68%	−0.19 pp	14 q
MMYTMakeMyTrip Limited	0.08%	68,159	$6M	trimmed−17%	−0.02 pp	13 q
VWOVanguard FTSE Emerging Markets ETF	0.04%	60,561	$3M	new	+0.04 pp	new
URTHiShares MSCI World ETF	0.03%	10,631	$2M	added+73%	+0.02 pp	2 q
EFXTEnerflex Ltd.	0.02%	73,432	$1M	new	+0.02 pp	new
GSKGSK plc	0.02%	33,897	$2M	trimmed−97%	−0.65 pp	15 q
GRTUFGranite Real Estate Uts	0.02%	23,700	$1M	held	—	2 q
EZAiShares MSCI South Africa ETF	0.02%	22,500	$2M	new	+0.02 pp	new
ACWIiShares MSCI ACWI ETF	0.02%	10,935	$2M	added+16%	0.00 pp	10 q
WITWipro Limited	0.02%	473,301	$1M	trimmed−1%	0.00 pp	8 q
BTGB2Gold Corp.	0.01%	94,491	$426,011	held	—	7 q
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.01%	28,800	$946,080	new	+0.01 pp	new
EWZiShares MSCI Brazil ETF	0.01%	13,800	$438,426	new	+0.01 pp	new
MSFTMicrosoft Corp	0.01%	965	$466,693	added+3%	0.00 pp	8 q
NVDANvidia Corp	0.01%	3,758	$700,867	trimmed−1%	0.00 pp	8 q
VEUVanguard FTSE All-World Ex-US ETF	0.01%	14,484	$1M	added+50%	0.00 pp	9 q
INMDInMode Ltd.	0.01%	71,829	$1M	new	+0.01 pp	new
ITRNIturan Location and Control Ltd.	0.01%	20,439	$879,081	held	—	2 q
AAPLApple Inc.	0.00%	898	$244,130	trimmed−3%	0.00 pp	6 q
AVGOBroadcom Inc.	0.00%	827	$286,225	new	0.00 pp	new
FIXComfort Systems USA, Inc.	0.00%	243	$226,789	new	0.00 pp	new
KEPKorea Electric Power Corp	0.00%	11,202	$184,835	trimmed−12%	0.00 pp	3 q
NVSNovartis AG	0.00%	1,935	$266,788	trimmed−6%	0.00 pp	51 q
PDSPrecision Drilling Corporation	0.00%	3,291	$236,462	new	0.00 pp	new
PBYIPuma Biotechnology Inc	0.00%	13,310	$79,195	trimmed−6%	0.00 pp	4 q
INNSummit Hotel Properties, Inc.	0.00%	14,838	$72,261	held	—	3 q
RNRRenaissanceRe Holdings Ltd.	0.00%	712	$200,186	new	0.00 pp	new
JBSJbs N.v.	0.00%	20,994	$302,733	trimmed−20%	−0.01 pp	3 q
NTESNetEase, inc.	—	−638,315	—	exited	−1.28 pp	—
XPXP Inc. Class A	—	−2,538,130	—	exited	−0.63 pp	—
ORCLOracle Corp	—	−166,409	—	exited	−0.62 pp	—
SESea Limited	—	−153,370	—	exited	−0.36 pp	—
ATATAtour Lifestyle Holdings Limited	—	−611,570	—	exited	−0.30 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−64,603	—	exited	−0.29 pp	—
KSAiShares MSCI Saudi Arabia ETF	—	−194,437	—	exited	−0.10 pp	—
FXIiShares China Large-Cap ETF	—	−71,000	—	exited	−0.04 pp	—
RDYDr. Reddy's Laboratories Limited	—	−159,139	—	exited	−0.03 pp	—
ADTADT Inc.	—	−10,929	—	exited	0.00 pp	—
TCOMTrip.com Group Limited	—	−2,748	—	exited	0.00 pp	—