Causeway Capital

Q1 2026 13F · by Sarah Ketterer, CEO

As of: Mar 31, 2026
Filed: May 7, 2026
US stock: $8.1B · prev $7.3B
Positions: 107 · prev 108
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

+21.0 pp in · −21.0 pp out

New 13 +20.17 pp
Added 42 +0.82 pp
Trimmed 46 −17.63 pp
Exited 14 −3.34 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions54% of US stock

AZN AstraZeneca PLC new+17.66 pp new+17.6617.7%
CCL Carnival Corporation Ltd. added−2.47 pp added−2.4711.8%
DB Deutsche Bank Aktiengesellschaft added+1.29 pp added+1.298.9%
CP Canadian Pacific Kansas City Limited trimmed−4.31 pp trimmed−4.318.5%
SW Smurfit Westrock plc trimmed−2.57 pp trimmed−2.577.6%

Positions107 in this filing · 14 exited


AZNAstraZeneca PLC	17.66%	7,421,749	$1.4B	new	+17.66 pp	new
CCLCarnival Corporation Ltd.	11.79%	37,096,593	$960M	added+9%	−2.47 pp	5 q
DBDeutsche Bank Aktiengesellschaft	8.88%	24,962,034	$723M	added+76%	+1.29 pp	5 q
CPCanadian Pacific Kansas City Limited	8.47%	8,792,381	$690M	trimmed−30%	−4.31 pp	11 q
SWSmurfit Westrock plc	7.61%	15,566,028	$620M	trimmed−19%	−2.57 pp	7 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.11%	508,471	$172M	trimmed−1%	−0.03 pp	52 q
BABAAlibaba Group Holding Limited	1.65%	1,068,890	$134M	trimmed−11%	−0.78 pp	42 q
CARRCarrier Global Corporation	1.45%	2,102,878	$118M	added+14%	+0.11 pp	3 q
MRKMerck & Co., Inc.	1.26%	854,212	$103M	trimmed−18%	−0.25 pp	6 q
GOOGAlphabet Inc. Class C	1.19%	337,298	$97M	trimmed−9%	−0.41 pp	23 q
ALKAlaska Air Group, Inc.	1.13%	2,502,211	$92M	added+74%	+0.14 pp	2 q
CTSHCognizant Technology Solutions	1.13%	1,504,253	$92M	trimmed−3%	−0.64 pp	8 q
BCSBarclays PLC	1.06%	4,074,067	$86M	added+9%	−0.25 pp	52 q
AUAngloGold Ashanti plc	1.06%	898,816	$86M	added×2.1	+0.54 pp	6 q
METAMeta Platforms, Inc. Class A	1.02%	144,799	$83M	added+31%	+0.02 pp	20 q
AXSAxis Capital Holders Limited	1.02%	815,794	$83M	added+13%	−0.04 pp	7 q
BAPCredicorp LTD	1.02%	245,113	$83M	added+1%	+0.06 pp	8 q
EGEverest Group, Ltd.	1.00%	250,008	$82M	added+5%	−0.11 pp	3 q
LYVLive Nation Entertainment Inc.	0.99%	526,418	$80M	added+18%	+0.11 pp	7 q
SAPSap SE	0.96%	456,005	$78M	added+82%	+0.12 pp	29 q
RELXRelx PLC	0.94%	2,306,409	$76M	added+94%	+0.28 pp	21 q
GFIGold Fields Ltd	0.91%	1,634,170	$74M	added+1%	−0.06 pp	4 q
ZBHZimmer Biomet Holdings, Inc.	0.90%	808,110	$73M	added+11%	0.00 pp	18 q
GGenpact Limited	0.89%	1,948,677	$73M	trimmed−7%	−0.45 pp	24 q
CCitigroup Inc.	0.88%	634,931	$72M	trimmed−9%	−0.24 pp	52 q
PHGKoninklijke Philips N.v.	0.83%	2,456,190	$67M	added+12%	+0.01 pp	17 q
BAHBooz Allen Hamilton Holding Corporation	0.82%	857,462	$67M	added×2.2	+0.36 pp	2 q
WHRWhirlpool Corp.	0.80%	1,201,993	$65M	added+58%	+0.04 pp	5 q
ADIAnalog Devices, Inc.	0.79%	201,819	$64M	trimmed−23%	−0.19 pp	10 q
BABoeing Company	0.77%	313,926	$62M	added×2.1	+0.32 pp	2 q
CFGCitizens Financial Group, Inc.	0.77%	1,048,526	$63M	added+3%	−0.05 pp	12 q
JLLJones Lang LaSalle, Inc.	0.70%	186,274	$57M	added×3.1	+0.42 pp	16 q
DISThe Walt Disney Company	0.66%	559,882	$54M	added+3%	−0.19 pp	25 q
PFEPfizer Inc.	0.66%	1,914,219	$54M	trimmed−8%	−0.06 pp	8 q
BIIBBiogen Inc.	0.63%	280,783	$51M	trimmed−46%	−0.63 pp	6 q
SNYSanofi	0.63%	1,064,516	$51M	added0%	−0.08 pp	24 q
IRIngersoll Rand Inc.	0.62%	626,062	$50M	added+5%	−0.03 pp	4 q
DEODiageo plc	0.61%	666,314	$50M	added+37%	+0.03 pp	13 q
BPBP p.l.c.	0.58%	997,934	$47M	trimmed−39%	−0.20 pp	36 q
DTEDTE Energy Company	0.58%	322,015	$47M	new	+0.58 pp	new
VEAVanguard FTSE Developed Markets ETF	0.58%	736,637	$47M	added+75%	+0.22 pp	16 q
APTVAptiv PLC	0.58%	683,463	$47M	added+2%	−0.12 pp	5 q
NGGNational Grid PLC	0.56%	538,761	$46M	trimmed−24%	−0.20 pp	4 q
NWGNatWest Group plc	0.55%	2,988,309	$45M	added+88%	+0.17 pp	11 q
JOYYJOYY Inc.	0.54%	750,751	$44M	trimmed−8%	−0.18 pp	5 q
NVONovo-Nordisk A/S	0.53%	1,174,213	$43M	added+18%	−0.17 pp	4 q
PAGSPagSeguro Digital Ltd.	0.50%	4,044,350	$41M	trimmed−0%	−0.04 pp	4 q
BUDAnheuser-Busch INBEV SA/NV	0.49%	580,131	$40M	trimmed−17%	−0.13 pp	15 q
INGING Groep N.V.	0.49%	1,537,748	$40M	added+57%	+0.11 pp	41 q
TALTAL Education Group	0.49%	3,478,417	$40M	new	+0.49 pp	new
TXNTexas Instruments Incorporated	0.49%	206,214	$40M	new	+0.49 pp	new
PUKPrudential PLC	0.46%	1,321,151	$38M	trimmed−12%	−0.19 pp	40 q
SNNSmith & Nephew plc	0.37%	953,146	$30M	added+58%	+0.10 pp	6 q
BTIBritish American Tobacco p.l.c.	0.36%	500,864	$29M	added+4%	−0.02 pp	52 q
SMINiShares MSCI India Small-Cap ETF	0.35%	471,654	$28M	added+3%	−0.09 pp	11 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.34%	1,495,664	$28M	new	+0.34 pp	new
INFYInfosys Limited	0.31%	1,896,488	$26M	trimmed−24%	−0.30 pp	52 q
SMFGSumitomo Mitsui Financial Group, Inc	0.31%	1,267,248	$25M	added+8%	0.00 pp	4 q
GGBGerdau S.A.	0.30%	6,841,155	$25M	trimmed−6%	−0.07 pp	13 q
PDDPDD Holdings Inc.	0.30%	237,010	$24M	trimmed−36%	−0.28 pp	3 q
WBWeibo Corporation	0.29%	2,666,202	$23M	trimmed−11%	−0.13 pp	9 q
ZIMZIM Integrated Shipping Services Ltd.	0.29%	889,550	$23M	trimmed−27%	−0.06 pp	7 q
CGAUCenterra Gold Inc.	0.27%	1,245,027	$22M	trimmed−0%	+0.02 pp	4 q
INDAiShares MSCI India ETF	0.26%	459,200	$22M	added+19%	−0.03 pp	28 q
BXPBXP, Inc.	0.24%	380,761	$20M	added+40%	−0.01 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.24%	71,864	$19M	new	+0.24 pp	new
VISTVista Energy S.A.B. de C.V.	0.20%	220,918	$17M	new	+0.20 pp	new
SHGShinhan Financial Group Co Ltd	0.19%	253,576	$16M	trimmed−56%	−0.24 pp	7 q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.19%	103,581	$15M	added+42%	+0.05 pp	14 q
TIGOMillicom International Cellular S.A.	0.19%	208,718	$16M	trimmed−3%	+0.03 pp	3 q
MTArcelorMittal	0.17%	265,697	$14M	trimmed−31%	−0.07 pp	8 q
FSMFortuna Mining Corp.	0.15%	1,251,045	$12M	added+45%	+0.03 pp	3 q
FINVFinVolution Group	0.14%	2,401,084	$12M	trimmed−13%	−0.06 pp	14 q
IBNICICI Bank Limited	0.14%	450,887	$12M	trimmed−5%	−0.06 pp	52 q
CIBGrupo Cibest S.A.	0.12%	132,364	$10M	new	+0.12 pp	new
HDBHDFC Bank Limited	0.12%	399,171	$10M	trimmed−5%	−0.09 pp	52 q
CLSCelestica, Inc.	0.09%	24,809	$7M	trimmed−66%	−0.21 pp	14 q
TMETencent Music Entertainment Group	0.07%	612,900	$6M	trimmed−64%	−0.34 pp	5 q
EFAiShares MSCI EAFE ETF	0.05%	37,761	$4M	trimmed−55%	−0.06 pp	9 q
QFINQfin Holdings, Inc.	0.05%	330,288	$4M	trimmed−75%	−0.30 pp	23 q
ACWIiShares MSCI ACWI ETF	0.03%	15,421	$2M	added+41%	+0.01 pp	11 q
EWTiShares MSCI Taiwan ETF	0.03%	37,151	$3M	trimmed−80%	−0.14 pp	3 q
KSAiShares MSCI Saudi Arabia ETF	0.03%	52,898	$2M	new	+0.03 pp	new
MMYTMakeMyTrip Limited	0.03%	64,544	$2M	trimmed−5%	−0.05 pp	14 q
BTGB2Gold Corp.	0.01%	94,491	$427,920	held	—	8 q
EFXTEnerflex Ltd.	0.01%	52,946	$1M	trimmed−28%	−0.01 pp	2 q
GSKGSK plc	0.01%	11,110	$613,177	trimmed−67%	−0.01 pp	16 q
SCZiShares MSCI EAFE Small-Cap ETF	0.01%	7,100	$556,711	new	+0.01 pp	new
NVDANvidia Corp	0.01%	3,589	$625,922	trimmed−5%	0.00 pp	9 q
VEUVanguard FTSE All-World Ex-US ETF	0.01%	6,191	$464,938	trimmed−57%	0.00 pp	10 q
WITWipro Limited	0.01%	443,164	$939,508	trimmed−6%	−0.01 pp	9 q
INMDInMode Ltd.	0.01%	71,829	$982,621	held	—	2 q
ITRNIturan Location and Control Ltd.	0.01%	20,439	$1M	held	—	3 q
HAFNHafnia Limited	0.01%	54,367	$416,252	new	+0.01 pp	new
ALLThe Allstate Corporation	0.00%	1,005	$208,377	new	0.00 pp	new
AAPLApple Inc.	0.00%	923	$234,248	added+3%	0.00 pp	7 q
BBarrick Mining Corporation	0.00%	7,736	$315,615	trimmed−100%	−3.64 pp	6 q
AVGOBroadcom Inc.	0.00%	843	$260,917	added+2%	0.00 pp	2 q
FIXComfort Systems USA, Inc.	0.00%	184	$253,734	trimmed−24%	0.00 pp	2 q
MSFTMicrosoft Corp	0.00%	772	$285,771	trimmed−20%	−0.01 pp	9 q
NVSNovartis AG	0.00%	1,487	$227,167	trimmed−23%	0.00 pp	52 q
PDSPrecision Drilling Corporation	0.00%	3,291	$322,839	held	—	2 q
INNSummit Hotel Properties, Inc.	0.00%	14,838	$65,584	held	—	4 q
VWOVanguard FTSE Emerging Markets ETF	0.00%	7,469	$403,699	trimmed−88%	−0.04 pp	2 q
RNRRenaissanceRe Holdings Ltd.	0.00%	994	$295,447	added+40%	0.00 pp	2 q
JBSJbs N.v.	0.00%	20,994	$377,052	held	—	4 q
BWLPBW LPG Limited	0.00%	15,291	$268,744	new	0.00 pp	new
AZNNAstrazeneca Plc-spons ADR	—	−1,010,898	—	exited	−1.28 pp	—
GPKGraphic Packaging Holding Company	—	−4,528,554	—	exited	−0.94 pp	—
ALLYAlly Financial Inc.	—	−600,850	—	exited	−0.37 pp	—
VIPSVipshop Holdings Limited	—	−1,089,598	—	exited	−0.27 pp	—
VALEVale S.a.	—	−904,000	—	exited	−0.16 pp	—
EWYiShares MSCI South Korea ETF	—	−110,800	—	exited	−0.15 pp	—
MOMOHello Group Inc.	—	−889,397	—	exited	−0.08 pp	—
URTHiShares MSCI World ETF	—	−10,631	—	exited	−0.03 pp	—
GRTUFGranite Real Estate Uts	—	−23,700	—	exited	−0.02 pp	—
EZAiShares MSCI South Africa ETF	—	−22,500	—	exited	−0.02 pp	—
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	—	−28,800	—	exited	−0.01 pp	—
EWZiShares MSCI Brazil ETF	—	−13,800	—	exited	−0.01 pp	—
KEPKorea Electric Power Corp	—	−11,202	—	exited	0.00 pp	—
PBYIPuma Biotechnology Inc	—	−13,310	—	exited	0.00 pp	—