Causeway Capital

Q2 2026 13F · by Sarah Ketterer, CEO

As of: Jun 30, 2026
Filed: Jul 29, 2026
US stock: $9.2B · prev $8.1B
Positions: 122 · 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%

Moves124 since the prior filing

+11.0 pp in · −11.0 pp out

New 22 +2.68 pp
Added 49 +8.29 pp
Trimmed 46 −9.18 pp
Exited 7 −1.81 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 34% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions56% of US stock

Positions122 in this filing · 7 exited


AZNAstraZeneca PLC	18.97%	9,357,390	$1.8B	added+26%	+1.31 pp	2 q
CCLCarnival Corporation Ltd.	12.74%	41,190,606	$1.2B	added+11%	+0.95 pp	6 q
DBDeutsche Bank Aktiengesellschaft	10.77%	29,358,318	$994M	added+18%	+1.89 pp	6 q
SWSmurfit Westrock plc	7.53%	15,039,041	$696M	trimmed−3%	−0.08 pp	8 q
CPCanadian Pacific Kansas City Limited	6.30%	6,711,483	$582M	trimmed−24%	−2.17 pp	12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.75%	532,052	$254M	added+5%	+0.64 pp	53+ q
ALKAlaska Air Group, Inc.	1.80%	3,183,163	$166M	added+27%	+0.67 pp	3 q
CARRCarrier Global Corporation	1.73%	2,178,506	$160M	added+4%	+0.28 pp	4 q
LYVLive Nation Entertainment Inc.	1.40%	706,301	$129M	added+34%	+0.41 pp	8 q
MRKMerck & Co., Inc.	1.33%	954,932	$123M	added+12%	+0.07 pp	7 q
METAMeta Platforms, Inc. Class A	1.23%	201,459	$113M	added+39%	+0.21 pp	21 q
GOOGAlphabet Inc. Class C	1.21%	316,217	$112M	trimmed−6%	+0.02 pp	24 q
BCSBarclays PLC	1.16%	3,975,718	$107M	trimmed−2%	+0.10 pp	53+ q
BAPCredicorp LTD	1.08%	255,436	$100M	added+4%	+0.06 pp	9 q
SAPSap SE	1.05%	629,801	$97M	added+38%	+0.09 pp	30 q
BABAAlibaba Group Holding Limited	1.03%	995,040	$96M	trimmed−7%	−0.62 pp	43 q
AXSAxis Capital Holders Limited	1.00%	859,727	$92M	added+5%	−0.02 pp	8 q
EGEverest Group, Ltd.	0.98%	252,702	$90M	added+1%	−0.02 pp	4 q
IRIngersoll Rand Inc.	0.92%	1,033,693	$85M	added+65%	+0.30 pp	5 q
PHGKoninklijke Philips N.v.	0.90%	3,061,962	$83M	added+20%	+0.07 pp	18 q
NVONovo-Nordisk A/S	0.87%	1,677,615	$80M	added+43%	+0.34 pp	5 q
JLLJones Lang LaSalle, Inc.	0.83%	248,252	$77M	added+33%	+0.13 pp	17 q
CFGCitizens Financial Group, Inc.	0.82%	1,077,093	$75M	added+3%	+0.05 pp	13 q
NTESNetEase, inc.	0.79%	572,412	$73M	new	+0.79 pp	new
DEODiageo plc	0.78%	899,015	$72M	added+35%	+0.17 pp	14 q
ZBHZimmer Biomet Holdings, Inc.	0.74%	788,810	$68M	trimmed−2%	−0.16 pp	19 q
BABoeing Company	0.73%	313,048	$68M	trimmed−0%	−0.04 pp	3 q
CCitigroup Inc.	0.70%	458,858	$64M	trimmed−28%	−0.18 pp	53+ q
NWGNatWest Group plc	0.67%	3,487,290	$61M	added+17%	+0.12 pp	12 q
BIIBBiogen Inc.	0.65%	278,283	$60M	trimmed−1%	+0.02 pp	7 q
GFIGold Fields Ltd	0.62%	1,713,233	$58M	added+5%	−0.29 pp	5 q
ADIAnalog Devices, Inc.	0.61%	142,050	$56M	trimmed−30%	−0.18 pp	11 q
RELXRelx PLC	0.60%	1,762,329	$56M	trimmed−24%	−0.34 pp	22 q
AUAngloGold Ashanti plc	0.60%	688,027	$56M	trimmed−23%	−0.46 pp	7 q
INGING Groep N.V.	0.57%	1,690,687	$53M	added+10%	+0.08 pp	42 q
BAHBooz Allen Hamilton Holding Corporation	0.56%	849,966	$52M	trimmed−1%	−0.26 pp	3 q
TXNTexas Instruments Incorporated	0.54%	166,496	$50M	trimmed−19%	+0.05 pp	2 q
DTEDTE Energy Company	0.53%	320,526	$49M	trimmed−0%	−0.05 pp	2 q
NGGNational Grid PLC	0.53%	590,240	$49M	added+10%	−0.03 pp	5 q
PFEPfizer Inc.	0.50%	1,916,801	$46M	added0%	−0.16 pp	9 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.49%	3,096,624	$45M	added×2.1	+0.15 pp	2 q
PUKPrudential PLC	0.49%	1,689,218	$45M	added+28%	+0.03 pp	41 q
SNNSmith & Nephew plc	0.49%	1,565,167	$45M	added+64%	+0.12 pp	7 q
TALTAL Education Group	0.43%	4,125,430	$39M	added+19%	−0.06 pp	2 q
SMINiShares MSCI India Small-Cap ETF	0.42%	542,849	$38M	added+15%	+0.07 pp	12 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.39%	87,447	$36M	added+22%	+0.15 pp	2 q
DISThe Walt Disney Company	0.38%	360,600	$35M	trimmed−36%	−0.28 pp	26 q
BTIBritish American Tobacco p.l.c.	0.37%	547,925	$34M	added+9%	+0.01 pp	53+ q
SNYSanofi	0.37%	804,056	$34M	trimmed−24%	−0.26 pp	25 q
SMFGSumitomo Mitsui Financial Group, Inc	0.36%	1,392,610	$33M	added+10%	+0.05 pp	5 q
VISTVista Energy S.A.B. de C.V.	0.35%	501,275	$32M	added×2.3	+0.15 pp	2 q
INDAiShares MSCI India ETF	0.34%	628,500	$31M	added+37%	+0.08 pp	29 q
BSXBoston Scientific Corp.	0.33%	720,339	$31M	new	+0.33 pp	new
JDJD.com, Inc.	0.33%	1,199,207	$31M	new	+0.33 pp	new
VEAVanguard FTSE Developed Markets ETF	0.33%	427,314	$30M	trimmed−42%	−0.25 pp	17 q
GGBGerdau S.A.	0.32%	7,229,538	$29M	added+6%	+0.02 pp	14 q
BUDAnheuser-Busch INBEV SA/NV	0.31%	347,657	$29M	trimmed−40%	−0.18 pp	16 q
PAGSPagSeguro Digital Ltd.	0.31%	3,130,268	$28M	trimmed−23%	−0.19 pp	5 q
BXPBXP, Inc.	0.27%	378,480	$25M	trimmed−1%	+0.03 pp	5 q
HTHTH World Group Limited	0.26%	570,437	$24M	new	+0.26 pp	new
OGCOceanaGold Corporation	0.25%	911,012	$23M	new	+0.25 pp	new
CGAUCenterra Gold Inc.	0.22%	1,285,398	$20M	added+3%	−0.05 pp	5 q
CTSHCognizant Technology Solutions	0.21%	494,846	$19M	trimmed−67%	−0.92 pp	9 q
GGenpact Limited	0.21%	710,380	$20M	trimmed−64%	−0.68 pp	25 q
ZIMZIM Integrated Shipping Services Ltd.	0.20%	694,474	$18M	trimmed−22%	−0.09 pp	8 q
FSMFortuna Mining Corp.	0.19%	2,086,645	$18M	added+67%	+0.04 pp	4 q
WBWeibo Corporation	0.18%	2,317,577	$17M	trimmed−13%	−0.11 pp	10 q
ARCOArcos Dorados Holdings Inc.	0.17%	1,961,513	$16M	new	+0.17 pp	new
IBNICICI Bank Limited	0.14%	447,935	$13M	trimmed−1%	0.00 pp	53+ q
VSSVanguard FTSE All-World EX-US Small-Cap Index Fund	0.14%	80,907	$12M	trimmed−22%	−0.05 pp	15 q
TDToronto Dominion Bank	0.13%	97,238	$12M	new	+0.13 pp	new
FINVFinVolution Group	0.12%	2,285,880	$11M	trimmed−5%	−0.02 pp	15 q
CIBGrupo Cibest S.A.	0.12%	136,620	$11M	added+3%	0.00 pp	2 q
HDBHDFC Bank Limited	0.11%	395,855	$10M	trimmed−1%	−0.01 pp	53+ q
CMCanadian Imperial Bank of Commerce	0.10%	83,789	$10M	new	+0.10 pp	new
BWLPBW LPG Limited	0.09%	457,050	$8M	added×29.9	+0.09 pp	2 q
CLSCelestica, Inc.	0.08%	19,598	$7M	trimmed−21%	−0.01 pp	15 q
JOYYJOYY Inc.	0.08%	109,297	$7M	trimmed−85%	−0.46 pp	6 q
SUSuncor Energy, Inc.	0.08%	138,526	$7M	new	+0.08 pp	new
KSAiShares MSCI Saudi Arabia ETF	0.07%	177,079	$7M	added×3.3	+0.04 pp	2 q
INFYInfosys Limited	0.06%	526,963	$6M	trimmed−72%	−0.25 pp	53+ q
EEMiShares MSCI Emerging Markets ETF	0.06%	74,974	$5M	new	+0.06 pp	new
TIGOMillicom International Cellular S.A.	0.06%	65,932	$6M	trimmed−68%	−0.13 pp	4 q
EWTiShares MSCI Taiwan ETF	0.05%	45,108	$5M	added+21%	+0.02 pp	4 q
HAFNHafnia Limited	0.05%	697,424	$5M	added×12.8	+0.04 pp	2 q
STNStantec, Inc.	0.04%	56,200	$4M	new	+0.04 pp	new
GLBEGlobal-E Online Ltd.	0.04%	102,195	$4M	new	+0.04 pp	new
MMYTMakeMyTrip Limited	0.04%	64,145	$3M	trimmed−1%	+0.01 pp	15 q
IAGIAMGold Corporation	0.03%	172,916	$3M	new	+0.03 pp	new
MGAMagna International	0.03%	45,900	$3M	new	+0.03 pp	new
BPBP p.l.c.	0.02%	46,059	$2M	trimmed−95%	−0.56 pp	37 q
EFAiShares MSCI EAFE ETF	0.02%	20,761	$2M	trimmed−45%	−0.03 pp	10 q
VWOVanguard FTSE Emerging Markets ETF	0.02%	35,556	$2M	added×4.8	+0.02 pp	3 q
MTArcelorMittal	0.01%	22,155	$1M	trimmed−92%	−0.16 pp	9 q
CNQCanadian Natural Resources Limited	0.01%	18,400	$727,829	new	+0.01 pp	new
ACWIiShares MSCI ACWI ETF	0.01%	7,691	$1M	trimmed−50%	−0.02 pp	12 q
SCZiShares MSCI EAFE Small-Cap ETF	0.01%	7,100	$584,117	held	—	2 q
NVDANvidia Corp	0.01%	3,567	$713,721	trimmed−1%	0.00 pp	10 q
OTEXOpen Text Corp	0.01%	36,500	$807,567	new	+0.01 pp	new
ORLAOrla Mining Ltd	0.01%	52,100	$509,341	new	+0.01 pp	new
VEUVanguard FTSE All-World Ex-US ETF	0.01%	15,389	$1M	added×2.5	0.00 pp	11 q
WITWipro Limited	0.01%	448,957	$1M	added+1%	0.00 pp	10 q
INTRInter & Co. Inc. Class A	0.01%	100,618	$546,356	new	+0.01 pp	new
ITRNIturan Location and Control Ltd.	0.01%	20,439	$1M	held	—	4 q
ALLThe Allstate Corporation	0.00%	1,107	$263,400	added+10%	0.00 pp	2 q
AAPLApple Inc.	0.00%	947	$274,024	added+3%	0.00 pp	8 q
BBarrick Mining Corporation	0.00%	6,966	$255,762	trimmed−10%	0.00 pp	7 q
AVGOBroadcom Inc.	0.00%	802	$302,956	trimmed−5%	0.00 pp	3 q
BTGB2Gold Corp.	0.00%	94,491	$354,320	held	—	9 q
FIXComfort Systems USA, Inc.	0.00%	162	$321,076	trimmed−12%	0.00 pp	3 q
GSKGSK plc	0.00%	7,163	$375,470	trimmed−36%	−0.01 pp	17 q
LRCXLam Research Corp	0.00%	816	$353,597	new	0.00 pp	new
MSFTMicrosoft Corp	0.00%	600	$223,812	trimmed−22%	0.00 pp	10 q
NVSNovartis AG	0.00%	1,501	$235,168	added+1%	0.00 pp	53+ q
PDSPrecision Drilling Corporation	0.00%	3,291	$252,656	held	—	3 q
SLMSLM Corporation	0.00%	8,774	$227,598	new	0.00 pp	new
SHGShinhan Financial Group Co Ltd	0.00%	6,594	$417,062	trimmed−97%	−0.19 pp	8 q
INNSummit Hotel Properties, Inc.	0.00%	17,063	$119,612	added+15%	0.00 pp	5 q
VICIVICI Properties Inc.	0.00%	7,985	$212,002	new	0.00 pp	new
RNRRenaissanceRe Holdings Ltd.	0.00%	994	$314,999	held	—	3 q
TRMDTORM plc Class A	0.00%	11,244	$289,957	new	0.00 pp	new
INMDInMode Ltd.	0.00%	18,180	$265,792	trimmed−75%	−0.01 pp	3 q
WHRWhirlpool Corp.	—	−1,201,993	—	exited	−0.80 pp	—
APTVAptiv PLC	—	−683,463	—	exited	−0.58 pp	—
PDDPDD Holdings Inc.	—	−237,010	—	exited	−0.30 pp	—
TMETencent Music Entertainment Group	—	−612,900	—	exited	−0.07 pp	—
QFINQfin Holdings, Inc.	—	−330,288	—	exited	−0.05 pp	—
EFXTEnerflex Ltd.	—	−52,946	—	exited	−0.01 pp	—
JBSJbs N.v.	—	−20,994	—	exited	0.00 pp	—