Sarah Ketterer, Causeway Capital Management

Portfolio USD 9,205,912,000 across 121 positions as of 2026 Q2; history from 2022 Q4. Source: quarterly 13F filings via dataroma.com.

Positions, 2026 Q2

• AZN AstraZeneca PLC: 19% of portfolio, USD 1,751,546,000, add +26.08%
• CCL Carnival Corp.: 13% of portfolio, USD 1,176,816,000, add +11.04%
• DB Deutsche Bank AG: 11% of portfolio, USD 994,164,000, add +17.61%
• SW Smurfit Westrock Plc: 7.6% of portfolio, USD 695,706,000, reduce -3.39%
• CP Canadian Pacific Kansas City: 6.3% of portfolio, USD 581,661,000, reduce -23.67%
• TSM Taiwan Semiconductor S.A.: 2.8% of portfolio, USD 254,092,000, add +4.64%
• ALK Alaska Air Group: 1.8% of portfolio, USD 166,161,000, add +27.21%
• CARR Carrier Global Corp.: 1.7% of portfolio, USD 159,793,000, add +3.6%
• LYV Live Nation Inc.: 1.4% of portfolio, USD 129,331,000, add +34.17%
• MRK Merck & Co.: 1.3% of portfolio, USD 122,709,000, add +11.79%
• META Meta Platforms Inc.: 1.2% of portfolio, USD 113,480,000, add +39.13%
• GOOG Alphabet Inc. CL C: 1.2% of portfolio, USD 111,729,000, reduce -6.25%
• BCS Barclays plc ADR: 1.2% of portfolio, USD 106,788,000, reduce -2.41%
• BAP Credicorp Ltd.: 1.1% of portfolio, USD 99,513,000, add +4.21%
• SAP SAP SE: 1.1% of portfolio, USD 97,059,000, add +38.11%
• BABA Alibaba Group Holdings: 1.0% of portfolio, USD 95,504,000, reduce -6.91%
• AXS Axis Capital Holdings Ltd.: 1.0% of portfolio, USD 92,369,000, add +5.39%
• EG Everest Group Ltd: 1.0% of portfolio, USD 90,273,000, add +1.08%
• IR Ingersoll Rand Inc.: 0.9% of portfolio, USD 84,753,000, add +65.11%
• PHG Koninklijke Philips Electronics NV: 0.9% of portfolio, USD 83,255,000, add +24.66%
• NVO Novo Nordisk A S: 0.9% of portfolio, USD 80,425,000, add +42.87%
• JLL Jones Lang Lasalle Inc.: 0.8% of portfolio, USD 76,946,000, add +33.27%
• CFG Citizens Financial Group Inc.: 0.8% of portfolio, USD 75,472,000, add +2.72%
• NTES NetEase.com Inc.: 0.8% of portfolio, USD 73,349,000, new
• DEO Diageo ADR: 0.8% of portfolio, USD 72,263,000, add +34.92%
• ZBH Zimmer Biomet Holdings: 0.7% of portfolio, USD 67,909,000, reduce -2.39%
• BA Boeing Co.: 0.7% of portfolio, USD 67,765,000, reduce -0.28%
• C Citigroup Inc.: 0.7% of portfolio, USD 64,222,000, reduce -27.73%
• NWG NatWest Group Plc: 0.7% of portfolio, USD 61,481,000, add +16.7%
• BIIB Biogen Inc.: 0.7% of portfolio, USD 60,126,000, reduce -0.89%
• GFI Gold Fields Ltd.: 0.6% of portfolio, USD 57,547,000, add +4.84%
• ADI Analog Devices: 0.6% of portfolio, USD 56,418,000, reduce -29.62%
• RELX RELX plc: 0.6% of portfolio, USD 55,813,000, reduce -23.59%
• AU AngloGold Ashanti Ltd.: 0.6% of portfolio, USD 55,740,000, reduce -23.45%
• ING ING Group NV: 0.6% of portfolio, USD 53,054,000, add +9.95%
• BAH Booz Allen Hamilton Hldg Corp.: 0.6% of portfolio, USD 51,567,000, reduce -0.87%
• TXN Texas Instruments: 0.5% of portfolio, USD 49,628,000, reduce -19.26%
• NGG National Grid Plc Sp ADR: 0.5% of portfolio, USD 48,913,000, add +9.56%
• DTE DTE Energy Co.: 0.5% of portfolio, USD 48,838,000, reduce -0.46%
• PFE Pfizer Inc.: 0.5% of portfolio, USD 46,157,000, add +0.13%
• PBR.A Petroleo Brasil Sp Pref ADR: 0.5% of portfolio, USD 45,335,000, add +107.04%
• PUK Prudential Plc ADR: 0.5% of portfolio, USD 45,288,000, add +27.86%
• SNN Smith & Nephew plc: 0.5% of portfolio, USD 45,092,000, add +64.21%
• TAL TAL Education Group: 0.4% of portfolio, USD 39,480,000, add +18.6%
• SMIN Ishares Msci India Small Cap: 0.4% of portfolio, USD 38,396,000, add +15.09%
• UNH United Health Group Inc.: 0.4% of portfolio, USD 36,346,000, add +21.68%
• DIS Walt Disney Co.: 0.4% of portfolio, USD 34,708,000, reduce -35.59%
• SNY Sanofi Aventis: 0.4% of portfolio, USD 34,301,000, reduce -24.47%
• BTI British American Tobacco plc: 0.4% of portfolio, USD 33,840,000, add +9.4%
• SMFG Sumitomo Mitsui Spons ADR: 0.4% of portfolio, USD 32,838,000, add +9.89%
• VIST Vista Oil & Gas, S.A.B. de C.V.: 0.4% of portfolio, USD 31,981,000, add +126.91%
• INDA iShares MSCI India ETF: 0.3% of portfolio, USD 31,042,000, add +36.87%
• BSX Boston Scientific: 0.3% of portfolio, USD 30,744,000, new
• JD JD.com Inc.: 0.3% of portfolio, USD 30,556,000, new
• VEA Vanguard FTSE Developed ETF: 0.3% of portfolio, USD 30,446,000, reduce -41.99%
• BUD Anheuser-Busch InBev: 0.3% of portfolio, USD 28,647,000, reduce -40.07%
• PAGS PagSeguro Digital Ltd.: 0.3% of portfolio, USD 28,329,000, reduce -22.6%
• BXP BXP Inc.: 0.3% of portfolio, USD 25,097,000, reduce -0.6%
• HTHT H World Group Ltd ADR: 0.3% of portfolio, USD 23,799,000, new
• OGC Oceanagold Corp: 0.3% of portfolio, USD 22,827,000, new
• CGAU Centerra Gold Inc: 0.2% of portfolio, USD 20,376,000, add +3.24%
• G Genpact Ltd.: 0.2% of portfolio, USD 19,535,000, reduce -63.55%
• CTSH Cognizant Technology Solutions: 0.2% of portfolio, USD 19,165,000, reduce -67.1%
• ZIM Zim Integrated Shipping Serv: 0.2% of portfolio, USD 18,056,000, reduce -21.93%
• FSM Fortuna Mining Corp.: 0.2% of portfolio, USD 17,634,000, add +66.79%
• WB Weibo Corp.: 0.2% of portfolio, USD 16,826,000, reduce -13.08%
• ARCO Arcos Dorados Holdings Inc.: 0.2% of portfolio, USD 15,810,000, new
• IBN ICICI Bank Ltd.: 0.1% of portfolio, USD 13,004,000, reduce -0.65%
• VSS Vanguard FTSE All Wo X Us Sc: 0.1% of portfolio, USD 12,483,000, reduce -21.89%
• TD Toronto-Dominion Bank: 0.1% of portfolio, USD 11,819,000, new
• FINV Finvolution Group ADR: 0.1% of portfolio, USD 10,949,000, reduce -4.8%
• CIB Grupo Cibest SA ADR: 0.1% of portfolio, USD 10,852,000, add +3.22%
• HDB HDFC Bank Ltd.: 0.1% of portfolio, USD 10,225,000, reduce -0.83%
• CM Can Imperial Bk Of Commerce: 0.1% of portfolio, USD 9,645,000, new
• BWLP Bw Lpg Ltd: 0.1% of portfolio, USD 7,972,000, add +2889.01%
• SU Suncor Energy Inc.: 0.1% of portfolio, USD 7,450,000, new
• JOYY JOYY Inc.: 0.1% of portfolio, USD 7,213,000, reduce -85.44%
• CLS Celestica Inc: 0.1% of portfolio, USD 7,145,000, reduce -21%
• KSA Ishrs Msci Saudi Arabia ETF: 0.1% of portfolio, USD 6,607,000, add +234.76%
• TIGO Millicom Intl Cellular S.a.: 0.1% of portfolio, USD 5,984,000, reduce -68.41%
• INFY Infosys Ltd.: 0.1% of portfolio, USD 5,528,000, reduce -72.21%
• EEM Ishares Msci Emerging Market: 0.1% of portfolio, USD 5,129,000, new
• EWT Ishares Msci Taiwan ETF: 0.1% of portfolio, USD 4,899,000, add +21.42%
• HAFN Hafnia Ltd: 0.1% of portfolio, USD 4,560,000, add +1182.81%
• STN Stantec Inc.: <0.1% of portfolio, USD 3,875,000, new
• GLBE Global E Online Ltd: <0.1% of portfolio, USD 3,549,000, new
• MMYT MakeMyTrip Ltd: <0.1% of portfolio, USD 3,418,000, reduce -0.62%
• MGA Magna International Inc.: <0.1% of portfolio, USD 3,017,000, new
• IAG IAMGOLD Corp.: <0.1% of portfolio, USD 2,743,000, new
• EFA iShares MSCI EAFE ETF: <0.1% of portfolio, USD 2,157,000, reduce -45.02%
• VWO Vanguard FTSE Emerging Marke: <0.1% of portfolio, USD 2,122,000, add +376.05%
• BP BP plc: <0.1% of portfolio, USD 1,702,000, reduce -95.38%
• MT ArcelorMittal: <0.1% of portfolio, USD 1,334,000, reduce -91.66%
• VEU Vanguard FTSE All World ex US ETF: <0.1% of portfolio, USD 1,289,000, add +148.57%
• ITRN Ituran Location & Control Ltd.: <0.1% of portfolio, USD 1,247,000, hold
• ACWI iShares MSCI ACWI ETF: <0.1% of portfolio, USD 1,207,000, reduce -50.13%
• WIT Wipro Ltd ADR: <0.1% of portfolio, USD 1,010,000, add +1.31%
• OTEX Open Text Corp.: <0.1% of portfolio, USD 808,000, new
• CNQ Canadian Natural Resources: <0.1% of portfolio, USD 728,000, new
• NVDA NVIDIA Corp.: <0.1% of portfolio, USD 714,000, reduce -0.61%
• SCZ Ishares Msci Eafe Small Cap: <0.1% of portfolio, USD 584,000, hold
• INTR Inter & Co Inc Cl A: <0.1% of portfolio, USD 546,000, new
• ORLA-OLD Orla Mining Ltd: <0.1% of portfolio, USD 509,000, new
• SHG Shinhan Financial Group Company: 0.0% of portfolio, USD 417,000, reduce -97.4%
• GSK GSK plc: 0.0% of portfolio, USD 375,000, reduce -35.53%
• BTG B2Gold Corp.: 0.0% of portfolio, USD 354,000, hold
• LRCX Lam Research: 0.0% of portfolio, USD 354,000, new
• FIX Comfort Systems USA Inc.: 0.0% of portfolio, USD 321,000, reduce -11.96%
• RNR RenaissanceRe Holdings Ltd.: 0.0% of portfolio, USD 315,000, hold
• AVGO Broadcom Inc.: 0.0% of portfolio, USD 303,000, reduce -4.86%
• TRMD Torm Plc: 0.0% of portfolio, USD 290,000, new
• AAPL Apple Inc.: 0.0% of portfolio, USD 274,000, add +2.6%
• INMD Inmode Ltd: 0.0% of portfolio, USD 266,000, reduce -74.69%
• ALL Allstate Corp.: 0.0% of portfolio, USD 263,000, add +10.15%
• B Barrick Mining Corp.: 0.0% of portfolio, USD 256,000, reduce -9.95%
• PDS Precision Drilling Corp.: 0.0% of portfolio, USD 253,000, hold
• NVS Novartis AG: 0.0% of portfolio, USD 235,000, add +0.94%
• SLM SLM Corp.: 0.0% of portfolio, USD 228,000, new
• MSFT Microsoft Corp.: 0.0% of portfolio, USD 224,000, reduce -22.28%
• VICI VICI Properties Inc.: 0.0% of portfolio, USD 212,000, new
• INN Summit Hotel Properties Inc.: 0.0% of portfolio, USD 120,000, add +15%

Portfolio value, all published quarters

• 2022 Q4: USD 3,419,235,835
• 2023 Q1: USD 3,990,752,621
• 2023 Q2: USD 3,604,317,600
• 2023 Q3: USD 3,568,464,229
• 2023 Q4: USD 3,706,760,577
• 2024 Q1: USD 3,676,373,358
• 2024 Q2: USD 3,546,483,316
• 2024 Q3: USD 3,937,541,921
• 2024 Q4: USD 4,315,470,004
• 2025 Q1: USD 4,767,965,558
• 2025 Q2: USD 6,310,273,930
• 2025 Q3: USD 7,551,133,676
• 2025 Q4: USD 7,240,706,217
• 2026 Q1: USD 8,123,976,670
• 2026 Q2: USD 9,205,912,000