# Sarah Ketterer — Causeway Capital Management

Portfolio USD 9,205,912,000 · 121 positions · 2026 Q2 · history from 2022 Q4.
Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/CAU

## Positions (2026 Q2)

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

## Moves this quarter (123)

- AZN AstraZeneca PLC: +26.08% (USD 1,751,546,000)
- CCL Carnival Corp.: +11.04% (USD 1,176,816,000)
- DB Deutsche Bank AG: +17.61% (USD 994,164,000)
- SW Smurfit Westrock Plc: -3.39% (USD 695,706,000)
- CP Canadian Pacific Kansas City: -23.67% (USD 581,661,000)
- TSM Taiwan Semiconductor S.A.: +4.64% (USD 254,092,000)
- ALK Alaska Air Group: +27.21% (USD 166,161,000)
- CARR Carrier Global Corp.: +3.6% (USD 159,793,000)
- LYV Live Nation Inc.: +34.17% (USD 129,331,000)
- MRK Merck & Co.: +11.79% (USD 122,709,000)
- META Meta Platforms Inc.: +39.13% (USD 113,480,000)
- GOOG Alphabet Inc. CL C: -6.25% (USD 111,729,000)
- BCS Barclays plc ADR: -2.41% (USD 106,788,000)
- BAP Credicorp Ltd.: +4.21% (USD 99,513,000)
- SAP SAP SE: +38.11% (USD 97,059,000)
- BABA Alibaba Group Holdings: -6.91% (USD 95,504,000)
- AXS Axis Capital Holdings Ltd.: +5.39% (USD 92,369,000)
- EG Everest Group Ltd: +1.08% (USD 90,273,000)
- IR Ingersoll Rand Inc.: +65.11% (USD 84,753,000)
- PHG Koninklijke Philips Electronics NV: +24.66% (USD 83,255,000)
- NVO Novo Nordisk A S: +42.87% (USD 80,425,000)
- JLL Jones Lang Lasalle Inc.: +33.27% (USD 76,946,000)
- CFG Citizens Financial Group Inc.: +2.72% (USD 75,472,000)
- NTES NetEase.com Inc.: new (USD 73,349,000)
- DEO Diageo ADR: +34.92% (USD 72,263,000)
- ZBH Zimmer Biomet Holdings: -2.39% (USD 67,909,000)
- BA Boeing Co.: -0.28% (USD 67,765,000)
- WHR Whirlpool Corp.: sold (USD 64,811,463)
- C Citigroup Inc.: -27.73% (USD 64,222,000)
- NWG NatWest Group Plc: +16.7% (USD 61,481,000)
- BIIB Biogen Inc.: -0.89% (USD 60,126,000)
- GFI Gold Fields Ltd.: +4.84% (USD 57,547,000)
- ADI Analog Devices: -29.62% (USD 56,418,000)
- RELX RELX plc: -23.59% (USD 55,813,000)
- AU AngloGold Ashanti Ltd.: -23.45% (USD 55,740,000)
- ING ING Group NV: +9.95% (USD 53,054,000)
- BAH Booz Allen Hamilton Hldg Corp.: -0.87% (USD 51,567,000)
- TXN Texas Instruments: -19.26% (USD 49,628,000)
- NGG National Grid Plc Sp ADR: +9.56% (USD 48,913,000)
- DTE DTE Energy Co.: -0.46% (USD 48,838,000)
- APTV Aptiv PLC: sold (USD 47,459,671)
- PFE Pfizer Inc.: +0.13% (USD 46,157,000)
- PBR.A Petroleo Brasil Sp Pref ADR: +107.04% (USD 45,335,000)
- PUK Prudential Plc ADR: +27.86% (USD 45,288,000)
- SNN Smith & Nephew plc: +64.21% (USD 45,092,000)
- TAL TAL Education Group: +18.6% (USD 39,480,000)
- SMIN Ishares Msci India Small Cap: +15.09% (USD 38,396,000)
- UNH United Health Group Inc.: +21.68% (USD 36,346,000)
- DIS Walt Disney Co.: -35.59% (USD 34,708,000)
- SNY Sanofi Aventis: -24.47% (USD 34,301,000)
- BTI British American Tobacco plc: +9.4% (USD 33,840,000)
- SMFG Sumitomo Mitsui Spons ADR: +9.89% (USD 32,838,000)
- VIST Vista Oil & Gas, S.A.B. de C.V.: +126.91% (USD 31,981,000)
- INDA iShares MSCI India ETF: +36.87% (USD 31,042,000)
- BSX Boston Scientific: new (USD 30,744,000)
- JD JD.com Inc.: new (USD 30,556,000)
- VEA Vanguard FTSE Developed ETF: -41.99% (USD 30,446,000)
- BUD Anheuser-Busch InBev: -40.07% (USD 28,647,000)
- PAGS PagSeguro Digital Ltd.: -22.6% (USD 28,329,000)
- BXP BXP Inc.: -0.6% (USD 25,097,000)
- PDD Pinduoduo Inc.: sold (USD 24,217,682)
- HTHT H World Group Ltd ADR: new (USD 23,799,000)
- OGC Oceanagold Corp: new (USD 22,827,000)
- CGAU Centerra Gold Inc: +3.24% (USD 20,376,000)
- G Genpact Ltd.: -63.55% (USD 19,535,000)
- CTSH Cognizant Technology Solutions: -67.1% (USD 19,165,000)
- ZIM Zim Integrated Shipping Serv: -21.93% (USD 18,056,000)
- FSM Fortuna Mining Corp.: +66.79% (USD 17,634,000)
- WB Weibo Corp.: -13.08% (USD 16,826,000)
- ARCO Arcos Dorados Holdings Inc.: new (USD 15,810,000)
- IBN ICICI Bank Ltd.: -0.65% (USD 13,004,000)
- VSS Vanguard FTSE All Wo X Us Sc: -21.89% (USD 12,483,000)
- TD Toronto-Dominion Bank: new (USD 11,819,000)
- FINV Finvolution Group ADR: -4.8% (USD 10,949,000)
- CIB Grupo Cibest SA ADR: +3.22% (USD 10,852,000)
- HDB HDFC Bank Ltd.: -0.83% (USD 10,225,000)
- CM Can Imperial Bk Of Commerce: new (USD 9,645,000)
- BWLP Bw Lpg Ltd: +2889.01% (USD 7,972,000)
- SU Suncor Energy Inc.: new (USD 7,450,000)
- JOYY JOYY Inc.: -85.44% (USD 7,213,000)
- CLS Celestica Inc: -21% (USD 7,145,000)
- KSA Ishrs Msci Saudi Arabia ETF: +234.76% (USD 6,607,000)
- TIGO Millicom Intl Cellular S.a.: -68.41% (USD 5,984,000)
- TME Tencent Music Entertainment Grp: sold (USD 5,687,712)
- INFY Infosys Ltd.: -72.21% (USD 5,528,000)
- EEM Ishares Msci Emerging Market: new (USD 5,129,000)
- EWT Ishares Msci Taiwan ETF: +21.42% (USD 4,899,000)
- HAFN Hafnia Ltd: +1182.81% (USD 4,560,000)
- QFIN Qifu Technology Inc.: sold (USD 4,264,018)
- STN Stantec Inc.: new (USD 3,875,000)
- GLBE Global E Online Ltd: new (USD 3,549,000)
- MMYT MakeMyTrip Ltd: -0.62% (USD 3,418,000)
- MGA Magna International Inc.: new (USD 3,017,000)
- IAG IAMGOLD Corp.: new (USD 2,743,000)
- EFA iShares MSCI EAFE ETF: -45.02% (USD 2,157,000)
- VWO Vanguard FTSE Emerging Marke: +376.05% (USD 2,122,000)
- BP BP plc: -95.38% (USD 1,702,000)
- MT ArcelorMittal: -91.66% (USD 1,334,000)
- VEU Vanguard FTSE All World ex US ETF: +148.57% (USD 1,289,000)
- ACWI iShares MSCI ACWI ETF: -50.13% (USD 1,207,000)
- EFXT Enerflex Ltd: sold (USD 1,103,924)
- WIT Wipro Ltd ADR: +1.31% (USD 1,010,000)
- OTEX Open Text Corp.: new (USD 808,000)
- CNQ Canadian Natural Resources: new (USD 728,000)
- NVDA NVIDIA Corp.: -0.61% (USD 714,000)
- INTR Inter & Co Inc Cl A: new (USD 546,000)
- ORLA-OLD Orla Mining Ltd: new (USD 509,000)
- SHG Shinhan Financial Group Company: -97.4% (USD 417,000)
- JBS Jbs Nv A: sold (USD 377,052)
- GSK GSK plc: -35.53% (USD 375,000)
- LRCX Lam Research: new (USD 354,000)
- FIX Comfort Systems USA Inc.: -11.96% (USD 321,000)
- AVGO Broadcom Inc.: -4.86% (USD 303,000)
- TRMD Torm Plc: new (USD 290,000)
- AAPL Apple Inc.: +2.6% (USD 274,000)
- INMD Inmode Ltd: -74.69% (USD 266,000)
- ALL Allstate Corp.: +10.15% (USD 263,000)
- B Barrick Mining Corp.: -9.95% (USD 256,000)
- NVS Novartis AG: +0.94% (USD 235,000)
- SLM SLM Corp.: new (USD 228,000)
- MSFT Microsoft Corp.: -22.28% (USD 224,000)
- VICI VICI Properties Inc.: new (USD 212,000)
- INN Summit Hotel Properties Inc.: +15% (USD 120,000)

## Portfolio value by quarter

- 2022 Q4: USD 3,419,235,835 (68 positions)
- 2023 Q1: USD 3,990,752,621 (66 positions)
- 2023 Q2: USD 3,604,317,600 (68 positions)
- 2023 Q3: USD 3,568,464,229 (76 positions)
- 2023 Q4: USD 3,706,760,577 (79 positions)
- 2024 Q1: USD 3,676,373,358 (87 positions)
- 2024 Q2: USD 3,546,483,316 (88 positions)
- 2024 Q3: USD 3,937,541,921 (95 positions)
- 2024 Q4: USD 4,315,470,004 (104 positions)
- 2025 Q1: USD 4,767,965,558 (88 positions)
- 2025 Q2: USD 6,310,273,930 (98 positions)
- 2025 Q3: USD 7,551,133,676 (104 positions)
- 2025 Q4: USD 7,240,706,217 (107 positions)
- 2026 Q1: USD 8,123,976,670 (106 positions)
- 2026 Q2: USD 9,205,912,000 (121 positions)