Sarah Ketterer
Portfolio value$9.2B
Positions122
QuarterQ2 2026ended 2026-06-30
Filed08/132026
Causeway Capital Management LLC's Q2 2026 13F, filed Aug 13, 2026, reports 122 positions worth $9.2B. The ten largest are 65.3% of the book, led by Astrazeneca Plc at 19.0%, Carnival at 12.7% and Deutsche Bank Ag at 10.8%. Against Q1 2026: 23 bought, 48 added to, 46 reduced, 8 sold; the largest moves were bought Carnival and sold Carnival Corp.
Where the money is
AZNCCLDBSWCP112 other
Holdings
| Ticker | Issuer | Weight | Value | Q-end → now | Price vs model | Change |
|---|---|---|---|---|---|---|
| AZN | Astrazeneca PLC | 19.0% | $1.8B9.4M sh | 187.18 | — | added +26% |
| CCL | Carnival Corp LTD | 12.7% | $1.2B41.2M sh | 28.57 → −9% | 20% undervalued | bought |
| DB | Deutsche Bank AG | 10.8% | $994.2M29.4M sh | 33.86 | — | added +18% |
| SW | Smurfit Westrock PLC | 7.5% | $695.7M15.0M sh | 46.26 → −11% | 9% undervalued | reduced −3% |
| CP | Canadian Pacific Kansas City LTD | 6.3% | $581.7M6.7M sh | 86.67 | — | reduced −24% |
| TSM | Taiwan Semiconductor Manufacturing CO LTD | 2.8% | $254.1M532,052 sh | 477.57 | — | added +5% |
| ALK | Alaska Air Group INC | 1.8% | $166.2M3.2M sh | 52.20 | — | added +27% |
| CARR | Carrier Global Corp | 1.7% | $159.8M2.2M sh | 73.35 → −25% | 51% overvalued | added +4% |
| LYV | Live Nation Entertainment INC | 1.4% | $129.3M706,301 sh | 183.11 → −7% | 65% overvalued | added +34% |
| MRK | Merck & CO INC | 1.3% | $122.7M954,932 sh | 128.50 → +14% | 24% undervalued | added +12% |
| META | Meta Platforms INC | 1.2% | $113.5M201,459 sh | 563.29 → +26% | 10% overvalued | added +39% |
| GOOG | Alphabet INC | 1.2% | $111.7M316,217 sh | 353.33 → −5% | 49% overvalued | reduced −6% |
| BCS | Barclays PLC | 1.2% | $106.8M4.0M sh | 26.86 | — | reduced −2% |
| BAP | Credicorp LTD | 1.1% | $99.5M255,436 sh | 389.58 | — | added +4% |
| SAP | Sap Se | 1.1% | $97.1M629,801 sh | 154.11 | — | added +38% |
| BABA | Alibaba Group Holding LTD | 1.0% | $95.5M995,040 sh | 95.98 | — | reduced −7% |
| AXS | Axis Capital Holdings LTD | 1.0% | $92.4M859,727 sh | 107.44 | — | added +5% |
| EG | Everest Group LTD | 1.0% | $90.3M252,702 sh | 357.23 → +9% | 7% undervalued | added +1% |
| IR | Ingersoll Rand INC | 0.9% | $84.8M1.0M sh | 81.99 → −5% | 75% overvalued | added +65% |
| PHG | Koninklijke Philips NV | 0.9% | $83.3M3.1M sh | 27.19 | — | added +25% |
| NVO | Novo Nordisk A/s | 0.9% | $80.4M1.7M sh | 47.94 | — | added +43% |
| JLL | Jones Lang Lasalle INC | 0.8% | $76.9M248,252 sh | 309.95 | — | added +33% |
| CFG | Citizens Financial Group INC | 0.8% | $75.5M1.1M sh | 70.07 → −10% | 12% overvalued | added +3% |
| NTES | Netease INC | 0.8% | $73.3M572,412 sh | 128.14 | — | bought |
| DEO | Diageo PLC | 0.8% | $72.3M899,015 sh | 80.38 | — | added +35% |
| ZBH | Zimmer Biomet Holdings INC | 0.7% | $67.9M788,810 sh | 86.09 → +10% | 44% undervalued | reduced −2% |
| BA | Boeing Co/the | 0.7% | $67.8M313,048 sh | 216.47 → −12% | 123% overvalued | reduced −0% |
| C | Citigroup INC | 0.7% | $64.2M458,858 sh | 139.96 → −11% | 8% overvalued | reduced −28% |
| NWG | Natwest Group PLC | 0.7% | $61.5M3.5M sh | 17.63 | — | added +17% |
| BIIB | Biogen INC | 0.7% | $60.1M278,283 sh | 216.06 → +8% | 34% undervalued | reduced −1% |
| GFI | Gold Fields LTD | 0.6% | $57.5M1.7M sh | 33.59 | — | added +5% |
| ADI | Analog Devices INC | 0.6% | $56.4M142,050 sh | 397.17 → −0% | 99% overvalued | reduced −30% |
| RELX | Relx PLC | 0.6% | $55.8M1.8M sh | 31.67 | — | reduced −24% |
| AU | Anglogold Ashanti PLC | 0.6% | $55.7M688,027 sh | 81.01 | — | reduced −23% |
| ING | Ing Groep NV | 0.6% | $53.1M1.7M sh | 31.38 | — | added +10% |
| BAH | Booz Allen Hamilton Holding Corp | 0.6% | $51.6M849,966 sh | 60.67 | — | reduced −1% |
| TXN | Texas Instruments INC | 0.5% | $49.6M166,496 sh | 298.07 → −7% | 131% overvalued | reduced −19% |
| NGG | National Grid PLC | 0.5% | $48.9M590,240 sh | 82.87 | — | added +10% |
| DTE | Dte Energy CO | 0.5% | $48.8M320,526 sh | 152.37 → −15% | 11% undervalued | reduced −0% |
| PFE | Pfizer INC | 0.5% | $46.2M1.9M sh | 24.08 → +23% | 3% undervalued | added +0% |
| PBR/A | Petroleo Brasileiro SA - Petrobras | 0.5% | $45.3M3.1M sh | 14.64 | — | added +107% |
| PUK | Prudential PLC | 0.5% | $45.3M1.7M sh | 26.81 | — | added +28% |
| SNN | Smith & Nephew PLC | 0.5% | $45.1M1.6M sh | 28.81 | — | added +64% |
| TAL | Tal Education Group | 0.4% | $39.5M4.1M sh | 9.57 | — | added +19% |
| SMIN | Ishares Msci India Small-cap ETF | 0.4% | $38.4M542,849 sh | 70.73 | — | added +15% |
| UNH | Unitedhealth Group INC | 0.4% | $36.3M87,447 sh | 415.63 → −3% | 19% overvalued | added +22% |
| DIS | Walt Disney Co/the | 0.4% | $34.7M360,600 sh | 96.25 → +15% | 9% undervalued | reduced −36% |
| SNY | Sanofi SA | 0.4% | $34.3M804,056 sh | 42.66 | — | reduced −24% |
| BTI | British American Tobacco PLC | 0.4% | $33.8M547,925 sh | 61.76 | — | added +9% |
| SMFG | Sumitomo Mitsui Financial Group INC | 0.4% | $32.8M1.4M sh | 23.58 | — | added +10% |
| VIST | Vista Energy Sab de Cv | 0.3% | $32.0M501,275 sh | 63.80 | — | added +127% |
| INDA | Ishares Msci India ETF | 0.3% | $31.0M628,500 sh | 49.39 | — | added +37% |
| BSX | Boston Scientific Corp | 0.3% | $30.7M720,339 sh | 42.68 → +4% | 20% undervalued | bought |
| JD | Jd.com INC | 0.3% | $30.6M1.2M sh | 25.48 | — | bought |
| VEA | Vanguard Ftse Developed Markets ETF | 0.3% | $30.4M427,314 sh | 71.25 | — | reduced −42% |
| GGB | Gerdau SA | 0.3% | $29.2M7.2M sh | 4.04 | — | added +6% |
| BUD | Anheuser-busch Inbev Sa/nv | 0.3% | $28.6M347,657 sh | 82.40 | — | reduced −40% |
| PAGS | Pagseguro Digital LTD | 0.3% | $28.3M3.1M sh | 9.05 | — | reduced −23% |
| BXP | Bxp INC | 0.3% | $25.1M378,480 sh | 66.31 → −11% | 16% undervalued | reduced −1% |
| HTHT | H World Group LTD | 0.3% | $23.8M570,437 sh | 41.72 | — | bought |
| OGC | Oceanagold Corp | 0.2% | $22.8M911,012 sh | 25.06 | — | bought |
| CGAU | Centerra Gold INC | 0.2% | $20.4M1.3M sh | 15.85 | — | added +3% |
| G | Genpact LTD | 0.2% | $19.5M710,380 sh | 27.50 | — | reduced −64% |
| CTSH | Cognizant Technology Solutions Corp | 0.2% | $19.2M494,846 sh | 38.73 → +70% | 33% undervalued | reduced −67% |
| ZIM | Zim Integrated Shipping Services LTD | 0.2% | $18.1M694,474 sh | 26.00 | — | reduced −22% |
| FSM | Fortuna Mining Corp | 0.2% | $17.6M2.1M sh | 8.45 | — | added +67% |
| WB | Weibo Corp | 0.2% | $16.8M2.3M sh | 7.26 | — | reduced −13% |
| ARCO | Arcos Dorados Holdings INC | 0.2% | $15.8M2.0M sh | 8.06 | — | bought |
| IBN | Icici Bank LTD | 0.1% | $13.0M447,935 sh | 29.03 | — | reduced −1% |
| VSS | Vanguard Ftse All World Ex-us Small-cap ETF | 0.1% | $12.5M80,907 sh | 154.29 | — | reduced −22% |
| TD | Toronto-dominion Bank/the | 0.1% | $11.8M97,238 sh | 121.54 | — | bought |
| FINV | Finvolution Group | 0.1% | $10.9M2.3M sh | 4.79 | — | reduced −5% |
| CIB | Grupo Cibest SA | 0.1% | $10.9M136,620 sh | 79.43 | — | added +3% |
| HDB | Hdfc Bank LTD | 0.1% | $10.2M395,855 sh | 25.83 | — | reduced −1% |
| CM | Canadian Imperial Bank Of Commerce | 0.1% | $9.6M83,789 sh | 115.12 | — | bought |
| BWLP | Bw Lpg LTD | 0.1% | $8.0M457,050 sh | 17.44 | — | added +2889% |
| SU | Suncor Energy INC | 0.1% | $7.4M138,526 sh | 53.78 | — | bought |
| JOYY | Joyy INC | 0.1% | $7.2M109,297 sh | 65.99 | — | reduced −85% |
| CLS | Celestica INC | 0.1% | $7.1M19,598 sh | 364.57 | — | reduced −21% |
| KSA | Ishares Msci Saudi Arabia ETF | 0.1% | $6.6M177,079 sh | 37.31 | — | added +235% |
| TIGO | Millicom International Cellular SA | 0.1% | $6.0M65,932 sh | 90.76 | — | reduced −68% |
| INFY | Infosys LTD | 0.1% | $5.5M526,963 sh | 10.49 | — | reduced −72% |
| EEM | Ishares Msci Emerging Markets ETF | 0.1% | $5.1M74,974 sh | 68.41 | — | bought |
| EWT | Ishares Msci Taiwan ETF | 0.1% | $4.9M45,108 sh | 108.61 | — | added +21% |
| HAFN | Hafnia LTD | 0.0% | $4.6M697,424 sh | 6.54 | — | added +1183% |
| STN | Stantec INC | 0.0% | $3.9M56,200 sh | 68.95 | — | bought |
| GLBE | Global-e Online LTD | 0.0% | $3.5M102,195 sh | 34.73 | — | bought |
| MMYT | Makemytrip LTD | 0.0% | $3.4M64,145 sh | 53.29 | — | reduced −1% |
| MGA | Magna International INC | 0.0% | $3.0M45,900 sh | 65.73 | — | bought |
| IAG | Iamgold Corp | 0.0% | $2.7M172,916 sh | 15.87 | — | bought |
| EFA | Ishares Msci Eafe ETF | 0.0% | $2.2M20,761 sh | 103.88 | — | reduced −45% |
| VWO | Vanguard Ftse Emerging Markets ETF | 0.0% | $2.1M35,556 sh | 59.69 | — | added +376% |
| BP | Bp PLC | 0.0% | $1.7M46,059 sh | 36.95 | — | reduced −95% |
| MT | Arcelormittal SA | 0.0% | $1.3M22,155 sh | 60.22 | — | reduced −92% |
| VEU | Vanguard Ftse All-world Ex-us ETF | 0.0% | $1.3M15,389 sh | 83.75 | — | added +149% |
| ITRN | Ituran Location And Control LTD | 0.0% | $1.2M20,439 sh | 61.01 | — | held |
| ACWI | Ishares Msci Acwi ETF | 0.0% | $1.2M7,691 sh | 156.97 | — | reduced −50% |
| WIT | Wipro LTD | 0.0% | $1.0M448,957 sh | 2.25 | — | added +1% |
| OTEX | Open Text Corp | 0.0% | $807,56736,500 sh | 22.13 | — | bought |
| CNQ | Canadian Natural Resources LTD | 0.0% | $727,82918,400 sh | 39.56 | — | bought |
Source: the manager's Form 13F-HR on SEC EDGAR, kept as immutable quarterly snapshots; changes compare two consecutive filings. A 13F is filed up to 45 days after quarter end and covers US-listed long positions only. Tickers come from a self-maintained CUSIP map; a position without one shows its CUSIP. Method notes in where the numbers come from.