---
title: Sarah Ketterer (Causeway Capital Management LLC) — 13F holdings
canonical: https://sweetvaluelab.com/investors/sarah-ketterer
cik: 0001165797
quarter: 2026-06-30
filed: 2026-08-13
---
# Sarah Ketterer — Causeway Capital Management LLC

Latest 13F for the quarter ended Jun 30, 2026, filed Aug 13, 2026: 122 positions worth $9.2B. Against the quarter ended Mar 31, 2026: 23 bought, 48 added to, 5 unchanged, 46 reduced, 8 sold. The top five are 56% of the portfolio, the top ten 65%; 31 of the positions have a research page on this site.

## Holdings

| Ticker | Issuer | Shares | Value | % of portfolio | Change this quarter |
| --- | --- | ---: | ---: | ---: | --- |
| AZN | ASTRAZENECA PLC | 9,357,390 | $1.8B | 19.0% | added (+26%) |
| CCL | CARNIVAL CORP LTD | 41,190,606 | $1.2B | 12.7% | bought |
| DB | DEUTSCHE BANK AG | 29,358,318 | $994.2M | 10.8% | added (+18%) |
| SW | SMURFIT WESTROCK PLC | 15,039,041 | $695.7M | 7.5% | reduced (-3%) |
| CP | CANADIAN PACIFIC KANSAS CITY LTD | 6,711,483 | $581.7M | 6.3% | reduced (-24%) |
| TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | 532,052 | $254.1M | 2.8% | added (+5%) |
| ALK | ALASKA AIR GROUP INC | 3,183,163 | $166.2M | 1.8% | added (+27%) |
| CARR | CARRIER GLOBAL CORP | 2,178,506 | $159.8M | 1.7% | added (+4%) |
| LYV | LIVE NATION ENTERTAINMENT INC | 706,301 | $129.3M | 1.4% | added (+34%) |
| MRK | MERCK & CO INC | 954,932 | $122.7M | 1.3% | added (+12%) |
| META | META PLATFORMS INC | 201,459 | $113.5M | 1.2% | added (+39%) |
| GOOG | ALPHABET INC | 316,217 | $111.7M | 1.2% | reduced (-6%) |
| BCS | BARCLAYS PLC | 3,975,718 | $106.8M | 1.2% | reduced (-2%) |
| BAP | CREDICORP LTD | 255,436 | $99.5M | 1.1% | added (+4%) |
| SAP | SAP SE | 629,801 | $97.1M | 1.1% | added (+38%) |
| BABA | ALIBABA GROUP HOLDING LTD | 995,040 | $95.5M | 1.0% | reduced (-7%) |
| AXS | AXIS CAPITAL HOLDINGS LTD | 859,727 | $92.4M | 1.0% | added (+5%) |
| EG | EVEREST GROUP LTD | 252,702 | $90.3M | 1.0% | added (+1%) |
| IR | INGERSOLL RAND INC | 1,033,693 | $84.8M | 0.9% | added (+65%) |
| PHG | KONINKLIJKE PHILIPS NV | 3,061,962 | $83.3M | 0.9% | added (+25%) |
| NVO | NOVO NORDISK A/S | 1,677,615 | $80.4M | 0.9% | added (+43%) |
| JLL | JONES LANG LASALLE INC | 248,252 | $76.9M | 0.8% | added (+33%) |
| CFG | CITIZENS FINANCIAL GROUP INC | 1,077,093 | $75.5M | 0.8% | added (+3%) |
| NTES | NETEASE INC | 572,412 | $73.3M | 0.8% | bought |
| DEO | DIAGEO PLC | 899,015 | $72.3M | 0.8% | added (+35%) |
| ZBH | ZIMMER BIOMET HOLDINGS INC | 788,810 | $67.9M | 0.7% | reduced (-2%) |
| BA | BOEING CO/THE | 313,048 | $67.8M | 0.7% | reduced (-0%) |
| C | CITIGROUP INC | 458,858 | $64.2M | 0.7% | reduced (-28%) |
| NWG | NATWEST GROUP PLC | 3,487,290 | $61.5M | 0.7% | added (+17%) |
| BIIB | BIOGEN INC | 278,283 | $60.1M | 0.7% | reduced (-1%) |
| GFI | GOLD FIELDS LTD | 1,713,233 | $57.5M | 0.6% | added (+5%) |
| ADI | ANALOG DEVICES INC | 142,050 | $56.4M | 0.6% | reduced (-30%) |
| RELX | RELX PLC | 1,762,329 | $55.8M | 0.6% | reduced (-24%) |
| AU | ANGLOGOLD ASHANTI PLC | 688,027 | $55.7M | 0.6% | reduced (-23%) |
| ING | ING GROEP NV | 1,690,687 | $53.1M | 0.6% | added (+10%) |
| BAH | BOOZ ALLEN HAMILTON HOLDING CORP | 849,966 | $51.6M | 0.6% | reduced (-1%) |
| TXN | TEXAS INSTRUMENTS INC | 166,496 | $49.6M | 0.5% | reduced (-19%) |
| NGG | NATIONAL GRID PLC | 590,240 | $48.9M | 0.5% | added (+10%) |
| DTE | DTE ENERGY CO | 320,526 | $48.8M | 0.5% | reduced (-0%) |
| PFE | PFIZER INC | 1,916,801 | $46.2M | 0.5% | added (+0%) |
| PBR/A | PETROLEO BRASILEIRO SA - PETROBRAS | 3,096,624 | $45.3M | 0.5% | added (+107%) |
| PUK | PRUDENTIAL PLC | 1,689,218 | $45.3M | 0.5% | added (+28%) |
| SNN | SMITH & NEPHEW PLC | 1,565,167 | $45.1M | 0.5% | added (+64%) |
| TAL | TAL EDUCATION GROUP | 4,125,430 | $39.5M | 0.4% | added (+19%) |
| SMIN | ISHARES MSCI INDIA SMALL-CAP ETF | 542,849 | $38.4M | 0.4% | added (+15%) |
| UNH | UNITEDHEALTH GROUP INC | 87,447 | $36.3M | 0.4% | added (+22%) |
| DIS | WALT DISNEY CO/THE | 360,600 | $34.7M | 0.4% | reduced (-36%) |
| SNY | SANOFI SA | 804,056 | $34.3M | 0.4% | reduced (-24%) |
| BTI | BRITISH AMERICAN TOBACCO PLC | 547,925 | $33.8M | 0.4% | added (+9%) |
| SMFG | SUMITOMO MITSUI FINANCIAL GROUP INC | 1,392,610 | $32.8M | 0.4% | added (+10%) |
| VIST | VISTA ENERGY SAB DE CV | 501,275 | $32.0M | 0.3% | added (+127%) |
| INDA | ISHARES MSCI INDIA ETF | 628,500 | $31.0M | 0.3% | added (+37%) |
| BSX | BOSTON SCIENTIFIC CORP | 720,339 | $30.7M | 0.3% | bought |
| JD | JD.COM INC | 1,199,207 | $30.6M | 0.3% | bought |
| VEA | VANGUARD FTSE DEVELOPED MARKETS ETF | 427,314 | $30.4M | 0.3% | reduced (-42%) |
| GGB | GERDAU SA | 7,229,538 | $29.2M | 0.3% | added (+6%) |
| BUD | ANHEUSER-BUSCH INBEV SA/NV | 347,657 | $28.6M | 0.3% | reduced (-40%) |
| PAGS | PAGSEGURO DIGITAL LTD | 3,130,268 | $28.3M | 0.3% | reduced (-23%) |
| BXP | BXP INC | 378,480 | $25.1M | 0.3% | reduced (-1%) |
| HTHT | H WORLD GROUP LTD | 570,437 | $23.8M | 0.3% | bought |
| OGC | OCEANAGOLD CORP | 911,012 | $22.8M | 0.2% | bought |
| CGAU | CENTERRA GOLD INC | 1,285,398 | $20.4M | 0.2% | added (+3%) |
| G | GENPACT LTD | 710,380 | $19.5M | 0.2% | reduced (-64%) |
| CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CORP | 494,846 | $19.2M | 0.2% | reduced (-67%) |
| ZIM | ZIM INTEGRATED SHIPPING SERVICES LTD | 694,474 | $18.1M | 0.2% | reduced (-22%) |
| FSM | FORTUNA MINING CORP | 2,086,645 | $17.6M | 0.2% | added (+67%) |
| WB | WEIBO CORP | 2,317,577 | $16.8M | 0.2% | reduced (-13%) |
| ARCO | ARCOS DORADOS HOLDINGS INC | 1,961,513 | $15.8M | 0.2% | bought |
| IBN | ICICI BANK LTD | 447,935 | $13.0M | 0.1% | reduced (-1%) |
| VSS | VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF | 80,907 | $12.5M | 0.1% | reduced (-22%) |
| TD | TORONTO-DOMINION BANK/THE | 97,238 | $11.8M | 0.1% | bought |
| FINV | FINVOLUTION GROUP | 2,285,880 | $10.9M | 0.1% | reduced (-5%) |
| CIB | GRUPO CIBEST SA | 136,620 | $10.9M | 0.1% | added (+3%) |
| HDB | HDFC BANK LTD | 395,855 | $10.2M | 0.1% | reduced (-1%) |
| CM | CANADIAN IMPERIAL BANK OF COMMERCE | 83,789 | $9.6M | 0.1% | bought |
| BWLP | BW LPG LTD | 457,050 | $8.0M | 0.1% | added (+2889%) |
| SU | SUNCOR ENERGY INC | 138,526 | $7.4M | 0.1% | bought |
| JOYY | JOYY INC | 109,297 | $7.2M | 0.1% | reduced (-85%) |
| CLS | CELESTICA INC | 19,598 | $7.1M | 0.1% | reduced (-21%) |
| KSA | ISHARES MSCI SAUDI ARABIA ETF | 177,079 | $6.6M | 0.1% | added (+235%) |
| TIGO | MILLICOM INTERNATIONAL CELLULAR SA | 65,932 | $6.0M | 0.1% | reduced (-68%) |
| INFY | INFOSYS LTD | 526,963 | $5.5M | 0.1% | reduced (-72%) |
| EEM | ISHARES MSCI EMERGING MARKETS ETF | 74,974 | $5.1M | 0.1% | bought |
| EWT | ISHARES MSCI TAIWAN ETF | 45,108 | $4.9M | 0.1% | added (+21%) |
| HAFN | HAFNIA LTD | 697,424 | $4.6M | 0.0% | added (+1183%) |
| STN | STANTEC INC | 56,200 | $3.9M | 0.0% | bought |
| GLBE | GLOBAL-E ONLINE LTD | 102,195 | $3.5M | 0.0% | bought |
| MMYT | MAKEMYTRIP LTD | 64,145 | $3.4M | 0.0% | reduced (-1%) |
| MGA | MAGNA INTERNATIONAL INC | 45,900 | $3.0M | 0.0% | bought |
| IAG | IAMGOLD CORP | 172,916 | $2.7M | 0.0% | bought |
| EFA | ISHARES MSCI EAFE ETF | 20,761 | $2.2M | 0.0% | reduced (-45%) |
| VWO | VANGUARD FTSE EMERGING MARKETS ETF | 35,556 | $2.1M | 0.0% | added (+376%) |
| BP | BP PLC | 46,059 | $1.7M | 0.0% | reduced (-95%) |
| MT | ARCELORMITTAL SA | 22,155 | $1.3M | 0.0% | reduced (-92%) |
| VEU | VANGUARD FTSE ALL-WORLD EX-US ETF | 15,389 | $1.3M | 0.0% | added (+149%) |
| ITRN | ITURAN LOCATION AND CONTROL LTD | 20,439 | $1.2M | 0.0% | held (0%) |
| ACWI | ISHARES MSCI ACWI ETF | 7,691 | $1.2M | 0.0% | reduced (-50%) |
| WIT | WIPRO LTD | 448,957 | $1.0M | 0.0% | added (+1%) |
| OTEX | OPEN TEXT CORP | 36,500 | $807,567 | 0.0% | bought |
| CNQ | CANADIAN NATURAL RESOURCES LTD | 18,400 | $727,829 | 0.0% | bought |
| NVDA | NVIDIA CORP | 3,567 | $713,721 | 0.0% | reduced (-1%) |
| SCZ | ISHARES MSCI EAFE SMALL-CAP ETF | 7,100 | $584,117 | 0.0% | held (0%) |
| INTR | INTER & CO INC | 100,618 | $546,356 | 0.0% | bought |
| ORLA | ORLA MINING LTD | 52,100 | $509,341 | 0.0% | bought |
| SHG | SHINHAN FINANCIAL GROUP CO LTD | 6,594 | $417,062 | 0.0% | reduced (-97%) |
| GSK | GSK PLC | 7,163 | $375,470 | 0.0% | reduced (-36%) |
| BTG | B2GOLD CORP | 94,491 | $354,320 | 0.0% | held (0%) |
| LRCX | LAM RESEARCH CORP | 816 | $353,597 | 0.0% | bought |
| FIX | COMFORT SYSTEMS USA INC | 162 | $321,076 | 0.0% | reduced (-12%) |
| RNR | RENAISSANCERE HOLDINGS LTD | 994 | $314,999 | 0.0% | held (0%) |
| AVGO | BROADCOM INC | 802 | $302,956 | 0.0% | reduced (-5%) |
| TRMD | TORM PLC | 11,244 | $289,957 | 0.0% | bought |
| AAPL | APPLE INC | 947 | $274,024 | 0.0% | added (+3%) |
| INMD | INMODE LTD | 18,180 | $265,792 | 0.0% | reduced (-75%) |
| ALL | ALLSTATE CORP/THE | 1,107 | $263,400 | 0.0% | added (+10%) |
| B | BARRICK MINING CORP | 6,966 | $255,762 | 0.0% | reduced (-10%) |
| PDS | PRECISION DRILLING CORP | 3,291 | $252,656 | 0.0% | held (0%) |
| NVS | NOVARTIS AG | 1,501 | $235,168 | 0.0% | added (+1%) |
| SLM | SLM CORP | 8,774 | $227,598 | 0.0% | bought |
| MSFT | MICROSOFT CORP | 600 | $223,812 | 0.0% | reduced (-22%) |
| VICI | VICI PROPERTIES INC | 7,985 | $212,002 | 0.0% | bought |
| INN | SUMMIT HOTEL PROPERTIES INC | 17,063 | $119,612 | 0.0% | added (+15%) |

## Largest moves this quarter

| Ticker | Issuer | Shares now | Shares before | Change | Bought / sold at reported prices | Value |
| --- | --- | ---: | ---: | --- | ---: | ---: |
| CCL | CARNIVAL CORP LTD | 41,190,606 | 0 | bought | +$1.2B | $1.2B |
| CCL1EUR | CARNIVAL CORP | 0 | 37,096,593 | sold | −$960.1M | $0 |
| AZN | ASTRAZENECA PLC | 9,357,390 | 7,421,749 | added (+26%) | +$362.3M | $1.8B |
| CP | CANADIAN PACIFIC KANSAS CITY LTD | 6,711,483 | 8,792,381 | reduced (-24%) | −$180.3M | $581.7M |
| DB | DEUTSCHE BANK AG | 29,358,318 | 24,962,034 | added (+18%) | +$148.9M | $994.2M |
| NTES | NETEASE INC | 572,412 | 0 | bought | +$73.3M | $73.3M |
| WHR | WHIRLPOOL CORP | 0 | 1,201,993 | sold | −$64.8M | $0 |

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Source: https://sweetvaluelab.com/investors/sarah-ketterer (SweetValueLab, free, no account). Holdings from SEC Form 13F-HR filings; tickers resolved from CUSIPs. Values as reported by the filer. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.