Causeway Capital Management

Sarah KettererLOS ANGELES, CAfiles as CAUSEWAY CAPITAL MANAGEMENT LLC

$9.2bn in 122 US stocks at the end of 30 June 2026. The top 10 are 65.3% of the money. It changed about 23.6% of the portfolio this quarter.

Value

$9.2bn

Stocks

122

Top 10 share

65.3%

Turnover

23.6%

What changed this quarter

New

Bought for the first time this quarter.

CarnivalCCL
12.7% of the fund
Netease.comNTES
0.8% of the fund
Boston ScientificBSX
0.3% of the fund
Jd.comJD
0.3% of the fund
H World GroupHTHT
0.3% of the fund
OceanaGoldOGC
0.2% of the fund
Arcos Dorados HoldingsARCO
0.2% of the fund
Toronto Dominion BankTD
0.1% of the fund
Canadian Imperial Bank of Commerce /canCM
0.1% of the fund
Suncor EnergySU
<0.1% of the fund
Ishares TREEM
<0.1% of the fund
StantecSTN
<0.1% of the fund
Global-E OnlineGLBE
<0.1% of the fund
Magna InternationalMGA
<0.1% of the fund
IamgoldIAG
<0.1% of the fund
Open TextOTEX
<0.1% of the fund
Canadian Natural ResourcesCNQ
<0.1% of the fund
InterINTR
<0.1% of the fund
Orla MNG LTD NewORLA
<0.1% of the fund
Lam ResearchLRCX
<0.1% of the fund
TormTRMD
<0.1% of the fund
SLMSLM
<0.1% of the fund
Vici PropertiesVICI
<0.1% of the fund

Added

Bought more of a stock they already held.

AstrazenecaAZN
19.0% of the fund
+26%
Deutsche Bank AktiengesellschaftDB
10.8% of the fund
+18%
Taiwan Semiconductor ManufacturingTSM
2.8% of the fund
+5%
Alaska Air GroupALK
1.8% of the fund
+27%
Carrier GlobalCARR
1.7% of the fund
+4%
Live Nation EntertainmentLYV
1.4% of the fund
+34%
MerckMRK
1.3% of the fund
+12%
Meta PlatformsMETA
1.2% of the fund
+39%
CredicorpBAP
1.1% of the fund
+4%
SAP SESAP
1.1% of the fund
+38%
Axis Capital HoldingsAXS
1.0% of the fund
+5%
Ingersoll RandIR
0.9% of the fund
+65%
Koninklijke Philips NVPHG
0.9% of the fund
+25%
Novo Nordisk A SNVO
0.9% of the fund
+43%
Jones Lang LasalleJLL
0.8% of the fund
+33%
Citizens Financial GroupCFG
0.8% of the fund
+3%
DiageoDEO
0.8% of the fund
+35%
Natwest GroupNWG
0.7% of the fund
+17%
Gold FieldsGFI
0.6% of the fund
+5%
ING Groep NVING
0.6% of the fund
+10%
National GridNGG
0.5% of the fund
+10%
Petroleo Brasileiro S APBR-A
0.5% of the fund
+107%
PrudentialPUK
0.5% of the fund
+28%
Smith & NephewSNN
0.5% of the fund
+64%
TAL ED GroupTAL
0.4% of the fund
+19%

Cut

Sold some of their stake.

Smurfit WestrockSW
7.5% of the fund
-3%
Canadian Pacific Kansas CityCP
6.3% of the fund
-24%
AlphabetGOOG
1.2% of the fund
-6%
BarclaysBCS
1.2% of the fund
-2%
Alibaba Group HldgBABA
1.0% of the fund
-7%
Zimmer Biomet HoldingsZBH
0.7% of the fund
-2%
CitigroupC
0.7% of the fund
-28%
Analog DevicesADI
0.6% of the fund
-30%
RelxRELX
0.6% of the fund
-24%
AngloGold AshantiAU
0.6% of the fund
-23%
Texas InstrumentsTXN
0.5% of the fund
-19%
Walt DisneyDIS
0.4% of the fund
-36%
Sanofi SASNY
0.4% of the fund
-24%
Vanguard Tax-Managed FDSVEA
0.3% of the fund
-42%
Anheuser-Busch InBev SABUD
0.3% of the fund
-40%
PagSeguro DigitalPAGS
0.3% of the fund
-23%
GenpactG
0.2% of the fund
-64%
Cognizant Technology SolutionsCTSH
0.2% of the fund
-67%
ZIM Integrated Shipping ServicesZIM
0.2% of the fund
-22%
WeiboWB
0.2% of the fund
-13%
Vanguard Intl Equity Index FVSS
0.1% of the fund
-22%
Finvolution GroupFINV
0.1% of the fund
-5%
JoyyJOYY
<0.1% of the fund
-85%
CelesticaCLS
<0.1% of the fund
-21%
Millicom International Cellular SATIGO
<0.1% of the fund
-68%

Sold out

Sold their entire stake.

Carnival
-100%
WhirlpoolWHR
-100%
AptivAPTV
-100%
PDD HoldingsPDD
-100%
Tencent Music Entmt GroupTME
-100%
Qfin HoldingsQFIN
-100%
EnerflexEFXT
-100%
JBSJBS
-100%

Holdings

AstrazenecaAZN
Share
19.0%
Value
$1.8bn
Shares
9,357,390
+26%
CarnivalCCL
Share
12.7%
Value
$1.2bn
Shares
41,190,606
New
Deutsche Bank AktiengesellschaftDB
Share
10.8%
Value
$994m
Shares
29,358,318
+18%
Smurfit WestrockSW
Share
7.5%
Value
$696m
Shares
15,039,041
-3%
Canadian Pacific Kansas CityCP
Share
6.3%
Value
$582m
Shares
6,711,483
-24%
Taiwan Semiconductor ManufacturingTSM
Share
2.8%
Value
$254m
Shares
532,052
+5%
Alaska Air GroupALK
Share
1.8%
Value
$166m
Shares
3,183,163
+27%
Carrier GlobalCARR
Share
1.7%
Value
$160m
Shares
2,178,506
+4%
Live Nation EntertainmentLYV
Share
1.4%
Value
$129m
Shares
706,301
+34%
MerckMRK
Share
1.3%
Value
$123m
Shares
954,932
+12%
Meta PlatformsMETA
Share
1.2%
Value
$113m
Shares
201,459
+39%
AlphabetGOOG
Share
1.2%
Value
$112m
Shares
316,217
-6%
BarclaysBCS
Share
1.2%
Value
$107m
Shares
3,975,718
-2%
CredicorpBAP
Share
1.1%
Value
$100m
Shares
255,436
+4%
SAP SESAP
Share
1.1%
Value
$97m
Shares
629,801
+38%
Alibaba Group HldgBABA
Share
1.0%
Value
$96m
Shares
995,040
-7%
Axis Capital HoldingsAXS
Share
1.0%
Value
$92m
Shares
859,727
+5%
Everest GroupEG
Share
1.0%
Value
$90m
Shares
252,702
Held
Ingersoll RandIR
Share
0.9%
Value
$85m
Shares
1,033,693
+65%
Koninklijke Philips NVPHG
Share
0.9%
Value
$83m
Shares
3,061,962
+25%
Novo Nordisk A SNVO
Share
0.9%
Value
$80m
Shares
1,677,615
+43%
Jones Lang LasalleJLL
Share
0.8%
Value
$77m
Shares
248,252
+33%
Citizens Financial GroupCFG
Share
0.8%
Value
$75m
Shares
1,077,093
+3%
Netease.comNTES
Share
0.8%
Value
$73m
Shares
572,412
New
DiageoDEO
Share
0.8%
Value
$72m
Shares
899,015
+35%
Zimmer Biomet HoldingsZBH
Share
0.7%
Value
$68m
Shares
788,810
-2%
BoeingBA
Share
0.7%
Value
$68m
Shares
313,048
Held
CitigroupC
Share
0.7%
Value
$64m
Shares
458,858
-28%
Natwest GroupNWG
Share
0.7%
Value
$61m
Shares
3,487,290
+17%
BiogenBIIB
Share
0.7%
Value
$60m
Shares
278,283
Held
Gold FieldsGFI
Share
0.6%
Value
$58m
Shares
1,713,233
+5%
Analog DevicesADI
Share
0.6%
Value
$56m
Shares
142,050
-30%
RelxRELX
Share
0.6%
Value
$56m
Shares
1,762,329
-24%
AngloGold AshantiAU
Share
0.6%
Value
$56m
Shares
688,027
-23%
ING Groep NVING
Share
0.6%
Value
$53m
Shares
1,690,687
+10%
Booz Allen Hamilton HoldingBAH
Share
0.6%
Value
$52m
Shares
849,966
Held
Texas InstrumentsTXN
Share
0.5%
Value
$50m
Shares
166,496
-19%
National GridNGG
Share
0.5%
Value
$49m
Shares
590,240
+10%
DTE EnergyDTE
Share
0.5%
Value
$49m
Shares
320,526
Held
PfizerPFE
Share
0.5%
Value
$46m
Shares
1,916,801
Held
Petroleo Brasileiro S APBR-A
Share
0.5%
Value
$45m
Shares
3,096,624
+107%
PrudentialPUK
Share
0.5%
Value
$45m
Shares
1,689,218
+28%
Smith & NephewSNN
Share
0.5%
Value
$45m
Shares
1,565,167
+64%
TAL ED GroupTAL
Share
0.4%
Value
$39m
Shares
4,125,430
+19%
Ishares TRSMIN
Share
0.4%
Value
$38m
Shares
542,849
+15%
UnitedHealth GroupUNH
Share
0.4%
Value
$36m
Shares
87,447
+22%
Walt DisneyDIS
Share
0.4%
Value
$35m
Shares
360,600
-36%
Sanofi SASNY
Share
0.4%
Value
$34m
Shares
804,056
-24%
British American Tobacco p.l.c.BTI
Share
0.4%
Value
$34m
Shares
547,925
+9%
Sumitomo Mitsui FIN GRPSMFG
Share
0.4%
Value
$33m
Shares
1,392,610
+10%
Vista Energy S.A.B. de C.V.VIST
Share
0.3%
Value
$32m
Shares
501,275
+127%
Ishares TRINDA
Share
0.3%
Value
$31m
Shares
628,500
+37%
Boston ScientificBSX
Share
0.3%
Value
$31m
Shares
720,339
New
Jd.comJD
Share
0.3%
Value
$31m
Shares
1,199,207
New
Vanguard Tax-Managed FDSVEA
Share
0.3%
Value
$30m
Shares
427,314
-42%
GerdauGGB
Share
0.3%
Value
$29m
Shares
7,229,538
+6%
Anheuser-Busch InBev SABUD
Share
0.3%
Value
$29m
Shares
347,657
-40%
PagSeguro DigitalPAGS
Share
0.3%
Value
$28m
Shares
3,130,268
-23%
BXPBXP
Share
0.3%
Value
$25m
Shares
378,480
Held
H World GroupHTHT
Share
0.3%
Value
$24m
Shares
570,437
New
OceanaGoldOGC
Share
0.2%
Value
$23m
Shares
911,012
New
Centerra GoldCGAU
Share
0.2%
Value
$20m
Shares
1,285,398
+3%
GenpactG
Share
0.2%
Value
$20m
Shares
710,380
-64%
Cognizant Technology SolutionsCTSH
Share
0.2%
Value
$19m
Shares
494,846
-67%
ZIM Integrated Shipping ServicesZIM
Share
0.2%
Value
$18m
Shares
694,474
-22%
Fortuna MiningFSM
Share
0.2%
Value
$18m
Shares
2,086,645
+67%
WeiboWB
Share
0.2%
Value
$17m
Shares
2,317,577
-13%
Arcos Dorados HoldingsARCO
Share
0.2%
Value
$16m
Shares
1,961,513
New
Icici BankIBN
Share
0.1%
Value
$13m
Shares
447,935
Held
Vanguard Intl Equity Index FVSS
Share
0.1%
Value
$12m
Shares
80,907
-22%
Toronto Dominion BankTD
Share
0.1%
Value
$12m
Shares
97,238
New
Finvolution GroupFINV
Share
0.1%
Value
$11m
Shares
2,285,880
-5%
Grupo Cibest SACIB
Share
0.1%
Value
$11m
Shares
136,620
+3%
HDFC BankHDB
Share
0.1%
Value
$10m
Shares
395,855
Held
Canadian Imperial Bank of Commerce /canCM
Share
0.1%
Value
$10m
Shares
83,789
New
BW LPGBWLP
Share
<0.1%
Value
$8m
Shares
457,050
+2889%
Suncor EnergySU
Share
<0.1%
Value
$7m
Shares
138,526
New
JoyyJOYY
Share
<0.1%
Value
$7m
Shares
109,297
-85%
CelesticaCLS
Share
<0.1%
Value
$7m
Shares
19,598
-21%
Ishares TRKSA
Share
<0.1%
Value
$7m
Shares
177,079
+235%
Millicom International Cellular SATIGO
Share
<0.1%
Value
$6m
Shares
65,932
-68%
InfosysINFY
Share
<0.1%
Value
$6m
Shares
526,963
-72%
Ishares TREEM
Share
<0.1%
Value
$5m
Shares
74,974
New
IsharesEWT
Share
<0.1%
Value
$5m
Shares
45,108
+21%
HafniaHAFN
Share
<0.1%
Value
$5m
Shares
697,424
+1183%
StantecSTN
Share
<0.1%
Value
$4m
Shares
56,200
New
Global-E OnlineGLBE
Share
<0.1%
Value
$4m
Shares
102,195
New
MakeMyTripMMYT
Share
<0.1%
Value
$3m
Shares
64,145
Held
Magna InternationalMGA
Share
<0.1%
Value
$3m
Shares
45,900
New
IamgoldIAG
Share
<0.1%
Value
$3m
Shares
172,916
New
Ishares TREFA
Share
<0.1%
Value
$2m
Shares
20,761
-45%
Vanguard Intl Equity Index FVWO
Share
<0.1%
Value
$2m
Shares
35,556
+376%
BPBP
Share
<0.1%
Value
$2m
Shares
46,059
-95%
ArcelorMittalMT
Share
<0.1%
Value
$1m
Shares
22,155
-92%
Vanguard Intl Equity Index FVEU
Share
<0.1%
Value
$1m
Shares
15,389
+149%
Ituran Location & ControlITRN
Share
<0.1%
Value
$1m
Shares
20,439
Held
Ishares TRACWI
Share
<0.1%
Value
$1m
Shares
7,691
-50%
WiproWIT
Share
<0.1%
Value
$1m
Shares
448,957
Held
Open TextOTEX
Share
<0.1%
Value
$807,567
Shares
36,500
New
Canadian Natural ResourcesCNQ
Share
<0.1%
Value
$727,829
Shares
18,400
New

Company	Share of fund	Value	Shares	Change
AstrazenecaAZN	19.0%	$1.8bn	9,357,390	+26%
CarnivalCCL	12.7%	$1.2bn	41,190,606	New
Deutsche Bank AktiengesellschaftDB	10.8%	$994m	29,358,318	+18%
Smurfit WestrockSW	7.5%	$696m	15,039,041	-3%
Canadian Pacific Kansas CityCP	6.3%	$582m	6,711,483	-24%
Taiwan Semiconductor ManufacturingTSM	2.8%	$254m	532,052	+5%
Alaska Air GroupALK	1.8%	$166m	3,183,163	+27%
Carrier GlobalCARR	1.7%	$160m	2,178,506	+4%
Live Nation EntertainmentLYV	1.4%	$129m	706,301	+34%
MerckMRK	1.3%	$123m	954,932	+12%
Meta PlatformsMETA	1.2%	$113m	201,459	+39%
AlphabetGOOG	1.2%	$112m	316,217	-6%
BarclaysBCS	1.2%	$107m	3,975,718	-2%
CredicorpBAP	1.1%	$100m	255,436	+4%
SAP SESAP	1.1%	$97m	629,801	+38%
Alibaba Group HldgBABA	1.0%	$96m	995,040	-7%
Axis Capital HoldingsAXS	1.0%	$92m	859,727	+5%
Everest GroupEG	1.0%	$90m	252,702	Held
Ingersoll RandIR	0.9%	$85m	1,033,693	+65%
Koninklijke Philips NVPHG	0.9%	$83m	3,061,962	+25%
Novo Nordisk A SNVO	0.9%	$80m	1,677,615	+43%
Jones Lang LasalleJLL	0.8%	$77m	248,252	+33%
Citizens Financial GroupCFG	0.8%	$75m	1,077,093	+3%
Netease.comNTES	0.8%	$73m	572,412	New
DiageoDEO	0.8%	$72m	899,015	+35%
Zimmer Biomet HoldingsZBH	0.7%	$68m	788,810	-2%
BoeingBA	0.7%	$68m	313,048	Held
CitigroupC	0.7%	$64m	458,858	-28%
Natwest GroupNWG	0.7%	$61m	3,487,290	+17%
BiogenBIIB	0.7%	$60m	278,283	Held
Gold FieldsGFI	0.6%	$58m	1,713,233	+5%
Analog DevicesADI	0.6%	$56m	142,050	-30%
RelxRELX	0.6%	$56m	1,762,329	-24%
AngloGold AshantiAU	0.6%	$56m	688,027	-23%
ING Groep NVING	0.6%	$53m	1,690,687	+10%
Booz Allen Hamilton HoldingBAH	0.6%	$52m	849,966	Held
Texas InstrumentsTXN	0.5%	$50m	166,496	-19%
National GridNGG	0.5%	$49m	590,240	+10%
DTE EnergyDTE	0.5%	$49m	320,526	Held
PfizerPFE	0.5%	$46m	1,916,801	Held
Petroleo Brasileiro S APBR-A	0.5%	$45m	3,096,624	+107%
PrudentialPUK	0.5%	$45m	1,689,218	+28%
Smith & NephewSNN	0.5%	$45m	1,565,167	+64%
TAL ED GroupTAL	0.4%	$39m	4,125,430	+19%
Ishares TRSMIN	0.4%	$38m	542,849	+15%
UnitedHealth GroupUNH	0.4%	$36m	87,447	+22%
Walt DisneyDIS	0.4%	$35m	360,600	-36%
Sanofi SASNY	0.4%	$34m	804,056	-24%
British American Tobacco p.l.c.BTI	0.4%	$34m	547,925	+9%
Sumitomo Mitsui FIN GRPSMFG	0.4%	$33m	1,392,610	+10%
Vista Energy S.A.B. de C.V.VIST	0.3%	$32m	501,275	+127%
Ishares TRINDA	0.3%	$31m	628,500	+37%
Boston ScientificBSX	0.3%	$31m	720,339	New
Jd.comJD	0.3%	$31m	1,199,207	New
Vanguard Tax-Managed FDSVEA	0.3%	$30m	427,314	-42%
GerdauGGB	0.3%	$29m	7,229,538	+6%
Anheuser-Busch InBev SABUD	0.3%	$29m	347,657	-40%
PagSeguro DigitalPAGS	0.3%	$28m	3,130,268	-23%
BXPBXP	0.3%	$25m	378,480	Held
H World GroupHTHT	0.3%	$24m	570,437	New
OceanaGoldOGC	0.2%	$23m	911,012	New
Centerra GoldCGAU	0.2%	$20m	1,285,398	+3%
GenpactG	0.2%	$20m	710,380	-64%
Cognizant Technology SolutionsCTSH	0.2%	$19m	494,846	-67%
ZIM Integrated Shipping ServicesZIM	0.2%	$18m	694,474	-22%
Fortuna MiningFSM	0.2%	$18m	2,086,645	+67%
WeiboWB	0.2%	$17m	2,317,577	-13%
Arcos Dorados HoldingsARCO	0.2%	$16m	1,961,513	New
Icici BankIBN	0.1%	$13m	447,935	Held
Vanguard Intl Equity Index FVSS	0.1%	$12m	80,907	-22%
Toronto Dominion BankTD	0.1%	$12m	97,238	New
Finvolution GroupFINV	0.1%	$11m	2,285,880	-5%
Grupo Cibest SACIB	0.1%	$11m	136,620	+3%
HDFC BankHDB	0.1%	$10m	395,855	Held
Canadian Imperial Bank of Commerce /canCM	0.1%	$10m	83,789	New
BW LPGBWLP	<0.1%	$8m	457,050	+2889%
Suncor EnergySU	<0.1%	$7m	138,526	New
JoyyJOYY	<0.1%	$7m	109,297	-85%
CelesticaCLS	<0.1%	$7m	19,598	-21%
Ishares TRKSA	<0.1%	$7m	177,079	+235%
Millicom International Cellular SATIGO	<0.1%	$6m	65,932	-68%
InfosysINFY	<0.1%	$6m	526,963	-72%
Ishares TREEM	<0.1%	$5m	74,974	New
IsharesEWT	<0.1%	$5m	45,108	+21%
HafniaHAFN	<0.1%	$5m	697,424	+1183%
StantecSTN	<0.1%	$4m	56,200	New
Global-E OnlineGLBE	<0.1%	$4m	102,195	New
MakeMyTripMMYT	<0.1%	$3m	64,145	Held
Magna InternationalMGA	<0.1%	$3m	45,900	New
IamgoldIAG	<0.1%	$3m	172,916	New
Ishares TREFA	<0.1%	$2m	20,761	-45%
Vanguard Intl Equity Index FVWO	<0.1%	$2m	35,556	+376%
BPBP	<0.1%	$2m	46,059	-95%
ArcelorMittalMT	<0.1%	$1m	22,155	-92%
Vanguard Intl Equity Index FVEU	<0.1%	$1m	15,389	+149%
Ituran Location & ControlITRN	<0.1%	$1m	20,439	Held
Ishares TRACWI	<0.1%	$1m	7,691	-50%
WiproWIT	<0.1%	$1m	448,957	Held
Open TextOTEX	<0.1%	$807,567	36,500	New
Canadian Natural ResourcesCNQ	<0.1%	$727,829	18,400	New

Showing the largest 100 of 122.

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 46.2% since 30 June 2025.

Where the money is

Health care25.2%

Financial services18.1%

Retail & consumer12.9%

Industrials12.7%

Materials9.2%

Technology5.6%

Media & telecom4.3%

Everyday goods1.5%

Real estate1.1%

Utilities0.5%

Energy0.1%

Other8.9%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.