Causeway Capital Management LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Causeway Capital Management LLC reported 122 stock positions worth $9.2 billion. Its top holding was Astrazeneca (AZN) at 19.0% of the portfolio, followed by Carnival (CCL, 12.7%) and Deutsche Bank AG-Registered (DB, 10.8%). Compared with Q1 2026, it opened 22 new positions, sold out of 7, added to 49 and reduced 46. The biggest buy was Deutsche Bank AG-Registered (DB, shares +18%) and the biggest sale Canadian Pacific Kansas City (CP, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001165797
- Portfolio Value
- $9.2B (Q2 2026)
- SEC Filing
- 0000945621-26-001052 ↗ filed Aug 13, 2026
Holdings Value
Holdings 122 stocks · $9.2B
| AZN Astrazeneca PLC | 18.97% | 9,357,390 | $1.8B | Add +26.1% |
| CCL Carnival Corp. Ltd. | 12.74% | 41,190,606 | $1.2B | Add +11.0% |
| DB Deutsche Bank AG-Registered | 10.77% | 29,358,318 | $994.2M | Add +17.6% |
| SW Smurfit Westrock PLC | 7.53% | 15,039,041 | $695.7M | Reduce -3.4% |
| CP Canadian Pacific Kansas City | 6.30% | 6,711,483 | $581.7M | Reduce -23.7% |
| TSM Taiwan Semiconductor-SP ADR | 2.75% | 532,052 | $254.1M | Add +4.6% |
| ALK Alaska Air Group Inc. | 1.80% | 3,183,163 | $166.2M | Add +27.2% |
| CARR Carrier Global Corp. | 1.73% | 2,178,506 | $159.8M | Add +3.6% |
| LYV Live Nation Entertainment Inc. | 1.40% | 706,301 | $129.3M | Add +34.2% |
| MRK Merck & Co. Inc. | 1.33% | 954,932 | $122.7M | Add +11.8% |
| META Meta Platforms Inc. Class A | 1.23% | 201,459 | $113.5M | Add +39.1% |
| GOOG Alphabet Inc. Class C | 1.21% | 316,217 | $111.7M | Reduce -6.3% |
| BCS Barclays PLC-Spons ADR | 1.16% | 3,975,718 | $106.8M | Reduce -2.4% |
| BAP Credicorp Ltd. | 1.08% | 255,436 | $99.5M | Add +4.2% |
| SAP Sap SE-Sponsored ADR | 1.05% | 629,801 | $97.1M | Add +38.1% |
| BABA Alibaba Group Holding-SP ADR | 1.03% | 995,040 | $95.5M | Reduce -6.9% |
| AXS Axis Capital Holdings Ltd. | 1.00% | 859,727 | $92.4M | Add +5.4% |
| EG Everest Group Ltd. | 0.98% | 252,702 | $90.3M | Add +1.1% |
| IR Ingersoll-Rand Inc. | 0.92% | 1,033,693 | $84.8M | Add +65.1% |
| PHG Koninklijke Philips NVR- NY | 0.90% | 3,061,962 | $83.3M | Add +24.7% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.87% | 1,677,615 | $80.4M | Add +42.9% |
| JLL Jones Lang Lasalle Inc. | 0.83% | 248,252 | $76.9M | Add +33.3% |
| CFG Citizens Financial Group | 0.82% | 1,077,093 | $75.5M | Add +2.7% |
| NTES Netease Inc.-ADR | 0.79% | 572,412 | $73.3M | New |
| DEO Diageo PLC-Sponsored ADR | 0.78% | 899,015 | $72.3M | Add +34.9% |
| ZBH Zimmer Biomet Holdings Inc. | 0.74% | 788,810 | $67.9M | Reduce -2.4% |
| BA The Boeing Co. | 0.73% | 313,048 | $67.8M | Reduce -0.3% |
| C Citigroup Inc. | 0.70% | 458,858 | $64.2M | Reduce -27.7% |
| NWG Natwest Group PLC -Spon ADR | 0.67% | 3,487,290 | $61.5M | Add +16.7% |
| BIIB Biogen Inc. | 0.65% | 278,283 | $60.1M | Reduce -0.9% |
| GFI Gold Fields Ltd.-Spons ADR | 0.62% | 1,713,233 | $57.5M | Add +4.8% |
| ADI Analog Devices Inc. | 0.61% | 142,050 | $56.4M | Reduce -29.6% |
| RELX Relx PLC - Spon ADR | 0.60% | 1,762,329 | $55.8M | Reduce -23.6% |
| AU Anglogold Ashanti PLC | 0.60% | 688,027 | $55.7M | Reduce -23.4% |
| ING ING Groep N.V.-Sponsored ADR | 0.57% | 1,690,687 | $53.1M | Add +9.9% |
| BAH Booz Allen Hamilton Holdings | 0.56% | 849,966 | $51.6M | Reduce -0.9% |
| TXN Texas Instruments Inc. | 0.54% | 166,496 | $49.6M | Reduce -19.3% |
| NGG National Grid PLC-SP ADR | 0.53% | 590,240 | $48.9M | Add +9.6% |
| DTE DTE Energy Company | 0.53% | 320,526 | $48.8M | Reduce -0.5% |
| PFE Pfizer Inc. | 0.50% | 1,916,801 | $46.2M | Add +0.1% |
| PBR.A Petroleo Brasil-SP Pref ADR | 0.49% | 3,096,624 | $45.3M | Add +107.0% |
| PUK Prudential PLC-ADR | 0.49% | 1,689,218 | $45.3M | Add +27.9% |
| SNN Smith & Nephew PLC -Spon ADR | 0.49% | 1,565,167 | $45.1M | Add +64.2% |
| TAL Tal Education Group- ADR filed as TAL ED GROUP | 0.43% | 4,125,430 | $39.5M | Add +18.6% |
| SMIN iShares MSCI India Small-Cap | 0.42% | 542,849 | $38.4M | Add +15.1% |
| UNH Unitedhealth Group Inc. | 0.39% | 87,447 | $36.3M | Add +21.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.38% | 360,600 | $34.7M | Reduce -35.6% |
| SNY Sanofi-ADR | 0.37% | 804,056 | $34.3M | Reduce -24.5% |
| BTI British American Tob-SP ADR | 0.37% | 547,925 | $33.8M | Add +9.4% |
| SMFG Sumitomo Mitsui-Spons ADR | 0.36% | 1,392,610 | $32.8M | Add +9.9% |
| VIST Vista Energy Sab DE CV | 0.35% | 501,275 | $32.0M | Add +126.9% |
| INDA iShares MSCI India ETF | 0.34% | 628,500 | $31.0M | Add +36.9% |
| BSX Boston Scientific Corp. | 0.33% | 720,339 | $30.7M | New |
| JD Jd.com Inc.-ADR | 0.33% | 1,199,207 | $30.6M | New |
| VEA Vanguard Ftse Developed ETF | 0.33% | 427,314 | $30.4M | Reduce -42.0% |
| GGB Gerdau SA -Spon ADR | 0.32% | 7,229,538 | $29.2M | Add +5.7% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.31% | 347,657 | $28.6M | Reduce -40.1% |
| PAGS Pagseguro Digital Ltd. Class A | 0.31% | 3,130,268 | $28.3M | Reduce -22.6% |
| BXP BXP Inc. | 0.27% | 378,480 | $25.1M | Reduce -0.6% |
| HTHT H World Group Ltd.-ADR | 0.26% | 570,437 | $23.8M | New |
| OGC Oceanagold Corp. | 0.25% | 911,012 | $22.8M | New |
| CGAU Centerra Gold Inc. | 0.22% | 1,285,398 | $20.4M | Add +3.2% |
| G Genpact Ltd. | 0.21% | 710,380 | $19.5M | Reduce -63.5% |
| CTSH Cognizant Tech Solutions-A | 0.21% | 494,846 | $19.2M | Reduce -67.1% |
| ZIM Zim Integrated Shipping Serv | 0.20% | 694,474 | $18.1M | Reduce -21.9% |
| FSM Fortuna Mining Corp. | 0.19% | 2,086,645 | $17.6M | Add +66.8% |
| WB Weibo Corp.-Spon ADR | 0.18% | 2,317,577 | $16.8M | Reduce -13.1% |
| ARCO Arcos Dorados Holdings Inc. Class A | 0.17% | 1,961,513 | $15.8M | New |
| IBN Icici Bank Ltd.-Spon ADR | 0.14% | 447,935 | $13.0M | Reduce -0.7% |
| VSS Vanguard Ftse All Wo X-US SC | 0.14% | 80,907 | $12.5M | Reduce -21.9% |
| TD Toronto-Dominion Bank | 0.13% | 97,238 | $11.8M | New |
| FINV Finvolution Group-ADR | 0.12% | 2,285,880 | $10.9M | Reduce -4.8% |
| CIB Grupo Cibest SA-ADR | 0.12% | 136,620 | $10.9M | Add +3.2% |
| HDB HDFC Bank Ltd.-ADR | 0.11% | 395,855 | $10.2M | Reduce -0.8% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 0.10% | 83,789 | $9.6M | New |
| BWLP BW LPG Ltd. | 0.09% | 457,050 | $8.0M | Add +2889.0% |
| SU Suncor Energy Inc. | 0.08% | 138,526 | $7.4M | New |
| JOYY Joyy Inc.-ADR | 0.08% | 109,297 | $7.2M | Reduce -85.4% |
| CLS Celestica Inc. | 0.08% | 19,598 | $7.1M | Reduce -21.0% |
| KSA Ishrs MSCI Saudi Arabia ETF | 0.07% | 177,079 | $6.6M | Add +234.8% |
| TIGO Millicom Intl Cellular S.A. | 0.06% | 65,932 | $6.0M | Reduce -68.4% |
| INFY Infosys Ltd.-SP ADR | 0.06% | 526,963 | $5.5M | Reduce -72.2% |
| EEM iShares MSCI Emerging Market | 0.06% | 74,974 | $5.1M | New |
| EWT iShares MSCI Taiwan ETF | 0.05% | 45,108 | $4.9M | Add +21.4% |
| HAFN Hafnia Ltd. | 0.05% | 697,424 | $4.6M | Add +1182.8% |
| STN Stantec Inc. | 0.04% | 56,200 | $3.9M | New |
| GLBE Global-E Online Ltd. | 0.04% | 102,195 | $3.5M | New |
| MMYT Makemytrip Ltd. | 0.04% | 64,145 | $3.4M | Reduce -0.6% |
| MGA Magna International Inc. | 0.03% | 45,900 | $3.0M | New |
| IAG Iamgold Corp. | 0.03% | 172,916 | $2.7M | New |
| EFA iShares MSCI Eafe ETF | 0.02% | 20,761 | $2.2M | Reduce -45.0% |
| VWO Vanguard Ftse Emerging Marke | 0.02% | 35,556 | $2.1M | Add +376.1% |
| BP BP PLC-Spons ADR | 0.02% | 46,059 | $1.7M | Reduce -95.4% |
| MT Arcelormittal-NY Registered | 0.01% | 22,155 | $1.3M | Reduce -91.7% |
| VEU Vanguard Ftse All-World Ex-U | 0.01% | 15,389 | $1.3M | Add +148.6% |
| ITRN Ituran Location and Control | 0.01% | 20,439 | $1.2M | No change |
| ACWI iShares MSCI Acwi ETF | 0.01% | 7,691 | $1.2M | Reduce -50.1% |
| WIT Wipro Ltd.-ADR | 0.01% | 448,957 | $1.0M | Add +1.3% |
| OTEX Open Text Corp. | 0.01% | 36,500 | $808K | New |
| CNQ Canadian Natural Resources | 0.01% | 18,400 | $728K | New |
Portfolio Sells Q1 2026 → Q2 2026
| CP Canadian Pacific Kansas City | Reduce -23.7% | 6.30% | −2.17 |
| CTSH Cognizant Tech Solutions-A | Reduce -67.1% | 0.21% | −0.93 |
| WHR Whirlpool Corp. | Sold out | 0.00% | −0.80 |
| G Genpact Ltd. | Reduce -63.5% | 0.21% | −0.68 |
| BABA Alibaba Group Holding-SP ADR | Reduce -6.9% | 1.03% | −0.61 |
| APTV Aptiv PLC | Sold out | 0.00% | −0.58 |
| BP BP PLC-Spons ADR | Reduce -95.4% | 0.02% | −0.56 |
| JOYY Joyy Inc.-ADR | Reduce -85.4% | 0.08% | −0.46 |
| AU Anglogold Ashanti PLC | Reduce -23.4% | 0.60% | −0.46 |
| RELX Relx PLC - Spon ADR | Reduce -23.6% | 0.60% | −0.33 |
| PDD PDD Holdings Inc. | Sold out | 0.00% | −0.30 |
| DIS The Walt Disney Co. | Reduce -35.6% | 0.38% | −0.29 |
| BAH Booz Allen Hamilton Holdings | Reduce -0.9% | 0.56% | −0.26 |
| SNY Sanofi-ADR | Reduce -24.5% | 0.37% | −0.26 |
| INFY Infosys Ltd.-SP ADR | Reduce -72.2% | 0.06% | −0.25 |
| VEA Vanguard Ftse Developed ETF | Reduce -42.0% | 0.33% | −0.25 |
| PAGS Pagseguro Digital Ltd. Class A | Reduce -22.6% | 0.31% | −0.19 |
| C Citigroup Inc. | Reduce -27.7% | 0.70% | −0.19 |
| SHG Shinhan Financial Group-ADR | Reduce -97.4% | 0.00% | −0.19 |
| BUD Anheuser-Busch Inbev-SPN ADR | Reduce -40.1% | 0.31% | −0.18 |
| ADI Analog Devices Inc. | Reduce -29.6% | 0.61% | −0.18 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -2.4% | 0.74% | −0.16 |
| MT Arcelormittal-NY Registered | Reduce -91.7% | 0.01% | −0.16 |
| TIGO Millicom Intl Cellular S.A. | Reduce -68.4% | 0.06% | −0.13 |
| WB Weibo Corp.-Spon ADR | Reduce -13.1% | 0.18% | −0.10 |
| ZIM Zim Integrated Shipping Serv | Reduce -21.9% | 0.20% | −0.09 |
| SW Smurfit Westrock PLC | Reduce -3.4% | 7.53% | −0.08 |
| TME Tencent Music Entertainm-ADR | Sold out | 0.00% | −0.07 |
| QFIN Qfin Holdings Inc.-ADR | Sold out | 0.00% | −0.05 |
| VSS Vanguard Ftse All Wo X-US SC | Reduce -21.9% | 0.14% | −0.05 |
| DTE DTE Energy Company | Reduce -0.5% | 0.53% | −0.05 |
| BA The Boeing Co. | Reduce -0.3% | 0.73% | −0.03 |
| FINV Finvolution Group-ADR | Reduce -4.8% | 0.12% | −0.02 |
| EFA iShares MSCI Eafe ETF | Reduce -45.0% | 0.02% | −0.02 |
| EFXT Enerflex Ltd. | Sold out | 0.00% | −0.01 |
| ACWI iShares MSCI Acwi ETF | Reduce -50.1% | 0.01% | −0.01 |
| HDB HDFC Bank Ltd.-ADR | Reduce -0.8% | 0.11% | −0.01 |
| INMD Inmode Ltd. | Reduce -74.7% | 0.00% | −0.01 |
| CLS Celestica Inc. | Reduce -21.0% | 0.08% | −0.01 |
| JBS JBS NV-A | Sold out | 0.00% | −0.00 |
| GSK GSK PLC-Spon ADR | Reduce -35.5% | 0.00% | −0.00 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -0.7% | 0.14% | −0.00 |
| B Barrick Mining Corp. | Reduce -9.9% | 0.00% | −0.00 |
| MSFT Microsoft Corp. | Reduce -22.3% | 0.00% | −0.00 |
| NVDA Nvidia Corp. | Reduce -0.6% | 0.01% | 0.00 |
| AVGO Broadcom Inc. | Reduce -4.9% | 0.00% | +0.00 |
| FIX Comfort Systems USA Inc. | Reduce -12.0% | 0.00% | +0.00 |
| MMYT Makemytrip Ltd. | Reduce -0.6% | 0.04% | +0.01 |
| BIIB Biogen Inc. | Reduce -0.9% | 0.65% | +0.02 |
| GOOG Alphabet Inc. Class C | Reduce -6.3% | 1.21% | +0.02 |
Portfolio Buys Q1 2026 → Q2 2026
| DB Deutsche Bank AG-Registered | Add +17.6% | 10.77% | +1.89 |
| AZN Astrazeneca PLC | Add +26.1% | 18.97% | +1.31 |
| CCL Carnival Corp. Ltd. | Add +11.0% | 12.74% | +0.96 |
| NTES Netease Inc.-ADR | New | 0.79% | +0.79 |
| ALK Alaska Air Group Inc. | Add +27.2% | 1.80% | +0.67 |
| TSM Taiwan Semiconductor-SP ADR | Add +4.6% | 2.75% | +0.64 |
| LYV Live Nation Entertainment Inc. | Add +34.2% | 1.40% | +0.41 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +42.9% | 0.87% | +0.34 |
| BSX Boston Scientific Corp. | New | 0.33% | +0.33 |
| JD Jd.com Inc.-ADR | New | 0.33% | +0.33 |
| IR Ingersoll-Rand Inc. | Add +65.1% | 0.92% | +0.30 |
| CARR Carrier Global Corp. | Add +3.6% | 1.73% | +0.28 |
| HTHT H World Group Ltd.-ADR | New | 0.26% | +0.26 |
| OGC Oceanagold Corp. | New | 0.25% | +0.25 |
| META Meta Platforms Inc. Class A | Add +39.1% | 1.23% | +0.21 |
| DEO Diageo PLC-Sponsored ADR | Add +34.9% | 0.78% | +0.17 |
| ARCO Arcos Dorados Holdings Inc. Class A | New | 0.17% | +0.17 |
| UNH Unitedhealth Group Inc. | Add +21.7% | 0.39% | +0.15 |
| PBR.A Petroleo Brasil-SP Pref ADR | Add +107.0% | 0.49% | +0.15 |
| VIST Vista Energy Sab DE CV | Add +126.9% | 0.35% | +0.14 |
| JLL Jones Lang Lasalle Inc. | Add +33.3% | 0.83% | +0.14 |
| TD Toronto-Dominion Bank | New | 0.13% | +0.13 |
| NWG Natwest Group PLC -Spon ADR | Add +16.7% | 0.67% | +0.12 |
| SNN Smith & Nephew PLC -Spon ADR | Add +64.2% | 0.49% | +0.12 |
| CM Can Imperial BK of Commerce | New | 0.10% | +0.10 |
| SAP Sap SE-Sponsored ADR | Add +38.1% | 1.05% | +0.09 |
| BWLP BW LPG Ltd. | Add +2889.0% | 0.09% | +0.08 |
| ING ING Groep N.V.-Sponsored ADR | Add +9.9% | 0.57% | +0.08 |
| SU Suncor Energy Inc. | New | 0.08% | +0.08 |
| PHG Koninklijke Philips NVR- NY | Add +24.7% | 0.90% | +0.08 |
| INDA iShares MSCI India ETF | Add +36.9% | 0.34% | +0.07 |
| SMIN iShares MSCI India Small-Cap | Add +15.1% | 0.42% | +0.07 |
| MRK Merck & Co. Inc. | Add +11.8% | 1.33% | +0.07 |
| BAP Credicorp Ltd. | Add +4.2% | 1.08% | +0.06 |
| EEM iShares MSCI Emerging Market | New | 0.06% | +0.06 |
| SMFG Sumitomo Mitsui-Spons ADR | Add +9.9% | 0.36% | +0.05 |
| KSA Ishrs MSCI Saudi Arabia ETF | Add +234.8% | 0.07% | +0.05 |
| CFG Citizens Financial Group | Add +2.7% | 0.82% | +0.05 |
| HAFN Hafnia Ltd. | Add +1182.8% | 0.05% | +0.04 |
| STN Stantec Inc. | New | 0.04% | +0.04 |
| FSM Fortuna Mining Corp. | Add +66.8% | 0.19% | +0.04 |
| GLBE Global-E Online Ltd. | New | 0.04% | +0.04 |
| MGA Magna International Inc. | New | 0.03% | +0.03 |
| IAG Iamgold Corp. | New | 0.03% | +0.03 |
| PUK Prudential PLC-ADR | Add +27.9% | 0.49% | +0.03 |
| EWT iShares MSCI Taiwan ETF | Add +21.4% | 0.05% | +0.02 |
| VWO Vanguard Ftse Emerging Marke | Add +376.1% | 0.02% | +0.02 |
| GGB Gerdau SA -Spon ADR | Add +5.7% | 0.32% | +0.01 |
| OTEX Open Text Corp. | New | 0.01% | +0.01 |
| VEU Vanguard Ftse All-World Ex-U | Add +148.6% | 0.01% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 122 | $9.2B | AZN, CCL, DB, SW, CP |
| Q1 2026 | 107 | $8.1B | AZN, CCL, DB, CP, SW |
| Q4 2025 | 108 | $7.3B | CCL, CP, SW, DB, B |
| Q3 2025 | 105 | $7.6B | CP, CCL, DB, B, EFA |
| Q2 2025 | 99 | $6.3B | CP, CCL, DB, B, SW |
| Q1 2025 | 90 | $4.8B | CP, CCL, B, BABA, SW |
| Q4 2024 | 107 | $4.4B | CP, CHKP, B, SW, GOOG |
| Q3 2024 | 97 | $4.1B | CP, CHKP, SW, BBD, EFA |
| Q2 2024 | 90 | $3.7B | CP, RYAAY, BBD, PDD, DIS |
| Q1 2024 | 89 | $3.8B | CP, RYAAY, BBD, GOOG, DIS |