Causeway Capital Management LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Causeway Capital Management LLC reported 89 stock positions worth $3.8 billion. Its top holding was Canadian Pacific Kansas City (CP) at 15.6% of the portfolio, followed by Ryanair Holdings PLC-SP ADR (RYAAY, 10.4%) and Banco Bradesco-ADR (BBD, 3.4%). Compared with Q4 2023, it opened 10 new positions, sold out of 10, added to 37 and reduced 37. The biggest buy was Canadian Pacific Kansas City (CP, shares +22%) and the biggest sale an exit from UBS Group AG-Reg (UBS).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001165797
- Portfolio Value
- $3.8B (Q1 2024)
- SEC Filing
- 0000943663-24-000131 ↗ filed May 15, 2024
Holdings Value
Holdings 89 stocks · $3.8B
| CP Canadian Pacific Kansas City | 15.59% | 6,757,838 | $596.1M | Add +21.5% |
| RYAAY Ryanair Holdings PLC-SP ADR | 10.41% | 2,734,465 | $398.1M | Reduce -19.7% |
| BBD Banco Bradesco-ADR | 3.39% | 45,297,112 | $129.6M | Reduce -13.9% |
| GOOG Alphabet Inc. Class C | 3.09% | 776,763 | $118.3M | Add +17.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 2.63% | 822,867 | $100.7M | Reduce -25.4% |
| PBR.A Petroleo Brasil-SP Pref ADR | 2.59% | 6,638,426 | $98.9M | Add +63.6% |
| SNX TD Synnex Corp. | 2.29% | 774,907 | $87.7M | Reduce -2.9% |
| C Citigroup Inc. | 2.10% | 1,270,833 | $80.4M | Reduce -16.9% |
| PDD PDD Holdings Inc. | 2.07% | 682,373 | $79.3M | Add +3.8% |
| ZBRA Zebra Technologies Corp. Class A | 1.98% | 251,261 | $75.8M | Reduce -10.5% |
| PCG P G & E Corp. | 1.88% | 4,289,563 | $71.9M | Add +35.0% |
| ADI Analog Devices Inc. | 1.84% | 355,396 | $70.3M | Add +35.1% |
| FISV Fiserv Inc. | 1.78% | 424,600 | $67.9M | Reduce -21.4% |
| ZBH Zimmer Biomet Holdings Inc. | 1.75% | 506,255 | $66.8M | Reduce -10.3% |
| DGX Quest Diagnostics Inc. | 1.75% | 501,117 | $66.7M | Add +1.7% |
| JLL Jones Lang Lasalle Inc. | 1.74% | 341,805 | $66.7M | Reduce -7.0% |
| TSM Taiwan Semiconductor-SP ADR | 1.74% | 489,167 | $66.6M | Add +5.7% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 1.73% | 770,715 | $66.3M | Reduce -20.1% |
| G Genpact Ltd. | 1.72% | 1,995,889 | $65.8M | Reduce -16.2% |
| BABA Alibaba Group Holding-SP ADR | 1.58% | 836,524 | $60.5M | Reduce -10.6% |
| META Meta Platforms Inc. Class A | 1.53% | 120,698 | $58.6M | Reduce -19.8% |
| TSN Tyson Foods Inc. Class A | 1.43% | 927,806 | $54.5M | Reduce -7.3% |
| ORCL Oracle Corp. | 1.41% | 429,021 | $53.9M | New |
| VIPS Vipshop Holdings Ltd. - ADR | 1.39% | 3,212,654 | $53.2M | Add +7.6% |
| TRMB Trimble Inc. | 1.39% | 824,877 | $53.1M | New |
| STX Seagate Technology Holdings | 1.31% | 539,196 | $50.2M | Add +17.7% |
| CFG Citizens Financial Group | 1.24% | 1,310,199 | $47.6M | Reduce -8.3% |
| BCS Barclays PLC-Spons ADR | 1.24% | 5,032,620 | $47.6M | Add +1.3% |
| BP BP PLC-Spons ADR | 1.13% | 1,146,697 | $43.2M | Add +7.1% |
| BERY Berry Global Group Inc. | 1.07% | 673,939 | $40.8M | Add +2.6% |
| SAP Sap SE-Sponsored ADR | 1.03% | 201,557 | $39.3M | Reduce -8.4% |
| ABBV Abbvie Inc. | 1.02% | 213,613 | $38.9M | Reduce -47.0% |
| SHEL Shell PLC-ADR | 0.95% | 541,229 | $36.3M | Add +6.4% |
| PUK Prudential PLC-ADR | 0.93% | 1,848,602 | $35.6M | Add +24.8% |
| DEO Diageo PLC-Sponsored ADR | 0.90% | 232,328 | $34.6M | Add +16.2% |
| AZN Astrazeneca PLC-Spons ADR | 0.88% | 496,476 | $33.6M | Add +7.8% |
| PHG Koninklijke Philips NVR- NY | 0.87% | 1,668,887 | $33.4M | Add +19.8% |
| GSK GSK PLC-Spon ADR | 0.83% | 737,185 | $31.6M | Reduce -7.3% |
| ING ING Groep N.V.-Sponsored ADR | 0.82% | 1,898,686 | $31.3M | Add +15.4% |
| APTV Aptiv Irish Holdings Ltd. filed as APTIV PLC | 0.78% | 373,987 | $29.8M | Add +2.9% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.75% | 470,017 | $28.6M | Add +13.6% |
| RELX Relx PLC - Spon ADR | 0.73% | 644,352 | $27.9M | Add +3.4% |
| IQ Iqiyi Inc.-ADR | 0.69% | 6,251,065 | $26.4M | Add +127.0% |
| NTES Netease Inc.-ADR | 0.69% | 254,244 | $26.3M | Add +33.8% |
| CNXC Concentrix Corp. | 0.63% | 361,721 | $24.0M | Reduce -13.4% |
| NVS Novartis AG-Sponsored ADR | 0.61% | 239,468 | $23.2M | Add +14.5% |
| SNY Sanofi-ADR | 0.59% | 465,879 | $22.6M | Add +5.3% |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 0.58% | 1,208,823 | $22.3M | Add +6.7% |
| BTI British American Tob-SP ADR | 0.56% | 696,191 | $21.2M | Add +25.1% |
| VIST Vista Energy Sab DE CV | 0.54% | 498,158 | $20.6M | Add +8.3% |
| TAK Takeda Pharmaceutic-SP ADR | 0.52% | 1,444,908 | $20.1M | Add +7.4% |
| FINV Finvolution Group-ADR | 0.52% | 3,972,782 | $20.0M | Add +0.9% |
| DQ Daqo New Energy Corp.-ADR | 0.50% | 681,168 | $19.2M | Add +45.8% |
| VEA Vanguard Ftse Developed ETF | 0.49% | 373,285 | $18.7M | Reduce -35.9% |
| TME Tencent Music Entertainm-ADR | 0.48% | 1,639,662 | $18.3M | New |
| GGB Gerdau SA -Spon ADR | 0.45% | 3,910,808 | $17.3M | Reduce -46.9% |
| WB Weibo Corp.-Spon ADR | 0.43% | 1,807,944 | $16.4M | New |
| ATHM Autohome Inc.-ADR | 0.36% | 525,354 | $13.8M | Add +9.6% |
| JKS Jinkosolar Holding Co.-ADR | 0.35% | 526,386 | $13.3M | Reduce -36.3% |
| NWG Natwest Group PLC -Spon ADR | 0.33% | 1,846,245 | $12.6M | Add +12.1% |
| ASHR Xtrackers Harvest Csi 300 CH | 0.32% | 502,131 | $12.1M | Add +18.6% |
| IBN Icici Bank Ltd.-Spon ADR | 0.31% | 445,310 | $11.8M | Reduce -0.9% |
| MMYT Makemytrip Ltd. | 0.31% | 164,793 | $11.7M | Reduce -14.2% |
| MOMO Hello Group Inc. -SPN ADR | 0.27% | 1,661,767 | $10.3M | Add +60.4% |
| CLS Celestica Inc. | 0.26% | 222,454 | $10.0M | Reduce -4.9% |
| INFY Infosys Ltd.-SP ADR | 0.25% | 541,426 | $9.7M | No change |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.25% | 98,213 | $9.5M | Reduce -19.7% |
| RDY Dr. Reddy's Laboratories-ADR | 0.22% | 115,238 | $8.5M | No change |
| SABR Sabre Corp. | 0.19% | 3,057,805 | $7.4M | Reduce -8.3% |
| KSA Ishrs MSCI Saudi Arabia ETF | 0.18% | 157,660 | $7.0M | Reduce -18.2% |
| HDB HDFC Bank Ltd.-ADR | 0.17% | 119,596 | $6.7M | No change |
| VSS Vanguard Ftse All Wo X-US SC | 0.17% | 55,360 | $6.5M | Reduce -37.9% |
| INDA iShares MSCI India ETF | 0.14% | 101,260 | $5.2M | Add +19.0% |
| SMIN iShares MSCI India Small-Cap | 0.12% | 67,450 | $4.7M | Reduce -24.2% |
| WIT Wipro Ltd.-ADR | 0.04% | 243,245 | $1.4M | New |
| ZIM Zim Integrated Shipping Serv | 0.03% | 131,833 | $1.3M | New |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.03% | 21,119 | $1.1M | Reduce -41.4% |
| ACWI iShares MSCI Acwi ETF | 0.02% | 7,580 | $835K | Reduce -38.6% |
| RIO Rio Tinto PLC-Spon ADR | 0.02% | 9,525 | $607K | Reduce -91.0% |
| EFA iShares MSCI Eafe ETF | 0.02% | 7,239 | $578K | New |
| UMC United Microelectron-SP ADR | 0.01% | 58,748 | $475K | Reduce -73.4% |
| MSFT Microsoft Corp. | 0.01% | 965 | $406K | New |
| TRMD Torm PLC-A | 0.01% | 11,720 | $397K | No change |
| UL Unilever PLC | 0.01% | 7,017 | $352K | Reduce -97.6% |
| NVDA Nvidia Corp. | 0.01% | 334 | $302K | New |
| JD Jd.com Inc.-ADR | 0.01% | 10,975 | $301K | No change |
| VEU Vanguard Ftse All-World Ex-U | 0.01% | 4,225 | $248K | Reduce -61.5% |
| SMFG Sumitomo Mitsui-Spons ADR | 0.01% | 20,361 | $240K | Reduce -97.9% |
| GOLDEN OCEAN GROUP LTD | 0.00% | 13,809 | $174K | New |
Portfolio Sells Q4 2023 → Q1 2024
| UBS UBS Group AG-Reg | Sold out | 0.00% | −3.80 |
| AVTR Avantor Inc. | Sold out | 0.00% | −1.49 |
| CSX CSX Corp. | Sold out | 0.00% | −1.42 |
| BBD Banco Bradesco-ADR | Reduce -13.9% | 3.39% | −1.30 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -19.7% | 10.41% | −1.16 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −0.75 |
| ABBV Abbvie Inc. | Reduce -47.0% | 1.02% | −0.57 |
| GGB Gerdau SA -Spon ADR | Reduce -46.9% | 0.45% | −0.46 |
| JKS Jinkosolar Holding Co.-ADR | Reduce -36.3% | 0.35% | −0.43 |
| CNXC Concentrix Corp. | Reduce -13.4% | 0.63% | −0.42 |
| G Genpact Ltd. | Reduce -16.2% | 1.72% | −0.39 |
| UL Unilever PLC | Reduce -97.6% | 0.01% | −0.35 |
| CX Cemex Sab-Spons ADR Part Cer | Sold out | 0.00% | −0.31 |
| BABA Alibaba Group Holding-SP ADR | Reduce -10.6% | 1.58% | −0.26 |
| IFF Intl Flavors & Fragrances | Reduce -20.1% | 1.73% | −0.25 |
| SMFG Sumitomo Mitsui-Spons ADR | Reduce -97.9% | 0.01% | −0.24 |
| VEA Vanguard Ftse Developed ETF | Reduce -35.9% | 0.49% | −0.22 |
| JOYY Joyy Inc.-ADR | Sold out | 0.00% | −0.22 |
| MNSO Miniso Group Holding Ltd.-ADR | Sold out | 0.00% | −0.21 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -91.0% | 0.02% | −0.18 |
| SABR Sabre Corp. | Reduce -8.3% | 0.19% | −0.18 |
| AGRO Adecoagro SA | Sold out | 0.00% | −0.10 |
| VSS Vanguard Ftse All Wo X-US SC | Reduce -37.9% | 0.17% | −0.09 |
| ERF Enerplus Corp. | Sold out | 0.00% | −0.06 |
| VET Vermilion Energy Inc. | Sold out | 0.00% | −0.06 |
| FISV Fiserv Inc. | Reduce -21.4% | 1.78% | −0.05 |
| KOF Coca-Cola Femsa Sab-SP ADR | Reduce -19.7% | 0.25% | −0.05 |
| UMC United Microelectron-SP ADR | Reduce -73.4% | 0.01% | −0.04 |
| SMIN iShares MSCI India Small-Cap | Reduce -24.2% | 0.12% | −0.03 |
| KSA Ishrs MSCI Saudi Arabia ETF | Reduce -18.2% | 0.18% | −0.03 |
| JLL Jones Lang Lasalle Inc. | Reduce -7.0% | 1.74% | −0.02 |
| ACWI iShares MSCI Acwi ETF | Reduce -38.6% | 0.02% | −0.01 |
| KB KB Financial Group Inc.-ADR | Reduce -41.4% | 0.03% | −0.01 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -61.5% | 0.01% | −0.01 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -10.3% | 1.75% | −0.00 |
| ZBRA Zebra Technologies Corp. Class A | Reduce -10.5% | 1.98% | +0.03 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -0.9% | 0.31% | +0.03 |
| CFG Citizens Financial Group | Reduce -8.3% | 1.24% | +0.04 |
| TSN Tyson Foods Inc. Class A | Reduce -7.3% | 1.43% | +0.06 |
| GSK GSK PLC-Spon ADR | Reduce -7.3% | 0.83% | +0.08 |
| MMYT Makemytrip Ltd. | Reduce -14.2% | 0.31% | +0.08 |
| CLS Celestica Inc. | Reduce -4.9% | 0.26% | +0.09 |
| C Citigroup Inc. | Reduce -16.9% | 2.10% | +0.10 |
| DIS The Walt Disney Co. | Reduce -25.4% | 2.63% | +0.10 |
| SNX TD Synnex Corp. | Reduce -2.9% | 2.29% | +0.11 |
| SAP Sap SE-Sponsored ADR | Reduce -8.4% | 1.03% | +0.16 |
| META Meta Platforms Inc. Class A | Reduce -19.8% | 1.53% | +0.18 |
Portfolio Buys Q4 2023 → Q1 2024
| CP Canadian Pacific Kansas City | Add +21.5% | 15.59% | +4.33 |
| ORCL Oracle Corp. | New | 1.41% | +1.41 |
| TRMB Trimble Inc. | New | 1.39% | +1.39 |
| PBR.A Petroleo Brasil-SP Pref ADR | Add +63.6% | 2.59% | +1.01 |
| GOOG Alphabet Inc. Class C | Add +17.4% | 3.09% | +0.72 |
| TSM Taiwan Semiconductor-SP ADR | Add +5.7% | 1.74% | +0.51 |
| ADI Analog Devices Inc. | Add +35.1% | 1.84% | +0.51 |
| TME Tencent Music Entertainm-ADR | New | 0.48% | +0.48 |
| WB Weibo Corp.-Spon ADR | New | 0.43% | +0.43 |
| PCG P G & E Corp. | Add +35.0% | 1.88% | +0.42 |
| IQ Iqiyi Inc.-ADR | Add +127.0% | 0.69% | +0.35 |
| STX Seagate Technology Holdings | Add +17.7% | 1.31% | +0.32 |
| BCS Barclays PLC-Spons ADR | Add +1.3% | 1.24% | +0.25 |
| NTES Netease Inc.-ADR | Add +33.8% | 0.69% | +0.24 |
| VIST Vista Energy Sab DE CV | Add +8.3% | 0.54% | +0.19 |
| ING ING Groep N.V.-Sponsored ADR | Add +15.4% | 0.82% | +0.19 |
| DQ Daqo New Energy Corp.-ADR | Add +45.8% | 0.50% | +0.18 |
| BP BP PLC-Spons ADR | Add +7.1% | 1.13% | +0.16 |
| DEO Diageo PLC-Sponsored ADR | Add +16.2% | 0.90% | +0.16 |
| BTI British American Tob-SP ADR | Add +25.1% | 0.56% | +0.14 |
| QFIN Qfin Holdings Inc.-ADR | Add +6.7% | 0.58% | +0.13 |
| RELX Relx PLC - Spon ADR | Add +3.4% | 0.73% | +0.10 |
| SHEL Shell PLC-ADR | Add +6.4% | 0.95% | +0.10 |
| NWG Natwest Group PLC -Spon ADR | Add +12.1% | 0.33% | +0.09 |
| AZN Astrazeneca PLC-Spons ADR | Add +7.8% | 0.88% | +0.09 |
| MOMO Hello Group Inc. -SPN ADR | Add +60.4% | 0.27% | +0.09 |
| PUK Prudential PLC-ADR | Add +24.8% | 0.93% | +0.08 |
| NVS Novartis AG-Sponsored ADR | Add +14.5% | 0.61% | +0.07 |
| BUD Anheuser-Busch Inbev-SPN ADR | Add +13.6% | 0.75% | +0.07 |
| ASHR Xtrackers Harvest Csi 300 CH | Add +18.6% | 0.32% | +0.06 |
| PHG Koninklijke Philips NVR- NY | Add +19.8% | 0.87% | +0.05 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +7.6% | 1.39% | +0.04 |
| WIT Wipro Ltd.-ADR | New | 0.04% | +0.04 |
| TAK Takeda Pharmaceutic-SP ADR | Add +7.4% | 0.52% | +0.04 |
| ZIM Zim Integrated Shipping Serv | New | 0.03% | +0.03 |
| FINV Finvolution Group-ADR | Add +0.9% | 0.52% | +0.03 |
| SNY Sanofi-ADR | Add +5.3% | 0.59% | +0.03 |
| INDA iShares MSCI India ETF | Add +19.0% | 0.14% | +0.03 |
| ATHM Autohome Inc.-ADR | Add +9.6% | 0.36% | +0.02 |
| DGX Quest Diagnostics Inc. | Add +1.7% | 1.75% | +0.02 |
| EFA iShares MSCI Eafe ETF | New | 0.02% | +0.02 |
| MSFT Microsoft Corp. | New | 0.01% | +0.01 |
| NVDA Nvidia Corp. | New | 0.01% | +0.01 |
| GOLDEN OCEAN GROUP LTD | New | 0.00% | +0.00 |
| APTV Aptiv Irish Holdings Ltd. | Add +2.9% | 0.78% | −0.05 |
| BERY Berry Global Group Inc. | Add +2.6% | 1.07% | −0.06 |
| PDD PDD Holdings Inc. | Add +3.8% | 2.07% | −0.38 |
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 |