Causeway Capital Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Causeway Capital Management LLC reported 107 stock positions worth $4.4 billion. Its top holding was Canadian Pacific Kansas City (CP) at 25.4% of the portfolio, followed by Check Point Software Tech (CHKP, 8.2%) and Barrick Gold (B, 3.9%). Compared with Q3 2024, it opened 22 new positions, sold out of 12, added to 41 and reduced 39. The biggest buy was Canadian Pacific Kansas City (CP, shares +77%) and the biggest sale iShares MSCI Eafe ETF (EFA, shares −96%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001165797
- Portfolio Value
- $4.4B (Q4 2024)
- SEC Filing
- 0000943663-25-000047 ↗ filed Feb 13, 2025
Holdings Value
Holdings 107 stocks · $4.4B
| CP Canadian Pacific Kansas City | 25.43% | 15,429,804 | $1.1B | Add +76.5% |
| CHKP Check Point Software Tech | 8.20% | 1,929,604 | $360.3M | Add +33.8% |
| B Barrick Gold Corp. | 3.92% | 11,112,293 | $172.2M | New |
| SW Smurfit Westrock PLC | 3.27% | 2,662,964 | $143.4M | Reduce -36.6% |
| GOOG Alphabet Inc. Class C | 2.58% | 595,557 | $113.4M | Add +6.2% |
| TSM Taiwan Semiconductor-SP ADR | 2.38% | 529,064 | $104.5M | Add +0.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 2.13% | 841,942 | $93.8M | Reduce -24.0% |
| C Citigroup Inc. | 1.98% | 1,234,875 | $86.9M | Reduce -4.0% |
| ZBH Zimmer Biomet Holdings Inc. | 1.85% | 769,932 | $81.3M | Reduce -3.1% |
| BABA Alibaba Group Holding-SP ADR | 1.84% | 951,168 | $80.6M | Add +7.2% |
| BCS Barclays PLC-Spons ADR | 1.79% | 5,930,467 | $78.8M | Add +8.9% |
| ADI Analog Devices Inc. | 1.77% | 366,558 | $77.9M | Add +7.6% |
| SNX TD Synnex Corp. | 1.59% | 596,782 | $70.0M | Reduce -5.8% |
| BBD Banco Bradesco-ADR | 1.58% | 36,313,506 | $69.4M | Reduce -21.0% |
| AXS Axis Capital Holdings Ltd. | 1.47% | 728,331 | $64.5M | Add +79.1% |
| CTSH Cognizant Tech Solutions-A | 1.43% | 818,303 | $62.9M | Reduce -16.0% |
| VEA Vanguard Ftse Developed ETF | 1.38% | 1,266,361 | $60.6M | Add +160.8% |
| META Meta Platforms Inc. Class A | 1.33% | 99,561 | $58.3M | Reduce -5.1% |
| MRK Merck & Co. Inc. | 1.32% | 584,473 | $58.1M | New |
| AZN Astrazeneca PLC-Spons ADR | 1.24% | 831,870 | $54.5M | Add +69.6% |
| BA The Boeing Co. | 1.22% | 302,750 | $53.6M | Add +705.7% |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 1.20% | 1,377,475 | $52.9M | Add +0.3% |
| JD Jd.com Inc.-ADR | 1.19% | 1,511,092 | $52.4M | Add +2.7% |
| PCG P G & E Corp. | 1.16% | 2,520,673 | $50.9M | Reduce -33.9% |
| G Genpact Ltd. | 1.11% | 1,136,018 | $48.8M | Reduce -35.2% |
| PFE Pfizer Inc. | 1.11% | 1,832,790 | $48.6M | Reduce -17.1% |
| ORCL Oracle Corp. | 1.10% | 290,613 | $48.4M | Reduce -26.9% |
| DGX Quest Diagnostics Inc. | 1.05% | 304,481 | $45.9M | Reduce -11.0% |
| SAP Sap SE-Sponsored ADR | 1.00% | 177,860 | $43.8M | Reduce -0.7% |
| PDD PDD Holdings Inc. | 0.99% | 446,272 | $43.3M | Reduce -42.0% |
| BIIB Biogen Inc. | 0.98% | 281,702 | $43.1M | New |
| PHG Koninklijke Philips NVR- NY | 0.90% | 1,566,850 | $39.7M | Add +24.0% |
| BP BP PLC-Spons ADR | 0.88% | 1,302,058 | $38.5M | Add +9.9% |
| DEO Diageo PLC-Sponsored ADR | 0.85% | 294,763 | $37.5M | Reduce -0.7% |
| GSK GSK PLC-Spon ADR | 0.83% | 1,076,580 | $36.4M | Add +20.0% |
| JLL Jones Lang Lasalle Inc. | 0.78% | 134,579 | $34.1M | Reduce -27.1% |
| PUK Prudential PLC-ADR | 0.78% | 2,136,842 | $34.1M | Add +0.0% |
| CFG Citizens Financial Group | 0.76% | 764,553 | $33.5M | Reduce -13.8% |
| SNY Sanofi-ADR | 0.76% | 690,436 | $33.3M | Add +38.8% |
| BAP Credicorp Ltd. | 0.71% | 169,568 | $31.1M | Add +151.3% |
| APTV Aptiv Irish Holdings Ltd. filed as APTIV PLC | 0.70% | 509,649 | $30.8M | Add +7.8% |
| LYV Live Nation Entertainment Inc. | 0.69% | 235,621 | $30.5M | Reduce -49.8% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.65% | 574,298 | $28.8M | Add +12.9% |
| MT Arcelormittal-NY Registered | 0.56% | 1,067,400 | $24.7M | Add +12.8% |
| ING ING Groep N.V.-Sponsored ADR | 0.53% | 1,491,567 | $23.4M | Add +38.8% |
| BTI British American Tob-SP ADR | 0.52% | 629,912 | $22.9M | Reduce -16.6% |
| WB Weibo Corp.-Spon ADR | 0.49% | 2,259,267 | $21.6M | Add +14.8% |
| RELX Relx PLC - Spon ADR | 0.48% | 465,886 | $21.2M | Add +9.8% |
| XP XP Inc. Class A | 0.47% | 1,728,899 | $20.5M | New |
| SE Sea Ltd.-ADR | 0.45% | 185,494 | $19.7M | New |
| FINV Finvolution Group-ADR | 0.43% | 2,802,844 | $19.0M | Reduce -35.5% |
| CNXC Concentrix Corp. | 0.40% | 409,812 | $17.7M | Reduce -5.4% |
| CLS Celestica Inc. | 0.36% | 171,423 | $15.8M | Reduce -28.8% |
| ALLY Ally Financial Inc. | 0.35% | 423,364 | $15.2M | New |
| IBN Icici Bank Ltd.-Spon ADR | 0.32% | 473,232 | $14.1M | Add +6.0% |
| ZIM Zim Integrated Shipping Serv | 0.29% | 587,518 | $12.6M | Add +509.3% |
| INDA iShares MSCI India ETF | 0.28% | 230,591 | $12.1M | Reduce -12.2% |
| INFY Infosys Ltd.-SP ADR | 0.27% | 546,743 | $12.0M | Add +1.7% |
| SNN Smith & Nephew PLC -Spon ADR | 0.27% | 480,888 | $11.8M | New |
| AU Anglogold Ashanti PLC | 0.25% | 501,799 | $11.2M | New |
| SHG Shinhan Financial Group-ADR | 0.24% | 325,639 | $10.7M | Add +6.8% |
| MMYT Makemytrip Ltd. | 0.22% | 84,661 | $9.5M | Add +1.6% |
| SMIN iShares MSCI India Small-Cap | 0.21% | 120,877 | $9.2M | Reduce -23.9% |
| KSA Ishrs MSCI Saudi Arabia ETF | 0.20% | 216,594 | $8.8M | Add +100.9% |
| RDY Dr. Reddy's Laboratories-ADR | 0.19% | 539,305 | $8.5M | No change |
| VSS Vanguard Ftse All Wo X-US SC | 0.19% | 73,644 | $8.4M | Add +0.1% |
| HDB HDFC Bank Ltd.-ADR | 0.19% | 127,749 | $8.2M | Add +8.1% |
| NWG Natwest Group PLC -Spon ADR | 0.19% | 801,864 | $8.2M | Reduce -28.7% |
| URTH iShares MSCI World ETF | 0.18% | 51,466 | $8.0M | Add +254.9% |
| GGB Gerdau SA -Spon ADR | 0.18% | 2,670,178 | $7.7M | No change |
| TAK Takeda Pharmaceutic-SP ADR | 0.16% | 522,030 | $6.9M | Reduce -59.3% |
| MOMO Hello Group Inc. -SPN ADR | 0.16% | 884,747 | $6.8M | Reduce -54.4% |
| AGRO Adecoagro SA | 0.12% | 567,374 | $5.4M | Add +88.8% |
| ATAT Atour Lifestyle Holdings-ADR | 0.12% | 193,682 | $5.2M | New |
| IQ Iqiyi Inc.-ADR | 0.10% | 2,244,700 | $4.5M | Reduce -0.6% |
| VIPS Vipshop Holdings Ltd. - ADR | 0.09% | 301,815 | $4.1M | Reduce -84.1% |
| EFA iShares MSCI Eafe ETF | 0.09% | 53,024 | $4.0M | Reduce -95.9% |
| HAFN Hafnia Ltd. | 0.07% | 575,856 | $3.1M | Add +5.4% |
| TSEM Tower Semiconductor Ltd. | 0.07% | 58,944 | $3.1M | Add +3.0% |
| ACWI iShares MSCI Acwi ETF | 0.06% | 23,048 | $2.7M | Add +28.9% |
| BTG B2GOLD Corp. | 0.06% | 1,061,304 | $2.6M | Add +5.6% |
| VEU Vanguard Ftse All-World Ex-U | 0.04% | 32,541 | $1.9M | Add +227.0% |
| WIT Wipro Ltd.-ADR | 0.04% | 488,806 | $1.7M | No change |
| ACN Accenture PLC Class A | 0.02% | 2,451 | $862K | New |
| ACGL Arch Capital Group Ltd. | 0.02% | 8,531 | $788K | New |
| VWO Vanguard Ftse Emerging Marke | 0.02% | 15,090 | $665K | Reduce -28.0% |
| SHEL Shell PLC-ADR | 0.01% | 10,132 | $635K | Reduce -97.0% |
| NVS Novartis AG-Sponsored ADR | 0.01% | 5,866 | $571K | Reduce -20.5% |
| DOX Amdocs Ltd. | 0.01% | 6,390 | $544K | New |
| NVDA Nvidia Corp. | 0.01% | 3,840 | $516K | Reduce -9.3% |
| WTW Willis Towers Watson PLC | 0.01% | 1,563 | $490K | New |
| KOF Coca-Cola Femsa Sab-SP ADR | 0.01% | 5,350 | $417K | New |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.01% | 9,093 | $396K | Reduce -14.6% |
| MSFT Microsoft Corp. | 0.01% | 940 | $396K | No change |
| CNH CNH Industrial NV | 0.01% | 33,849 | $384K | New |
| NE Noble Corp. PLC | 0.01% | 8,462 | $266K | New |
| TECK Teck Resources Ltd.-CLS B | 0.01% | 6,480 | $263K | New |
| ICLR Icon PLC | 0.01% | 1,250 | $262K | New |
| ARCO Arcos Dorados Holdings Inc. Class A | 0.01% | 34,300 | $250K | New |
| AAPL Apple Inc. | 0.01% | 961 | $241K | Add +2.3% |
Portfolio Sells Q3 2024 → Q4 2024
| EFA iShares MSCI Eafe ETF | Reduce -95.9% | 0.09% | −2.58 |
| SW Smurfit Westrock PLC | Reduce -36.6% | 3.27% | −1.83 |
| PDD PDD Holdings Inc. | Reduce -42.0% | 0.99% | −1.56 |
| BBD Banco Bradesco-ADR | Reduce -21.0% | 1.58% | −1.43 |
| FISV Fiserv Inc. | Sold out | 0.00% | −1.29 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.95 |
| STX Seagate Technology Holdings | Sold out | 0.00% | −0.89 |
| PCG P G & E Corp. | Reduce -33.9% | 1.16% | −0.69 |
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -84.1% | 0.09% | −0.64 |
| G Genpact Ltd. | Reduce -35.2% | 1.11% | −0.58 |
| LYV Live Nation Entertainment Inc. | Reduce -49.8% | 0.69% | −0.57 |
| ORCL Oracle Corp. | Reduce -26.9% | 1.10% | −0.56 |
| SHEL Shell PLC-ADR | Reduce -97.0% | 0.01% | −0.53 |
| DIS The Walt Disney Co. | Reduce -24.0% | 2.13% | −0.48 |
| PFE Pfizer Inc. | Reduce -17.1% | 1.11% | −0.47 |
| JLL Jones Lang Lasalle Inc. | Reduce -27.1% | 0.78% | −0.45 |
| CTSH Cognizant Tech Solutions-A | Reduce -16.0% | 1.43% | −0.41 |
| ASHR Xtrackers Harvest Csi 300 CH | Sold out | 0.00% | −0.41 |
| TAK Takeda Pharmaceutic-SP ADR | Reduce -59.3% | 0.16% | −0.29 |
| SNX TD Synnex Corp. | Reduce -5.8% | 1.59% | −0.28 |
| DGX Quest Diagnostics Inc. | Reduce -11.0% | 1.05% | −0.26 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -3.1% | 1.85% | −0.26 |
| FINV Finvolution Group-ADR | Reduce -35.5% | 0.43% | −0.23 |
| MOMO Hello Group Inc. -SPN ADR | Reduce -54.4% | 0.16% | −0.21 |
| DEO Diageo PLC-Sponsored ADR | Reduce -0.7% | 0.85% | −0.17 |
| BTI British American Tob-SP ADR | Reduce -16.6% | 0.52% | −0.16 |
| META Meta Platforms Inc. Class A | Reduce -5.1% | 1.33% | −0.15 |
| CNXC Concentrix Corp. | Reduce -5.4% | 0.40% | −0.14 |
| CFG Citizens Financial Group | Reduce -13.8% | 0.76% | −0.13 |
| NGG National Grid PLC-SP ADR | Sold out | 0.00% | −0.13 |
| SMIN iShares MSCI India Small-Cap | Reduce -23.9% | 0.21% | −0.13 |
| INDA iShares MSCI India ETF | Reduce -12.2% | 0.28% | −0.10 |
| VIST Vista Energy Sab DE CV | Sold out | 0.00% | −0.09 |
| JKS Jinkosolar Holding Co.-ADR | Sold out | 0.00% | −0.08 |
| NWG Natwest Group PLC -Spon ADR | Reduce -28.7% | 0.19% | −0.07 |
| TAC Transalta Corp. | Sold out | 0.00% | −0.06 |
| IQ Iqiyi Inc.-ADR | Reduce -0.6% | 0.10% | −0.06 |
| PBR.A Petroleo Brasil-SP Pref ADR | Sold out | 0.00% | −0.05 |
| EFV iShares MSCI Eafe Value ETF | Sold out | 0.00% | −0.03 |
| SAP Sap SE-Sponsored ADR | Reduce -0.7% | 1.00% | −0.01 |
| TRMD Torm PLC-A | Sold out | 0.00% | −0.01 |
| VWO Vanguard Ftse Emerging Marke | Reduce -28.0% | 0.02% | −0.01 |
| NVS Novartis AG-Sponsored ADR | Reduce -20.5% | 0.01% | −0.01 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -14.6% | 0.01% | −0.00 |
| OPFI Oppfi Inc. | Sold out | 0.00% | −0.00 |
| UL Unilever PLC | Reduce -4.7% | 0.00% | −0.00 |
| NVDA Nvidia Corp. | Reduce -9.3% | 0.01% | −0.00 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -20.8% | 0.00% | −0.00 |
| SMFG Sumitomo Mitsui-Spons ADR | Reduce -17.2% | 0.00% | −0.00 |
| C Citigroup Inc. | Reduce -4.0% | 1.98% | +0.00 |
Portfolio Buys Q3 2024 → Q4 2024
| CP Canadian Pacific Kansas City | Add +76.5% | 25.43% | +7.04 |
| B Barrick Gold Corp. | New | 3.92% | +3.92 |
| CHKP Check Point Software Tech | Add +33.8% | 8.20% | +1.37 |
| MRK Merck & Co. Inc. | New | 1.32% | +1.32 |
| BA The Boeing Co. | Add +705.7% | 1.22% | +1.08 |
| BIIB Biogen Inc. | New | 0.98% | +0.98 |
| VEA Vanguard Ftse Developed ETF | Add +160.8% | 1.38% | +0.75 |
| AXS Axis Capital Holdings Ltd. | Add +79.1% | 1.47% | +0.67 |
| XP XP Inc. Class A | New | 0.47% | +0.47 |
| SE Sea Ltd.-ADR | New | 0.45% | +0.45 |
| BAP Credicorp Ltd. | Add +151.3% | 0.71% | +0.41 |
| ALLY Ally Financial Inc. | New | 0.35% | +0.35 |
| AZN Astrazeneca PLC-Spons ADR | Add +69.6% | 1.24% | +0.30 |
| GOOG Alphabet Inc. Class C | Add +6.2% | 2.58% | +0.28 |
| SNN Smith & Nephew PLC -Spon ADR | New | 0.27% | +0.27 |
| AU Anglogold Ashanti PLC | New | 0.25% | +0.25 |
| ZIM Zim Integrated Shipping Serv | Add +509.3% | 0.29% | +0.23 |
| QFIN Qfin Holdings Inc.-ADR | Add +0.3% | 1.20% | +0.20 |
| BCS Barclays PLC-Spons ADR | Add +8.9% | 1.79% | +0.17 |
| URTH iShares MSCI World ETF | Add +254.9% | 0.18% | +0.13 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.0% | 2.38% | +0.12 |
| ATAT Atour Lifestyle Holdings-ADR | New | 0.12% | +0.12 |
| KSA Ishrs MSCI Saudi Arabia ETF | Add +100.9% | 0.20% | +0.09 |
| SNY Sanofi-ADR | Add +38.8% | 0.76% | +0.05 |
| ING ING Groep N.V.-Sponsored ADR | Add +38.8% | 0.53% | +0.05 |
| AGRO Adecoagro SA | Add +88.8% | 0.12% | +0.04 |
| VEU Vanguard Ftse All-World Ex-U | Add +227.0% | 0.04% | +0.03 |
| MMYT Makemytrip Ltd. | Add +1.6% | 0.22% | +0.03 |
| ACN Accenture PLC Class A | New | 0.02% | +0.02 |
| ACGL Arch Capital Group Ltd. | New | 0.02% | +0.02 |
| DOX Amdocs Ltd. | New | 0.01% | +0.01 |
| WTW Willis Towers Watson PLC | New | 0.01% | +0.01 |
| KOF Coca-Cola Femsa Sab-SP ADR | New | 0.01% | +0.01 |
| ACWI iShares MSCI Acwi ETF | Add +28.9% | 0.06% | +0.01 |
| CNH CNH Industrial NV | New | 0.01% | +0.01 |
| TSEM Tower Semiconductor Ltd. | Add +3.0% | 0.07% | +0.01 |
| NE Noble Corp. PLC | New | 0.01% | +0.01 |
| TECK Teck Resources Ltd.-CLS B | New | 0.01% | +0.01 |
| ICLR Icon PLC | New | 0.01% | +0.01 |
| ARCO Arcos Dorados Holdings Inc. Class A | New | 0.01% | +0.01 |
| ERO Ero Copper Corp. | New | 0.00% | +0.00 |
| ITUB Itau Unibanco H-Spon PRF ADR | New | 0.00% | +0.00 |
| HDB HDFC Bank Ltd.-ADR | Add +8.1% | 0.19% | +0.00 |
| WB Weibo Corp.-Spon ADR | Add +14.8% | 0.49% | +0.00 |
| OSUR Orasure Technologies Inc. | New | 0.00% | +0.00 |
| AAPL Apple Inc. | Add +2.3% | 0.01% | +0.00 |
| IBN Icici Bank Ltd.-Spon ADR | Add +6.0% | 0.32% | −0.01 |
| RELX Relx PLC - Spon ADR | Add +9.8% | 0.48% | −0.01 |
| BTG B2GOLD Corp. | Add +5.6% | 0.06% | −0.02 |
| INFY Infosys Ltd.-SP ADR | Add +1.7% | 0.27% | −0.02 |
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 |