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

0$2.0B$4.0B$6.0B$8.0B$10.0B Q1 2024: $3.8B Q1 2024 Q2 2024: $3.7B Q2 2024 Q3 2024: $4.1B Q3 2024 Q4 2024: $4.4B $4.4B Q4 2024 Q1 2025: $4.8B Q1 2025 Q2 2025: $6.3B Q2 2025 Q3 2025: $7.6B Q3 2025 Q4 2025: $7.3B Q4 2025 Q1 2026: $8.1B Q1 2026 Q2 2026: $9.2B Q2 2026

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%
CIGI Colliers Intl GR-Subord Vot 0.01% 1,677 $228K No change
TCOM Trip.com Group Ltd.-ADR 0.00% 3,148 $216K Reduce -20.8%
ERO Ero Copper Corp. 0.00% 16,000 $216K New
ITUB Itau Unibanco H-Spon PRF ADR 0.00% 43,222 $214K New
UL Unilever PLC 0.00% 3,566 $202K Reduce -4.7%
SMFG Sumitomo Mitsui-Spons ADR 0.00% 13,348 $193K Reduce -17.2%
OSUR Orasure Technologies Inc. 0.00% 10,092 $36K New

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 122$9.2BAZN, CCL, DB, SW, CP
Q1 2026 107$8.1BAZN, CCL, DB, CP, SW
Q4 2025 108$7.3BCCL, CP, SW, DB, B
Q3 2025 105$7.6BCP, CCL, DB, B, EFA
Q2 2025 99$6.3BCP, CCL, DB, B, SW
Q1 2025 90$4.8BCP, CCL, B, BABA, SW
Q4 2024 107$4.4BCP, CHKP, B, SW, GOOG
Q3 2024 97$4.1BCP, CHKP, SW, BBD, EFA
Q2 2024 90$3.7BCP, RYAAY, BBD, PDD, DIS
Q1 2024 89$3.8BCP, RYAAY, BBD, GOOG, DIS