Causeway Capital Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Causeway Capital Management LLC reported 90 stock positions worth $4.8 billion. Its top holding was Canadian Pacific Kansas City (CP) at 25.2% of the portfolio, followed by Carnival (CCL, 10.8%) and Barrick Gold (B, 4.8%). Compared with Q4 2024, it opened 11 new positions, sold out of 28, added to 41 and reduced 34. The biggest buy was a new position in Carnival (CCL) and the biggest sale an exit from Check Point Software Tech (CHKP).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001165797
- Portfolio Value
- $4.8B (Q1 2025)
- SEC Filing
- 0000943663-25-000132 ↗ filed May 14, 2025
Holdings Value
Holdings 90 stocks · $4.8B
| CP Canadian Pacific Kansas City | 25.25% | 17,208,788 | $1.2B | Add +11.5% |
| CCL Carnival Corp. | 10.85% | 26,565,066 | $518.8M | New |
| B Barrick Gold Corp. | 4.81% | 11,838,827 | $229.8M | Add +6.5% |
| BABA Alibaba Group Holding-SP ADR | 3.75% | 1,356,010 | $179.3M | Add +42.6% |
| SW Smurfit Westrock PLC | 2.54% | 2,693,844 | $121.4M | Add +1.2% |
| GOOG Alphabet Inc. Class C | 2.28% | 697,353 | $108.9M | Add +17.1% |
| C Citigroup Inc. | 2.00% | 1,350,907 | $95.9M | Add +9.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.97% | 953,852 | $94.1M | Add +13.3% |
| ZBH Zimmer Biomet Holdings Inc. | 1.91% | 805,509 | $91.2M | Add +4.6% |
| TSM Taiwan Semiconductor-SP ADR | 1.80% | 519,645 | $86.3M | Reduce -1.8% |
| ADI Analog Devices Inc. | 1.79% | 424,025 | $85.5M | Add +15.7% |
| MRK Merck & Co. Inc. | 1.68% | 897,869 | $80.6M | Add +53.6% |
| JD Jd.com Inc.-ADR | 1.54% | 1,797,234 | $73.9M | Add +18.9% |
| AXS Axis Capital Holdings Ltd. | 1.52% | 727,094 | $72.9M | Reduce -0.2% |
| CTSH Cognizant Tech Solutions-A | 1.47% | 917,875 | $70.2M | Add +12.2% |
| BCS Barclays PLC-Spons ADR | 1.45% | 4,511,942 | $69.3M | Reduce -23.9% |
| ORCL Oracle Corp. | 1.44% | 491,833 | $68.8M | Add +69.2% |
| AZN Astrazeneca PLC-Spons ADR | 1.32% | 857,887 | $63.1M | Add +3.1% |
| META Meta Platforms Inc. Class A | 1.27% | 105,485 | $60.8M | Add +6.0% |
| BIIB Biogen Inc. | 1.24% | 433,517 | $59.3M | Add +53.9% |
| QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC | 1.23% | 1,307,273 | $58.7M | Reduce -5.1% |
| BP BP PLC-Spons ADR | 1.13% | 1,596,626 | $53.9M | Add +22.6% |
| PFE Pfizer Inc. | 1.07% | 2,024,255 | $51.3M | Add +10.4% |
| APTV Aptiv PLC | 1.07% | 860,744 | $51.2M | New |
| PUK Prudential PLC-ADR | 1.06% | 2,353,670 | $50.6M | Add +10.2% |
| INFY Infosys Ltd.-SP ADR | 1.01% | 2,638,154 | $48.1M | Add +382.5% |
| G Genpact Ltd. | 0.99% | 944,660 | $47.6M | Reduce -16.8% |
| PCG P G & E Corp. | 0.92% | 2,567,270 | $44.1M | Add +1.9% |
| GSK GSK PLC-Spon ADR | 0.90% | 1,107,923 | $42.9M | Add +2.9% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.89% | 691,917 | $42.6M | Add +20.5% |
| SAP Sap SE-Sponsored ADR | 0.87% | 155,139 | $41.6M | Reduce -12.8% |
| CFG Citizens Financial Group | 0.86% | 1,004,199 | $41.1M | Add +31.3% |
| PHG Koninklijke Philips NVR- NY | 0.81% | 1,531,812 | $38.9M | Reduce -2.2% |
| LYV Live Nation Entertainment Inc. | 0.80% | 294,721 | $38.5M | Add +25.1% |
| SNY Sanofi-ADR | 0.80% | 693,261 | $38.4M | Add +0.4% |
| DB Deutsche Bank AG-Registered | 0.75% | 1,513,500 | $36.1M | New |
| JLL Jones Lang Lasalle Inc. | 0.73% | 140,446 | $34.8M | Add +4.4% |
| WHR Whirlpool Corp. | 0.69% | 363,785 | $32.8M | New |
| DEO Diageo PLC-Sponsored ADR | 0.67% | 306,666 | $32.1M | Add +4.0% |
| ING ING Groep N.V.-Sponsored ADR | 0.60% | 1,460,526 | $28.6M | Reduce -2.1% |
| SE Sea Ltd.-ADR | 0.54% | 198,688 | $25.9M | Add +7.1% |
| BTI British American Tob-SP ADR | 0.53% | 608,927 | $25.2M | Reduce -3.3% |
| ALLY Ally Financial Inc. | 0.50% | 651,383 | $23.8M | Add +53.9% |
| RELX Relx PLC - Spon ADR | 0.48% | 454,346 | $22.9M | Reduce -2.5% |
| FINV Finvolution Group-ADR | 0.46% | 2,284,493 | $22.0M | Reduce -18.5% |
| WB Weibo Corp.-Spon ADR | 0.45% | 2,256,465 | $21.4M | Reduce -0.1% |
| VEA Vanguard Ftse Developed ETF | 0.43% | 405,903 | $20.6M | Reduce -68.0% |
| DGX Quest Diagnostics Inc. | 0.43% | 120,400 | $20.4M | Reduce -60.5% |
| MT Arcelormittal-NY Registered | 0.42% | 704,291 | $20.3M | Reduce -34.0% |
| ATAT Atour Lifestyle Holdings-ADR | 0.38% | 642,536 | $18.2M | Add +231.8% |
| SNN Smith & Nephew PLC -Spon ADR | 0.36% | 607,357 | $17.2M | Add +26.3% |
| SHG Shinhan Financial Group-ADR | 0.34% | 509,806 | $16.4M | Add +56.6% |
| EMBJ Embraer SA-Spon ADR | 0.31% | 318,335 | $14.7M | New |
| AU Anglogold Ashanti PLC | 0.30% | 383,520 | $14.3M | Reduce -23.6% |
| IBN Icici Bank Ltd.-Spon ADR | 0.29% | 442,939 | $14.0M | Reduce -6.4% |
| SNX TD Synnex Corp. | 0.29% | 131,359 | $13.7M | Reduce -78.0% |
| MOMO Hello Group Inc. -SPN ADR | 0.28% | 2,089,913 | $13.2M | Add +136.2% |
| KSA Ishrs MSCI Saudi Arabia ETF | 0.27% | 315,426 | $13.0M | Add +45.6% |
| PDD PDD Holdings Inc. | 0.26% | 105,926 | $12.5M | Reduce -76.3% |
| CLS Celestica Inc. | 0.24% | 146,152 | $11.5M | New |
| VIPS Vipshop Holdings Ltd. - ADR | 0.24% | 726,618 | $11.4M | Add +140.8% |
| BAP Credicorp Ltd. | 0.21% | 54,527 | $10.2M | Reduce -67.8% |
| ZIM Zim Integrated Shipping Serv | 0.21% | 678,540 | $9.9M | Add +15.5% |
| NWG Natwest Group PLC -Spon ADR | 0.19% | 764,702 | $9.1M | Reduce -4.6% |
| TME Tencent Music Entertainm-ADR | 0.19% | 615,153 | $8.9M | New |
| HDB HDFC Bank Ltd.-ADR | 0.18% | 127,749 | $8.5M | No change |
| BBD Banco Bradesco-ADR | 0.17% | 3,598,612 | $8.0M | Reduce -90.1% |
| GGB Gerdau SA -Spon ADR | 0.16% | 2,670,178 | $7.6M | No change |
| MMYT Makemytrip Ltd. | 0.15% | 75,621 | $7.4M | Reduce -10.7% |
| INDA iShares MSCI India ETF | 0.15% | 143,169 | $7.4M | Reduce -37.9% |
| VSS Vanguard Ftse All Wo X-US SC | 0.15% | 62,822 | $7.3M | Reduce -14.7% |
| IQ Iqiyi Inc.-ADR | 0.14% | 2,896,200 | $6.5M | Add +29.0% |
| AGRO Adecoagro SA | 0.13% | 563,076 | $6.3M | Reduce -0.8% |
| SMIN iShares MSCI India Small-Cap | 0.12% | 84,765 | $5.8M | Reduce -29.9% |
| JOYY Joyy Inc.-ADR | 0.08% | 87,784 | $3.7M | New |
| RDY Dr. Reddy's Laboratories-ADR | 0.04% | 144,439 | $1.9M | Reduce -73.2% |
| VRN Veren Inc. | 0.04% | 263,808 | $1.7M | New |
| WIT Wipro Ltd.-ADR | 0.03% | 488,806 | $1.5M | No change |
| JKS Jinkosolar Holding Co.-ADR | 0.03% | 75,084 | $1.4M | New |
| VWO Vanguard Ftse Emerging Marke | 0.03% | 30,533 | $1.4M | Add +102.3% |
| ACWI iShares MSCI Acwi ETF | 0.03% | 11,604 | $1.4M | Reduce -49.6% |
| EFA iShares MSCI Eafe ETF | 0.01% | 6,441 | $526K | Reduce -87.8% |
| NVS Novartis AG-Sponsored ADR | 0.01% | 4,236 | $472K | Reduce -27.8% |
| NVDA Nvidia Corp. | 0.01% | 4,124 | $447K | Add +7.4% |
| VEU Vanguard Ftse All-World Ex-U | 0.01% | 6,763 | $410K | Reduce -79.2% |
| MSFT Microsoft Corp. | 0.01% | 940 | $353K | No change |
| BTG B2GOLD Corp. | 0.01% | 94,491 | $269K | Reduce -91.1% |
| AAPL Apple Inc. | 0.00% | 1,005 | $223K | Add +4.6% |
| SHEL Shell PLC-ADR | 0.00% | 2,944 | $216K | Reduce -70.9% |
| PBYI Puma Biotechnology Inc. | 0.00% | 14,095 | $42K | New |
Portfolio Sells Q4 2024 → Q1 2025
| CHKP Check Point Software Tech | Sold out | 0.00% | −8.20 |
| BBD Banco Bradesco-ADR | Reduce -90.1% | 0.17% | −1.41 |
| SNX TD Synnex Corp. | Reduce -78.0% | 0.29% | −1.31 |
| BA The Boeing Co. | Sold out | 0.00% | −1.22 |
| VEA Vanguard Ftse Developed ETF | Reduce -68.0% | 0.43% | −0.95 |
| PDD PDD Holdings Inc. | Reduce -76.3% | 0.26% | −0.72 |
| APTV Aptiv Irish Holdings Ltd. | Sold out | 0.00% | −0.70 |
| DGX Quest Diagnostics Inc. | Reduce -60.5% | 0.43% | −0.62 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -1.8% | 1.80% | −0.58 |
| BAP Credicorp Ltd. | Reduce -67.8% | 0.21% | −0.50 |
| XP XP Inc. Class A | Sold out | 0.00% | −0.47 |
| CNXC Concentrix Corp. | Sold out | 0.00% | −0.40 |
| CLS Celestica Inc. | Sold out | 0.00% | −0.36 |
| BCS Barclays PLC-Spons ADR | Reduce -23.9% | 1.45% | −0.35 |
| URTH iShares MSCI World ETF | Sold out | 0.00% | −0.18 |
| TAK Takeda Pharmaceutic-SP ADR | Sold out | 0.00% | −0.16 |
| RDY Dr. Reddy's Laboratories-ADR | Reduce -73.2% | 0.04% | −0.15 |
| MT Arcelormittal-NY Registered | Reduce -34.0% | 0.42% | −0.14 |
| SAP Sap SE-Sponsored ADR | Reduce -12.8% | 0.87% | −0.13 |
| INDA iShares MSCI India ETF | Reduce -37.9% | 0.15% | −0.12 |
| G Genpact Ltd. | Reduce -16.8% | 0.99% | −0.12 |
| PHG Koninklijke Philips NVR- NY | Reduce -2.2% | 0.81% | −0.09 |
| SMIN iShares MSCI India Small-Cap | Reduce -29.9% | 0.12% | −0.09 |
| EFA iShares MSCI Eafe ETF | Reduce -87.8% | 0.01% | −0.08 |
| HAFN Hafnia Ltd. | Sold out | 0.00% | −0.07 |
| TSEM Tower Semiconductor Ltd. | Sold out | 0.00% | −0.07 |
| MMYT Makemytrip Ltd. | Reduce -10.7% | 0.15% | −0.06 |
| BTG B2GOLD Corp. | Reduce -91.1% | 0.01% | −0.05 |
| WB Weibo Corp.-Spon ADR | Reduce -0.1% | 0.45% | −0.04 |
| VSS Vanguard Ftse All Wo X-US SC | Reduce -14.7% | 0.15% | −0.04 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -79.2% | 0.01% | −0.03 |
| ACWI iShares MSCI Acwi ETF | Reduce -49.6% | 0.03% | −0.03 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -6.4% | 0.29% | −0.03 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.02 |
| ACGL Arch Capital Group Ltd. | Sold out | 0.00% | −0.02 |
| DOX Amdocs Ltd. | Sold out | 0.00% | −0.01 |
| WTW Willis Towers Watson PLC | Sold out | 0.00% | −0.01 |
| SHEL Shell PLC-ADR | Reduce -70.9% | 0.00% | −0.01 |
| KOF Coca-Cola Femsa Sab-SP ADR | Sold out | 0.00% | −0.01 |
| RYAAY Ryanair Holdings PLC-SP ADR | Sold out | 0.00% | −0.01 |
| CNH CNH Industrial NV | Sold out | 0.00% | −0.01 |
| NE Noble Corp. PLC | Sold out | 0.00% | −0.01 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −0.01 |
| ICLR Icon PLC | Sold out | 0.00% | −0.01 |
| ARCO Arcos Dorados Holdings Inc. Class A | Sold out | 0.00% | −0.01 |
| CIGI Colliers Intl GR-Subord Vot | Sold out | 0.00% | −0.01 |
| ERO Ero Copper Corp. | Sold out | 0.00% | −0.00 |
| ITUB Itau Unibanco H-Spon PRF ADR | Sold out | 0.00% | −0.00 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −0.00 |
| UL Unilever PLC | Sold out | 0.00% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| CCL Carnival Corp. | New | 10.85% | +10.85 |
| BABA Alibaba Group Holding-SP ADR | Add +42.6% | 3.75% | +1.91 |
| APTV Aptiv PLC | New | 1.07% | +1.07 |
| B Barrick Gold Corp. | Add +6.5% | 4.81% | +0.88 |
| DB Deutsche Bank AG-Registered | New | 0.75% | +0.75 |
| INFY Infosys Ltd.-SP ADR | Add +382.5% | 1.01% | +0.73 |
| WHR Whirlpool Corp. | New | 0.69% | +0.69 |
| MRK Merck & Co. Inc. | Add +53.6% | 1.68% | +0.36 |
| JD Jd.com Inc.-ADR | Add +18.9% | 1.54% | +0.35 |
| ORCL Oracle Corp. | Add +69.2% | 1.44% | +0.33 |
| EMBJ Embraer SA-Spon ADR | New | 0.31% | +0.31 |
| PUK Prudential PLC-ADR | Add +10.2% | 1.06% | +0.28 |
| ATAT Atour Lifestyle Holdings-ADR | Add +231.8% | 0.38% | +0.26 |
| BIIB Biogen Inc. | Add +53.9% | 1.24% | +0.26 |
| BP BP PLC-Spons ADR | Add +22.6% | 1.13% | +0.25 |
| CLS Celestica Inc. | New | 0.24% | +0.24 |
| BUD Anheuser-Busch Inbev-SPN ADR | Add +20.5% | 0.89% | +0.24 |
| TME Tencent Music Entertainm-ADR | New | 0.19% | +0.19 |
| ALLY Ally Financial Inc. | Add +53.9% | 0.50% | +0.15 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +140.8% | 0.24% | +0.15 |
| MOMO Hello Group Inc. -SPN ADR | Add +136.2% | 0.28% | +0.12 |
| LYV Live Nation Entertainment Inc. | Add +25.1% | 0.80% | +0.11 |
| CFG Citizens Financial Group | Add +31.3% | 0.86% | +0.10 |
| SHG Shinhan Financial Group-ADR | Add +56.6% | 0.34% | +0.10 |
| SE Sea Ltd.-ADR | Add +7.1% | 0.54% | +0.09 |
| SNN Smith & Nephew PLC -Spon ADR | Add +26.3% | 0.36% | +0.09 |
| AZN Astrazeneca PLC-Spons ADR | Add +3.1% | 1.32% | +0.08 |
| JOYY Joyy Inc.-ADR | New | 0.08% | +0.08 |
| KSA Ishrs MSCI Saudi Arabia ETF | Add +45.6% | 0.27% | +0.07 |
| GSK GSK PLC-Spon ADR | Add +2.9% | 0.90% | +0.07 |
| ZBH Zimmer Biomet Holdings Inc. | Add +4.6% | 1.91% | +0.05 |
| SNY Sanofi-ADR | Add +0.4% | 0.80% | +0.05 |
| VRN Veren Inc. | New | 0.04% | +0.04 |
| CTSH Cognizant Tech Solutions-A | Add +12.2% | 1.47% | +0.04 |
| IQ Iqiyi Inc.-ADR | Add +29.0% | 0.14% | +0.03 |
| JKS Jinkosolar Holding Co.-ADR | New | 0.03% | +0.03 |
| C Citigroup Inc. | Add +9.4% | 2.00% | +0.03 |
| ADI Analog Devices Inc. | Add +15.7% | 1.79% | +0.01 |
| VWO Vanguard Ftse Emerging Marke | Add +102.3% | 0.03% | +0.01 |
| PBYI Puma Biotechnology Inc. | New | 0.00% | +0.00 |
| AAPL Apple Inc. | Add +4.6% | 0.00% | −0.00 |
| NVDA Nvidia Corp. | Add +7.4% | 0.01% | −0.00 |
| PFE Pfizer Inc. | Add +10.4% | 1.07% | −0.03 |
| JLL Jones Lang Lasalle Inc. | Add +4.4% | 0.73% | −0.05 |
| META Meta Platforms Inc. Class A | Add +6.0% | 1.27% | −0.06 |
| ZIM Zim Integrated Shipping Serv | Add +15.5% | 0.21% | −0.08 |
| DIS The Walt Disney Co. | Add +13.3% | 1.97% | −0.17 |
| CP Canadian Pacific Kansas City | Add +11.5% | 25.25% | −0.18 |
| DEO Diageo PLC-Sponsored ADR | Add +4.0% | 0.67% | −0.18 |
| PCG P G & E Corp. | Add +1.9% | 0.92% | −0.24 |
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 |