Causeway Capital Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Causeway Capital Management LLC reported 99 stock positions worth $6.3 billion. Its top holding was Canadian Pacific Kansas City (CP) at 18.4% of the portfolio, followed by Carnival (CCL, 13.0%) and Deutsche Bank AG-Registered (DB, 9.0%). Compared with Q1 2025, it opened 17 new positions, sold out of 8, added to 44 and reduced 33. The biggest buy was Deutsche Bank AG-Registered (DB, shares +1176%) and the biggest sale Canadian Pacific Kansas City (CP, shares −15%).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0001165797
Portfolio Value
$6.3B (Q2 2025)
SEC Filing
0000943663-25-000224 ↗ filed Aug 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 Q4 2024 Q1 2025: $4.8B Q1 2025 Q2 2025: $6.3B $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 99 stocks · $6.3B
CP Canadian Pacific Kansas City 18.42% 14,680,499 $1.2B Reduce -14.7%
CCL Carnival Corp. 12.96% 29,128,074 $819.1M Add +9.7%
DB Deutsche Bank AG-Registered 9.03% 19,315,143 $570.4M Add +1176.2%
B Barrick Mining Corp. 5.80% 17,653,416 $366.7M Add +49.1%
SW Smurfit Westrock PLC 4.79% 7,015,694 $302.7M Add +160.4%
BABA Alibaba Group Holding-SP ADR 2.23% 1,242,469 $140.9M Reduce -8.4%
GOOG Alphabet Inc. Class C 2.03% 721,546 $128.0M Add +3.5%
TSM Taiwan Semiconductor-SP ADR 1.86% 517,815 $117.3M Reduce -0.3%
C Citigroup Inc. 1.70% 1,259,978 $107.2M Reduce -6.7%
CTSH Cognizant Tech Solutions-A 1.46% 1,181,358 $92.2M Add +28.7%
BCS Barclays PLC-Spons ADR 1.37% 4,664,178 $86.7M Add +3.4%
ADI Analog Devices Inc. 1.34% 355,604 $84.6M Reduce -16.1%
MRK Merck & Co. Inc. 1.23% 982,660 $77.8M Add +9.4%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.22% 623,677 $77.3M Reduce -34.6%
META Meta Platforms Inc. Class A 1.12% 95,570 $70.5M Reduce -9.4%
AZN Astrazeneca PLC-Spons ADR 1.05% 953,448 $66.6M Add +11.1%
AXS Axis Capital Holdings Ltd. 1.04% 634,981 $65.9M Reduce -12.7%
G Genpact Ltd. 1.00% 1,431,171 $63.0M Add +51.5%
BIIB Biogen Inc. 0.98% 493,355 $62.0M Add +13.8%
ORCL Oracle Corp. 0.96% 277,286 $60.6M Reduce -43.6%
JD Jd.com Inc.-ADR 0.96% 1,854,381 $60.5M Add +3.2%
NTES Netease Inc.-ADR 0.94% 441,494 $59.4M New
QFIN Qfin Holdings Inc.-ADR filed as QIFU TECHNOLOGY INC 0.90% 1,314,163 $57.0M Add +0.5%
ZBH Zimmer Biomet Holdings Inc. 0.83% 578,238 $52.7M Reduce -28.2%
APTV Aptiv PLC 0.78% 718,696 $49.0M Reduce -16.5%
BP BP PLC-Spons ADR 0.77% 1,620,639 $48.5M Add +1.5%
PFE Pfizer Inc. 0.75% 1,963,312 $47.6M Reduce -3.0%
CFG Citizens Financial Group 0.73% 1,032,974 $46.2M Add +2.9%
XP XP Inc. Class A 0.73% 2,280,437 $46.1M New
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.72% 622,703 $45.8M New
BUD Anheuser-Busch Inbev-SPN ADR 0.70% 647,477 $44.5M Reduce -6.4%
PHG Koninklijke Philips NVR- NY 0.70% 1,850,995 $44.4M Add +20.8%
WHR Whirlpool Corp. 0.70% 433,543 $44.0M Add +19.2%
DEO Diageo PLC-Sponsored ADR 0.69% 430,710 $43.4M Add +40.5%
BAP Credicorp Ltd. 0.68% 192,758 $43.1M Add +253.5%
GSK GSK PLC-Spon ADR 0.67% 1,107,076 $42.5M Reduce -0.1%
SNY Sanofi-ADR 0.64% 839,639 $40.6M Add +21.1%
PUK Prudential PLC-ADR 0.63% 1,597,829 $40.0M Reduce -32.1%
PCG P G & E Corp. 0.60% 2,737,515 $38.2M Add +6.6%
JOYY Joyy Inc.-ADR 0.59% 731,870 $37.3M Add +733.7%
TME Tencent Music Entertainm-ADR 0.59% 1,903,885 $37.1M Add +209.5%
AU Anglogold Ashanti PLC 0.56% 788,151 $35.5M Add +105.5%
JLL Jones Lang Lasalle Inc. 0.55% 137,057 $35.1M Reduce -2.4%
SAP Sap SE-Sponsored ADR 0.55% 115,049 $35.0M Reduce -25.8%
SE Sea Ltd.-ADR 0.54% 212,331 $34.0M Add +6.9%
ING ING Groep N.V.-Sponsored ADR 0.53% 1,540,694 $33.7M Add +5.5%
LYV Live Nation Entertainment Inc. 0.53% 219,457 $33.2M Reduce -25.5%
GFI Gold Fields Ltd.-Spons ADR 0.51% 1,353,653 $32.0M New
RELX Relx PLC - Spon ADR 0.42% 482,845 $26.2M Add +6.3%
PAGS Pagseguro Digital Ltd. Class A 0.41% 2,691,538 $25.9M New
WB Weibo Corp.-Spon ADR 0.40% 2,643,718 $25.2M Add +17.2%
SNN Smith & Nephew PLC -Spon ADR 0.40% 821,008 $25.1M Add +35.2%
BTI British American Tob-SP ADR 0.40% 530,599 $25.1M Reduce -12.9%
SHG Shinhan Financial Group-ADR 0.39% 550,138 $24.9M Add +7.9%
MT Arcelormittal-NY Registered 0.39% 776,702 $24.5M Add +10.3%
NVO Novo-Nordisk A/S-Spons ADR 0.39% 353,884 $24.4M New
NGG National Grid PLC-SP ADR 0.37% 315,994 $23.5M New
ALLY Ally Financial Inc. 0.37% 603,036 $23.5M Reduce -7.4%
FINV Finvolution Group-ADR 0.35% 2,351,203 $22.3M Add +2.9%
ATAT Atour Lifestyle Holdings-ADR 0.35% 672,784 $21.9M Add +4.7%
IR Ingersoll-Rand Inc. 0.35% 262,774 $21.9M New
MOMO Hello Group Inc. -SPN ADR 0.31% 2,346,224 $19.8M Add +12.3%
CLS Celestica Inc. 0.31% 124,587 $19.4M Reduce -14.8%
BXP BXP Inc. 0.29% 272,795 $18.4M New
KEP Korea Elec Power Corp.-SP ADR 0.27% 1,220,320 $17.2M New
GPK Graphic Packaging Holding Co. 0.25% 740,479 $15.6M New
IBN Icici Bank Ltd.-Spon ADR 0.24% 444,660 $15.0M Add +0.4%
HDB HDFC Bank Ltd.-ADR 0.23% 187,589 $14.4M Add +46.8%
VEA Vanguard Ftse Developed ETF 0.22% 245,142 $14.0M Reduce -39.6%
INDA iShares MSCI India ETF 0.19% 217,240 $12.1M Add +51.7%
KSA Ishrs MSCI Saudi Arabia ETF 0.19% 310,751 $12.0M Reduce -1.5%
MELI MercadoLibre Inc. 0.19% 4,525 $11.8M New
VIPS Vipshop Holdings Ltd. - ADR 0.19% 782,518 $11.8M Add +7.7%
ZIM Zim Integrated Shipping Serv 0.18% 711,364 $11.4M Add +4.8%
SMIN iShares MSCI India Small-Cap 0.17% 137,008 $10.6M Add +61.6%
NWG Natwest Group PLC -Spon ADR 0.14% 629,470 $8.9M Reduce -17.7%
SNX TD Synnex Corp. 0.14% 62,872 $8.5M Reduce -52.1%
VSS Vanguard Ftse All Wo X-US SC 0.13% 61,586 $8.3M Reduce -2.0%
MMYT Makemytrip Ltd. 0.13% 83,521 $8.2M Add +10.4%
GGB Gerdau SA -Spon ADR 0.12% 2,670,178 $7.8M No change
INFY Infosys Ltd.-SP ADR 0.08% 283,927 $5.3M Reduce -89.2%
IQ Iqiyi Inc.-ADR 0.08% 2,896,200 $5.1M No change
CGAU Centerra Gold Inc. 0.07% 635,501 $4.6M New
SMFG Sumitomo Mitsui-Spons ADR 0.07% 301,796 $4.6M New
RDY Dr. Reddy's Laboratories-ADR 0.04% 159,139 $2.4M Add +10.2%
WIT Wipro Ltd.-ADR 0.02% 475,731 $1.4M Reduce -2.7%
ACWI iShares MSCI Acwi ETF 0.02% 8,460 $1.1M Reduce -27.1%
EFA iShares MSCI Eafe ETF 0.01% 7,064 $631K Add +9.7%
VEU Vanguard Ftse All-World Ex-U 0.01% 8,926 $600K Add +32.0%
NVDA Nvidia Corp. 0.01% 3,631 $574K Reduce -11.9%
JBS JBS NV-A 0.01% 34,350 $502K New
MSFT Microsoft Corp. 0.01% 940 $468K No change
VWO Vanguard Ftse Emerging Marke 0.01% 7,149 $354K Reduce -76.6%
BTG B2GOLD Corp. 0.01% 94,491 $341K No change
NVS Novartis AG-Sponsored ADR 0.00% 2,084 $252K Reduce -50.8%
BKNG Booking Holdings Inc. 0.00% 37 $214K New
AAPL Apple Inc. 0.00% 1,003 $206K Reduce -0.2%
INN Summit Hotel Properties Inc. 0.00% 15,652 $80K New
PBYI Puma Biotechnology Inc. 0.00% 14,095 $48K No change

Portfolio Sells Q1 2025 → Q2 2025
CP Canadian Pacific Kansas City Reduce -14.7% 18.42% −6.83
BABA Alibaba Group Holding-SP ADR Reduce -8.4% 2.23% −1.52
ZBH Zimmer Biomet Holdings Inc. Reduce -28.2% 0.83% −1.07
INFY Infosys Ltd.-SP ADR Reduce -89.2% 0.08% −0.92
DIS The Walt Disney Co. Reduce -34.6% 1.22% −0.74
AXS Axis Capital Holdings Ltd. Reduce -12.7% 1.04% −0.48
ORCL Oracle Corp. Reduce -43.6% 0.96% −0.48
ADI Analog Devices Inc. Reduce -16.1% 1.34% −0.45
DGX Quest Diagnostics Inc. Sold out 0.00% −0.43
PUK Prudential PLC-ADR Reduce -32.1% 0.63% −0.43
PFE Pfizer Inc. Reduce -3.0% 0.75% −0.32
SAP Sap SE-Sponsored ADR Reduce -25.8% 0.55% −0.32
C Citigroup Inc. Reduce -6.7% 1.70% −0.31
EMBJ Embraer SA-Spon ADR Sold out 0.00% −0.31
APTV Aptiv PLC Reduce -16.5% 0.78% −0.29
LYV Live Nation Entertainment Inc. Reduce -25.5% 0.53% −0.28
PDD PDD Holdings Inc. Sold out 0.00% −0.26
GSK GSK PLC-Spon ADR Reduce -0.1% 0.67% −0.22
VEA Vanguard Ftse Developed ETF Reduce -39.6% 0.22% −0.21
BUD Anheuser-Busch Inbev-SPN ADR Reduce -6.4% 0.70% −0.19
JLL Jones Lang Lasalle Inc. Reduce -2.4% 0.55% −0.17
BBD Banco Bradesco-ADR Sold out 0.00% −0.17
META Meta Platforms Inc. Class A Reduce -9.4% 1.12% −0.15
SNX TD Synnex Corp. Reduce -52.1% 0.14% −0.15
AGRO Adecoagro SA Sold out 0.00% −0.13
BTI British American Tob-SP ADR Reduce -12.9% 0.40% −0.13
ALLY Ally Financial Inc. Reduce -7.4% 0.37% −0.12
KSA Ishrs MSCI Saudi Arabia ETF Reduce -1.5% 0.19% −0.08
NWG Natwest Group PLC -Spon ADR Reduce -17.7% 0.14% −0.05
VRN Veren Inc. Sold out 0.00% −0.04
JKS Jinkosolar Holding Co.-ADR Sold out 0.00% −0.03
VWO Vanguard Ftse Emerging Marke Reduce -76.6% 0.01% −0.02
VSS Vanguard Ftse All Wo X-US SC Reduce -2.0% 0.13% −0.02
ACWI iShares MSCI Acwi ETF Reduce -27.1% 0.02% −0.01
WIT Wipro Ltd.-ADR Reduce -2.7% 0.02% −0.01
NVS Novartis AG-Sponsored ADR Reduce -50.8% 0.00% −0.01
SHEL Shell PLC-ADR Sold out 0.00% −0.00
AAPL Apple Inc. Reduce -0.2% 0.00% −0.00
NVDA Nvidia Corp. Reduce -11.9% 0.01% −0.00
TSM Taiwan Semiconductor-SP ADR Reduce -0.3% 1.86% +0.05
CLS Celestica Inc. Reduce -14.8% 0.31% +0.07

Portfolio Buys Q1 2025 → Q2 2025
DB Deutsche Bank AG-Registered Add +1176.2% 9.03% +8.27
SW Smurfit Westrock PLC Add +160.4% 4.79% +2.25
CCL Carnival Corp. Add +9.7% 12.96% +2.12
B Barrick Mining Corp. Add +49.1% 5.80% +1.00
NTES Netease Inc.-ADR New 0.94% +0.94
XP XP Inc. Class A New 0.73% +0.73
IFF Intl Flavors & Fragrances New 0.72% +0.72
JOYY Joyy Inc.-ADR Add +733.7% 0.59% +0.51
GFI Gold Fields Ltd.-Spons ADR New 0.51% +0.51
BAP Credicorp Ltd. Add +253.5% 0.68% +0.47
PAGS Pagseguro Digital Ltd. Class A New 0.41% +0.41
TME Tencent Music Entertainm-ADR Add +209.5% 0.59% +0.40
NVO Novo-Nordisk A/S-Spons ADR New 0.39% +0.39
NGG National Grid PLC-SP ADR New 0.37% +0.37
IR Ingersoll-Rand Inc. New 0.35% +0.35
BXP BXP Inc. New 0.29% +0.29
KEP Korea Elec Power Corp.-SP ADR New 0.27% +0.27
AU Anglogold Ashanti PLC Add +105.5% 0.56% +0.26
GPK Graphic Packaging Holding Co. New 0.25% +0.25
MELI MercadoLibre Inc. New 0.19% +0.19
CGAU Centerra Gold Inc. New 0.07% +0.07
SMFG Sumitomo Mitsui-Spons ADR New 0.07% +0.07
SHG Shinhan Financial Group-ADR Add +7.9% 0.39% +0.05
HDB HDFC Bank Ltd.-ADR Add +46.8% 0.23% +0.05
SMIN iShares MSCI India Small-Cap Add +61.6% 0.17% +0.05
SNN Smith & Nephew PLC -Spon ADR Add +35.2% 0.40% +0.04
MOMO Hello Group Inc. -SPN ADR Add +12.3% 0.31% +0.04
INDA iShares MSCI India ETF Add +51.7% 0.19% +0.04
DEO Diageo PLC-Sponsored ADR Add +40.5% 0.69% +0.02
WHR Whirlpool Corp. Add +19.2% 0.70% +0.01
JBS JBS NV-A New 0.01% +0.01
BKNG Booking Holdings Inc. New 0.00% +0.00
G Genpact Ltd. Add +51.5% 1.00% +0.00
INN Summit Hotel Properties Inc. New 0.00% +0.00
VEU Vanguard Ftse All-World Ex-U Add +32.0% 0.01% +0.00
EFA iShares MSCI Eafe ETF Add +9.7% 0.01% −0.00
RDY Dr. Reddy's Laboratories-ADR Add +10.2% 0.04% −0.00
SE Sea Ltd.-ADR Add +6.9% 0.54% −0.00
CTSH Cognizant Tech Solutions-A Add +28.7% 1.46% −0.01
MMYT Makemytrip Ltd. Add +10.4% 0.13% −0.03
ZIM Zim Integrated Shipping Serv Add +4.8% 0.18% −0.03
ATAT Atour Lifestyle Holdings-ADR Add +4.7% 0.35% −0.03
MT Arcelormittal-NY Registered Add +10.3% 0.39% −0.04
WB Weibo Corp.-Spon ADR Add +17.2% 0.40% −0.05
VIPS Vipshop Holdings Ltd. - ADR Add +7.7% 0.19% −0.05
IBN Icici Bank Ltd.-Spon ADR Add +0.4% 0.24% −0.06
RELX Relx PLC - Spon ADR Add +6.3% 0.42% −0.06
ING ING Groep N.V.-Sponsored ADR Add +5.5% 0.53% −0.06
BCS Barclays PLC-Spons ADR Add +3.4% 1.37% −0.08
FINV Finvolution Group-ADR Add +2.9% 0.35% −0.11

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