Causeway Capital Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Causeway Capital Management LLC reported 105 stock positions worth $7.6 billion. Its top holding was Canadian Pacific Kansas City (CP) at 13.3% of the portfolio, followed by Carnival (CCL, 12.2%) and Deutsche Bank AG-Registered (DB, 8.2%). Compared with Q2 2025, it opened 14 new positions, sold out of 8, added to 53 and reduced 31. The biggest buy was iShares MSCI Eafe ETF (EFA, shares +70110%) and the biggest sale Canadian Pacific Kansas City (CP, shares −8%).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0001165797
Portfolio Value
$7.6B (Q3 2025)
SEC Filing
0000945621-25-001081 ↗ filed Nov 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 Q2 2025 Q3 2025: $7.6B $7.6B Q3 2025 Q4 2025: $7.3B Q4 2025 Q1 2026: $8.1B Q1 2026 Q2 2026: $9.2B Q2 2026

Holdings 105 stocks · $7.6B
CP Canadian Pacific Kansas City 13.31% 13,522,873 $1.0B Reduce -7.9%
CCL Carnival Corp. 12.19% 31,912,001 $922.6M Add +9.6%
DB Deutsche Bank AG-Registered 8.19% 17,618,765 $620.2M Reduce -8.8%
B Barrick Mining Corp. 6.80% 15,694,240 $514.6M Reduce -11.1%
EFA iShares MSCI Eafe ETF 6.12% 4,959,667 $463.1M Add +70110.5%
SW Smurfit Westrock PLC 4.23% 7,522,983 $320.3M Add +7.2%
BABA Alibaba Group Holding-SP ADR 2.91% 1,231,464 $220.1M Reduce -0.9%
GOOG Alphabet Inc. Class C 2.03% 632,158 $154.0M Reduce -12.4%
TSM Taiwan Semiconductor-SP ADR 1.87% 507,751 $141.8M Reduce -1.9%
C Citigroup Inc. 1.34% 998,078 $101.3M Reduce -20.8%
NTES Netease Inc.-ADR 1.28% 638,315 $97.0M Add +44.6%
MRK Merck & Co. Inc. 1.26% 1,134,057 $95.2M Add +15.4%
CTSH Cognizant Tech Solutions-A 1.20% 1,350,178 $90.6M Add +14.3%
BCS Barclays PLC-Spons ADR 1.19% 4,352,949 $90.0M Reduce -6.7%
CARR Carrier Global Corp. 1.16% 1,466,481 $87.5M New
AZN Astrazeneca PLC-Spons ADR 1.08% 1,067,371 $81.9M Add +11.9%
AXS Axis Capital Holdings Ltd. 1.06% 836,861 $80.2M Add +31.8%
BIIB Biogen Inc. 1.05% 567,518 $79.5M Add +15.0%
G Genpact Ltd. 1.04% 1,878,432 $78.7M Add +31.3%
ADI Analog Devices Inc. 0.98% 302,272 $74.3M Reduce -15.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.90% 595,915 $68.2M Reduce -4.5%
GFI Gold Fields Ltd.-Spons ADR 0.86% 1,543,015 $64.7M Add +14.0%
META Meta Platforms Inc. Class A 0.84% 86,917 $63.8M Reduce -9.1%
APTV Aptiv PLC 0.82% 722,843 $62.3M Add +0.6%
EG Everest Group Ltd. 0.81% 175,686 $61.5M New
CFG Citizens Financial Group 0.77% 1,090,060 $57.9M Add +5.5%
BAP Credicorp Ltd. 0.76% 215,628 $57.4M Add +11.9%
ZBH Zimmer Biomet Holdings Inc. 0.76% 581,779 $57.3M Add +0.6%
INDA iShares MSCI India ETF 0.72% 1,054,005 $54.9M Add +385.2%
BP BP PLC-Spons ADR 0.72% 1,583,385 $54.6M Reduce -2.3%
TME Tencent Music Entertainm-ADR 0.71% 2,287,718 $53.4M Add +20.2%
PHG Koninklijke Philips NVR- NY 0.70% 1,958,112 $53.4M Add +5.8%
PFE Pfizer Inc. 0.70% 2,072,047 $52.8M Add +5.5%
SAP Sap SE-Sponsored ADR 0.68% 193,748 $51.8M Add +68.4%
GPK Graphic Packaging Holding Co. 0.67% 2,601,576 $50.9M Add +251.3%
GSK GSK PLC-Spon ADR 0.67% 1,177,001 $50.8M Add +6.3%
NGG National Grid PLC-SP ADR 0.64% 671,143 $48.8M Add +112.4%
WHR Whirlpool Corp. 0.64% 617,039 $48.5M Add +42.3%
XP XP Inc. Class A 0.63% 2,538,130 $47.7M Add +11.3%
ORCL Oracle Corp. 0.62% 166,409 $46.8M Reduce -40.0%
JOYY Joyy Inc.-ADR 0.61% 790,060 $46.3M Add +8.0%
SNY Sanofi-ADR 0.61% 979,317 $46.2M Add +16.6%
IR Ingersoll-Rand Inc. 0.61% 556,229 $46.0M Add +111.7%
DEO Diageo PLC-Sponsored ADR 0.59% 466,866 $44.6M Add +8.4%
ING ING Groep N.V.-Sponsored ADR 0.55% 1,598,246 $41.7M Add +3.7%
PUK Prudential PLC-ADR 0.55% 1,475,439 $41.3M Reduce -7.7%
PDD PDD Holdings Inc. 0.54% 309,641 $40.9M New
PAGS Pagseguro Digital Ltd. Class A 0.51% 3,892,125 $38.9M Add +44.6%
NVO Novo-Nordisk A/S-Spons ADR 0.51% 695,979 $38.6M Add +96.7%
LYV Live Nation Entertainment Inc. 0.50% 232,404 $38.0M Add +5.9%
QFIN Qfin Holdings Inc.-ADR 0.49% 1,291,210 $37.2M Reduce -1.8%
WB Weibo Corp.-Spon ADR 0.48% 2,952,249 $36.6M Add +11.7%
BUD Anheuser-Busch Inbev-SPN ADR 0.48% 609,686 $36.3M Reduce -5.8%
RELX Relx PLC - Spon ADR 0.46% 723,161 $34.5M Add +49.8%
VEA Vanguard Ftse Developed ETF 0.40% 508,504 $30.5M Add +107.4%
SHG Shinhan Financial Group-ADR 0.38% 565,975 $28.5M Add +2.9%
JLL Jones Lang Lasalle Inc. 0.37% 94,710 $28.3M Reduce -30.9%
SE Sea Ltd.-ADR 0.36% 153,370 $27.4M Reduce -27.8%
SMIN iShares MSCI India Small-Cap 0.35% 367,520 $26.4M Add +168.3%
ALLY Ally Financial Inc. 0.33% 636,169 $24.9M Add +5.5%
CLS Celestica Inc. 0.33% 100,670 $24.8M Reduce -19.2%
BTI British American Tob-SP ADR 0.32% 458,703 $24.3M Reduce -13.6%
ATAT Atour Lifestyle Holdings-ADR 0.30% 611,570 $23.0M Reduce -9.1%
UNH Unitedhealth Group Inc. 0.29% 64,603 $22.3M New
GGB Gerdau SA -Spon ADR 0.29% 7,189,270 $22.3M Add +169.2%
BXP BXP Inc. 0.29% 291,507 $21.7M Add +6.9%
MT Arcelormittal-NY Registered 0.28% 586,831 $21.2M Reduce -24.4%
VIPS Vipshop Holdings Ltd. - ADR 0.28% 1,076,736 $21.1M Add +37.6%
FINV Finvolution Group-ADR 0.28% 2,834,783 $20.9M Add +20.6%
SNN Smith & Nephew PLC -Spon ADR 0.27% 572,532 $20.8M Reduce -30.3%
MOMO Hello Group Inc. -SPN ADR 0.27% 2,794,347 $20.7M Add +19.1%
NWG Natwest Group PLC -Spon ADR 0.27% 1,435,963 $20.3M Add +128.1%
EWY iShares MSCI South Korea ETF 0.23% 221,895 $17.8M New
ZIM Zim Integrated Shipping Serv 0.19% 1,082,641 $14.7M Add +52.2%
AU Anglogold Ashanti PLC 0.18% 198,513 $14.0M Reduce -74.8%
IBN Icici Bank Ltd.-Spon ADR 0.18% 444,660 $13.4M No change
SMFG Sumitomo Mitsui-Spons ADR 0.18% 800,903 $13.4M Add +165.4%
HDB HDFC Bank Ltd.-ADR 0.17% 385,186 $13.2M Add +2.7%
VSS Vanguard Ftse All Wo X-US SC 0.17% 90,227 $12.9M Add +46.5%
CGAU Centerra Gold Inc. 0.12% 863,377 $9.3M Add +35.9%
KSA Ishrs MSCI Saudi Arabia ETF 0.10% 194,437 $7.9M Reduce -37.4%
MMYT Makemytrip Ltd. 0.10% 82,319 $7.7M Reduce -1.4%
INFY Infosys Ltd.-SP ADR 0.06% 283,927 $4.6M No change
FXI iShares China Large-Cap ETF 0.04% 71,000 $2.9M New
RDY Dr. Reddy's Laboratories-ADR 0.03% 159,139 $2.2M No change
TIGO Millicom Intl Cellular S.A. 0.02% 38,000 $1.8M New
GRTUF Granite Real Estate Investme 0.02% 23,700 $1.3M New
ACWI iShares MSCI Acwi ETF 0.02% 9,427 $1.3M Add +11.4%
WIT Wipro Ltd.-ADR 0.02% 475,731 $1.3M No change
URTH iShares MSCI World ETF 0.01% 6,151 $1.1M New
FSM Fortuna Mining Corp. 0.01% 115,867 $1.0M New
ITRN Ituran Location and Control 0.01% 20,439 $730K New
NVDA Nvidia Corp. 0.01% 3,805 $710K Add +4.8%
EWT iShares MSCI Taiwan ETF 0.01% 11,100 $706K New
VEU Vanguard Ftse All-World Ex-U 0.01% 9,660 $689K Add +8.2%
MSFT Microsoft Corp. 0.01% 940 $487K No change
BTG B2GOLD Corp. 0.01% 94,491 $467K No change
JBS JBS NV-A 0.01% 26,297 $393K Reduce -23.4%
NVS Novartis AG-Sponsored ADR 0.00% 2,054 $263K Reduce -1.4%
AAPL Apple Inc. 0.00% 927 $236K Reduce -7.6%
TCOM Trip.com Group Ltd.-ADR 0.00% 2,748 $207K New
KEP Korea Elec Power Corp.-SP ADR 0.00% 12,752 $166K Reduce -99.0%
ADT Adt Inc. 0.00% 10,929 $95K New
INN Summit Hotel Properties Inc. 0.00% 14,838 $81K Reduce -5.2%
PBYI Puma Biotechnology Inc. 0.00% 14,095 $75K No change

Portfolio Sells Q2 2025 → Q3 2025
CP Canadian Pacific Kansas City Reduce -7.9% 13.31% −5.12
JD Jd.com Inc.-ADR Sold out 0.00% −0.96
DB Deutsche Bank AG-Registered Reduce -8.8% 8.19% −0.84
IFF Intl Flavors & Fragrances Sold out 0.00% −0.72
PCG P G & E Corp. Sold out 0.00% −0.60
QFIN Qfin Holdings Inc.-ADR Reduce -1.8% 0.49% −0.41
AU Anglogold Ashanti PLC Reduce -74.8% 0.18% −0.38
C Citigroup Inc. Reduce -20.8% 1.34% −0.36
ADI Analog Devices Inc. Reduce -15.0% 0.98% −0.36
ORCL Oracle Corp. Reduce -40.0% 0.62% −0.34
DIS The Walt Disney Co. Reduce -4.5% 0.90% −0.32
META Meta Platforms Inc. Class A Reduce -9.1% 0.84% −0.27
KEP Korea Elec Power Corp.-SP ADR Reduce -99.0% 0.00% −0.27
BUD Anheuser-Busch Inbev-SPN ADR Reduce -5.8% 0.48% −0.22
MELI MercadoLibre Inc. Sold out 0.00% −0.19
BCS Barclays PLC-Spons ADR Reduce -6.7% 1.19% −0.18
JLL Jones Lang Lasalle Inc. Reduce -30.9% 0.37% −0.18
SE Sea Ltd.-ADR Reduce -27.8% 0.36% −0.18
SNX TD Synnex Corp. Sold out 0.00% −0.14
SNN Smith & Nephew PLC -Spon ADR Reduce -30.3% 0.27% −0.12
MT Arcelormittal-NY Registered Reduce -24.4% 0.28% −0.11
PUK Prudential PLC-ADR Reduce -7.7% 0.55% −0.09
KSA Ishrs MSCI Saudi Arabia ETF Reduce -37.4% 0.10% −0.09
IQ Iqiyi Inc.-ADR Sold out 0.00% −0.08
BTI British American Tob-SP ADR Reduce -13.6% 0.32% −0.08
BP BP PLC-Spons ADR Reduce -2.3% 0.72% −0.05
ATAT Atour Lifestyle Holdings-ADR Reduce -9.1% 0.30% −0.04
MMYT Makemytrip Ltd. Reduce -1.4% 0.10% −0.03
VWO Vanguard Ftse Emerging Marke Sold out 0.00% −0.01
BKNG Booking Holdings Inc. Sold out 0.00% −0.00
JBS JBS NV-A Reduce -23.4% 0.01% −0.00
NVS Novartis AG-Sponsored ADR Reduce -1.4% 0.00% −0.00
INN Summit Hotel Properties Inc. Reduce -5.2% 0.00% −0.00
AAPL Apple Inc. Reduce -7.6% 0.00% −0.00
GOOG Alphabet Inc. Class C Reduce -12.4% 2.03% +0.01
TSM Taiwan Semiconductor-SP ADR Reduce -1.9% 1.87% +0.02
CLS Celestica Inc. Reduce -19.2% 0.33% +0.02
BABA Alibaba Group Holding-SP ADR Reduce -0.9% 2.91% +0.68
B Barrick Mining Corp. Reduce -11.1% 6.80% +0.99

Portfolio Buys Q2 2025 → Q3 2025
EFA iShares MSCI Eafe ETF Add +70110.5% 6.12% +6.11
CARR Carrier Global Corp. New 1.16% +1.16
EG Everest Group Ltd. New 0.81% +0.81
PDD PDD Holdings Inc. New 0.54% +0.54
INDA iShares MSCI India ETF Add +385.2% 0.72% +0.53
GPK Graphic Packaging Holding Co. Add +251.3% 0.67% +0.43
GFI Gold Fields Ltd.-Spons ADR Add +14.0% 0.86% +0.35
NTES Netease Inc.-ADR Add +44.6% 1.28% +0.34
UNH Unitedhealth Group Inc. New 0.29% +0.29
NGG National Grid PLC-SP ADR Add +112.4% 0.64% +0.27
IR Ingersoll-Rand Inc. Add +111.7% 0.61% +0.26
EWY iShares MSCI South Korea ETF New 0.23% +0.23
VEA Vanguard Ftse Developed ETF Add +107.4% 0.40% +0.18
SMIN iShares MSCI India Small-Cap Add +168.3% 0.35% +0.18
GGB Gerdau SA -Spon ADR Add +169.2% 0.29% +0.17
SAP Sap SE-Sponsored ADR Add +68.4% 0.68% +0.13
NWG Natwest Group PLC -Spon ADR Add +128.1% 0.27% +0.13
NVO Novo-Nordisk A/S-Spons ADR Add +96.7% 0.51% +0.12
TME Tencent Music Entertainm-ADR Add +20.2% 0.71% +0.12
SMFG Sumitomo Mitsui-Spons ADR Add +165.4% 0.18% +0.10
PAGS Pagseguro Digital Ltd. Class A Add +44.6% 0.51% +0.10
VIPS Vipshop Holdings Ltd. - ADR Add +37.6% 0.28% +0.09
WB Weibo Corp.-Spon ADR Add +11.7% 0.48% +0.08
BAP Credicorp Ltd. Add +11.9% 0.76% +0.08
BIIB Biogen Inc. Add +15.0% 1.05% +0.07
CGAU Centerra Gold Inc. Add +35.9% 0.12% +0.05
APTV Aptiv PLC Add +0.6% 0.82% +0.05
G Genpact Ltd. Add +31.3% 1.04% +0.04
RELX Relx PLC - Spon ADR Add +49.8% 0.46% +0.04
VSS Vanguard Ftse All Wo X-US SC Add +46.5% 0.17% +0.04
FXI iShares China Large-Cap ETF New 0.04% +0.04
CFG Citizens Financial Group Add +5.5% 0.77% +0.03
AZN Astrazeneca PLC-Spons ADR Add +11.9% 1.08% +0.03
MRK Merck & Co. Inc. Add +15.4% 1.26% +0.03
TIGO Millicom Intl Cellular S.A. New 0.02% +0.02
JOYY Joyy Inc.-ADR Add +8.0% 0.61% +0.02
GRTUF Granite Real Estate Investme New 0.02% +0.02
ING ING Groep N.V.-Sponsored ADR Add +3.7% 0.55% +0.02
AXS Axis Capital Holdings Ltd. Add +31.8% 1.06% +0.02
URTH iShares MSCI World ETF New 0.01% +0.01
FSM Fortuna Mining Corp. New 0.01% +0.01
ZIM Zim Integrated Shipping Serv Add +52.2% 0.19% +0.01
ITRN Ituran Location and Control New 0.01% +0.01
EWT iShares MSCI Taiwan ETF New 0.01% +0.01
TCOM Trip.com Group Ltd.-ADR New 0.00% +0.00
PHG Koninklijke Philips NVR- NY Add +5.8% 0.70% +0.00
ADT Adt Inc. New 0.00% +0.00
NVDA Nvidia Corp. Add +4.8% 0.01% +0.00
ACWI iShares MSCI Acwi ETF Add +11.4% 0.02% 0.00
VEU Vanguard Ftse All-World Ex-U Add +8.2% 0.01% −0.00

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