Causeway Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Causeway Capital Management LLC reported 108 stock positions worth $7.3 billion. Its top holding was Carnival (CCL) at 14.3% of the portfolio, followed by Canadian Pacific Kansas City (CP, 12.8%) and Smurfit Westrock (SW, 10.2%). Compared with Q3 2025, it opened 14 new positions, sold out of 11, added to 52 and reduced 38. The biggest buy was Smurfit Westrock (SW, shares +154%) and the biggest sale iShares MSCI Eafe ETF (EFA, shares −98%).
- Most Recent 13F
- Q2 2026
- Location
- LOS ANGELES, CA
- CIK
- 0001165797
- Portfolio Value
- $7.3B (Q4 2025)
- SEC Filing
- 0000945621-26-000303 ↗ filed Feb 13, 2026
Holdings Value
Holdings 108 stocks · $7.3B
| CCL Carnival Corp. | 14.26% | 33,944,782 | $1.0B | Add +6.4% |
| CP Canadian Pacific Kansas City | 12.78% | 12,596,802 | $928.6M | Reduce -6.8% |
| SW Smurfit Westrock PLC | 10.18% | 19,132,879 | $739.9M | Add +154.3% |
| DB Deutsche Bank AG-Registered | 7.59% | 14,194,354 | $551.7M | Reduce -19.4% |
| B Barrick Mining Corp. | 3.64% | 6,093,395 | $264.5M | Reduce -61.2% |
| BABA Alibaba Group Holding-SP ADR | 2.43% | 1,203,049 | $176.3M | Reduce -2.3% |
| TSM Taiwan Semiconductor-SP ADR | 2.14% | 511,720 | $155.5M | Add +0.8% |
| CTSH Cognizant Tech Solutions-A | 1.77% | 1,552,361 | $128.8M | Add +15.0% |
| GOOG Alphabet Inc. Class C | 1.60% | 370,001 | $116.1M | Reduce -41.5% |
| MRK Merck & Co. Inc. | 1.51% | 1,044,617 | $110.0M | Reduce -7.9% |
| CARR Carrier Global Corp. | 1.34% | 1,848,827 | $97.7M | Add +26.1% |
| G Genpact Ltd. | 1.34% | 2,084,209 | $97.5M | Add +10.9% |
| BCS Barclays PLC-Spons ADR | 1.31% | 3,750,607 | $95.5M | Reduce -13.8% |
| AZN Astrazeneca PLC-Spons ADR | 1.28% | 1,010,898 | $92.9M | Reduce -5.3% |
| BIIB Biogen Inc. | 1.26% | 521,101 | $91.7M | Reduce -8.2% |
| C Citigroup Inc. | 1.12% | 697,445 | $81.4M | Reduce -30.1% |
| EG Everest Group Ltd. | 1.11% | 238,558 | $81.0M | Add +35.8% |
| AXS Axis Capital Holdings Ltd. | 1.06% | 721,221 | $77.2M | Reduce -13.8% |
| META Meta Platforms Inc. Class A | 1.00% | 110,385 | $72.9M | Add +27.0% |
| ALK Alaska Air Group Inc. | 0.99% | 1,434,517 | $72.2M | New |
| ADI Analog Devices Inc. | 0.98% | 263,030 | $71.3M | Reduce -13.0% |
| GFI Gold Fields Ltd.-Spons ADR | 0.97% | 1,621,076 | $70.8M | Add +5.1% |
| BAP Credicorp Ltd. | 0.96% | 242,024 | $69.5M | Add +12.2% |
| GPK Graphic Packaging Holding Co. | 0.94% | 4,528,554 | $68.2M | Add +74.1% |
| ZBH Zimmer Biomet Holdings Inc. | 0.90% | 728,498 | $65.5M | Add +25.2% |
| LYV Live Nation Entertainment Inc. | 0.88% | 447,113 | $63.7M | Add +92.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.85% | 546,064 | $62.1M | Reduce -8.4% |
| SAP Sap SE-Sponsored ADR | 0.84% | 250,748 | $60.9M | Add +29.4% |
| PHG Koninklijke Philips NVR- NY | 0.82% | 2,198,531 | $59.5M | Add +12.3% |
| CFG Citizens Financial Group | 0.81% | 1,014,186 | $59.2M | Reduce -7.0% |
| BP BP PLC-Spons ADR | 0.78% | 1,640,680 | $57.0M | Add +3.6% |
| WHR Whirlpool Corp. | 0.76% | 761,228 | $54.9M | Add +23.4% |
| NGG National Grid PLC-SP ADR | 0.76% | 709,485 | $54.9M | Add +5.7% |
| JOYY Joyy Inc.-ADR | 0.72% | 812,601 | $52.6M | Add +2.9% |
| PFE Pfizer Inc. | 0.72% | 2,091,719 | $52.1M | Add +0.9% |
| SNY Sanofi-ADR | 0.71% | 1,063,958 | $51.6M | Add +8.6% |
| APTV Aptiv PLC | 0.70% | 668,620 | $50.9M | Reduce -7.5% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.70% | 993,850 | $50.6M | Add +42.8% |
| RELX Relx PLC - Spon ADR | 0.66% | 1,189,379 | $48.1M | Add +64.5% |
| IR Ingersoll-Rand Inc. | 0.65% | 596,771 | $47.3M | Add +7.3% |
| PUK Prudential PLC-ADR | 0.65% | 1,508,912 | $47.0M | Add +2.3% |
| BUD Anheuser-Busch Inbev-SPN ADR | 0.62% | 701,343 | $44.9M | Add +15.0% |
| INFY Infosys Ltd.-SP ADR | 0.61% | 2,482,318 | $44.2M | Add +774.3% |
| PDD PDD Holdings Inc. | 0.58% | 371,241 | $42.1M | Add +19.9% |
| DEO Diageo PLC-Sponsored ADR | 0.58% | 485,288 | $41.9M | Add +4.0% |
| PAGS Pagseguro Digital Ltd. Class A | 0.54% | 4,045,457 | $39.0M | Add +3.9% |
| AU Anglogold Ashanti PLC | 0.52% | 434,260 | $37.6M | Add +118.8% |
| BAH Booz Allen Hamilton Holdings | 0.46% | 396,332 | $33.4M | New |
| BA The Boeing Co. | 0.45% | 151,928 | $33.0M | New |
| SMIN iShares MSCI India Small-Cap | 0.44% | 458,977 | $32.1M | Add +24.9% |
| SHG Shinhan Financial Group-ADR | 0.43% | 579,796 | $31.1M | Add +2.4% |
| WB Weibo Corp.-Spon ADR | 0.42% | 2,992,234 | $30.6M | Add +1.4% |
| TME Tencent Music Entertainm-ADR | 0.41% | 1,689,576 | $29.6M | Reduce -26.1% |
| NWG Natwest Group PLC -Spon ADR | 0.38% | 1,587,264 | $27.8M | Add +10.5% |
| ING ING Groep N.V.-Sponsored ADR | 0.38% | 982,006 | $27.5M | Reduce -38.6% |
| BTI British American Tob-SP ADR | 0.38% | 483,138 | $27.4M | Add +5.3% |
| ALLY Ally Financial Inc. | 0.37% | 600,850 | $27.2M | Reduce -5.5% |
| GGB Gerdau SA -Spon ADR | 0.37% | 7,259,433 | $26.8M | Add +1.0% |
| VEA Vanguard Ftse Developed ETF | 0.36% | 421,392 | $26.3M | Reduce -17.1% |
| ZIM Zim Integrated Shipping Serv | 0.35% | 1,213,006 | $25.8M | Add +12.0% |
| QFIN Qfin Holdings Inc.-ADR | 0.35% | 1,306,636 | $25.2M | Add +1.2% |
| SMFG Sumitomo Mitsui-Spons ADR | 0.31% | 1,177,274 | $22.8M | Add +47.0% |
| CLS Celestica Inc. | 0.30% | 73,302 | $21.7M | Reduce -27.2% |
| INDA iShares MSCI India ETF | 0.29% | 386,205 | $20.9M | Reduce -63.4% |
| JLL Jones Lang Lasalle Inc. | 0.28% | 59,456 | $20.0M | Reduce -37.2% |
| SNN Smith & Nephew PLC -Spon ADR | 0.27% | 603,812 | $19.8M | Add +5.5% |
| VIPS Vipshop Holdings Ltd. - ADR | 0.27% | 1,089,598 | $19.3M | Add +1.2% |
| BXP BXP Inc. | 0.25% | 272,049 | $18.4M | Reduce -6.7% |
| CGAU Centerra Gold Inc. | 0.25% | 1,249,789 | $18.0M | Add +44.8% |
| MT Arcelormittal-NY Registered | 0.24% | 384,849 | $17.5M | Reduce -34.4% |
| HDB HDFC Bank Ltd.-ADR | 0.21% | 422,279 | $15.4M | Add +9.6% |
| FINV Finvolution Group-ADR | 0.20% | 2,761,927 | $14.4M | Reduce -2.6% |
| IBN Icici Bank Ltd.-Spon ADR | 0.20% | 477,060 | $14.2M | Add +7.3% |
| EWT iShares MSCI Taiwan ETF | 0.17% | 190,341 | $12.1M | Add +1614.8% |
| TIGO Millicom Intl Cellular S.A. | 0.16% | 215,950 | $12.0M | Add +468.3% |
| VALE Vale SA-SP ADR | 0.16% | 904,000 | $11.8M | New |
| EWY iShares MSCI South Korea ETF | 0.15% | 110,800 | $10.8M | Reduce -50.1% |
| VSS Vanguard Ftse All Wo X-US SC | 0.14% | 72,930 | $10.5M | Reduce -19.2% |
| FSM Fortuna Mining Corp. | 0.12% | 863,628 | $8.5M | Add +645.4% |
| EFA iShares MSCI Eafe ETF | 0.11% | 83,004 | $8.0M | Reduce -98.3% |
| MOMO Hello Group Inc. -SPN ADR | 0.08% | 889,397 | $5.8M | Reduce -68.2% |
| MMYT Makemytrip Ltd. | 0.08% | 68,159 | $5.6M | Reduce -17.2% |
| VWO Vanguard Ftse Emerging Marke | 0.04% | 60,561 | $3.3M | New |
| URTH iShares MSCI World ETF | 0.03% | 10,631 | $2.0M | Add +72.8% |
| GSK GSK PLC-Spon ADR | 0.02% | 33,897 | $1.7M | Reduce -97.1% |
| EZA iShares MSCI South Africa Et | 0.02% | 22,500 | $1.5M | New |
| ACWI iShares MSCI Acwi ETF | 0.02% | 10,935 | $1.5M | Add +16.0% |
| GRTUF Granite Real Estate Investme | 0.02% | 23,700 | $1.4M | No change |
| WIT Wipro Ltd.-ADR | 0.02% | 473,301 | $1.3M | Reduce -0.5% |
| EFXT Enerflex Ltd. | 0.02% | 73,432 | $1.1M | New |
| VEU Vanguard Ftse All-World Ex-U | 0.01% | 14,484 | $1.1M | Add +49.9% |
| INMD Inmode Ltd. | 0.01% | 71,829 | $1.1M | New |
| ASHR Xtrackers Harvest Csi 300 CH | 0.01% | 28,800 | $946K | New |
| ITRN Ituran Location and Control | 0.01% | 20,439 | $879K | No change |
| NVDA Nvidia Corp. | 0.01% | 3,758 | $701K | Reduce -1.2% |
| MSFT Microsoft Corp. | 0.01% | 965 | $467K | Add +2.7% |
| EWZ iShares MSCI Brazil ETF | 0.01% | 13,800 | $438K | New |
| BTG B2GOLD Corp. | 0.01% | 94,491 | $426K | No change |
| JBS JBS NV-A | 0.00% | 20,994 | $303K | Reduce -20.2% |
| AVGO Broadcom Inc. | 0.00% | 827 | $286K | New |
Portfolio Sells Q3 2025 → Q4 2025
| EFA iShares MSCI Eafe ETF | Reduce -98.3% | 0.11% | −6.01 |
| B Barrick Mining Corp. | Reduce -61.2% | 3.64% | −3.16 |
| NTES Netease Inc.-ADR | Sold out | 0.00% | −1.28 |
| GSK GSK PLC-Spon ADR | Reduce -97.1% | 0.02% | −0.65 |
| XP XP Inc. Class A | Sold out | 0.00% | −0.63 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.62 |
| DB Deutsche Bank AG-Registered | Reduce -19.4% | 7.59% | −0.60 |
| CP Canadian Pacific Kansas City | Reduce -6.8% | 12.78% | −0.53 |
| BABA Alibaba Group Holding-SP ADR | Reduce -2.3% | 2.43% | −0.48 |
| INDA iShares MSCI India ETF | Reduce -63.4% | 0.29% | −0.44 |
| GOOG Alphabet Inc. Class C | Reduce -41.5% | 1.60% | −0.44 |
| SE Sea Ltd.-ADR | Sold out | 0.00% | −0.36 |
| ATAT Atour Lifestyle Holdings-ADR | Sold out | 0.00% | −0.30 |
| TME Tencent Music Entertainm-ADR | Reduce -26.1% | 0.41% | −0.30 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.29 |
| C Citigroup Inc. | Reduce -30.1% | 1.12% | −0.22 |
| MOMO Hello Group Inc. -SPN ADR | Reduce -68.2% | 0.08% | −0.19 |
| ING ING Groep N.V.-Sponsored ADR | Reduce -38.6% | 0.38% | −0.17 |
| APTV Aptiv PLC | Reduce -7.5% | 0.70% | −0.12 |
| KSA Ishrs MSCI Saudi Arabia ETF | Sold out | 0.00% | −0.10 |
| JLL Jones Lang Lasalle Inc. | Reduce -37.2% | 0.28% | −0.10 |
| EWY iShares MSCI South Korea ETF | Reduce -50.1% | 0.15% | −0.09 |
| FINV Finvolution Group-ADR | Reduce -2.6% | 0.20% | −0.08 |
| DIS The Walt Disney Co. | Reduce -8.4% | 0.85% | −0.05 |
| VEA Vanguard Ftse Developed ETF | Reduce -17.1% | 0.36% | −0.04 |
| MT Arcelormittal-NY Registered | Reduce -34.4% | 0.24% | −0.04 |
| FXI iShares China Large-Cap ETF | Sold out | 0.00% | −0.04 |
| BXP BXP Inc. | Reduce -6.7% | 0.25% | −0.03 |
| RDY Dr. Reddy's Laboratories-ADR | Sold out | 0.00% | −0.03 |
| CLS Celestica Inc. | Reduce -27.2% | 0.30% | −0.03 |
| VSS Vanguard Ftse All Wo X-US SC | Reduce -19.2% | 0.14% | −0.03 |
| MMYT Makemytrip Ltd. | Reduce -17.2% | 0.08% | −0.02 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −0.00 |
| ADT Adt Inc. | Sold out | 0.00% | −0.00 |
| JBS JBS NV-A | Reduce -20.2% | 0.00% | −0.00 |
| PBYI Puma Biotechnology Inc. | Reduce -5.6% | 0.00% | +0.00 |
| AAPL Apple Inc. | Reduce -3.1% | 0.00% | +0.00 |
| NVS Novartis AG-Sponsored ADR | Reduce -5.8% | 0.00% | +0.00 |
| KEP Korea Elec Power Corp.-SP ADR | Reduce -12.2% | 0.00% | +0.00 |
| NVDA Nvidia Corp. | Reduce -1.2% | 0.01% | +0.00 |
| ADI Analog Devices Inc. | Reduce -13.0% | 0.98% | +0.00 |
| WIT Wipro Ltd.-ADR | Reduce -0.5% | 0.02% | +0.00 |
| AXS Axis Capital Holdings Ltd. | Reduce -13.8% | 1.06% | +0.00 |
| ALLY Ally Financial Inc. | Reduce -5.5% | 0.37% | +0.04 |
| CFG Citizens Financial Group | Reduce -7.0% | 0.81% | +0.05 |
| BCS Barclays PLC-Spons ADR | Reduce -13.8% | 1.31% | +0.12 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -5.3% | 1.28% | +0.20 |
| BIIB Biogen Inc. | Reduce -8.2% | 1.26% | +0.21 |
| MRK Merck & Co. Inc. | Reduce -7.9% | 1.51% | +0.26 |
Portfolio Buys Q3 2025 → Q4 2025
| SW Smurfit Westrock PLC | Add +154.3% | 10.18% | +5.95 |
| CCL Carnival Corp. | Add +6.4% | 14.26% | +2.08 |
| ALK Alaska Air Group Inc. | New | 0.99% | +0.99 |
| CTSH Cognizant Tech Solutions-A | Add +15.0% | 1.77% | +0.58 |
| INFY Infosys Ltd.-SP ADR | Add +774.3% | 0.61% | +0.55 |
| BAH Booz Allen Hamilton Holdings | New | 0.46% | +0.46 |
| BA The Boeing Co. | New | 0.45% | +0.45 |
| LYV Live Nation Entertainment Inc. | Add +92.4% | 0.88% | +0.38 |
| AU Anglogold Ashanti PLC | Add +118.8% | 0.52% | +0.33 |
| G Genpact Ltd. | Add +10.9% | 1.34% | +0.30 |
| EG Everest Group Ltd. | Add +35.8% | 1.11% | +0.30 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.8% | 2.14% | +0.27 |
| GPK Graphic Packaging Holding Co. | Add +74.1% | 0.94% | +0.27 |
| RELX Relx PLC - Spon ADR | Add +64.5% | 0.66% | +0.21 |
| BAP Credicorp Ltd. | Add +12.2% | 0.96% | +0.20 |
| CARR Carrier Global Corp. | Add +26.1% | 1.34% | +0.19 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +42.8% | 0.70% | +0.19 |
| VALE Vale SA-SP ADR | New | 0.16% | +0.16 |
| ZIM Zim Integrated Shipping Serv | Add +12.0% | 0.35% | +0.16 |
| META Meta Platforms Inc. Class A | Add +27.0% | 1.00% | +0.16 |
| EWT iShares MSCI Taiwan ETF | Add +1614.8% | 0.17% | +0.16 |
| SAP Sap SE-Sponsored ADR | Add +29.4% | 0.84% | +0.15 |
| ZBH Zimmer Biomet Holdings Inc. | Add +25.2% | 0.90% | +0.14 |
| TIGO Millicom Intl Cellular S.A. | Add +468.3% | 0.16% | +0.14 |
| BUD Anheuser-Busch Inbev-SPN ADR | Add +15.0% | 0.62% | +0.14 |
| SMFG Sumitomo Mitsui-Spons ADR | Add +47.0% | 0.31% | +0.14 |
| CGAU Centerra Gold Inc. | Add +44.8% | 0.25% | +0.13 |
| GFI Gold Fields Ltd.-Spons ADR | Add +5.1% | 0.97% | +0.12 |
| WHR Whirlpool Corp. | Add +23.4% | 0.76% | +0.12 |
| PHG Koninklijke Philips NVR- NY | Add +12.3% | 0.82% | +0.11 |
| NWG Natwest Group PLC -Spon ADR | Add +10.5% | 0.38% | +0.11 |
| JOYY Joyy Inc.-ADR | Add +2.9% | 0.72% | +0.11 |
| NGG National Grid PLC-SP ADR | Add +5.7% | 0.76% | +0.11 |
| FSM Fortuna Mining Corp. | Add +645.4% | 0.12% | +0.10 |
| PUK Prudential PLC-ADR | Add +2.3% | 0.65% | +0.10 |
| SNY Sanofi-ADR | Add +8.6% | 0.71% | +0.10 |
| SMIN iShares MSCI India Small-Cap | Add +24.9% | 0.44% | +0.09 |
| GGB Gerdau SA -Spon ADR | Add +1.0% | 0.37% | +0.07 |
| BP BP PLC-Spons ADR | Add +3.6% | 0.78% | +0.06 |
| BTI British American Tob-SP ADR | Add +5.3% | 0.38% | +0.05 |
| SHG Shinhan Financial Group-ADR | Add +2.4% | 0.43% | +0.05 |
| VWO Vanguard Ftse Emerging Marke | New | 0.04% | +0.04 |
| IR Ingersoll-Rand Inc. | Add +7.3% | 0.65% | +0.04 |
| PDD PDD Holdings Inc. | Add +19.9% | 0.58% | +0.04 |
| HDB HDFC Bank Ltd.-ADR | Add +9.6% | 0.21% | +0.04 |
| PAGS Pagseguro Digital Ltd. Class A | Add +3.9% | 0.54% | +0.02 |
| EZA iShares MSCI South Africa Et | New | 0.02% | +0.02 |
| PFE Pfizer Inc. | Add +0.9% | 0.72% | +0.02 |
| IBN Icici Bank Ltd.-Spon ADR | Add +7.3% | 0.20% | +0.02 |
| EFXT Enerflex Ltd. | New | 0.02% | +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 |