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

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 Q3 2025 Q4 2025: $7.3B $7.3B Q4 2025 Q1 2026: $8.1B Q1 2026 Q2 2026: $9.2B Q2 2026

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
NVS Novartis AG-Sponsored ADR 0.00% 1,935 $267K Reduce -5.8%
AAPL Apple Inc. 0.00% 898 $244K Reduce -3.1%
PDS Precision Drilling Corp. 0.00% 3,291 $236K New
FIX Comfort Systems USA Inc. 0.00% 243 $227K New
RNR Renaissancere Holdings Ltd. 0.00% 712 $200K New
KEP Korea Elec Power Corp.-SP ADR 0.00% 11,202 $185K Reduce -12.2%
PBYI Puma Biotechnology Inc. 0.00% 13,310 $79K Reduce -5.6%
INN Summit Hotel Properties Inc. 0.00% 14,838 $72K No change

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

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