Causeway Capital Management LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Causeway Capital Management LLC reported 107 stock positions worth $8.1 billion. Its top holding was Astrazeneca (AZN) at 17.7% of the portfolio, followed by Carnival (CCL, 11.8%) and Deutsche Bank AG-Registered (DB, 8.9%). Compared with Q4 2025, it opened 12 new positions, sold out of 13, added to 43 and reduced 46. The biggest buy was Astrazeneca (AZN, shares +1368%) and the biggest sale Canadian Pacific Kansas City (CP, shares −30%).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0001165797
Portfolio Value
$8.1B (Q1 2026)
SEC Filing
0000945621-26-000700 ↗ filed May 14, 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 Q4 2025 Q1 2026: $8.1B $8.1B Q1 2026 Q2 2026: $9.2B Q2 2026

Holdings 107 stocks · $8.1B
AZN Astrazeneca PLC 17.66% 7,421,749 $1.4B Add +1368.3%
CCL Carnival Corp. 11.79% 37,096,593 $960.1M Add +9.3%
DB Deutsche Bank AG-Registered 8.88% 24,962,034 $723.3M Add +75.9%
CP Canadian Pacific Kansas City 8.47% 8,792,381 $689.9M Reduce -30.2%
SW Smurfit Westrock PLC 7.61% 15,566,028 $620.3M Reduce -18.6%
TSM Taiwan Semiconductor-SP ADR 2.11% 508,471 $171.8M Reduce -0.6%
BABA Alibaba Group Holding-SP ADR 1.65% 1,068,890 $134.1M Reduce -11.2%
CARR Carrier Global Corp. 1.45% 2,102,878 $118.4M Add +13.7%
MRK Merck & Co. Inc. 1.26% 854,212 $102.8M Reduce -18.2%
GOOG Alphabet Inc. Class C 1.19% 337,298 $96.8M Reduce -8.8%
CTSH Cognizant Tech Solutions-A 1.13% 1,504,253 $92.3M Reduce -3.1%
ALK Alaska Air Group Inc. 1.13% 2,502,211 $92.0M Add +74.4%
AU Anglogold Ashanti PLC 1.06% 898,816 $86.2M Add +107.0%
BCS Barclays PLC-Spons ADR 1.06% 4,074,067 $86.2M Add +8.6%
BAP Credicorp Ltd. 1.02% 245,113 $83.1M Add +1.3%
META Meta Platforms Inc. Class A 1.02% 144,799 $82.8M Add +31.2%
AXS Axis Capital Holdings Ltd. 1.02% 815,794 $82.7M Add +13.1%
EG Everest Group Ltd. 1.00% 250,008 $81.7M Add +4.8%
LYV Live Nation Entertainment Inc. 0.99% 526,418 $80.3M Add +17.7%
SAP Sap SE-Sponsored ADR 0.96% 456,005 $78.1M Add +81.9%
RELX Relx PLC - Spon ADR 0.94% 2,306,409 $76.5M Add +93.9%
GFI Gold Fields Ltd.-Spons ADR 0.91% 1,634,170 $74.2M Add +0.8%
ZBH Zimmer Biomet Holdings Inc. 0.90% 808,110 $73.1M Add +10.9%
G Genpact Ltd. 0.89% 1,948,677 $72.6M Reduce -6.5%
C Citigroup Inc. 0.88% 634,931 $72.0M Reduce -9.0%
PHG Koninklijke Philips NVR- NY 0.83% 2,456,190 $67.3M Add +11.7%
BAH Booz Allen Hamilton Holdings 0.82% 857,462 $66.9M Add +116.3%
WHR Whirlpool Corp. 0.80% 1,201,993 $64.8M Add +57.9%
ADI Analog Devices Inc. 0.79% 201,819 $64.2M Reduce -23.3%
CFG Citizens Financial Group 0.77% 1,048,526 $62.9M Add +3.4%
BA The Boeing Co. 0.77% 313,926 $62.5M Add +106.6%
JLL Jones Lang Lasalle Inc. 0.70% 186,274 $56.7M Add +213.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.66% 559,882 $54.0M Add +2.5%
PFE Pfizer Inc. 0.66% 1,914,219 $53.8M Reduce -8.5%
BIIB Biogen Inc. 0.63% 280,783 $51.5M Reduce -46.1%
SNY Sanofi-ADR 0.63% 1,064,516 $51.3M Add +0.1%
IR Ingersoll-Rand Inc. 0.62% 626,062 $50.2M Add +4.9%
DEO Diageo PLC-Sponsored ADR 0.61% 666,314 $49.6M Add +37.3%
APTV Aptiv PLC 0.58% 683,463 $47.5M Add +2.2%
VEA Vanguard Ftse Developed ETF 0.58% 736,637 $47.2M Add +74.8%
DTE DTE Energy Company 0.58% 322,015 $47.1M New
BP BP PLC-Spons ADR 0.58% 997,934 $46.9M Reduce -39.2%
NGG National Grid PLC-SP ADR 0.56% 538,761 $45.6M Reduce -24.1%
NWG Natwest Group PLC -Spon ADR 0.55% 2,988,309 $44.5M Add +88.3%
JOYY Joyy Inc.-ADR 0.54% 750,751 $43.8M Reduce -7.6%
NVO Novo-Nordisk A/S-Spons ADR 0.53% 1,174,213 $43.2M Add +18.1%
PAGS Pagseguro Digital Ltd. Class A 0.50% 4,044,350 $40.5M Reduce -0.0%
BUD Anheuser-Busch Inbev-SPN ADR 0.49% 580,131 $40.2M Reduce -17.3%
ING ING Groep N.V.-Sponsored ADR 0.49% 1,537,748 $40.1M Add +56.6%
TXN Texas Instruments Inc. 0.49% 206,214 $40.0M New
TAL Tal Education Group- ADR filed as TAL ED GROUP 0.49% 3,478,417 $39.5M New
PUK Prudential PLC-ADR 0.46% 1,321,151 $37.6M Reduce -12.4%
SNN Smith & Nephew PLC -Spon ADR 0.37% 953,146 $30.3M Add +57.9%
BTI British American Tob-SP ADR 0.36% 500,864 $29.3M Add +3.7%
SMIN iShares MSCI India Small-Cap 0.35% 471,654 $28.3M Add +2.8%
PBR.A Petroleo Brasil-SP Pref ADR 0.34% 1,495,664 $28.0M New
INFY Infosys Ltd.-SP ADR 0.31% 1,896,488 $25.6M Reduce -23.6%
SMFG Sumitomo Mitsui-Spons ADR 0.31% 1,267,248 $25.0M Add +7.6%
GGB Gerdau SA -Spon ADR 0.30% 6,841,155 $24.7M Reduce -5.8%
PDD PDD Holdings Inc. 0.30% 237,010 $24.2M Reduce -36.2%
ZIM Zim Integrated Shipping Serv 0.29% 889,550 $23.4M Reduce -26.7%
WB Weibo Corp.-Spon ADR 0.29% 2,666,202 $23.3M Reduce -10.9%
CGAU Centerra Gold Inc. 0.27% 1,245,027 $22.1M Reduce -0.4%
INDA iShares MSCI India ETF 0.26% 459,200 $21.5M Add +18.9%
BXP BXP Inc. 0.24% 380,761 $19.8M Add +40.0%
UNH Unitedhealth Group Inc. 0.24% 71,864 $19.4M New
VIST Vista Energy Sab DE CV 0.20% 220,918 $16.7M New
TIGO Millicom Intl Cellular S.A. 0.19% 208,718 $15.6M Reduce -3.4%
SHG Shinhan Financial Group-ADR 0.19% 253,576 $15.5M Reduce -56.3%
VSS Vanguard Ftse All Wo X-US SC 0.19% 103,581 $15.1M Add +42.0%
MT Arcelormittal-NY Registered 0.17% 265,697 $13.8M Reduce -31.0%
FSM Fortuna Mining Corp. 0.15% 1,251,045 $12.4M Add +44.9%
IBN Icici Bank Ltd.-Spon ADR 0.14% 450,887 $11.7M Reduce -5.5%
FINV Finvolution Group-ADR 0.14% 2,401,084 $11.5M Reduce -13.1%
HDB HDFC Bank Ltd.-ADR 0.12% 399,171 $9.9M Reduce -5.5%
CIB Grupo Cibest SA-ADR 0.12% 132,364 $9.6M New
CLS Celestica Inc. 0.09% 24,809 $7.0M Reduce -66.2%
TME Tencent Music Entertainm-ADR 0.07% 612,900 $5.7M Reduce -63.7%
QFIN Qfin Holdings Inc.-ADR 0.05% 330,288 $4.3M Reduce -74.7%
EFA iShares MSCI Eafe ETF 0.04% 37,761 $3.7M Reduce -54.5%
EWT iShares MSCI Taiwan ETF 0.03% 37,151 $2.6M Reduce -80.5%
MMYT Makemytrip Ltd. 0.03% 64,544 $2.4M Reduce -5.3%
ACWI iShares MSCI Acwi ETF 0.03% 15,421 $2.1M Add +41.0%
KSA Ishrs MSCI Saudi Arabia ETF 0.03% 52,898 $2.1M New
EFXT Enerflex Ltd. 0.01% 52,946 $1.1M Reduce -27.9%
ITRN Ituran Location and Control 0.01% 20,439 $1.0M No change
INMD Inmode Ltd. 0.01% 71,829 $983K No change
WIT Wipro Ltd.-ADR 0.01% 443,164 $940K Reduce -6.4%
NVDA Nvidia Corp. 0.01% 3,589 $626K Reduce -4.5%
GSK GSK PLC-Spon ADR 0.01% 11,110 $613K Reduce -67.2%
SCZ iShares MSCI Eafe Small-Cap 0.01% 7,100 $557K New
VEU Vanguard Ftse All-World Ex-U 0.01% 6,191 $465K Reduce -57.3%
BTG B2GOLD Corp. 0.01% 94,491 $428K No change
HAFN Hafnia Ltd. 0.01% 54,367 $416K New
VWO Vanguard Ftse Emerging Marke 0.01% 7,469 $404K Reduce -87.7%
JBS JBS NV-A 0.00% 20,994 $377K No change
PDS Precision Drilling Corp. 0.00% 3,291 $323K No change
B Barrick Mining Corp. 0.00% 7,736 $316K Reduce -99.9%
RNR Renaissancere Holdings Ltd. 0.00% 994 $295K Add +39.6%
MSFT Microsoft Corp. 0.00% 772 $286K Reduce -20.0%
BWLP BW LPG Ltd. 0.00% 15,291 $269K New
AVGO Broadcom Inc. 0.00% 843 $261K Add +1.9%
FIX Comfort Systems USA Inc. 0.00% 184 $254K Reduce -24.3%
AAPL Apple Inc. 0.00% 923 $234K Add +2.8%
NVS Novartis AG-Sponsored ADR 0.00% 1,487 $227K Reduce -23.1%
ALL Allstate Corp. 0.00% 1,005 $208K New
INN Summit Hotel Properties Inc. 0.00% 14,838 $66K No change

Portfolio Sells Q4 2025 → Q1 2026
CP Canadian Pacific Kansas City Reduce -30.2% 8.47% −4.31
B Barrick Mining Corp. Reduce -99.9% 0.00% −3.64
SW Smurfit Westrock PLC Reduce -18.6% 7.61% −2.56
GPK Graphic Packaging Holding Co. Sold out 0.00% −0.94
BABA Alibaba Group Holding-SP ADR Reduce -11.2% 1.65% −0.78
CTSH Cognizant Tech Solutions-A Reduce -3.1% 1.13% −0.64
BIIB Biogen Inc. Reduce -46.1% 0.63% −0.63
G Genpact Ltd. Reduce -6.5% 0.89% −0.45
GOOG Alphabet Inc. Class C Reduce -8.8% 1.19% −0.41
ALLY Ally Financial Inc. Sold out 0.00% −0.37
TME Tencent Music Entertainm-ADR Reduce -63.7% 0.07% −0.34
INFY Infosys Ltd.-SP ADR Reduce -23.6% 0.31% −0.29
QFIN Qfin Holdings Inc.-ADR Reduce -74.7% 0.05% −0.29
PDD PDD Holdings Inc. Reduce -36.2% 0.30% −0.28
VIPS Vipshop Holdings Ltd. - ADR Sold out 0.00% −0.27
MRK Merck & Co. Inc. Reduce -18.2% 1.26% −0.25
SHG Shinhan Financial Group-ADR Reduce -56.3% 0.19% −0.24
C Citigroup Inc. Reduce -9.0% 0.88% −0.24
CLS Celestica Inc. Reduce -66.2% 0.09% −0.21
BP BP PLC-Spons ADR Reduce -39.2% 0.58% −0.21
NGG National Grid PLC-SP ADR Reduce -24.1% 0.56% −0.20
ADI Analog Devices Inc. Reduce -23.3% 0.79% −0.19
JOYY Joyy Inc.-ADR Reduce -7.6% 0.54% −0.19
PUK Prudential PLC-ADR Reduce -12.4% 0.46% −0.18
VALE Vale SA-SP ADR Sold out 0.00% −0.16
EWY iShares MSCI South Korea ETF Sold out 0.00% −0.15
WB Weibo Corp.-Spon ADR Reduce -10.9% 0.29% −0.13
EWT iShares MSCI Taiwan ETF Reduce -80.5% 0.03% −0.13
BUD Anheuser-Busch Inbev-SPN ADR Reduce -17.3% 0.49% −0.12
HDB HDFC Bank Ltd.-ADR Reduce -5.5% 0.12% −0.09
MOMO Hello Group Inc. -SPN ADR Sold out 0.00% −0.08
MT Arcelormittal-NY Registered Reduce -31.0% 0.17% −0.07
ZIM Zim Integrated Shipping Serv Reduce -26.7% 0.29% −0.07
GGB Gerdau SA -Spon ADR Reduce -5.8% 0.30% −0.07
EFA iShares MSCI Eafe ETF Reduce -54.5% 0.04% −0.06
FINV Finvolution Group-ADR Reduce -13.1% 0.14% −0.06
PFE Pfizer Inc. Reduce -8.5% 0.66% −0.06
IBN Icici Bank Ltd.-Spon ADR Reduce -5.5% 0.14% −0.05
MMYT Makemytrip Ltd. Reduce -5.3% 0.03% −0.05
VWO Vanguard Ftse Emerging Marke Reduce -87.7% 0.01% −0.04
PAGS Pagseguro Digital Ltd. Class A Reduce -0.0% 0.50% −0.04
TSM Taiwan Semiconductor-SP ADR Reduce -0.6% 2.11% −0.03
URTH iShares MSCI World ETF Sold out 0.00% −0.03
EZA iShares MSCI South Africa Et Sold out 0.00% −0.02
GRTUF Granite Real Estate Investme Sold out 0.00% −0.02
GSK GSK PLC-Spon ADR Reduce -67.2% 0.01% −0.02
ASHR Xtrackers Harvest Csi 300 CH Sold out 0.00% −0.01
VEU Vanguard Ftse All-World Ex-U Reduce -57.3% 0.01% −0.01
WIT Wipro Ltd.-ADR Reduce -6.4% 0.01% −0.01
EWZ iShares MSCI Brazil ETF Sold out 0.00% −0.01

Portfolio Buys Q4 2025 → Q1 2026
AZN Astrazeneca PLC Add +1368.3% 17.66% +16.38
DB Deutsche Bank AG-Registered Add +75.9% 8.88% +1.29
DTE DTE Energy Company New 0.58% +0.58
AU Anglogold Ashanti PLC Add +107.0% 1.06% +0.54
TXN Texas Instruments Inc. New 0.49% +0.49
TAL Tal Education Group- ADR New 0.49% +0.49
JLL Jones Lang Lasalle Inc. Add +213.3% 0.70% +0.42
BAH Booz Allen Hamilton Holdings Add +116.3% 0.82% +0.36
PBR.A Petroleo Brasil-SP Pref ADR New 0.34% +0.34
BA The Boeing Co. Add +106.6% 0.77% +0.31
RELX Relx PLC - Spon ADR Add +93.9% 0.94% +0.28
UNH Unitedhealth Group Inc. New 0.24% +0.24
VEA Vanguard Ftse Developed ETF Add +74.8% 0.58% +0.22
VIST Vista Energy Sab DE CV New 0.20% +0.20
NWG Natwest Group PLC -Spon ADR Add +88.3% 0.55% +0.16
ALK Alaska Air Group Inc. Add +74.4% 1.13% +0.14
SAP Sap SE-Sponsored ADR Add +81.9% 0.96% +0.12
CIB Grupo Cibest SA-ADR New 0.12% +0.12
ING ING Groep N.V.-Sponsored ADR Add +56.6% 0.49% +0.11
CARR Carrier Global Corp. Add +13.7% 1.45% +0.11
LYV Live Nation Entertainment Inc. Add +17.7% 0.99% +0.11
SNN Smith & Nephew PLC -Spon ADR Add +57.9% 0.37% +0.10
BAP Credicorp Ltd. Add +1.3% 1.02% +0.06
VSS Vanguard Ftse All Wo X-US SC Add +42.0% 0.19% +0.04
WHR Whirlpool Corp. Add +57.9% 0.80% +0.04
FSM Fortuna Mining Corp. Add +44.9% 0.15% +0.04
DEO Diageo PLC-Sponsored ADR Add +37.3% 0.61% +0.03
KSA Ishrs MSCI Saudi Arabia ETF New 0.03% +0.03
META Meta Platforms Inc. Class A Add +31.2% 1.02% +0.01
PHG Koninklijke Philips NVR- NY Add +11.7% 0.83% +0.01
SCZ iShares MSCI Eafe Small-Cap New 0.01% +0.01
HAFN Hafnia Ltd. New 0.01% +0.01
ACWI iShares MSCI Acwi ETF Add +41.0% 0.03% +0.00
BWLP BW LPG Ltd. New 0.00% +0.00
ALL Allstate Corp. New 0.00% +0.00
RNR Renaissancere Holdings Ltd. Add +39.6% 0.00% +0.00
AAPL Apple Inc. Add +2.8% 0.00% −0.00
AVGO Broadcom Inc. Add +1.9% 0.00% −0.00
ZBH Zimmer Biomet Holdings Inc. Add +10.9% 0.90% −0.00
SMFG Sumitomo Mitsui-Spons ADR Add +7.6% 0.31% −0.01
BXP BXP Inc. Add +40.0% 0.24% −0.01
BTI British American Tob-SP ADR Add +3.7% 0.36% −0.02
INDA iShares MSCI India ETF Add +18.9% 0.26% −0.02
IR Ingersoll-Rand Inc. Add +4.9% 0.62% −0.03
CFG Citizens Financial Group Add +3.4% 0.77% −0.04
AXS Axis Capital Holdings Ltd. Add +13.1% 1.02% −0.05
GFI Gold Fields Ltd.-Spons ADR Add +0.8% 0.91% −0.06
SNY Sanofi-ADR Add +0.1% 0.63% −0.08
SMIN iShares MSCI India Small-Cap Add +2.8% 0.35% −0.09
EG Everest Group Ltd. Add +4.8% 1.00% −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