Causeway Capital Management LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Causeway Capital Management LLC reported 122 stock positions worth $9.2 billion. Its top holding was Astrazeneca (AZN) at 19.0% of the portfolio, followed by Carnival (CCL, 12.7%) and Deutsche Bank AG-Registered (DB, 10.8%). Compared with Q1 2026, it opened 22 new positions, sold out of 7, added to 49 and reduced 46. The biggest buy was Deutsche Bank AG-Registered (DB, shares +18%) and the biggest sale Canadian Pacific Kansas City (CP, shares −24%).

Most Recent 13F
Q2 2026
Location
LOS ANGELES, CA
CIK
0001165797
Portfolio Value
$9.2B (Q2 2026)
SEC Filing
0000945621-26-001052 ↗ filed Aug 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 Q4 2025 Q1 2026: $8.1B Q1 2026 Q2 2026: $9.2B $9.2B Q2 2026

Holdings 122 stocks · $9.2B
AZN Astrazeneca PLC 18.97% 9,357,390 $1.8B Add +26.1%
CCL Carnival Corp. Ltd. 12.74% 41,190,606 $1.2B Add +11.0%
DB Deutsche Bank AG-Registered 10.77% 29,358,318 $994.2M Add +17.6%
SW Smurfit Westrock PLC 7.53% 15,039,041 $695.7M Reduce -3.4%
CP Canadian Pacific Kansas City 6.30% 6,711,483 $581.7M Reduce -23.7%
TSM Taiwan Semiconductor-SP ADR 2.75% 532,052 $254.1M Add +4.6%
ALK Alaska Air Group Inc. 1.80% 3,183,163 $166.2M Add +27.2%
CARR Carrier Global Corp. 1.73% 2,178,506 $159.8M Add +3.6%
LYV Live Nation Entertainment Inc. 1.40% 706,301 $129.3M Add +34.2%
MRK Merck & Co. Inc. 1.33% 954,932 $122.7M Add +11.8%
META Meta Platforms Inc. Class A 1.23% 201,459 $113.5M Add +39.1%
GOOG Alphabet Inc. Class C 1.21% 316,217 $111.7M Reduce -6.3%
BCS Barclays PLC-Spons ADR 1.16% 3,975,718 $106.8M Reduce -2.4%
BAP Credicorp Ltd. 1.08% 255,436 $99.5M Add +4.2%
SAP Sap SE-Sponsored ADR 1.05% 629,801 $97.1M Add +38.1%
BABA Alibaba Group Holding-SP ADR 1.03% 995,040 $95.5M Reduce -6.9%
AXS Axis Capital Holdings Ltd. 1.00% 859,727 $92.4M Add +5.4%
EG Everest Group Ltd. 0.98% 252,702 $90.3M Add +1.1%
IR Ingersoll-Rand Inc. 0.92% 1,033,693 $84.8M Add +65.1%
PHG Koninklijke Philips NVR- NY 0.90% 3,061,962 $83.3M Add +24.7%
NVO Novo-Nordisk A/S-Spons ADR 0.87% 1,677,615 $80.4M Add +42.9%
JLL Jones Lang Lasalle Inc. 0.83% 248,252 $76.9M Add +33.3%
CFG Citizens Financial Group 0.82% 1,077,093 $75.5M Add +2.7%
NTES Netease Inc.-ADR 0.79% 572,412 $73.3M New
DEO Diageo PLC-Sponsored ADR 0.78% 899,015 $72.3M Add +34.9%
ZBH Zimmer Biomet Holdings Inc. 0.74% 788,810 $67.9M Reduce -2.4%
BA The Boeing Co. 0.73% 313,048 $67.8M Reduce -0.3%
C Citigroup Inc. 0.70% 458,858 $64.2M Reduce -27.7%
NWG Natwest Group PLC -Spon ADR 0.67% 3,487,290 $61.5M Add +16.7%
BIIB Biogen Inc. 0.65% 278,283 $60.1M Reduce -0.9%
GFI Gold Fields Ltd.-Spons ADR 0.62% 1,713,233 $57.5M Add +4.8%
ADI Analog Devices Inc. 0.61% 142,050 $56.4M Reduce -29.6%
RELX Relx PLC - Spon ADR 0.60% 1,762,329 $55.8M Reduce -23.6%
AU Anglogold Ashanti PLC 0.60% 688,027 $55.7M Reduce -23.4%
ING ING Groep N.V.-Sponsored ADR 0.57% 1,690,687 $53.1M Add +9.9%
BAH Booz Allen Hamilton Holdings 0.56% 849,966 $51.6M Reduce -0.9%
TXN Texas Instruments Inc. 0.54% 166,496 $49.6M Reduce -19.3%
NGG National Grid PLC-SP ADR 0.53% 590,240 $48.9M Add +9.6%
DTE DTE Energy Company 0.53% 320,526 $48.8M Reduce -0.5%
PFE Pfizer Inc. 0.50% 1,916,801 $46.2M Add +0.1%
PBR.A Petroleo Brasil-SP Pref ADR 0.49% 3,096,624 $45.3M Add +107.0%
PUK Prudential PLC-ADR 0.49% 1,689,218 $45.3M Add +27.9%
SNN Smith & Nephew PLC -Spon ADR 0.49% 1,565,167 $45.1M Add +64.2%
TAL Tal Education Group- ADR filed as TAL ED GROUP 0.43% 4,125,430 $39.5M Add +18.6%
SMIN iShares MSCI India Small-Cap 0.42% 542,849 $38.4M Add +15.1%
UNH Unitedhealth Group Inc. 0.39% 87,447 $36.3M Add +21.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.38% 360,600 $34.7M Reduce -35.6%
SNY Sanofi-ADR 0.37% 804,056 $34.3M Reduce -24.5%
BTI British American Tob-SP ADR 0.37% 547,925 $33.8M Add +9.4%
SMFG Sumitomo Mitsui-Spons ADR 0.36% 1,392,610 $32.8M Add +9.9%
VIST Vista Energy Sab DE CV 0.35% 501,275 $32.0M Add +126.9%
INDA iShares MSCI India ETF 0.34% 628,500 $31.0M Add +36.9%
BSX Boston Scientific Corp. 0.33% 720,339 $30.7M New
JD Jd.com Inc.-ADR 0.33% 1,199,207 $30.6M New
VEA Vanguard Ftse Developed ETF 0.33% 427,314 $30.4M Reduce -42.0%
GGB Gerdau SA -Spon ADR 0.32% 7,229,538 $29.2M Add +5.7%
BUD Anheuser-Busch Inbev-SPN ADR 0.31% 347,657 $28.6M Reduce -40.1%
PAGS Pagseguro Digital Ltd. Class A 0.31% 3,130,268 $28.3M Reduce -22.6%
BXP BXP Inc. 0.27% 378,480 $25.1M Reduce -0.6%
HTHT H World Group Ltd.-ADR 0.26% 570,437 $23.8M New
OGC Oceanagold Corp. 0.25% 911,012 $22.8M New
CGAU Centerra Gold Inc. 0.22% 1,285,398 $20.4M Add +3.2%
G Genpact Ltd. 0.21% 710,380 $19.5M Reduce -63.5%
CTSH Cognizant Tech Solutions-A 0.21% 494,846 $19.2M Reduce -67.1%
ZIM Zim Integrated Shipping Serv 0.20% 694,474 $18.1M Reduce -21.9%
FSM Fortuna Mining Corp. 0.19% 2,086,645 $17.6M Add +66.8%
WB Weibo Corp.-Spon ADR 0.18% 2,317,577 $16.8M Reduce -13.1%
ARCO Arcos Dorados Holdings Inc. Class A 0.17% 1,961,513 $15.8M New
IBN Icici Bank Ltd.-Spon ADR 0.14% 447,935 $13.0M Reduce -0.7%
VSS Vanguard Ftse All Wo X-US SC 0.14% 80,907 $12.5M Reduce -21.9%
TD Toronto-Dominion Bank 0.13% 97,238 $11.8M New
FINV Finvolution Group-ADR 0.12% 2,285,880 $10.9M Reduce -4.8%
CIB Grupo Cibest SA-ADR 0.12% 136,620 $10.9M Add +3.2%
HDB HDFC Bank Ltd.-ADR 0.11% 395,855 $10.2M Reduce -0.8%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 0.10% 83,789 $9.6M New
BWLP BW LPG Ltd. 0.09% 457,050 $8.0M Add +2889.0%
SU Suncor Energy Inc. 0.08% 138,526 $7.4M New
JOYY Joyy Inc.-ADR 0.08% 109,297 $7.2M Reduce -85.4%
CLS Celestica Inc. 0.08% 19,598 $7.1M Reduce -21.0%
KSA Ishrs MSCI Saudi Arabia ETF 0.07% 177,079 $6.6M Add +234.8%
TIGO Millicom Intl Cellular S.A. 0.06% 65,932 $6.0M Reduce -68.4%
INFY Infosys Ltd.-SP ADR 0.06% 526,963 $5.5M Reduce -72.2%
EEM iShares MSCI Emerging Market 0.06% 74,974 $5.1M New
EWT iShares MSCI Taiwan ETF 0.05% 45,108 $4.9M Add +21.4%
HAFN Hafnia Ltd. 0.05% 697,424 $4.6M Add +1182.8%
STN Stantec Inc. 0.04% 56,200 $3.9M New
GLBE Global-E Online Ltd. 0.04% 102,195 $3.5M New
MMYT Makemytrip Ltd. 0.04% 64,145 $3.4M Reduce -0.6%
MGA Magna International Inc. 0.03% 45,900 $3.0M New
IAG Iamgold Corp. 0.03% 172,916 $2.7M New
EFA iShares MSCI Eafe ETF 0.02% 20,761 $2.2M Reduce -45.0%
VWO Vanguard Ftse Emerging Marke 0.02% 35,556 $2.1M Add +376.1%
BP BP PLC-Spons ADR 0.02% 46,059 $1.7M Reduce -95.4%
MT Arcelormittal-NY Registered 0.01% 22,155 $1.3M Reduce -91.7%
VEU Vanguard Ftse All-World Ex-U 0.01% 15,389 $1.3M Add +148.6%
ITRN Ituran Location and Control 0.01% 20,439 $1.2M No change
ACWI iShares MSCI Acwi ETF 0.01% 7,691 $1.2M Reduce -50.1%
WIT Wipro Ltd.-ADR 0.01% 448,957 $1.0M Add +1.3%
OTEX Open Text Corp. 0.01% 36,500 $808K New
CNQ Canadian Natural Resources 0.01% 18,400 $728K New
NVDA Nvidia Corp. 0.01% 3,567 $714K Reduce -0.6%
SCZ iShares MSCI Eafe Small-Cap 0.01% 7,100 $584K No change
INTR Inter & Co. Inc. Class A 0.01% 100,618 $546K New
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.01% 52,100 $509K New
SHG Shinhan Financial Group-ADR 0.00% 6,594 $417K Reduce -97.4%
GSK GSK PLC-Spon ADR 0.00% 7,163 $375K Reduce -35.5%
BTG B2GOLD Corp. 0.00% 94,491 $354K No change
LRCX Lam Research Corp. 0.00% 816 $354K New
FIX Comfort Systems USA Inc. 0.00% 162 $321K Reduce -12.0%
RNR Renaissancere Holdings Ltd. 0.00% 994 $315K No change
AVGO Broadcom Inc. 0.00% 802 $303K Reduce -4.9%
TRMD Torm PLC-A 0.00% 11,244 $290K New
AAPL Apple Inc. 0.00% 947 $274K Add +2.6%
INMD Inmode Ltd. 0.00% 18,180 $266K Reduce -74.7%
ALL Allstate Corp. 0.00% 1,107 $263K Add +10.2%
B Barrick Mining Corp. 0.00% 6,966 $256K Reduce -9.9%
PDS Precision Drilling Corp. 0.00% 3,291 $253K No change
NVS Novartis AG-Sponsored ADR 0.00% 1,501 $235K Add +0.9%
SLM SLM Corp. 0.00% 8,774 $228K New
MSFT Microsoft Corp. 0.00% 600 $224K Reduce -22.3%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.00% 7,985 $212K New
INN Summit Hotel Properties Inc. 0.00% 17,063 $120K Add +15.0%

Portfolio Sells Q1 2026 → Q2 2026
CP Canadian Pacific Kansas City Reduce -23.7% 6.30% −2.17
CTSH Cognizant Tech Solutions-A Reduce -67.1% 0.21% −0.93
WHR Whirlpool Corp. Sold out 0.00% −0.80
G Genpact Ltd. Reduce -63.5% 0.21% −0.68
BABA Alibaba Group Holding-SP ADR Reduce -6.9% 1.03% −0.61
APTV Aptiv PLC Sold out 0.00% −0.58
BP BP PLC-Spons ADR Reduce -95.4% 0.02% −0.56
JOYY Joyy Inc.-ADR Reduce -85.4% 0.08% −0.46
AU Anglogold Ashanti PLC Reduce -23.4% 0.60% −0.46
RELX Relx PLC - Spon ADR Reduce -23.6% 0.60% −0.33
PDD PDD Holdings Inc. Sold out 0.00% −0.30
DIS The Walt Disney Co. Reduce -35.6% 0.38% −0.29
BAH Booz Allen Hamilton Holdings Reduce -0.9% 0.56% −0.26
SNY Sanofi-ADR Reduce -24.5% 0.37% −0.26
INFY Infosys Ltd.-SP ADR Reduce -72.2% 0.06% −0.25
VEA Vanguard Ftse Developed ETF Reduce -42.0% 0.33% −0.25
PAGS Pagseguro Digital Ltd. Class A Reduce -22.6% 0.31% −0.19
C Citigroup Inc. Reduce -27.7% 0.70% −0.19
SHG Shinhan Financial Group-ADR Reduce -97.4% 0.00% −0.19
BUD Anheuser-Busch Inbev-SPN ADR Reduce -40.1% 0.31% −0.18
ADI Analog Devices Inc. Reduce -29.6% 0.61% −0.18
ZBH Zimmer Biomet Holdings Inc. Reduce -2.4% 0.74% −0.16
MT Arcelormittal-NY Registered Reduce -91.7% 0.01% −0.16
TIGO Millicom Intl Cellular S.A. Reduce -68.4% 0.06% −0.13
WB Weibo Corp.-Spon ADR Reduce -13.1% 0.18% −0.10
ZIM Zim Integrated Shipping Serv Reduce -21.9% 0.20% −0.09
SW Smurfit Westrock PLC Reduce -3.4% 7.53% −0.08
TME Tencent Music Entertainm-ADR Sold out 0.00% −0.07
QFIN Qfin Holdings Inc.-ADR Sold out 0.00% −0.05
VSS Vanguard Ftse All Wo X-US SC Reduce -21.9% 0.14% −0.05
DTE DTE Energy Company Reduce -0.5% 0.53% −0.05
BA The Boeing Co. Reduce -0.3% 0.73% −0.03
FINV Finvolution Group-ADR Reduce -4.8% 0.12% −0.02
EFA iShares MSCI Eafe ETF Reduce -45.0% 0.02% −0.02
EFXT Enerflex Ltd. Sold out 0.00% −0.01
ACWI iShares MSCI Acwi ETF Reduce -50.1% 0.01% −0.01
HDB HDFC Bank Ltd.-ADR Reduce -0.8% 0.11% −0.01
INMD Inmode Ltd. Reduce -74.7% 0.00% −0.01
CLS Celestica Inc. Reduce -21.0% 0.08% −0.01
JBS JBS NV-A Sold out 0.00% −0.00
GSK GSK PLC-Spon ADR Reduce -35.5% 0.00% −0.00
IBN Icici Bank Ltd.-Spon ADR Reduce -0.7% 0.14% −0.00
B Barrick Mining Corp. Reduce -9.9% 0.00% −0.00
MSFT Microsoft Corp. Reduce -22.3% 0.00% −0.00
NVDA Nvidia Corp. Reduce -0.6% 0.01% 0.00
AVGO Broadcom Inc. Reduce -4.9% 0.00% +0.00
FIX Comfort Systems USA Inc. Reduce -12.0% 0.00% +0.00
MMYT Makemytrip Ltd. Reduce -0.6% 0.04% +0.01
BIIB Biogen Inc. Reduce -0.9% 0.65% +0.02
GOOG Alphabet Inc. Class C Reduce -6.3% 1.21% +0.02

Portfolio Buys Q1 2026 → Q2 2026
DB Deutsche Bank AG-Registered Add +17.6% 10.77% +1.89
AZN Astrazeneca PLC Add +26.1% 18.97% +1.31
CCL Carnival Corp. Ltd. Add +11.0% 12.74% +0.96
NTES Netease Inc.-ADR New 0.79% +0.79
ALK Alaska Air Group Inc. Add +27.2% 1.80% +0.67
TSM Taiwan Semiconductor-SP ADR Add +4.6% 2.75% +0.64
LYV Live Nation Entertainment Inc. Add +34.2% 1.40% +0.41
NVO Novo-Nordisk A/S-Spons ADR Add +42.9% 0.87% +0.34
BSX Boston Scientific Corp. New 0.33% +0.33
JD Jd.com Inc.-ADR New 0.33% +0.33
IR Ingersoll-Rand Inc. Add +65.1% 0.92% +0.30
CARR Carrier Global Corp. Add +3.6% 1.73% +0.28
HTHT H World Group Ltd.-ADR New 0.26% +0.26
OGC Oceanagold Corp. New 0.25% +0.25
META Meta Platforms Inc. Class A Add +39.1% 1.23% +0.21
DEO Diageo PLC-Sponsored ADR Add +34.9% 0.78% +0.17
ARCO Arcos Dorados Holdings Inc. Class A New 0.17% +0.17
UNH Unitedhealth Group Inc. Add +21.7% 0.39% +0.15
PBR.A Petroleo Brasil-SP Pref ADR Add +107.0% 0.49% +0.15
VIST Vista Energy Sab DE CV Add +126.9% 0.35% +0.14
JLL Jones Lang Lasalle Inc. Add +33.3% 0.83% +0.14
TD Toronto-Dominion Bank New 0.13% +0.13
NWG Natwest Group PLC -Spon ADR Add +16.7% 0.67% +0.12
SNN Smith & Nephew PLC -Spon ADR Add +64.2% 0.49% +0.12
CM Can Imperial BK of Commerce New 0.10% +0.10
SAP Sap SE-Sponsored ADR Add +38.1% 1.05% +0.09
BWLP BW LPG Ltd. Add +2889.0% 0.09% +0.08
ING ING Groep N.V.-Sponsored ADR Add +9.9% 0.57% +0.08
SU Suncor Energy Inc. New 0.08% +0.08
PHG Koninklijke Philips NVR- NY Add +24.7% 0.90% +0.08
INDA iShares MSCI India ETF Add +36.9% 0.34% +0.07
SMIN iShares MSCI India Small-Cap Add +15.1% 0.42% +0.07
MRK Merck & Co. Inc. Add +11.8% 1.33% +0.07
BAP Credicorp Ltd. Add +4.2% 1.08% +0.06
EEM iShares MSCI Emerging Market New 0.06% +0.06
SMFG Sumitomo Mitsui-Spons ADR Add +9.9% 0.36% +0.05
KSA Ishrs MSCI Saudi Arabia ETF Add +234.8% 0.07% +0.05
CFG Citizens Financial Group Add +2.7% 0.82% +0.05
HAFN Hafnia Ltd. Add +1182.8% 0.05% +0.04
STN Stantec Inc. New 0.04% +0.04
FSM Fortuna Mining Corp. Add +66.8% 0.19% +0.04
GLBE Global-E Online Ltd. New 0.04% +0.04
MGA Magna International Inc. New 0.03% +0.03
IAG Iamgold Corp. New 0.03% +0.03
PUK Prudential PLC-ADR Add +27.9% 0.49% +0.03
EWT iShares MSCI Taiwan ETF Add +21.4% 0.05% +0.02
VWO Vanguard Ftse Emerging Marke Add +376.1% 0.02% +0.02
GGB Gerdau SA -Spon ADR Add +5.7% 0.32% +0.01
OTEX Open Text Corp. New 0.01% +0.01
VEU Vanguard Ftse All-World Ex-U Add +148.6% 0.01% +0.01

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