Causeway Capital Management 13F, Q1 2025
Sarah Ketterer · quarter ending 31 March 2025 · filed 14 May 2025 · SEC CIK 1165797
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q1 2025
The 25 largest of 90 positions. Weights are against the whole filed book. Changes are in shares held, against the Q4 2024 filing.
| Company | Ticker | Value | % of book | vs Q4 2024 |
|---|---|---|---|---|
| CANADIAN PACIFIC KANSAS CITY LTD | CP | $1.21B | 25.3% | +12% shares |
| CARNIVAL CORP | CCL1EUR | $518.82M | 10.8% | new |
| BARRICK GOLD CORP | $229.84M | 4.8% | +7% shares | |
| ALIBABA GROUP HOLDING LTD | BABA | $179.31M | 3.8% | +43% shares |
| SMURFIT WESTROCK PLC | $121.38M | 2.5% | unchanged | |
| ALPHABET INC | GOOG | $108.95M | 2.3% | +17% shares |
| CITIGROUP INC | C | $95.90M | 2.0% | +9% shares |
| WALT DISNEY CO/THE | DIS | $94.15M | 2.0% | +13% shares |
| ZIMMER BIOMET HOLDINGS INC | ZBH | $91.17M | 1.9% | +5% shares |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | TSM | $86.26M | 1.8% | unchanged |
| ANALOG DEVICES INC | ADI | $85.51M | 1.8% | +16% shares |
| MERCK & CO INC | MRK | $80.59M | 1.7% | +54% shares |
| JD.COM INC | JD | $73.90M | 1.6% | +19% shares |
| AXIS CAPITAL HOLDINGS LTD | $72.88M | 1.5% | unchanged | |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP | CTSH | $70.22M | 1.5% | +12% shares |
| BARCLAYS PLC | BCS | $69.30M | 1.4% | -24% shares |
| ORACLE CORP | ORCL | $68.76M | 1.4% | +69% shares |
| ASTRAZENECA PLC | AZNN | $63.05M | 1.3% | +3% shares |
| META PLATFORMS INC | META | $60.80M | 1.3% | +6% shares |
| BIOGEN INC | BIIB | $59.32M | 1.2% | +54% shares |
| QIFU TECHNOLOGY INC | QFIN | $58.71M | 1.2% | -5% shares |
| BP PLC | BP | $53.95M | 1.1% | +23% shares |
| PFIZER INC | PFE | $51.29M | 1.1% | +10% shares |
| APTIV PLC | $51.21M | 1.1% | new | |
| PRUDENTIAL PLC | PUK | $50.60M | 1.1% | +10% shares |
What changed since Q4 2024
Against the Q4 2024 filing, Causeway Capital Management opened 11 new positions, added to 38, trimmed 30, left 11 unchanged and exited 28. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- CCL1EUR$518.82M
- APTIV PLC$51.21M
- DEUTSCHE BANK AG$36.07M
- WHR$32.79M
- EMBJ$14.71M
- CLS$11.53M
- TME$8.86M
- JOYY$3.69M
and 3 more
Exited
- CHECK POINT SOFTWARE TECHNOLOGIES LTDwas $360.26M
- BAwas $53.59M
- APTIV PLCwas $30.82M
- XP INCwas $20.49M
- CNXCwas $17.73M
- CELESTICA INCwas $15.81M
- URTHwas $8.00M
- TAKwas $6.91M
and 20 more
Other quarters
Source: SEC Form 13F-HR, accession 0000943663-25-000132, filed by CAUSEWAY CAPITAL MANAGEMENT LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.