Causeway Capital Management 13F, Q2 2025
Sarah Ketterer · quarter ending 30 June 2025 · filed 13 August 2025 · SEC CIK 1165797
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q2 2025
The 25 largest of 99 positions. Weights are against the whole filed book. Changes are in shares held, against the Q1 2025 filing.
| Company | Ticker | Value | % of book | vs Q1 2025 |
|---|---|---|---|---|
| CANADIAN PACIFIC KANSAS CITY LTD | CP | $1.16B | 18.4% | -15% shares |
| CARNIVAL CORP | CCL1EUR | $819.08M | 13.0% | +10% shares |
| DEUTSCHE BANK AG | $570.42M | 9.0% | +1176% shares | |
| BARRICK MINING CORP | B | $366.67M | 5.8% | new |
| SMURFIT WESTROCK PLC | $302.73M | 4.8% | +160% shares | |
| ALIBABA GROUP HOLDING LTD | BABA | $140.91M | 2.2% | -8% shares |
| ALPHABET INC | GOOG | $127.99M | 2.0% | +4% shares |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | TSM | $117.28M | 1.9% | unchanged |
| CITIGROUP INC | C | $107.25M | 1.7% | -7% shares |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP | CTSH | $92.18M | 1.5% | +29% shares |
| BARCLAYS PLC | BCS | $86.71M | 1.4% | +3% shares |
| ANALOG DEVICES INC | ADI | $84.64M | 1.3% | -16% shares |
| MERCK & CO INC | MRK | $77.79M | 1.2% | +9% shares |
| WALT DISNEY CO/THE | DIS | $77.34M | 1.2% | -35% shares |
| META PLATFORMS INC | META | $70.54M | 1.1% | -9% shares |
| ASTRAZENECA PLC | AZNN | $66.63M | 1.1% | +11% shares |
| AXIS CAPITAL HOLDINGS LTD | $65.92M | 1.0% | -13% shares | |
| GENPACT LTD | $62.99M | 1.0% | +52% shares | |
| BIOGEN INC | BIIB | $61.96M | 1.0% | +14% shares |
| ORACLE CORP | ORCL | $60.62M | 1.0% | -44% shares |
| JD.COM INC | JD | $60.53M | 1.0% | +3% shares |
| NETEASE INC | NTES | $59.42M | 0.9% | new |
| QIFU TECHNOLOGY INC | QFIN | $56.98M | 0.9% | unchanged |
| ZIMMER BIOMET HOLDINGS INC | ZBH | $52.74M | 0.8% | -28% shares |
| APTIV PLC | $49.03M | 0.8% | -17% shares |
What changed since Q1 2025
Against the Q1 2025 filing, Causeway Capital Management opened 18 new positions, added to 40, trimmed 28, left 13 unchanged and exited 9. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- B$366.67M
- NTES$59.42M
- XP INC$46.06M
- IFF$45.80M
- GFI$32.04M
- PAGSEGURO DIGITAL LTD$25.95M
- NVO$24.43M
- NGG$23.51M
and 10 more
Exited
- BARRICK GOLD CORPwas $229.84M
- DGXwas $20.37M
- EMBJwas $14.71M
- PDDwas $12.54M
- BBDwas $8.02M
- ADECOAGRO SAwas $6.29M
- VEREN INCwas $1.74M
- JKSwas $1.40M
and 1 more
Other quarters
Source: SEC Form 13F-HR, accession 0000943663-25-000224, 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.