Causeway Capital Management 13F, Q3 2025
Sarah Ketterer · quarter ending 30 September 2025 · filed 13 November 2025 · SEC CIK 1165797
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 105 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| CANADIAN PACIFIC KANSAS CITY LTD | CP | $1.01B | 13.3% | -8% shares |
| CARNIVAL CORP | CCL1EUR | $922.58M | 12.2% | +10% shares |
| DEUTSCHE BANK AG | $620.20M | 8.2% | -9% shares | |
| BARRICK MINING CORP | B | $514.55M | 6.8% | -11% shares |
| ISHARES MSCI EAFE ETF | EFA | $463.08M | 6.1% | +70111% shares |
| SMURFIT WESTROCK PLC | $320.25M | 4.2% | +7% shares | |
| ALIBABA GROUP HOLDING LTD | BABA | $220.10M | 2.9% | unchanged |
| ALPHABET INC | GOOG | $153.96M | 2.0% | -12% shares |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | TSM | $141.81M | 1.9% | unchanged |
| CITIGROUP INC | C | $101.30M | 1.3% | -21% shares |
| NETEASE INC | NTES | $97.02M | 1.3% | +45% shares |
| MERCK & CO INC | MRK | $95.18M | 1.3% | +15% shares |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP | CTSH | $90.56M | 1.2% | +14% shares |
| BARCLAYS PLC | BCS | $89.98M | 1.2% | -7% shares |
| CARRIER GLOBAL CORP | CARR | $87.55M | 1.2% | new |
| ASTRAZENECA PLC | AZNN | $81.89M | 1.1% | +12% shares |
| AXIS CAPITAL HOLDINGS LTD | $80.17M | 1.1% | +32% shares | |
| BIOGEN INC | BIIB | $79.50M | 1.1% | +15% shares |
| GENPACT LTD | $78.69M | 1.0% | +31% shares | |
| ANALOG DEVICES INC | ADI | $74.27M | 1.0% | -15% shares |
| WALT DISNEY CO/THE | DIS | $68.23M | 0.9% | -5% shares |
| GOLD FIELDS LTD | GFI | $64.74M | 0.9% | +14% shares |
| META PLATFORMS INC | META | $63.83M | 0.8% | -9% shares |
| APTIV PLC | $62.32M | 0.8% | unchanged | |
| EVEREST GROUP LTD | $61.53M | 0.8% | new |
What changed since Q2 2025
Against the Q2 2025 filing, Causeway Capital Management opened 14 new positions, added to 51, trimmed 26, left 14 unchanged and exited 8. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- CARR$87.55M
- EVEREST GROUP LTD$61.53M
- PDD$40.93M
- UNH$22.31M
- EWY$17.77M
- FXI$2.92M
- MILLICOM INTERNATIONAL CELLULAR SA$1.84M
- GRTUF$1.32M
and 6 more
Exited
- JDwas $60.53M
- IFFwas $45.80M
- PCGwas $38.16M
- MELIwas $11.83M
- SNXwas $8.53M
- IQwas $5.13M
- VWOwas $353.6K
- BKNGwas $214.2K
Other quarters
Source: SEC Form 13F-HR, accession 0000945621-25-001081, 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.