Causeway Capital Management 13F, Q4 2025
Sarah Ketterer · quarter ending 31 December 2025 · filed 13 February 2026 · SEC CIK 1165797
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
The 25 largest of 108 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| CARNIVAL CORP | CCL1EUR | $1.04B | 14.3% | +6% shares |
| CANADIAN PACIFIC KANSAS CITY LTD | CP | $928.56M | 12.8% | -7% shares |
| SMURFIT WESTROCK PLC | $739.87M | 10.2% | +154% shares | |
| DEUTSCHE BANK AG | $551.67M | 7.6% | -19% shares | |
| BARRICK MINING CORP | B | $264.49M | 3.6% | -61% shares |
| ALIBABA GROUP HOLDING LTD | BABA | $176.34M | 2.4% | -2% shares |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | TSM | $155.51M | 2.1% | unchanged |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP | CTSH | $128.85M | 1.8% | +15% shares |
| ALPHABET INC | GOOG | $116.11M | 1.6% | -42% shares |
| MERCK & CO INC | MRK | $109.96M | 1.5% | -8% shares |
| CARRIER GLOBAL CORP | CARR | $97.69M | 1.3% | +26% shares |
| GENPACT LTD | $97.50M | 1.3% | +11% shares | |
| BARCLAYS PLC | BCS | $95.45M | 1.3% | -14% shares |
| ASTRAZENECA PLC | AZNN | $92.93M | 1.3% | -5% shares |
| BIOGEN INC | BIIB | $91.71M | 1.3% | -8% shares |
| CITIGROUP INC | C | $81.38M | 1.1% | -30% shares |
| EVEREST GROUP LTD | $80.95M | 1.1% | +36% shares | |
| AXIS CAPITAL HOLDINGS LTD | $77.24M | 1.1% | -14% shares | |
| META PLATFORMS INC | META | $72.86M | 1.0% | +27% shares |
| ALASKA AIR GROUP INC | ALK | $72.16M | 1.0% | new |
| ANALOG DEVICES INC | ADI | $71.33M | 1.0% | -13% shares |
| GOLD FIELDS LTD | GFI | $70.78M | 1.0% | +5% shares |
| CREDICORP LTD | $69.46M | 1.0% | +12% shares | |
| GRAPHIC PACKAGING HOLDING CO | GPK | $68.20M | 0.9% | +74% shares |
| ZIMMER BIOMET HOLDINGS INC | ZBH | $65.51M | 0.9% | +25% shares |
What changed since Q3 2025
Against the Q3 2025 filing, Causeway Capital Management opened 14 new positions, added to 46, trimmed 36, left 12 unchanged and exited 11. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
and 6 more
Exited
- NTESwas $97.02M
- XP INCwas $47.69M
- ORCLwas $46.80M
- SEwas $27.41M
- ATATwas $22.99M
- UNHwas $22.31M
- KSAwas $7.89M
- FXIwas $2.92M
and 3 more
Other quarters
Source: SEC Form 13F-HR, accession 0000945621-26-000303, 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.