Sarah Ketterer - Causeway Capital Management
Causeway Capital Management
Latest 13F filing
Q4 2025
filed Feb 13, 2026
Portfolio value
$7.27B
Positions
108
Top 10 concentration
57.9%
QoQ change
-4.0%
$-302.98M
Activity vs. Q3 2025
14
New positions
52
Added to
4
Unchanged
38
Reduced
78
Exited
Portfolio composition — Q4 2025
- CCL1EURCARNIVAL CORP14.3%
- CPCANADIAN PACIFIC KANSAS CITY LTD12.8%
- SWSMURFIT WESTROCK PLC10.2%
- DBDEUTSCHE BANK AG7.6%
- BBARRICK MINING CORP3.6%
- BABAALIBABA GROUP HOLDING LTD2.4%
- TSMTAIWAN SEMICONDUCTOR MANUFACTURING CO LTD2.1%
- CTSHCOGNIZANT TECHNOLOGY SOLUTIONS CORP1.8%
- GOOGALPHABET INC1.6%
- MRKMERCK & CO INC1.5%
- Other98 more positions42.1%
Top buys
New & added positions, by size
Holdings as of Q4 2025
| # | Ticker | Issuer | Shares | Value | % Portfolio | Reported price | Action | Δ Shares |
|---|---|---|---|---|---|---|---|---|
| 1 | CCL1EUR | CARNIVAL CORP | 33,944,782 | $1.04B | 14.26% | $30.54 | ADD | +6.4% |
| 2 | CP | CANADIAN PACIFIC KANSAS CITY LTD | 12,596,802 | $928.56M | 12.78% | $73.71 | REDUCE | -6.8% |
| 3 | SW | SMURFIT WESTROCK PLC | 19,132,879 | $739.87M | 10.18% | $38.67 | ADD | +154.3% |
| 4 | DB | DEUTSCHE BANK AG | 14,194,354 | $551.67M | 7.59% | $38.87 | REDUCE | -19.4% |
| 5 | B | BARRICK MINING CORP | 6,093,395 | $264.49M | 3.64% | $43.41 | REDUCE | -61.2% |
| 6 | BABA | ALIBABA GROUP HOLDING LTD | 1,203,049 | $176.34M | 2.43% | $146.58 | REDUCE | -2.3% |
| 7 | TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | 511,720 | $155.51M | 2.14% | $303.89 | ADD | +0.8% |
| 8 | CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CORP | 1,552,361 | $128.85M | 1.77% | $83.00 | ADD | +15.0% |
| 9 | GOOG | ALPHABET INC | 370,001 | $116.11M | 1.60% | $313.80 | REDUCE | -41.5% |
| 10 | MRK | MERCK & CO INC | 1,044,617 | $109.96M | 1.51% | $105.26 | REDUCE | -7.9% |
| 11 | CARR | CARRIER GLOBAL CORP | 1,848,827 | $97.69M | 1.34% | $52.84 | ADD | +26.1% |
| 12 | G | GENPACT LTD | 2,084,209 | $97.50M | 1.34% | $46.78 | ADD | +11.0% |
| 13 | BCS | BARCLAYS PLC | 3,750,607 | $95.45M | 1.31% | $25.45 | REDUCE | -13.8% |
| 14 | AZN | ASTRAZENECA PLC | 1,010,898 | $92.93M | 1.28% | $91.93 | REDUCE | -5.3% |
| 15 | BIIB | BIOGEN INC | 521,101 | $91.71M | 1.26% | $175.99 | REDUCE | -8.2% |
| 16 | C | CITIGROUP INC | 697,445 | $81.38M | 1.12% | $116.69 | REDUCE | -30.1% |
| 17 | EG | EVEREST GROUP LTD | 238,558 | $80.95M | 1.11% | $339.35 | ADD | +35.8% |
| 18 | AXS | AXIS CAPITAL HOLDINGS LTD | 721,221 | $77.24M | 1.06% | $107.09 | REDUCE | -13.8% |
| 19 | META | META PLATFORMS INC | 110,385 | $72.86M | 1.00% | $660.09 | ADD | +27.0% |
| 20 | ALK | ALASKA AIR GROUP INC | 1,434,517 | $72.16M | 0.99% | $50.30 | NEW | — |
| 21 | ADI | ANALOG DEVICES INC | 263,030 | $71.33M | 0.98% | $271.20 | REDUCE | -13.0% |
| 22 | GFI | GOLD FIELDS LTD | 1,621,076 | $70.78M | 0.97% | $43.66 | ADD | +5.1% |
| 23 | BAP | CREDICORP LTD | 242,024 | $69.46M | 0.96% | $287.00 | ADD | +12.2% |
| 24 | GPK | GRAPHIC PACKAGING HOLDING CO | 4,528,554 | $68.20M | 0.94% | $15.06 | ADD | +74.1% |
| 25 | ZBH | ZIMMER BIOMET HOLDINGS INC | 728,498 | $65.51M | 0.90% | $89.92 | ADD | +25.2% |
| 26 | LYV | LIVE NATION ENTERTAINMENT INC | 447,113 | $63.71M | 0.88% | $142.50 | ADD | +92.4% |
| 27 | DIS | WALT DISNEY CO/THE | 546,064 | $62.13M | 0.85% | $113.77 | REDUCE | -8.4% |
| 28 | SAP | SAP SE | 250,748 | $60.91M | 0.84% | $242.91 | ADD | +29.4% |
| 29 | PHG | KONINKLIJKE PHILIPS NV | 2,198,531 | $59.54M | 0.82% | $27.08 | ADD | +12.3% |
| 30 | CFG | CITIZENS FINANCIAL GROUP INC | 1,014,186 | $59.24M | 0.82% | $58.41 | REDUCE | -7.0% |
| 31 | BP | BP PLC | 1,640,680 | $56.98M | 0.78% | $34.73 | ADD | +3.6% |
| 32 | WHR | WHIRLPOOL CORP | 761,228 | $54.92M | 0.76% | $72.14 | ADD | +23.4% |
| 33 | NGG | NATIONAL GRID PLC | 709,485 | $54.88M | 0.76% | $77.35 | ADD | +5.7% |
| 34 | JOYY | JOYY INC | 812,601 | $52.62M | 0.72% | $64.76 | ADD | +2.9% |
| 35 | PFE | PFIZER INC | 2,091,719 | $52.08M | 0.72% | $24.90 | ADD | +0.9% |
| 36 | SNY | SANOFI SA | 1,063,958 | $51.56M | 0.71% | $48.46 | ADD | +8.6% |
| 37 | APTV | APTIV PLC | 668,620 | $50.88M | 0.70% | $76.09 | REDUCE | -7.5% |
| 38 | NVO | NOVO NORDISK A/S | 993,850 | $50.57M | 0.70% | $50.88 | ADD | +42.8% |
| 39 | RELX | RELX PLC | 1,189,379 | $48.07M | 0.66% | $40.42 | ADD | +64.5% |
| 40 | IR | INGERSOLL RAND INC | 596,771 | $47.28M | 0.65% | $79.22 | ADD | +7.3% |
| 41 | PUK | PRUDENTIAL PLC | 1,508,912 | $46.96M | 0.65% | $31.12 | ADD | +2.3% |
| 42 | BUD | ANHEUSER-BUSCH INBEV SA/NV | 701,343 | $44.91M | 0.62% | $64.04 | ADD | +15.0% |
| 43 | INFY | INFOSYS LTD | 2,482,318 | $44.23M | 0.61% | $17.82 | ADD | +774.3% |
| 44 | PDD | PDD HOLDINGS INC | 371,241 | $42.10M | 0.58% | $113.39 | ADD | +19.9% |
| 45 | DEO | DIAGEO PLC | 485,288 | $41.87M | 0.58% | $86.27 | ADD | +3.9% |
| 46 | PAGS | PAGSEGURO DIGITAL LTD | 4,045,457 | $39.00M | 0.54% | $9.64 | ADD | +3.9% |
| 47 | AU | ANGLOGOLD ASHANTI PLC | 434,260 | $37.56M | 0.52% | $86.49 | ADD | +118.8% |
| 48 | BAH | BOOZ ALLEN HAMILTON HOLDING CORP | 396,332 | $33.43M | 0.46% | $84.36 | NEW | — |
| 49 | BA | BOEING CO/THE | 151,928 | $32.99M | 0.45% | $217.12 | NEW | — |
| 50 | SMIN | ISHARES MSCI INDIA SMALL-CAP ETF | 458,977 | $32.09M | 0.44% | $69.91 | ADD | +24.9% |
| 51 | SHG | SHINHAN FINANCIAL GROUP CO LTD | 579,796 | $31.09M | 0.43% | $53.63 | ADD | +2.4% |
| 52 | WB | WEIBO CORP | 2,992,234 | $30.58M | 0.42% | $10.22 | ADD | +1.4% |
| 53 | TME | TENCENT MUSIC ENTERTAINMENT GROUP | 1,689,576 | $29.62M | 0.41% | $17.53 | REDUCE | -26.1% |
| 54 | NWG | NATWEST GROUP PLC | 1,587,264 | $27.78M | 0.38% | $17.50 | ADD | +10.5% |
| 55 | ING | ING GROEP NV | 982,006 | $27.50M | 0.38% | $28.00 | REDUCE | -38.6% |
| 56 | BTI | BRITISH AMERICAN TOBACCO PLC | 483,138 | $27.36M | 0.38% | $56.62 | ADD | +5.3% |
| 57 | ALLY | ALLY FINANCIAL INC | 600,850 | $27.21M | 0.37% | $45.29 | REDUCE | -5.6% |
| 58 | GGB | GERDAU SA | 7,259,433 | $26.79M | 0.37% | $3.69 | ADD | +1.0% |
| 59 | VEA | VANGUARD FTSE DEVELOPED MARKETS ETF | 421,392 | $26.32M | 0.36% | $62.47 | REDUCE | -17.1% |
| 60 | — | ZIM INTEGRATED SHIPPING SERVICES LTD | 1,213,006 | $25.75M | 0.35% | $21.23 | ADD | +12.0% |
| 61 | QFIN | QFIN HOLDINGS INC | 1,306,636 | $25.18M | 0.35% | $19.27 | ADD | +1.2% |
| 62 | SMFG | SUMITOMO MITSUI FINANCIAL GROUP INC | 1,177,274 | $22.76M | 0.31% | $19.33 | ADD | +47.0% |
| 63 | CLS | CELESTICA INC | 73,302 | $21.71M | 0.30% | $296.20 | REDUCE | -27.2% |
| 64 | INDA | ISHARES MSCI INDIA ETF | 386,205 | $20.87M | 0.29% | $54.05 | REDUCE | -63.4% |
| 65 | JLL | JONES LANG LASALLE INC | 59,456 | $20.01M | 0.28% | $336.47 | REDUCE | -37.2% |
| 66 | SNN | SMITH & NEPHEW PLC | 603,812 | $19.81M | 0.27% | $32.81 | ADD | +5.5% |
| 67 | VIPS | VIPSHOP HOLDINGS LTD | 1,089,598 | $19.27M | 0.27% | $17.69 | ADD | +1.2% |
| 68 | BXP | BXP INC | 272,049 | $18.36M | 0.25% | $67.48 | REDUCE | -6.7% |
| 69 | CGAU | CENTERRA GOLD INC | 1,249,789 | $18.02M | 0.25% | $14.42 | ADD | +44.8% |
| 70 | MT | ARCELORMITTAL SA | 384,849 | $17.54M | 0.24% | $45.57 | REDUCE | -34.4% |
| 71 | HDB | HDFC BANK LTD | 422,279 | $15.43M | 0.21% | $36.54 | ADD | +9.6% |
| 72 | FINV | FINVOLUTION GROUP | 2,761,927 | $14.44M | 0.20% | $5.23 | REDUCE | -2.6% |
| 73 | IBN | ICICI BANK LTD | 477,060 | $14.22M | 0.20% | $29.80 | ADD | +7.3% |
| 74 | EWT | ISHARES MSCI TAIWAN ETF | 190,341 | $12.09M | 0.17% | $63.53 | ADD | +1614.8% |
| 75 | TIGO | MILLICOM INTERNATIONAL CELLULAR SA | 215,950 | $11.97M | 0.16% | $55.44 | ADD | +468.3% |
| 76 | VALE | VALE SA | 904,000 | $11.78M | 0.16% | $13.03 | NEW | — |
| 77 | EWY | ISHARES MSCI SOUTH KOREA ETF | 110,800 | $10.77M | 0.15% | $97.22 | REDUCE | -50.1% |
| 78 | VSS | VANGUARD FTSE ALL WORLD EX-US SMALL-CAP ETF | 72,930 | $10.45M | 0.14% | $143.33 | REDUCE | -19.2% |
| 79 | FSM | FORTUNA MINING CORP | 863,628 | $8.47M | 0.12% | $9.81 | ADD | +645.4% |
| 80 | EFA | ISHARES MSCI EAFE ETF | 83,004 | $7.97M | 0.11% | $96.03 | REDUCE | -98.3% |
| 81 | MOMO | HELLO GROUP INC | 889,397 | $5.83M | 0.08% | $6.55 | REDUCE | -68.2% |
| 82 | — | MAKEMYTRIP LTD | 68,159 | $5.60M | 0.08% | $82.12 | REDUCE | -17.2% |
| 83 | VWO | VANGUARD FTSE EMERGING MARKETS ETF | 60,561 | $3.26M | 0.04% | $53.76 | NEW | — |
| 84 | URTH | ISHARES MSCI WORLD ETF | 10,631 | $1.97M | 0.03% | $185.77 | ADD | +72.8% |
| 85 | GSK | GSK PLC | 33,897 | $1.66M | 0.02% | $49.04 | REDUCE | -97.1% |
| 86 | EZA | ISHARES MSCI SOUTH AFRICA ETF | 22,500 | $1.55M | 0.02% | $68.80 | NEW | — |
| 87 | ACWI | ISHARES MSCI ACWI ETF | 10,935 | $1.55M | 0.02% | $141.49 | ADD | +16.0% |
| 88 | GRTUF | GRANITE REAL ESTATE INVESTMENT TRUST | 23,700 | $1.41M | 0.02% | $59.61 | — | 0% |
| 89 | WIT | WIPRO LTD | 473,301 | $1.34M | 0.02% | $2.84 | REDUCE | -0.5% |
| 90 | EFXT | ENERFLEX LTD | 73,432 | $1.13M | 0.02% | $15.44 | NEW | — |
| 91 | VEU | VANGUARD FTSE ALL-WORLD EX-US ETF | 14,484 | $1.07M | 0.01% | $73.56 | ADD | +49.9% |
| 92 | — | INMODE LTD | 71,829 | $1.06M | 0.01% | $14.69 | NEW | — |
| 93 | ASHR | XTRACKERS HARVEST CSI 300 CHINA A-SHARES ETF | 28,800 | $946.08K | 0.01% | $32.85 | NEW | — |
| 94 | ITRN | ITURAN LOCATION AND CONTROL LTD | 20,439 | $879.08K | 0.01% | $43.01 | — | 0% |
| 95 | NVDA | NVIDIA CORP | 3,758 | $700.87K | 0.01% | $186.50 | REDUCE | -1.2% |
| 96 | MSFT | MICROSOFT CORP | 965 | $466.69K | 0.01% | $483.62 | ADD | +2.7% |
| 97 | EWZ | ISHARES MSCI BRAZIL ETF | 13,800 | $438.43K | 0.01% | $31.77 | NEW | — |
| 98 | BTG | B2GOLD CORP | 94,491 | $426.01K | 0.01% | $4.51 | — | 0% |
| 99 | JBS | JBS NV | 20,994 | $302.73K | 0.00% | $14.42 | REDUCE | -20.2% |
| 100 | AVGO | BROADCOM INC | 827 | $286.23K | 0.00% | $346.10 | NEW | — |
| 101 | NVS | NOVARTIS AG | 1,935 | $266.79K | 0.00% | $137.87 | REDUCE | -5.8% |
| 102 | AAPL | APPLE INC | 898 | $244.13K | 0.00% | $271.86 | REDUCE | -3.1% |
| 103 | PDS | PRECISION DRILLING CORP | 3,291 | $236.46K | 0.00% | $71.85 | NEW | — |
| 104 | FIX | COMFORT SYSTEMS USA INC | 243 | $226.79K | 0.00% | $933.29 | NEW | — |
| 105 | RNR | RENAISSANCERE HOLDINGS LTD | 712 | $200.19K | 0.00% | $281.16 | NEW | — |
| 106 | KEP | KOREA ELECTRIC POWER CORP | 11,202 | $184.84K | 0.00% | $16.50 | REDUCE | -12.2% |
| 107 | PBYI | PUMA BIOTECHNOLOGY INC | 13,310 | $79.19K | 0.00% | $5.95 | REDUCE | -5.6% |
| 108 | INN | SUMMIT HOTEL PROPERTIES INC | 14,838 | $72.26K | 0.00% | $4.87 | — | 0% |
Positions exited in Q4 2025
| Ticker | Issuer | Prior shares |
|---|---|---|
| UNH | UNITEDHEALTH GROUP INC | 64,603 |
| PCG | PG&E CORP | 0 |
| AVTR | AVANTOR INC | 0 |
| EXE | CHESAPEAKE ENERGY CORP | 0 |
| KOF | COCA-COLA FEMSA SAB DE CV | 0 |
| BKNG | BOOKING HOLDINGS INC | 0 |
| IFF | INTERNATIONAL FLAVORS & FRAGRANCES INC | 0 |
| IQ | IQIYI INC | 0 |
| JD | JD.COM INC | 0 |
| MELI | MERCADOLIBRE INC | 0 |
| DQ | DAQO NEW ENERGY CORP | 0 |
| SNX | TD SYNNEX CORP | 0 |
| — | ADECOAGRO SA | 0 |
| ITUB | ITAU UNIBANCO HOLDING SA | 0 |
| BMY | BRISTOL-MYERS SQUIBB CO | 0 |
| JKS | JINKOSOLAR HOLDING CO LTD | 0 |
| ABX | BARRICK GOLD CORP | 0 |
| EMBJ | EMBRAER SA | 0 |
| DGX | QUEST DIAGNOSTICS INC | 0 |
| SHEL | SHELL PLC | 0 |
| 016 | VEREN INC | 0 |
| — | HAFNIA LTD | 0 |
| CNXC | CONCENTRIX CORP | 0 |
| ERO | ERO COPPER CORP | 0 |
| OSUR | ORASURE TECHNOLOGIES INC | 0 |
| RYAAY | RYANAIR HOLDINGS PLC | 0 |
| — | GOLDEN OCEAN GROUP LTD | 0 |
| FISV | FISERV INC | 0 |
| EFV | ISHARES MSCI EAFE VALUE ETF | 0 |
| TAK | TAKEDA PHARMACEUTICAL CO LTD | 0 |
| TECK | TECK RESOURCES LTD | 0 |
| PBR/A | PETROLEO BRASILEIRO SA | 0 |
| OPFI | OPPFI INC | 0 |
| VIST | VISTA ENERGY SAB DE CV | 0 |
| TAC | TRANSALTA CORP | 0 |
| TRMD | TORM PLC | 0 |
| KB | KB FINANCIAL GROUP INC | 0 |
| ZBRA | ZEBRA TECHNOLOGIES CORP | 0 |
| RIO | RIO TINTO PLC | 0 |
| SABR | SABRE CORP | 0 |
| TRMB | TRIMBLE INC | 0 |
| TSN | TYSON FOODS INC | 0 |
| UMC | UNITED MICROELECTRONICS CORP | 0 |
| VET | VERMILION ENERGY INC | 0 |
| CSX | CSX CORP | 0 |
| MNSO | MINISO GROUP HOLDING LTD | 0 |
| BERYEUR | BERRY GLOBAL GROUP INC | 0 |
| ABBV | ABBVIE INC | 0 |
| CLSEUR | CELESTICA INC | 0 |
| ATHM | AUTOHOME INC | 0 |
| ATAT | ATOUR LIFESTYLE HOLDINGS LTD | 611,570 |
| CIGI | COLLIERS INTERNATIONAL GROUP INC | 0 |
| CX | CEMEX SAB DE CV | 0 |
| ERFGBP | ENERPLUS CORP | 0 |
| ADT | ADT INC | 10,929 |
| BBD | BANCO BRADESCO SA | 0 |
| XP | XP INC | 2,538,130 |
| ACN | ACCENTURE PLC | 0 |
| DOX | AMDOCS LTD | 0 |
| APTV | APTIV PLC | 0 |
| ACGL | ARCH CAPITAL GROUP LTD | 0 |
| ARCO | ARCOS DORADOS HOLDINGS INC | 0 |
| CHKP | CHECK POINT SOFTWARE TECHNOLOGIES LTD | 0 |
| CNH | CNH INDUSTRIAL NV | 0 |
| ICLR | ICON PLC | 0 |
| NE | NOBLE CORP PLC | 0 |
| TSEM | TOWER SEMICONDUCTOR LTD | 0 |
| UL | UNILEVER PLC | 0 |
| WTW | WILLIS TOWERS WATSON PLC | 0 |
| STX | SEAGATE TECHNOLOGY HOLDINGS PLC | 0 |
| RDY | DR REDDY'S LABORATORIES LTD | 159,139 |
| UBS | UBS GROUP AG | 0 |
| FXI | ISHARES CHINA LARGE-CAP ETF | 71,000 |
| KSA | ISHARES MSCI SAUDI ARABIA ETF | 194,437 |
| NTES | NETEASE INC | 638,315 |
| ORCL | ORACLE CORP | 166,409 |
| SE | SEA LTD | 153,370 |
| TCOM | TRIP.COM GROUP LTD | 2,748 |
Source: SEC EDGAR 13F-HR filing Feb 13, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001165797.