Historical Stock Holdings
Sarah Ketterer - Causeway Capital Management
| Period | Portfolio Value | Top 20 holdings history (left to right) | |||||||||||||||||||
| 2025 Q4 | $7.24 B |
CCL
Carnival Corp.
14.32% of portfolio |
CP
Canadian Pacific Kansas City
12.82% of portfolio |
SW
Smurfit Westrock Plc
10.22% of portfolio |
DB
Deutsche Bank AG
7.62% of portfolio |
B
Barrick Mining Corp.
3.65% of portfolio |
BABA
Alibaba Group Holdings
2.44% of portfolio |
TSM
Taiwan Semiconductor S.A.
2.15% of portfolio |
CTSH
Cognizant Technology Solutions
1.78% of portfolio |
GOOG
Alphabet Inc. CL C
1.60% of portfolio |
MRK
Merck & Co.
1.52% of portfolio |
CARR
Carrier Global Corp.
1.35% of portfolio |
G
Genpact Ltd.
1.35% of portfolio |
BCS
Barclays plc ADR
1.32% of portfolio |
AZN
AstraZeneca PLC
1.28% of portfolio |
BIIB
Biogen Inc.
1.27% of portfolio |
C
Citigroup Inc.
1.12% of portfolio |
EG
Everest Group Ltd
1.12% of portfolio |
AXS
Axis Capital Holdings Ltd.
1.07% of portfolio |
META
Meta Platforms Inc.
1.01% of portfolio |
ALK
Alaska Air Group
1.00% of portfolio |
| 2025 Q3 | $7.55 B |
CP
Canadian Pacific Kansas City
13.34% of portfolio |
CCL
Carnival Corp.
12.22% of portfolio |
DB
Deutsche Bank AG
8.22% of portfolio |
B
Barrick Mining Corp.
6.82% of portfolio |
EFA
iShares MSCI EAFE ETF
6.13% of portfolio |
SW
Smurfit Westrock Plc
4.24% of portfolio |
BABA
Alibaba Group Holdings
2.92% of portfolio |
GOOG
Alphabet Inc. CL C
2.04% of portfolio |
TSM
Taiwan Semiconductor S.A.
1.88% of portfolio |
C
Citigroup Inc.
1.34% of portfolio |
NTES
NetEase.com Inc.
1.29% of portfolio |
MRK
Merck & Co.
1.26% of portfolio |
CTSH
Cognizant Technology Solutions
1.20% of portfolio |
BCS
Barclays plc ADR
1.19% of portfolio |
CARR
Carrier Global Corp.
1.16% of portfolio |
AZN
AstraZeneca PLC
1.08% of portfolio |
AXS
Axis Capital Holdings Ltd.
1.06% of portfolio |
BIIB
Biogen Inc.
1.05% of portfolio |
G
Genpact Ltd.
1.04% of portfolio |
ADI
Analog Devices
0.98% of portfolio |
| 2025 Q2 | $6.31 B |
CP
Canadian Pacific Kansas City
18.44% of portfolio |
CCL
Carnival Corp.
12.98% of portfolio |
DB
Deutsche Bank AG
9.04% of portfolio |
B
Barrick Mining Corp.
5.81% of portfolio |
SW
Smurfit Westrock Plc
4.80% of portfolio |
BABA
Alibaba Group Holdings
2.23% of portfolio |
GOOG
Alphabet Inc. CL C
2.03% of portfolio |
TSM
Taiwan Semiconductor S.A.
1.86% of portfolio |
C
Citigroup Inc.
1.70% of portfolio |
CTSH
Cognizant Technology Solutions
1.46% of portfolio |
BCS
Barclays plc ADR
1.37% of portfolio |
ADI
Analog Devices
1.34% of portfolio |
MRK
Merck & Co.
1.23% of portfolio |
DIS
Walt Disney Co.
1.23% of portfolio |
META
Meta Platforms Inc.
1.12% of portfolio |
AZN
AstraZeneca PLC
1.06% of portfolio |
AXS
Axis Capital Holdings Ltd.
1.04% of portfolio |
G
Genpact Ltd.
1.00% of portfolio |
BIIB
Biogen Inc.
0.98% of portfolio |
JD
JD.com Inc.
0.96% of portfolio |
| 2025 Q1 | $4.77 B |
CP
Canadian Pacific Kansas City
25.33% of portfolio |
CCL
Carnival Corp.
10.88% of portfolio |
B
Barrick Mining Corp.
4.82% of portfolio |
BABA
Alibaba Group Holdings
3.76% of portfolio |
SW
Smurfit Westrock Plc
2.55% of portfolio |
GOOG
Alphabet Inc. CL C
2.29% of portfolio |
C
Citigroup Inc.
2.01% of portfolio |
DIS
Walt Disney Co.
1.97% of portfolio |
ZBH
Zimmer Biomet Holdings
1.91% of portfolio |
TSM
Taiwan Semiconductor S.A.
1.81% of portfolio |
ADI
Analog Devices
1.79% of portfolio |
MRK
Merck & Co.
1.69% of portfolio |
JD
JD.com Inc.
1.55% of portfolio |
AXS
Axis Capital Holdings Ltd.
1.53% of portfolio |
CTSH
Cognizant Technology Solutions
1.47% of portfolio |
BCS
Barclays plc ADR
1.45% of portfolio |
ORCL
Oracle Corp.
1.44% of portfolio |
AZN
AstraZeneca PLC
1.32% of portfolio |
META
Meta Platforms Inc.
1.28% of portfolio |
BIIB
Biogen Inc.
1.24% of portfolio |
| 2024 Q4 | $4.32 B |
CP
Canadian Pacific Kansas City
25.88% of portfolio |
CHKP
Check Point Software Technologies
8.35% of portfolio |
B
Barrick Mining Corp.
3.99% of portfolio |
SW
Smurfit Westrock Plc
3.32% of portfolio |
GOOG
Alphabet Inc. CL C
2.63% of portfolio |
TSM
Taiwan Semiconductor S.A.
2.42% of portfolio |
DIS
Walt Disney Co.
2.17% of portfolio |
C
Citigroup Inc.
2.01% of portfolio |
ZBH
Zimmer Biomet Holdings
1.88% of portfolio |
BABA
Alibaba Group Holdings
1.87% of portfolio |
BCS
Barclays plc ADR
1.83% of portfolio |
ADI
Analog Devices
1.81% of portfolio |
SNX
SYNNEX Corp.
1.62% of portfolio |
AXS
Axis Capital Holdings Ltd.
1.50% of portfolio |
CTSH
Cognizant Technology Solutions
1.46% of portfolio |
VEA
Vanguard FTSE Developed ETF
1.40% of portfolio |
META
Meta Platforms Inc.
1.35% of portfolio |
MRK
Merck & Co.
1.35% of portfolio |
AZN
AstraZeneca PLC
1.26% of portfolio |
BA
Boeing Co.
1.24% of portfolio |
| 2024 Q3 | $3.94 B |
CP
Canadian Pacific Kansas City
19.00% of portfolio |
CHKP
Check Point Software Technologies
7.06% of portfolio |
SW
Smurfit Westrock Plc
5.27% of portfolio |
EFA
iShares MSCI EAFE ETF
2.76% of portfolio |
DIS
Walt Disney Co.
2.70% of portfolio |
PDD
Pinduoduo Inc.
2.63% of portfolio |
BABA
Alibaba Group Holdings
2.39% of portfolio |
GOOG
Alphabet Inc. CL C
2.38% of portfolio |
TSM
Taiwan Semiconductor S.A.
2.33% of portfolio |
ZBH
Zimmer Biomet Holdings
2.18% of portfolio |
C
Citigroup Inc.
2.04% of portfolio |
ADI
Analog Devices
1.99% of portfolio |
SNX
SYNNEX Corp.
1.93% of portfolio |
CTSH
Cognizant Technology Solutions
1.91% of portfolio |
PCG
PG&E Corp.
1.91% of portfolio |
G
Genpact Ltd.
1.75% of portfolio |
ORCL
Oracle Corp.
1.72% of portfolio |
BCS
Barclays plc ADR
1.68% of portfolio |
PFE
Pfizer Inc.
1.63% of portfolio |
META
Meta Platforms Inc.
1.53% of portfolio |
| 2024 Q2 | $3.55 B |
CP
Canadian Pacific Kansas City
17.81% of portfolio |
RYAAY
Ryanair Holdings PLC
7.22% of portfolio |
PDD
Pinduoduo Inc.
2.79% of portfolio |
DIS
Walt Disney Co.
2.76% of portfolio |
GOOG
Alphabet Inc. CL C
2.53% of portfolio |
TSM
Taiwan Semiconductor S.A.
2.48% of portfolio |
META
Meta Platforms Inc.
2.15% of portfolio |
C
Citigroup Inc.
2.09% of portfolio |
PCG
PG&E Corp.
2.08% of portfolio |
SNX
SYNNEX Corp.
2.08% of portfolio |
ZBH
Zimmer Biomet Holdings
2.02% of portfolio |
ADI
Analog Devices
1.99% of portfolio |
ORCL
Oracle Corp.
1.98% of portfolio |
G
Genpact Ltd.
1.91% of portfolio |
DGX
Quest Diagnostics
1.84% of portfolio |
FISV
Fiserv Inc.
1.81% of portfolio |
CTSH
Cognizant Technology Solutions
1.71% of portfolio |
JLL
Jones Lang Lasalle Inc.
1.66% of portfolio |
BCS
Barclays plc ADR
1.63% of portfolio |
PFE
Pfizer Inc.
1.58% of portfolio |
| 2024 Q1 | $3.68 B |
CP
Canadian Pacific Kansas City
16.21% of portfolio |
RYAAY
Ryanair Holdings PLC
10.83% of portfolio |
GOOG
Alphabet Inc. CL C
3.22% of portfolio |
DIS
Walt Disney Co.
2.74% of portfolio |
PBR.A
Petroleo Brasil Sp Pref ADR
2.69% of portfolio |
SNX
SYNNEX Corp.
2.38% of portfolio |
C
Citigroup Inc.
2.19% of portfolio |
PDD
Pinduoduo Inc.
2.16% of portfolio |
ZBRA
Zebra Technologies Corp.
2.06% of portfolio |
PCG
PG&E Corp.
1.96% of portfolio |
ADI
Analog Devices
1.91% of portfolio |
FISV
Fiserv Inc.
1.85% of portfolio |
ZBH
Zimmer Biomet Holdings
1.82% of portfolio |
TSM
Taiwan Semiconductor S.A.
1.81% of portfolio |
JLL
Jones Lang Lasalle Inc.
1.81% of portfolio |
DGX
Quest Diagnostics
1.81% of portfolio |
IFF
International Flavors & Fragrances Inc.
1.80% of portfolio |
G
Genpact Ltd.
1.79% of portfolio |
BABA
Alibaba Group Holdings
1.65% of portfolio |
META
Meta Platforms Inc.
1.59% of portfolio |
| 2023 Q4 | $3.71 B |
RYAAY
Ryanair Holdings PLC
12.26% of portfolio |
CP
Canadian Pacific Kansas City
11.92% of portfolio |
UBS
UBS AG
4.02% of portfolio |
DIS
Walt Disney Co.
2.68% of portfolio |
PDD
Pinduoduo Inc.
2.59% of portfolio |
GOOG
Alphabet Inc. CL C
2.52% of portfolio |
SNX
SYNNEX Corp.
2.32% of portfolio |
G
Genpact Ltd.
2.23% of portfolio |
C
Citigroup Inc.
2.12% of portfolio |
IFF
International Flavors & Fragrances Inc.
2.11% of portfolio |
ZBRA
Zebra Technologies Corp.
2.07% of portfolio |
BABA
Alibaba Group Holdings
1.96% of portfolio |
FISV
Fiserv Inc.
1.93% of portfolio |
JLL
Jones Lang Lasalle Inc.
1.87% of portfolio |
ZBH
Zimmer Biomet Holdings
1.85% of portfolio |
DGX
Quest Diagnostics
1.83% of portfolio |
ABBV
AbbVie Inc.
1.68% of portfolio |
PBR.A
Petroleo Brasil Sp Pref ADR
1.67% of portfolio |
AVTR
Avantor Inc.
1.58% of portfolio |
PCG
PG&E Corp.
1.55% of portfolio |
| 2023 Q3 | $3.57 B |
RYAAY
Ryanair Holdings PLC
11.21% of portfolio |
EFA
iShares MSCI EAFE ETF
9.25% of portfolio |
CP
Canadian Pacific Kansas City
8.56% of portfolio |
UBS
UBS AG
6.25% of portfolio |
BABA
Alibaba Group Holdings
2.75% of portfolio |
GOOG
Alphabet Inc. CL C
2.59% of portfolio |
DIS
Walt Disney Co.
2.47% of portfolio |
G
Genpact Ltd.
2.19% of portfolio |
SNX
SYNNEX Corp.
2.18% of portfolio |
FISV
Fiserv Inc.
2.10% of portfolio |
PDD
Pinduoduo Inc.
1.82% of portfolio |
C
Citigroup Inc.
1.76% of portfolio |
DGX
Quest Diagnostics
1.67% of portfolio |
ABBV
AbbVie Inc.
1.66% of portfolio |
EXE
Expand Energy Corp.
1.63% of portfolio |
AVTR
Avantor Inc.
1.52% of portfolio |
MDLZ
Mondelez International
1.50% of portfolio |
CNXC
Concentrix Corp.
1.48% of portfolio |
IFF
International Flavors & Fragrances Inc.
1.44% of portfolio |
ZBRA
Zebra Technologies Corp.
1.37% of portfolio |
| 2023 Q2 | $3.61 B |
RYAAY
Ryanair Holdings PLC
23.03% of portfolio |
CNI
Canadian Natl Railway Co.
9.71% of portfolio |
UBS
UBS AG
5.00% of portfolio |
TSM
Taiwan Semiconductor S.A.
3.95% of portfolio |
GOOG
Alphabet Inc. CL C
2.76% of portfolio |
FISV
Fiserv Inc.
2.28% of portfolio |
BABA
Alibaba Group Holdings
2.21% of portfolio |
G
Genpact Ltd.
2.10% of portfolio |
DIS
Walt Disney Co.
2.07% of portfolio |
C
Citigroup Inc.
1.90% of portfolio |
WRK-OLD
WestRock Co.
1.70% of portfolio |
SNX
SYNNEX Corp.
1.65% of portfolio |
PDD
Pinduoduo Inc.
1.59% of portfolio |
META
Meta Platforms Inc.
1.56% of portfolio |
MDLZ
Mondelez International
1.51% of portfolio |
AVTR
Avantor Inc.
1.47% of portfolio |
VIPS
Vipshop Holdings Ltd
1.37% of portfolio |
LDOS
Leidos Holdings
1.37% of portfolio |
BERY-OLD
Berry Global Group Inc.
1.34% of portfolio |
ABBV
AbbVie Inc.
1.27% of portfolio |
| 2023 Q1 | $3.99 B |
RYAAY
Ryanair Holdings PLC
21.85% of portfolio |
CNI
Canadian Natl Railway Co.
13.98% of portfolio |
TSM
Taiwan Semiconductor S.A.
6.38% of portfolio |
UBS
UBS AG
5.11% of portfolio |
BABA
Alibaba Group Holdings
3.41% of portfolio |
GOOG
Alphabet Inc. CL C
2.38% of portfolio |
DIS
Walt Disney Co.
1.98% of portfolio |
FISV
Fiserv Inc.
1.94% of portfolio |
CNXC
Concentrix Corp.
1.91% of portfolio |
G
Genpact Ltd.
1.71% of portfolio |
META
Meta Platforms Inc.
1.71% of portfolio |
C
Citigroup Inc.
1.67% of portfolio |
WRK-OLD
WestRock Co.
1.62% of portfolio |
CARR
Carrier Global Corp.
1.59% of portfolio |
PDD
Pinduoduo Inc.
1.56% of portfolio |
MDLZ
Mondelez International
1.45% of portfolio |
BERY-OLD
Berry Global Group Inc.
1.44% of portfolio |
ZBH
Zimmer Biomet Holdings
1.37% of portfolio |
TME
Tencent Music Entertainment Grp
1.32% of portfolio |
BAP
Credicorp Ltd.
1.28% of portfolio |
| 2022 Q4 | $3.42 B |
RYAAY
Ryanair Holdings PLC
16.83% of portfolio |
CNI
Canadian Natl Railway Co.
14.71% of portfolio |
TSM
Taiwan Semiconductor S.A.
6.66% of portfolio |
BABA
Alibaba Group Holdings
3.57% of portfolio |
CNXC
Concentrix Corp.
2.45% of portfolio |
DIS
Walt Disney Co.
2.00% of portfolio |
G
Genpact Ltd.
1.99% of portfolio |
PDD
Pinduoduo Inc.
1.94% of portfolio |
FISV
Fiserv Inc.
1.91% of portfolio |
BERY-OLD
Berry Global Group Inc.
1.91% of portfolio |
BKNG
Booking Holdings Inc.
1.86% of portfolio |
LVS
Las Vegas Sands Corp.
1.82% of portfolio |
GOOG
Alphabet Inc. CL C
1.78% of portfolio |
CARR
Carrier Global Corp.
1.74% of portfolio |
C
Citigroup Inc.
1.72% of portfolio |
ZBH
Zimmer Biomet Holdings
1.61% of portfolio |
GE
GE Aerospace
1.61% of portfolio |
IBN
ICICI Bank Ltd.
1.57% of portfolio |
WRK-OLD
WestRock Co.
1.53% of portfolio |
MDLZ
Mondelez International
1.49% of portfolio |