Sarah Ketterer (Causeway Capital Management) portfolio: Q2 2026 13F
Every US-listed position Causeway Capital Management reported in its 13F for Q2 2026, the quarter ended Jun 30, 2026, filed with the SEC on Aug 13, 2026. 122 positions at the quarter end, after opening 22 and exiting 7 during it.
50 largest positions
| Ticker | Company | Allocation | Value | Shares | Change |
|---|---|---|---|---|---|
| AZN | AstraZeneca plc | 18.97% | $1.75B | 9,357,390 | Added |
| CCL | Carnival Corp Ltd. | 12.74% | $1.18B | 41,190,606 | Added |
| DB | Deutsche Bank Aktiengesellschaft | 10.77% | $994.16M | 29,358,318 | Added |
| SW | Smurfit Westrock plc | 7.53% | $695.71M | 15,039,041 | Trimmed |
| CP | Canadian Pacific Kansas City Ltd | 6.30% | $581.66M | 6,711,483 | Trimmed |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | 2.75% | $254.09M | 532,052 | Added |
| ALK | Alaska Air Group, Inc. | 1.80% | $166.16M | 3,183,163 | Added |
| CARR | Carrier Global Corp | 1.73% | $159.79M | 2,178,506 | Added |
| LYV | Live Nation Entertainment, Inc. | 1.40% | $129.33M | 706,301 | Added |
| MRK | Merck & Co., Inc. | 1.33% | $122.71M | 954,932 | Added |
| META | Meta Platforms, Inc. | 1.23% | $113.48M | 201,459 | Added |
| GOOG | Alphabet Inc. | 1.21% | $111.73M | 316,217 | Trimmed |
| BCS | Barclays plc | 1.16% | $106.79M | 3,975,718 | Trimmed |
| BAP | Credicorp Ltd | 1.08% | $99.51M | 255,436 | Added |
| SAP | SAP SE | 1.05% | $97.06M | 629,801 | Added |
| BABA | Alibaba Group Holding Ltd | 1.03% | $95.50M | 995,040 | Trimmed |
| AXS | AXIS Capital Holdings Ltd | 1.00% | $92.37M | 859,727 | Added |
| EG | Everest Group, Ltd. | 0.98% | $90.27M | 252,702 | Added |
| IR | Ingersoll Rand Inc. | 0.92% | $84.75M | 1,033,693 | Added |
| PHG | Koninklijke Philips NV | 0.90% | $83.25M | 3,061,962 | Added |
| NVO | Novo Nordisk A S | 0.87% | $80.42M | 1,677,615 | Added |
| JLL | Jones Lang LaSalle Inc | 0.83% | $76.95M | 248,252 | Added |
| CFG | Citizens Financial Group Inc | 0.82% | $75.47M | 1,077,093 | Added |
| NTES | NetEase, Inc. | 0.79% | $73.35M | 572,412 | New |
| DEO | Diageo plc | 0.78% | $72.26M | 899,015 | Added |
| ZBH | Zimmer Biomet Holdings, Inc. | 0.74% | $67.91M | 788,810 | Trimmed |
| BA | Boeing Co | 0.73% | $67.77M | 313,048 | Trimmed |
| C | Citigroup Inc | 0.70% | $64.22M | 458,858 | Trimmed |
| NWG | NatWest Group plc | 0.67% | $61.48M | 3,487,290 | Added |
| BIIB | Biogen Inc. | 0.65% | $60.13M | 278,283 | Trimmed |
| GFI | Gold Fields Ltd | 0.62% | $57.55M | 1,713,233 | Added |
| ADI | Analog Devices Inc | 0.61% | $56.42M | 142,050 | Trimmed |
| RELX | RELX plc | 0.60% | $55.81M | 1,762,329 | Trimmed |
| AU | AngloGold Ashanti PLC | 0.60% | $55.74M | 688,027 | Trimmed |
| ING | ING Groep NV | 0.57% | $53.05M | 1,690,687 | Added |
| BAH | Booz Allen Hamilton Holding Corp | 0.56% | $51.57M | 849,966 | Trimmed |
| TXN | Texas Instruments Inc | 0.54% | $49.63M | 166,496 | Trimmed |
| NGG | National Grid plc | 0.53% | $48.91M | 590,240 | Added |
| DTE | DTE Energy Co | 0.53% | $48.84M | 320,526 | Trimmed |
| PFE | Pfizer Inc | 0.50% | $46.16M | 1,916,801 | Added |
| PBR-A | Petrobras - Petroleo Brasileiro SA | 0.49% | $45.33M | 3,096,624 | Added |
| PUK | Prudential plc | 0.49% | $45.29M | 1,689,218 | Added |
| SNN | Smith & Nephew plc | 0.49% | $45.09M | 1,565,167 | Added |
| TAL | TAL Education Group | 0.43% | $39.48M | 4,125,430 | Added |
| SMIN | iShares MSCI India Small-Cap ETF | 0.42% | $38.40M | 542,849 | Added |
| UNH | UnitedHealth Group Inc | 0.39% | $36.35M | 87,447 | Added |
| DIS | Walt Disney Co | 0.38% | $34.71M | 360,600 | Trimmed |
| SNY | Sanofi | 0.37% | $34.30M | 804,056 | Trimmed |
| BTI | British American Tobacco p.l.c. | 0.37% | $33.84M | 547,925 | Added |
| SMFG | Sumitomo Mitsui Financial Group, Inc. | 0.36% | $32.84M | 1,392,610 | Added |
Showing the 50 largest of 122 positions by allocation. The full portfolio, sortable by value, allocation and share count, loads below.
What changed in Q2 2026
| Action | Ticker | Company | Share change | Value |
|---|---|---|---|---|
| Added | AZN | AstraZeneca plc | +1,935,641 | $1.75B |
| Added | CCL | Carnival Corp Ltd. | +4,094,013 | $1.18B |
| Added | DB | Deutsche Bank Aktiengesellschaft | +4,396,284 | $994.16M |
| Trimmed | SW | Smurfit Westrock plc | -526,987 | $695.71M |
| Trimmed | CP | Canadian Pacific Kansas City Ltd | -2,080,898 | $581.66M |
| Added | TSM | Taiwan Semiconductor Manufacturing Co Ltd | +23,581 | $254.09M |
| Added | ALK | Alaska Air Group, Inc. | +680,952 | $166.16M |
| Added | CARR | Carrier Global Corp | +75,628 | $159.79M |
| Added | LYV | Live Nation Entertainment, Inc. | +179,883 | $129.33M |
| Added | MRK | Merck & Co., Inc. | +100,720 | $122.71M |
| Added | META | Meta Platforms, Inc. | +56,660 | $113.48M |
| Trimmed | GOOG | Alphabet Inc. | -21,081 | $111.73M |
| Trimmed | BCS | Barclays plc | -98,349 | $106.79M |
| Added | BAP | Credicorp Ltd | +10,323 | $99.51M |
| Added | SAP | SAP SE | +173,796 | $97.06M |
| Trimmed | BABA | Alibaba Group Holding Ltd | -73,850 | $95.50M |
| Added | AXS | AXIS Capital Holdings Ltd | +43,933 | $92.37M |
| Added | EG | Everest Group, Ltd. | +2,694 | $90.27M |
| Added | IR | Ingersoll Rand Inc. | +407,631 | $84.75M |
| Added | PHG | Koninklijke Philips NV | +605,772 | $83.25M |
| Added | NVO | Novo Nordisk A S | +503,402 | $80.42M |
| Added | JLL | Jones Lang LaSalle Inc | +61,978 | $76.95M |
| Added | CFG | Citizens Financial Group Inc | +28,567 | $75.47M |
| New | NTES | NetEase, Inc. | +572,412 | $73.35M |
| Added | DEO | Diageo plc | +232,701 | $72.26M |
The 25 largest changes by value. The full quarter, filterable by action, loads below.
About these holdings
The 13F on record for Sarah Ketterer (Causeway Capital Management LLC), filed on Aug 13, 2026, reports 122 positions as of Jun 30, 2026. The largest is AstraZeneca plc (AZN) at 19.0% of the reported portfolio, followed by Carnival Corp Ltd. (CCL, 12.7%) and Deutsche Bank Aktiengesellschaft (DB, 10.8%). The ten largest make up 65.3% of it. Against the previous quarter, it opened 22 new positions, added to 49, trimmed 46 and sold out of 7. The largest new position is NetEase, Inc. (NTES), at 0.8% of the portfolio. The largest position it added to is AstraZeneca plc (AZN), now 19.0%. The largest it sold out of, by its value the quarter before, is Whirlpool Corp (WHR).
AstraZeneca plc (AZN), the largest position, is also held by Ken Griffin, Polen Capital Mgmt and Dodge & Cox.
Other investors
Christopher DavisRichard PzenaJohn RogersBill NygrenDavid KatzLee AinslieRobert OlsteinPolen Capital Mgmt