Causeway Capital Management Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

Causeway’s investment philosophy has historically been rooted in "value with a catalyst." They seek companies trading at low multiples of earnings or cash flow but require a clear path to improvement—be it through restructuring, management changes, or industry-wide turnarounds. In Q4 2025, the institutional portrait that emerges is one of extreme conviction . With 107 holdings , the portfolio might appear diversified at first glance, but a deeper look at the concentration levels tells a different story. The top three holdings alone— CCL (Carnival Corporation & plc) , CP (Canadian Pacific Kansas City Limited) , and SW (Smurfit Westrock Plc) —account for a staggering 37.22% of the total portfolio. This level of "top-heavy" concentration is characteristic of a manager who is willing to place massive bets when the risk-reward profile aligns with their rigorous fundamental research.

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II. Sector Allocation Analysis

The most striking feature of the portfolio is the 30.75% allocation to Consumer Discretionary. In a typical diversified portfolio, this sector might hover between 10% and 15%. Causeway’s double-weighting here is driven almost entirely by their massive conviction in CCL (Carnival Corporation) . This suggests a macro judgment that the "revenge travel" trend has transitioned into a sustainable, long-term recovery. Ketterer is betting that the consumer, despite inflationary pressures, remains resilient in their desire for experiences over goods. This is a high-beta play that signals a lack of fear regarding a near-term recession. If Causeway believed a significant economic downturn was imminent, they would not hold nearly a third of their assets in the most economically sensitive sector.

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III. Top 10 Holdings Deep Dive

The most notable move in the lower half is the 61.17% reduction in B (Barrick Gold) . This is a massive retreat from the gold mining sector. It suggests that Causeway is rotating out of "inflation hedges" or "safe havens" and into more productive industrial assets. Similarly, the 41.47% reduction in GOOG (Alphabet) indicates a tactical retreat from "Big Tech" as valuations in that sector became stretched compared to the "old economy" value plays Ketterer prefers.

The Top 10 holdings reveal a portfolio that is cyclically aggressive but fundamentally grounded . It is dominated by large-cap companies with tangible assets (ships, railroads, factories, banks). There is a clear preference for companies undergoing significant structural changes (mergers like CP/KSU and Smurfit/Westrock). The risk-return profile is skewed toward "valuation repair"—buying assets that were unloved or distressed and waiting for the fundamental recovery to manifest.

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IV. Major Buys/Additions

The additions are heavily clustered in Industrials and Travel-related Discretionary . This reveals a firm belief that the "physical economy" is where the next leg of the bull market resides. The move into Live Nation (LYV) , with a 92.39% increase , further reinforces the "experience economy" theme. People are not just traveling; they are going to concerts and events. Causeway is following the consumer’s wallet, which is currently open for experiences.

The total estimated buy scale is dominated by the $450M+ move into Smurfit Westrock. This was likely funded by the $400M+ reduction in Barrick Gold. This is a perfect example of "Inventory Reallocation." Causeway is moving capital from a "passive" asset (gold) into an "active" industrial asset (packaging). They are trading a hedge for a growth engine.

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V. Major Sells and Exits

The quality of these exits appears high. Most were either in positions with significant gains (Oracle, Alphabet) or in sectors where the macro thesis has shifted (Gold). The "tail cleanup" of smaller positions like Sea Limited and Atour Lifestyle shows a desire to reduce "noise" in the portfolio and focus the team’s research efforts on the core 20-30 names that drive performance.

The primary risk signal here is the retreat from Gold . This suggests that Causeway is not particularly worried about a systemic financial collapse or a hyper-inflationary spiral. They are betting on a "normalizing" world. The exit from NetEase also suggests a more cautious approach to the Chinese consumer market, perhaps preferring to play global travel (Carnival) instead of domestic Chinese entertainment.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

Incomplete Picture : 13F filings only require the disclosure of long equity positions . They do not show short positions, options, fixed income, or cash holdings. Causeway’s true risk profile may be hedged by instruments not visible in this report. 3. Institutional Context : Sarah Ketterer’s moves are dictated by Causeway’s specific mandates, risk tolerances, and liquidity requirements. What is a "value play" for a multi-billion dollar fund may be an inappropriate risk for an individual investor. 4. No "Intra-Quarter" Visibility : We see the "before" and "after" (Q3 vs Q4), but we do not see the trading process. A "New Buy" could have been bought in October and sold in January, which we would not know until the next filing. 5. Concentration Risk : The extreme concentration in the top 3 holdings (37%+) means that any idiosyncratic shock to the cruise industry or the packaging sector would have a disproportionate impact on the portfolio.

Disclaimer : This analysis is for informational purposes only and does not constitute investment advice. All investment decisions involve risk, and past performance is not indicative of future results. Investors should conduct their own research or consult with a financial advisor before making any trades based on institutional holdings data.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.