CAUSEWAY CAPITAL MANAGEMENT LLC
Long book
$8.15B
Q1 2026
Positions
107
Top-10 weight
62%
concentration
Last quarter
+6.7%
SPY +14.8%
Turnover
22%
of book per quarter
Strategy in plain words
auto-generated from filingsCAUSEWAY CAPITAL MANAGEMENT LLC is a diversified fundamental manager, running a $8.15B US long book across 107 positions.
The portfolio is concentrated: the top 10 names carry 62% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: ASTRAZENECA PLC, CARNIVAL CORP LTD, DEUTSCHE BANK AG-REGISTERED, CANADIAN PACIFIC KANSAS CITY, SMURFIT WESTROCK PLC.
Over the last 9 quarters its long book ran on average 1pp per quarter behind the S&P 500, beating the index in 6 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.8%
Q2 2024
+9.0%
Q3 2024
-4.2%
Q4 2024
+1.7%
Q1 2025
+11.0%
Q2 2025
+8.7%
Q3 2025
+4.5%
Q4 2025
-3.4%
Q1 2026
+6.7%
Sector allocation
Industrials 32%
Healthcare 27%
Other 20%
Technology 6%
Financials 6%
Services media 4%
Materials 2%
Real estate 1%
Long book by quarter
What does CAUSEWAY CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AZN ASTRAZENECA PLC | Healthcare | 7.4M | $1.44B | 17.7% | New |
| CCL CARNIVAL CORP LTD | Industrials | 37.1M | $960.1M | 11.8% | +9.3% |
| DBK DEUTSCHE BANK AG-REGISTERED | — | 25.0M | $723.3M | 8.9% | +75.9% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 8.8M | $689.9M | 8.5% | -30.2% |
| SW SMURFIT WESTROCK PLC | Other | 15.6M | $620.3M | 7.6% | -18.6% |
| CARR CARRIER GLOBAL CORP | Industrials | 2.1M | $118.4M | 1.5% | +13.7% |
| MRK MERCK & CO. INC. | Healthcare | 854.2K | $102.8M | 1.3% | -18.2% |
| GOOG ALPHABET INC-CL C | Technology | 337.3K | $96.8M | 1.2% | -8.8% |
| CTSH COGNIZANT TECH SOLUTIONS-A | Technology | 1.5M | $92.3M | 1.1% | -3.1% |
| ALK ALASKA AIR GROUP INC | Industrials | 2.5M | $92.0M | 1.1% | +74.4% |
| AU ANGLOGOLD ASHANTI PLC | Materials | 898.8K | $86.2M | 1.1% | +107.0% |
| BAP CREDICORP LTD | Financials | 245.1K | $83.1M | 1.0% | +1.3% |
| META META PLATFORMS INC-CLASS A | Technology | 144.8K | $82.8M | 1.0% | +31.2% |
| AXS AXIS CAPITAL HOLDINGS LTD | Financials | 815.8K | $82.7M | 1.0% | +13.1% |
| EG EVEREST GROUP LTD | Financials | 250.0K | $81.7M | 1.0% | +4.8% |
| LYV LIVE NATION ENTERTAINMENT IN | Services media | 526.4K | $80.3M | 1.0% | +17.7% |
| ZBH ZIMMER BIOMET HOLDINGS INC | Healthcare | 808.1K | $73.1M | 0.9% | +10.9% |
| G GENPACT LTD | Services media | 1.9M | $72.6M | 0.9% | -6.5% |
| C CITIGROUP INC | Financials | 634.9K | $72.0M | 0.9% | -9.0% |
| PHG KONINKLIJKE PHILIPS NVR- NY | Healthcare | 2.5M | $67.3M | 0.8% | +11.7% |
| BAH BOOZ ALLEN HAMILTON HOLDINGS | Services media | 857.5K | $66.9M | 0.8% | +116.3% |
| WHR WHIRLPOOL CORP | Industrials | 1.2M | $64.8M | 0.8% | +57.9% |
| ADI ANALOG DEVICES INC | Technology | 201.8K | $64.2M | 0.8% | -23.3% |
| CFG CITIZENS FINANCIAL GROUP | Financials | 1.0M | $62.9M | 0.8% | +3.4% |
| BA BOEING CO/THE | Industrials | 313.9K | $62.5M | 0.8% | +106.6% |
| JLL JONES LANG LASALLE INC | Real estate | 186.3K | $56.7M | 0.7% | +213.3% |
| DIS WALT DISNEY CO/THE | Services media | 559.9K | $54.0M | 0.7% | +2.5% |
| PFE PFIZER INC | Healthcare | 1.9M | $53.8M | 0.7% | -8.5% |
| BIIB BIOGEN INC | Healthcare | 280.8K | $51.5M | 0.6% | -46.1% |
| IR INGERSOLL-RAND INC | Industrials | 626.1K | $50.2M | 0.6% | +4.9% |
| APTV APTIV PLC | Industrials | 683.5K | $47.5M | 0.6% | +2.2% |
| DTE DTE ENERGY COMPANY | Utilities | 322.0K | $47.1M | 0.6% | New |
| PAGS PAGSEGURO DIGITAL LTD-CL A | Technology | 4.0M | $40.5M | 0.5% | 0.0% |
| TXN TEXAS INSTRUMENTS INC | Technology | 206.2K | $40.0M | 0.5% | New |
| ZIM ZIM INTEGRATED SHIPPING SERV | Industrials | 889.5K | $23.4M | 0.3% | -26.7% |
| CGAU CENTERRA GOLD INC | Materials | 1.2M | $22.1M | 0.3% | -0.4% |
| UNH UNITEDHEALTH GROUP INC | Financials | 71.9K | $19.4M | 0.2% | New |
| TIGO MILLICOM INTL CELLULAR S.A. | Communications | 208.7K | $15.6M | 0.2% | -3.3% |
| MT ARCELORMITTAL-NY REGISTERED | Industrials | 265.7K | $13.8M | 0.2% | -31.0% |
| FSM FORTUNA MINING CORP | Materials | 1.3M | $12.4M | 0.2% | +44.9% |
| CLS CELESTICA INC | Technology | 24.8K | $7.0M | 0.1% | -66.2% |
| MMYT MAKEMYTRIP LTD | Industrials | 64.5K | $2.4M | 0.0% | -5.3% |
| EFXT ENERFLEX LTD | Industrials | 52.9K | $1.1M | 0.0% | -27.9% |
| ITRN ITURAN LOCATION AND CONTROL | Consumer discretionary | 20.4K | $1.0M | 0.0% | Held |
| INMD INMODE LTD | Healthcare | 71.8K | $983K | 0.0% | Held |
| NVDA NVIDIA CORP | Technology | 3.6K | $626K | 0.0% | -4.5% |
| BTG B2GOLD CORP | Materials | 94.5K | $428K | 0.0% | Held |
| HAFN HAFNIA LTD | Industrials | 54.4K | $416K | 0.0% | New |
| JBS JBS NV-A | Consumer staples | 21.0K | $377K | 0.0% | Held |
| PDS PRECISION DRILLING CORP | Energy | 3.3K | $323K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 107 | $8.15B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 108 | $7.27B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 105 | $7.57B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 99 | $6.32B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 90 | $4.78B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 107 | $4.39B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 97 | $4.07B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 90 | $3.67B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 89 | $3.82B | canonical | SEC ↗ |
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