Sarah Ketterer - Causeway Capital Management Portfolio (Q1 2026)

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Causeway Capital Management, Sarah Ketterer, has built a diversified portfolio of 104 publicly traded holdings with a total market value of $8.1B as of Mar 31, 2026. This comprehensive analysis examines the latest 13F filing data to understand the investment strategy and recent portfolio adjustments.

The portfolio demonstrates a concentrated approach to stock selection, with the top holding representing 11.8% of the total portfolio value. The top 5 holdings account for 38.9% of the overall portfolio allocation.

Recent portfolio activity shows 10 significant position adjustments, indicating active portfolio management and strategic repositioning. These changes reflect the investor's response to market conditions and evolving investment thesis.

Portfolio Statistics

104
Total Holdings
$8.1B
Portfolio Value
Mar 31, 2026
Latest Filing
11.8%
Largest Position

Top Holdings Analysis

The portfolio's top holdings reveal the investor's core investment thesis and sector preferences. The largest position in CARNIVAL CORP (CCL) represents 11.8% of the total portfolio, valued at $960.1M.

Rank Symbol Company Value Portfolio % Change
1 CCL CARNIVAL CORP $960.1M 11.8% +9.3%
2 DB DEUTSCHE BANK AG $723.3M 8.9% +75.9%
3 CP CANADIAN PACIFIC KANSAS CITY LTD $689.9M 8.5% -30.2%
4 SW SMURFIT WESTROCK PLC $620.3M 7.6% -18.6%
5 TSM TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD $171.8M 2.1% -0.6%

For a complete analysis of all holdings and detailed portfolio breakdown by sector and market cap, visit our comprehensive holdings page.

Recent Portfolio Activity

Recent portfolio adjustments provide insights into the investor's evolving strategy and market outlook. The following table shows the top 10 most significant position changes from recent reporting periods (out of 191 total transactions), sorted by the magnitude of change.

For a complete history of all portfolio transactions and detailed activity analysis, visit our comprehensive activity page.

Symbol Company Quantity Change Date Action
DB Deutsche Bank +10,767,680 Mar 31, 2026 BUY
B Barrick Gold -6,085,659 Mar 31, 2026 SELL
GPK Graphic Packaging Holding Compa -4,528,554 Mar 31, 2026 SELL
CP Canadian Pacific Kansas City Li -3,804,421 Mar 31, 2026 SELL
SW Smurfit WestRock -3,566,851 Mar 31, 2026 SELL
TAL TAL Education Group +3,478,417 Mar 31, 2026 BUY
CCL Carnival Corporation +3,151,811 Mar 31, 2026 BUY
PBR-A Petroleo Brasileiro S.A.- Petro +1,495,664 Mar 31, 2026 BUY
NWG NatWest Group plc +1,401,045 Mar 31, 2026 BUY
RELX RELX PLC PLC +1,117,030 Mar 31, 2026 BUY

Investment Strategy Insights

Causeway Capital Management's investment approach can be analyzed through several key metrics. The portfolio's concentration in top holdings suggests a high-conviction investment strategy, with significant positions in companies that align with the investor's long-term thesis.

The largest position in CARNIVAL CORP (CCL) demonstrates strong conviction in this particular investment opportunity. Recent activity shows a increase of 9.3% in this position, indicating active portfolio management and strategic positioning.

Portfolio turnover can be assessed through recent activity patterns. The 10 most significant transactions shown here (out of 191 total transactions) suggest a highly active approach to portfolio management, with frequent strategic adjustments and position changes.

Additional Analysis

Complete Holdings

View all 104 holdings with detailed analysis

Trading Activity

Track all portfolio transactions and position changes

Performance Metrics

Analyze profit, winning trades, and investment returns

Sector Allocation

Analyze portfolio breakdown by sector and industry

Causeway Capital Management's portfolio as of Mar 31, 2026 reflects a strategic approach to equity investing with 104 holdings valued at $8.1B. The concentrated position in CARNIVAL CORP and other top holdings demonstrates the investor's confidence in specific investment themes and long-term value creation opportunities. Recent activity indicates ongoing portfolio optimization and strategic repositioning.

For the most current portfolio data and detailed analysis, refer to the latest SEC 13F filings and our comprehensive holdings and activity pages, which are updated regularly with the latest filing information.

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