Sarah Ketterer - Causeway Capital Management 13F Activity & Position Changes (Q3 2025)

According to the SEC 13F filed on Nov 13, 2025, the Causeway Capital Management portfolio showed several notable changes in holdings as of quarter-end Sep 30, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2025, the filing reported:

New Buys - ADT Inc., Carrier Global Corporation, Everest Group, iShares Inc iShares MSCI Taiwan, iShares Inc iShares MSCI South , and 8 more

Increases - iShares MSCI ACWI ETF, Ally Financial Inc., Aptiv, Astrazeneca PLC, Credicorp, and 48 more

Reductions - Apple Inc., Analog Devices, Inc., Atour Lifestyle Holdings Limite, AngloGold Ashanti, Barrick Gold, and 26 more

Complete Exits - Booking Holdings Inc. Common St, International Flavors & Fragran, iQIYI, Inc., JD.com, Inc., MercadoLibre, Inc., and 3 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	AAPL Apple Inc.	Apple Inc.	Sell	-76	-7.6%	$236.04K	927
Q3 2025	ACWI iShares MSCI ACWI ETF	iShares MSCI ACWI ETF	Buy	+967	+11.4%	$1.30M	9,427
Q3 2025	ADI Analog Devices, Inc.	Analog Devices, Inc.	Sell	-53,332	-15.0%	$74.27M	302,272
Q3 2025	ADT ADT Inc.	ADT Inc.	Buy - Position Entry	+10,929	-	$95.19K	10,929
Q3 2025	ALLY Ally Financial Inc.	Ally Financial Inc.	Buy	+33,133	+5.5%	$24.94M	636,169
Q3 2025	APTV Aptiv	Aptiv	Buy	+4,147	+0.6%	$62.32M	722,843
Q3 2025	ATAT Atour Lifestyle Holdings Limite	Atour Lifestyle Holdings Limite	Sell	-61,214	-9.1%	$22.99M	611,570
Q3 2025	AU AngloGold Ashanti	AngloGold Ashanti	Sell	-589,638	-74.8%	$13.96M	198,513
Q3 2025	AZN Astrazeneca PLC	Astrazeneca PLC	Buy	+113,923	+11.9%	$81.89M	1,067,371
Q3 2025	B Barrick Gold	Barrick Gold	Sell	-1,959,176	-11.1%	$514.55M	15,694,240
Q3 2025	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Sell	-11,005	-0.9%	$220.10M	1,231,464
Q3 2025	BAP Credicorp	Credicorp	Buy	+22,870	+11.9%	$57.42M	215,628
Q3 2025	BCS Barclays PLC	Barclays PLC	Sell	-311,229	-6.7%	$89.98M	4,352,949
Q3 2025	BIIB Biogen Inc.	Biogen Inc.	Buy	+74,163	+15.0%	$79.50M	567,518
Q3 2025	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell - Position Exit	-37	-100.0%	$0.00	-
Q3 2025	BP BP p.l.c.	BP p.l.c.	Sell	-37,254	-2.3%	$54.56M	1,583,385
Q3 2025	BTI British American Tobacco Indus	British American Tobacco Indus	Sell	-71,896	-13.5%	$24.35M	458,703
Q3 2025	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Sell	-37,791	-5.8%	$36.34M	609,686
Q3 2025	BXP BXP, Inc.	BXP, Inc.	Buy	+18,712	+6.9%	$21.67M	291,507
Q3 2025	C Citigroup, Inc.	Citigroup, Inc.	Sell	-261,900	-20.8%	$101.30M	998,078
Q3 2025	CARR Carrier Global Corporation	Carrier Global Corporation	Buy - Position Entry	+1,466,481	-	$87.55M	1,466,481
Q3 2025	CCL Carnival Corporation	Carnival Corporation	Buy	+2,783,927	+9.6%	$922.58M	31,912,001
Q3 2025	CFG Citizens Financial Group, Inc.	Citizens Financial Group, Inc.	Buy	+57,086	+5.5%	$57.95M	1,090,060
Q3 2025	CGAU Centerra Gold Inc.	Centerra Gold Inc.	Buy	+227,876	+35.9%	$9.25M	863,377
Q3 2025	CLS Celestica, Inc.	Celestica, Inc.	Sell	-23,917	-19.2%	$24.78M	100,670
Q3 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Sell	-1,157,626	-7.9%	$1.01B	13,522,873
Q3 2025	CTSH Cognizant Technology Solutions	Cognizant Technology Solutions	Buy	+168,820	+14.3%	$90.56M	1,350,178
Q3 2025	DB Deutsche Bank	Deutsche Bank	Sell	-1,696,378	-8.8%	$620.20M	17,618,765
Q3 2025	DEO Diageo plc	Diageo plc	Buy	+36,156	+8.4%	$44.55M	466,866
Q3 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-27,762	-4.5%	$68.23M	595,915

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