Sarah Ketterer - Causeway Capital Management 13F Activity & Position Changes (Q4 2025)

As of Dec 31, 2025, the Causeway Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 13, 2026. 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 Q4 2025, the filing reported:

New Buys - Alaska Air Group, Inc., Xtrackers Harvest CSI 300 China, Broadcom Inc., Boeing Company (The), Booz Allen Hamilton Holding Cor, and 8 more

Increases - iShares MSCI ACWI ETF, AngloGold Ashanti, Credicorp, BP p.l.c., British American Tobacco Indus, and 47 more

Reductions - Apple Inc., Analog Devices, Inc., Ally Financial Inc., Aptiv, Astrazeneca PLC, and 33 more

Complete Exits - ADT Inc., Atour Lifestyle Holdings Limite, iShares China Large-Cap ETF, iShares Trust iShares MSCI Saud, NetEase, Inc., and 6 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
Q4 2025	AAPL Apple Inc.	Apple Inc.	Sell	-29	-3.1%	$244.13K	898
Q4 2025	ACWI iShares MSCI ACWI ETF	iShares MSCI ACWI ETF	Buy	+1,508	+16.0%	$1.55M	10,935
Q4 2025	ADI Analog Devices, Inc.	Analog Devices, Inc.	Sell	-39,242	-13.0%	$71.33M	263,030
Q4 2025	ADT ADT Inc.	ADT Inc.	Sell - Position Exit	-10,929	-100.0%	$0.00	-
Q4 2025	ALK Alaska Air Group, Inc.	Alaska Air Group, Inc.	Buy - Position Entry	+1,434,517	-	$72.16M	1,434,517
Q4 2025	ALLY Ally Financial Inc.	Ally Financial Inc.	Sell	-35,319	-5.6%	$27.21M	600,850
Q4 2025	APTV Aptiv	Aptiv	Sell	-54,223	-7.5%	$50.88M	668,620
Q4 2025	ASHR Xtrackers Harvest CSI 300 China	Xtrackers Harvest CSI 300 China	Buy - Position Entry	+28,800	-	$946.08K	28,800
Q4 2025	ATAT Atour Lifestyle Holdings Limite	Atour Lifestyle Holdings Limite	Sell - Position Exit	-611,570	-100.0%	$0.00	-
Q4 2025	AU AngloGold Ashanti	AngloGold Ashanti	Buy	+235,747	+118.8%	$37.56M	434,260
Q4 2025	AVGO Broadcom Inc.	Broadcom Inc.	Buy - Position Entry	+827	-	$286.23K	827
Q4 2025	AZN Astrazeneca PLC	Astrazeneca PLC	Sell	-56,473	-5.3%	$92.93M	1,010,898
Q4 2025	B Barrick Gold	Barrick Gold	Sell	-9,600,845	-61.2%	$264.49M	6,093,395
Q4 2025	BA Boeing Company (The)	Boeing Company (The)	Buy - Position Entry	+151,928	-	$32.99M	151,928
Q4 2025	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Sell	-28,415	-2.3%	$176.34M	1,203,049
Q4 2025	BAH Booz Allen Hamilton Holding Cor	Booz Allen Hamilton Holding Cor	Buy - Position Entry	+396,332	-	$33.43M	396,332
Q4 2025	BAP Credicorp	Credicorp	Buy	+26,396	+12.2%	$69.46M	242,024
Q4 2025	BCS Barclays PLC	Barclays PLC	Sell	-602,342	-13.8%	$95.45M	3,750,607
Q4 2025	BIIB Biogen Inc.	Biogen Inc.	Sell	-46,417	-8.2%	$91.71M	521,101
Q4 2025	BP BP p.l.c.	BP p.l.c.	Buy	+57,295	+3.6%	$56.98M	1,640,680
Q4 2025	BTI British American Tobacco Indus	British American Tobacco Indus	Buy	+24,435	+5.3%	$27.36M	483,138
Q4 2025	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Buy	+91,657	+15.0%	$44.91M	701,343
Q4 2025	BXP BXP, Inc.	BXP, Inc.	Sell	-19,458	-6.7%	$18.36M	272,049
Q4 2025	C Citigroup, Inc.	Citigroup, Inc.	Sell	-300,633	-30.1%	$81.38M	697,445
Q4 2025	CARR Carrier Global Corporation	Carrier Global Corporation	Buy	+382,346	+26.1%	$97.69M	1,848,827
Q4 2025	CCL Carnival Corporation	Carnival Corporation	Buy	+2,032,781	+6.4%	$1.04B	33,944,782
Q4 2025	CFG Citizens Financial Group, Inc.	Citizens Financial Group, Inc.	Sell	-75,874	-7.0%	$59.24M	1,014,186
Q4 2025	CGAU Centerra Gold Inc.	Centerra Gold Inc.	Buy	+386,412	+44.8%	$18.02M	1,249,789
Q4 2025	CLS Celestica, Inc.	Celestica, Inc.	Sell	-27,368	-27.2%	$21.71M	73,302
Q4 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Sell	-926,071	-6.8%	$928.56M	12,596,802

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