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

According to the SEC 13F filed on Feb 13, 2026, the Causeway Capital Management portfolio showed several notable changes in holdings as of quarter-end Dec 31, 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 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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