Sarah Ketterer - Causeway Capital Management Investment Strategy & Portfolio Analysis

As of Mar 31, 2026, Sarah Ketterer's Causeway Capital Management portfolio reflects a balanced investor approach across 104 reported 13F positions. Portfolio returns are primarily driven by a small set of high-conviction positions such as Carnival, Deutsche Bank, and Canadian Pacific Kansas City Li, with the top five holdings accounting for approximately 47% of total exposure and Carnival alone contributing ~14%. The portfolio maintains structural breadth across 104 positions, with economic weighting tilted toward consumer cyclical companies and industrials names. Exposure to high-growth and technology-oriented segments remains limited relative to peers, with performance weighted across unknown, consumer discretionary, and industrials. The portfolio exhibits low turnover, consistent with a buy-and-hold posture held through multiple reporting cycles. Distinctive traits include Long-Term Holder, Structurally Diversified.