Sarah Ketterer Q4 2025 Portfolio Activity: Strategic Shifts in Consumer Cyclical and Technology Stocks

Sarah Ketterer, managing director at Causeway Capital Management, saw her portfolio reach a total value of $7.27 billion as of December 31, 2025. Her investment strategy appears focused on established consumer cyclical and industrials sectors, while also including significant positions in technology and healthcare companies.

Ketterer's most substantial position during this quarter was Carnival Corporation (CCL), valued at approximately $1.04 billion, representing 14.26% of her total holdings. She increased her stake in this Consumer Cyclical stock by 6.37%, adding over 20 million shares.

Canadian Pacific Kansas City Ltd. (CP), an Industrials stock valued at $928 million (12.78% allocation), saw a reduction in her position. Ketterer decreased her stake by 6.85%, removing nearly 0.93 million shares from her portfolio.

Smurfit Westrock PLC (SW) represented another significant holding at $740 million (10.18% allocation). This quarter, Ketterer significantly increased her position by 154.33%, adding over 11.6 million shares to her portfolio.

Deutsche Bank AG (DB), valued at $552 million (7.59% allocation), experienced a notable reduction. Ketterer decreased her stake by 19.44%, removing over 3.4 million shares from her position.

Barrick Mining Corp. (B), valued at $264 million (3.64% allocation), saw a substantial decrease. Ketterer reduced her position by 61.17%, removing nearly 9.6 million shares.

Alibaba Group Holding Ltd. (BABA), valued at $176 million (2.43% allocation), also decreased in her portfolio. Ketterer reduced her stake by 2.31%, removing approximately 28,415 shares.

Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) at $155 million (2.14% allocation) saw a small increase. Ketterer added just over 3,900 shares, representing a 0.78% increase in her position.

COGNIZANT TECHNOLOGY SOLUTIONS CORP (CTSH) valued at $129 million (1.77% allocation) also saw an increase. Ketterer added over 200,000 shares, boosting her stake by 14.97%.

Alphabet Inc. (GOOG) valued at $116 million (1.60% allocation) experienced a significant decrease. Ketterer reduced her position by 41.47%, removing over 262,000 shares.

Merk & Co. Inc. (MRK) valued at $110 million (1.51% allocation) also decreased. Ketterer reduced her stake by 7.89%, removing approximately 89,440 shares.

For more detailed information on Sarah Ketterer's investment activities, please visit her profile on Insiderset: https://www.insiderset.com/investor/sarah-ketterer-causeway-capital-management. You can also explore the specific companies in her portfolio, such as Carnival Corporation (CCL), Canadian Pacific (CP), and Smurfit Westrock (SW), on Insiderset.