Sarah Ketterer's March Portfolio: Top 10 Holdings Dominate 40% of Assets
Sarah Ketterer's portfolio, as of March 31, 2026, shows significant concentration in consumer cyclical and industrials sectors, with Carnival Corp leading holdings.
Portfolio Overview
As of March 31, 2026, Sarah Ketterer's portfolio at Causeway Capital Management is strategically concentrated in a select group of stocks. The top ten holdings account for approximately 40% of the total portfolio value, showcasing a focused investment approach. These positions highlight a preference for established names across various sectors, with particular emphasis on consumer cyclical and industrials stocks.
Top Holdings Analysis
The portfolio's largest position is Carnival Corporation (CCL), representing about 11.79% of the portfolio. Deutsche Bank (DB) follows with an 8.88% allocation, while Canadian Pacific Kansas City Ltd. (CP) and Smurfit Westrock PLC (SW) each hold around 8.47% and 7.61% respectively. Completing the top five are Taiwan Semiconductor Manufacturing (TSM) at 2.11%, Alibaba (BABA) at 1.65%, Carrier Global (CARR) at 1.45%, Merck (MRK) at 1.26%, Alphabet (GOOG) at 1.19%, and Cognizant (CTSH) at 1.13%. These ten holdings together constitute a substantial portion of the portfolio, indicating a concentrated strategy focused on these specific companies.
Notable Changes and Sector Focus
Several holdings show significant changes from the previous period. Deutsche Bank saw a substantial increase in shares (75.86%) and value, suggesting a recent strategic addition or strong performance. Conversely, Canadian Pacific experienced a notable reduction in position (-30.2%), while Smurfit Westrock also decreased (-18.64%). Other changes include modest adjustments in Taiwan Semiconductor (-0.63%), Alibaba (-11.15%), Carrier Global (+13.74%), Merck (-18.23%), Alphabet (-8.84%), and Cognizant (-3.1%).
The portfolio demonstrates a clear sector bias. Consumer Cyclical stocks, including Carnival Corp and Alibaba, represent a combined allocation of approximately 13.44% (11.79% + 1.65%). Industrials, home to Canadian Pacific and Carrier Global, account for about 9.92% (8.47% + 1.45%). Technology is represented by Taiwan Semiconductor and Cognizant, totaling roughly 3.24% (2.11% + 1.13%). Healthcare is focused on Merck at 1.26%, and Communication Services is represented by Alphabet at 1.19%. This allocation profile suggests a strategic tilt towards cyclical consumer and industrial sectors, complemented by exposure to technology and healthcare.
Investment Strategy Insights
Sarah Ketterer's portfolio strategy appears to be centered on concentrated holdings in large-cap or significant positions in specific sectors. The high allocation to Consumer Cyclical (Carnival Corp) and Industrials (Canadian Pacific) indicates confidence in these sectors' potential, possibly driven by cyclical recovery or specific industry dynamics. The inclusion of financials (Deutsche Bank) and technology (TSM, CTSH) diversifies the core holdings, while the smaller positions in healthcare (Merck) and communication services (Alphabet) add further diversification within the concentrated core.
The significant changes in holdings, such as the large increase in Deutsche Bank and the decreases in Canadian Pacific and Smurfit Westrock, suggest an active management style. Ketterer likely adjusts positions based on performance, market opportunities, or strategic shifts, leading to the observed fluctuations in share counts. The overall strategy seems to balance concentrated bets on key sectors/holdings with carefully selected diversification in other areas.