Sarah Ketterer's Portfolio Concentration Analysis: Key Holdings and Share Changes

Sarah Ketterer, managing director at Causeway Capital Management, held a substantial portfolio worth approximately $7.27 billion as of December 31, 2025. This analysis focuses on the concentration within her portfolio, examining the largest holdings and significant changes in share counts during the prior period.

The portfolio demonstrated significant concentration, with the top five holdings accounting for a substantial portion of the total value. Carnival Corporation (CCL), the largest position, represented 14.26% of the portfolio with a total stock value of $1.04 billion. Ketterer's stake in CCL increased by 6.37% in terms of shares during the period.

Canadian Pacific Kansas City Ltd. (CP), allocated 12.78% of the portfolio, was the second-largest holding with a total value of $928 million. However, Ketterer reduced her position in CP by 6.85% in shares during the prior period.

Smurfit Westrock PLC (SW) was the third-largest holding, comprising 10.18% of the portfolio and valued at $740 million. This position saw the most significant increase, with a 154.33% jump in shares held, indicating a substantial new investment.

Deutsche Bank AG (DB) held the fourth position at 7.59% allocation ($552 million). Ketterer's stake in DB decreased by 19.44% in shares during the prior period.

Barrick Mining Corp. (B) represented 3.64% of the portfolio ($264 million). This position experienced a dramatic reduction, with a 61.17% decrease in shares held.

Other significant holdings included Carnival Corporation (CCL), Alibaba Group Holding Ltd. (BABA), Taiwan Semiconductor Manufacturing Co Ltd. (TSM), Cognizant Technology Solutions Corp. (CTSH), Alphabet Inc. (GOOG), and Merck & Co Inc. (MRK), each holding between 1.51% and 2.43% of the portfolio.

The analysis highlights notable shifts in Ketterer's portfolio. While Carnival and CCL showed modest increases, the most striking change was the substantial growth in the Smurfit Westrock position. Conversely, the position in Deutsche Bank saw a significant reduction, and Barrick Mining Corp. experienced a sharp decline. These changes reflect active management of the portfolio's concentrated positions.

For more information on Sarah Ketterer's investment profile, visit https://www.insiderset.com/investor/sarah-ketterer-causeway-capital-management. Detailed information on each stock can be found at https://www.insiderset.com/investors/stocks.