Sarah Ketterer – Causeway Capital Management Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Causeway Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 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 Q2 2025, the filing reported:

New Buys – Barrick Gold (B), PagSeguro Digital (G68707101), XP Inc (XP), Gold Fields Limited (GFI), Korea Electric Power Corporatio (KEP), and 13 more

Increases – Deutsche Bank (DB), Smurfit WestRock (SW), Carnival Corporation (CCL), Tencent Music Entertainment Gro (TME), JOYY Inc. (YY), and 38 more

Reductions – Apple Inc. (AAPL), NVIDIA Corporation (NVDA), GSK plc (GSK), Vanguard FTSE All-Wld ex-US SmC (VSS), Taiwan Semiconductor Manufactur (TSM), and 28 more

Complete Exits – Shell PLC (SHEL), JinkoSolar Holding Company Limi (JKS), PDD Holdings Inc. (PDD), Quest Diagnostics Incorporated (DGX), Veren Inc. (VRN), and 3 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Causeway Capital Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2025Jun 30, 2025	APTV Aptiv	Aptiv	Sell	-142,048-16.5%	$49.03M	718,696
Q2 2025Jun 30, 2025	VEA Vanguard FTSE Developed Markets	Vanguard FTSE Developed Markets	Sell	-160,761-39.6%	$13.98M	245,142
Q2 2025Jun 30, 2025	ORCL Oracle Corporation	Oracle Corporation	Sell	-214,547-43.6%	$60.62M	277,286
Q2 2025Jun 30, 2025	ZBH Zimmer Biomet Holdings, Inc.	Zimmer Biomet Holdings, Inc.	Sell	-227,271-28.2%	$52.74M	578,238
Q2 2025Jun 30, 2025	VRN Veren Inc.	Veren Inc.	Sell - Position Exit	-263,808-100.0%	$0.00	-
Q2 2025Jun 30, 2025	ERJ Embraer S.A.	Embraer S.A.	Sell - Position Exit	-318,335-100.0%	$0.00	-
Q2 2025Jun 30, 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-330,175-34.6%	$77.34M	623,677
Q2 2025Jun 30, 2025	PUK Prudential Public Limited Compa	Prudential Public Limited Compa	Sell	-755,841-32.1%	$39.98M	1,597,829
Q2 2025Jun 30, 2025	INFY Infosys Limited	Infosys Limited	Sell	-2,354,227-89.2%	$5.26M	283,927
Q2 2025Jun 30, 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Sell	-2,528,289-14.7%	$1.16B	14,680,499
Q2 2025Jun 30, 2025	BBD Banco Bradesco Sa	Banco Bradesco Sa	Sell - Position Exit	-3,598,612-100.0%	$0.00	-
Q2 2025Jun 30, 2025	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Sell - Position Exit	-11,838,827-100.0%	$0.00	-
Q1 2025Mar 31, 2025	CCL Carnival Corporation	Carnival Corporation	Buy - Position Entry	+26,565,066	$518.82M	26,565,066
Q1 2025Mar 31, 2025	INFY Infosys Limited	Infosys Limited	Buy	+2,091,411+382.5%	$48.15M	2,638,154
Q1 2025Mar 31, 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Buy	+1,778,984+11.5%	$1.21B	17,208,788
Q1 2025Mar 31, 2025	DB Deutsche Bank	Deutsche Bank	Buy - Position Entry	+1,513,500	$36.07M	1,513,500
Q1 2025Mar 31, 2025	MOMO Hello Group Inc.	Hello Group Inc.	Buy	+1,205,166+136.2%	$13.19M	2,089,913
Q1 2025Mar 31, 2025	APTV Aptiv	Aptiv	Buy - Position Entry	+860,744	$51.21M	860,744
Q1 2025Mar 31, 2025	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Buy	+726,534+6.5%	$229.84M	11,838,827
Q1 2025Mar 31, 2025	IQ iQIYI, Inc.	iQIYI, Inc.	Buy	+651,500+29.0%	$6.55M	2,896,200
Q1 2025Mar 31, 2025	TME Tencent Music Entertainment Gro	Tencent Music Entertainment Gro	Buy - Position Entry	+615,153	$8.86M	615,153
Q1 2025Mar 31, 2025	ATAT Atour Lifestyle Holdings Limite	Atour Lifestyle Holdings Limite	Buy	+448,854+231.7%	$18.22M	642,536
Q1 2025Mar 31, 2025	VIPS Vipshop Holdings Limited	Vipshop Holdings Limited	Buy	+424,803+140.7%	$11.39M	726,618
Q1 2025Mar 31, 2025	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Buy	+404,842+42.6%	$179.31M	1,356,010
Q1 2025Mar 31, 2025	WHR Whirlpool Corporation	Whirlpool Corporation	Buy - Position Entry	+363,785	$32.79M	363,785
Q1 2025Mar 31, 2025	ERJ Embraer S.A.	Embraer S.A.	Buy - Position Entry	+318,335	$14.71M	318,335
Q1 2025Mar 31, 2025	MRK Merck & Company, Inc.	Merck & Company, Inc.	Buy	+313,396+53.6%	$80.59M	897,869
Q1 2025Mar 31, 2025	BP BP p.l.c.	BP p.l.c.	Buy	+294,568+22.6%	$53.95M	1,596,626
Q1 2025Mar 31, 2025	JD JD.com, Inc.	JD.com, Inc.	Buy	+286,142+18.9%	$73.90M	1,797,234
Q1 2025Mar 31, 2025	VRN Veren Inc.	Veren Inc.	Buy - Position Entry	+263,808	$1.74M	263,808

Page 4 of 111 • 3329 total trades

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