1y return+14.8%S&P 500 +20.9%
3y return+46.3%S&P 500 +68.5%
5y return+38.5%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2020: $250 against $290 in the S&P 500.2
Causeway Capital Management LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| Astrazeneca PLCCUSIP G0593M107 | $1.8B | 19.0% | +26.1% |
| Carnival Corp LtdCUSIP G2004J103 | $1.2B | 12.7% | New |
| Deutsche Bank AgCUSIP D18190898 | $994.2M | 10.8% | +17.6% |
| Smurfit Westrock PLCCUSIP G8267P108 | $695.7M | 7.5% | −3.4% |
| CPCanadian Pacific Kansas City Ltd | $581.7M | 6.3% | −23.7% |
| TSMTaiwan Semiconductor Manufacturing Co Ltd | $254.1M | 2.8% | +4.6% |
| ALKAlaska Air Group Inc | $166.2M | 1.8% | +27.2% |
| CARRCarrier Global Corp | $159.8M | 1.7% | +3.6% |
| LYVLive Nation Entertainment Inc | $129.3M | 1.4% | +34.2% |
| MRKMerck & Co Inc | $122.7M | 1.3% | +11.8% |
| METAMeta Platforms Inc | $113.5M | 1.2% | +39.1% |
| GOOGAlphabet Inc | $111.7M | 1.2% | −6.2% |
| BCSBarclays PLC | $106.8M | 1.2% | −2.4% |
| Credicorp LtdCUSIP G2519Y108 | $99.5M | 1.1% | +4.2% |
| SAPSap Se | $97.1M | 1.1% | +38.1% |
| BABAAlibaba Group Holding Ltd | $95.5M | 1.0% | −6.9% |
| Axis Capital Holdings LtdCUSIP G0692U109 | $92.4M | 1.0% | +5.4% |
| Everest Group LtdCUSIP G3223R108 | $90.3M | 1.0% | +1.1% |
| IRIngersoll Rand Inc | $84.8M | 0.9% | +65.1% |
| PHGKoninklijke Philips Nv | $83.3M | 0.9% | +24.7% |
| NVONovo Nordisk A/s | $80.4M | 0.9% | +42.9% |
| JLLJones Lang Lasalle Inc | $76.9M | 0.8% | +33.3% |
| CFGCitizens Financial Group Inc | $75.5M | 0.8% | +2.7% |
| NTESNetease Inc | $73.3M | 0.8% | New |
| DEODiageo PLC | $72.3M | 0.8% | +34.9% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| TSMTaiwan Semiconductor Manufacturing Co Ltd | June 30, 2020 | +741.2% | $254.1M |
| GOOGAlphabet Inc | September 30, 2020 | +380.9% | $111.7M |
| BCSBarclays PLC | June 30, 2020 | +374.5% | $106.8M |
| INGIng Groep Nv | June 30, 2020 | +354.8% | $53.1M |
| Anglogold Ashanti PLCCUSIP G0378L100 | December 31, 2024 | +250.5% | $55.7M |
| NWGNatwest Group PLC | September 30, 2023 | +202.4% | $61.5M |
| CCitigroup Inc | June 30, 2020 | +173.9% | $64.2M |
| CFGCitizens Financial Group Inc | June 30, 2023 | +168.7% | $75.5M |
| Credicorp LtdCUSIP G2519Y108 | June 30, 2024 | +141.5% | $99.5M |
| ADIAnalog Devices Inc | December 31, 2023 | +100.0% | $56.4M |
Sold off last quarter
- Carnival CorpCUSIP 143658300 was $960.1M
- WHRWhirlpool Corp was $64.8M
- Aptiv PLCCUSIP G3265R107 was $47.5M
- PDDPdd Holdings Inc was $24.2M
- TMETencent Music Entertainment Group was $5.7M
- QFINQfin Holdings Inc was $4.3M
- EFXTEnerflex Ltd was $1.1M
- Jbs NvCUSIP N4732M103 was $377K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +6.0% | +14.8% |
| March 31, 2026 | −5.4% | −4.6% |
| December 31, 2025 | +4.5% | +2.4% |
| September 30, 2025 | +9.5% | +7.8% |
| June 30, 2025 | +12.3% | +10.5% |
| March 31, 2025 | +4.1% | −4.6% |
| December 31, 2024 | −4.8% | +2.1% |
| September 30, 2024 | +4.4% | +5.4% |
| June 30, 2024 | −3.6% | +4.0% |
| March 31, 2024 | +4.9% | +10.0% |
| December 31, 2023 | +13.3% | +11.2% |
| September 30, 2023 | −4.3% | −3.6% |
| June 30, 2023 | +5.3% | +8.3% |
| March 31, 2023 | +9.3% | +7.0% |
| December 31, 2022 | +13.5% | +7.1% |
| September 30, 2022 | −8.1% | −5.3% |
| June 30, 2022 | −14.6% | −16.5% |
| March 31, 2022 | −3.1% | −4.9% |
| December 31, 2021 | +2.3% | +10.7% |
| September 30, 2021 | −6.7% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Causeway Capital Management LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1165797&type=13F-HR&dateb=&owner=include&count=40CIK 1165797
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1165797/000094562126001052/Filed August 13, 2026 · accession 0000945621-26-001052