Insights into Causeway Capital Management's Latest 13F Filings
Sarah Ketterer (Trades, Portfolio), CEO of Causeway Capital Management, has made significant adjustments to her investment portfolio in the first quarter of 2024. As a seasoned investor with a focus on global equities, Ketterer employs a rigorous screening process targeting companies with high risk-adjusted returns. Her investment philosophy emphasizes value-oriented methods applied to a diverse range of sectors, from technology to financial services. This approach has shaped her decisions in the recent 13F filing, reflecting a strategic blend of new buys, increased stakes, and some notable exits.
New Additions to the Portfolio
Sarah Ketterer (Trades, Portfolio) added a total of 10 stocks to her portfolio this quarter. Noteworthy new acquisitions include:
- Oracle Corp (ORCL, Financial), with 429,021 shares, making up 1.41% of the portfolio and valued at $53.92 million.
- Trimble Inc (TRMB, Financial), comprising 824,877 shares or approximately 1.39% of the portfolio, with a total value of $53.12 million.
- Tencent Music Entertainment Group (TME, Financial), with 1,639,662 shares, accounting for 0.48% of the portfolio and valued at $18.35 million.
Significant Increases in Existing Positions
During the first quarter, Ketterer also increased her stakes in 37 stocks. The most significant increases include:
- Canadian Pacific Kansas City Ltd (CP, Financial), with an additional 1,196,061 shares, bringing the total to 6,757,838 shares. This adjustment represents a 21.51% increase in share count and a 2.76% impact on the current portfolio, valued at $596.13 million.
- Petroleo Brasileiro SA Petrobras (PBR.A, Financial), with an additional 2,579,828 shares, bringing the total to 6,638,426 shares. This adjustment represents a 63.56% increase in share count, valued at $98.92 million.
Complete Exits from Certain Holdings
In a strategic shift, Sarah Ketterer (Trades, Portfolio) exited 10 holdings in the first quarter of 2024, including:
- UBS Group AG (UBS, Financial), where all 4,809,753 shares were sold, resulting in a -3.8% impact on the portfolio.
- Avantor Inc (AVTR, Financial), with all 2,559,572 shares liquidated, causing a -1.49% impact on the portfolio.
Reductions in Key Positions
Adjustments were also made to reduce positions in 37 stocks. The most notable reductions include:
- Ryanair Holdings PLC (RYAAY, Financial), reduced by 672,715 shares, resulting in a -19.74% decrease in shares and a -2.28% impact on the portfolio. The stock traded at an average price of $135.87 during the quarter and has returned -8.41% over the past 3 months and -2.65% year-to-date.
- AbbVie Inc (ABBV, Financial), reduced by 189,253 shares, resulting in a -46.98% reduction in shares and a -0.75% impact on the portfolio. The stock traded at an average price of $172.34 during the quarter and has returned -6.55% over the past 3 months and 7.50% year-to-date.
Portfolio Overview and Sector Allocation
As of the first quarter of 2024, Sarah Ketterer (Trades, Portfolio)'s portfolio included 89 stocks. The top holdings were 15.59% in Canadian Pacific Kansas City Ltd (CP, Financial), 10.41% in Ryanair Holdings PLC (RYAAY), 3.39% in Bank Bradesco SA (BBD, Financial), 3.09% in Alphabet Inc (GOOG, Financial), and 2.63% in The Walt Disney Co (DIS, Financial). The holdings are mainly concentrated across 11 industries, reflecting a diverse and strategic allocation.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
