Sarah Ketterer

Net buying

Causeway Capital Management Llc — managed by Sarah Ketterer; US equity positions disclosed quarterly via SEC 13F

Data as of 2026-06-30 (filed 2026-08-13) · Source: SEC EDGAR

Portfolio value$9.24B (+13%)

Holdings122 (+15)

Top holdingAstrazeneca Plc

Below band8

New

Added

Exited

By what price implies: 20 demand a demanding growth rate, 12 modest.

13F × valuation

Valuation posture

Of 25 valued US positions, 8 trade below a conservative value band (4 in the strike zone) (as of 2026-08-25):

Renaissancere Holdings LtdRNR56% · strike
Weibo CorpWB46% · strike
Everest Group LtdEG46% · strike
Joyy IncJOYY40% · strike
Axis Capital Holdings LtdAXS31% · below
Arcos Dorados Holdings IncARCO18% · below

13F · concentration

Lonely conviction

Held by ≤2 tracked superinvestors, each ≥3% of this portfolio (as of 2026-06-30):

Carnival Corp LtdCCL13% · 2

SEC 13F · latest filing

Holdings

Security	Value	Valuation	Holders	Shares	Weight	Signal
Astrazeneca PlcAZN	$1.75B	—	3	9,357,390	19.0%	—
Carnival Corp LtdCCL	$1.18B	—	2	41,190,606	12.7%	—
Deutsche Bank AgDB	$994.2M	—	5	29,358,318	10.8%	—
Smurfit Westrock PlcSW	$695.7M	—	5	15,039,041	7.5%	—
Canadian Pacific Kansas City LtdCP	$581.7M	—	7	6,711,483	6.3%	—
Taiwan Semiconductor Manufacturing Co LtdTSM	$254.1M	—	28	532,052	2.8%	—
Alaska Air Group IncALK	$166.2M	—	2	3,183,163	1.8%	Adding 3q
Carrier Global CorpCARR	$159.8M	—	4	2,178,506	1.7%	Adding 4q
Live Nation Entertainment IncLYV	$129.3M	—	8	706,301	1.4%	Adding 4q
Merck & Co IncMRK	$122.7M	—	12	954,932	1.3%	—
Meta Platforms IncMETA	$113.5M	—	35	201,459	1.2%	Adding 3q
Alphabet IncGOOG	$111.7M	—	37	316,217	1.2%	—
Barclays PlcBCS	$106.8M	—	4	3,975,718	1.2%	—
Credicorp LtdBAP	$99.5M	—	4	255,436	1.1%	Adding 5q
Sap SeSAP	$97.1M	—	9	629,801	1.1%	Adding 4q
Alibaba Group Holding LtdBABA	$95.5M	—	10	995,040	1.0%	—
Axis Capital Holdings LtdAXS	$92.4M	Below value	2	859,727	1.0%	—
Everest Group LtdEG	$90.3M	Strike zone	7	252,702	1.0%	Adding 4q
Ingersoll Rand IncIR	$84.8M	—	3	1,033,693	0.9%	Adding 5q
Koninklijke Philips NvPHG	$83.3M	—	2	3,061,962	0.9%	Adding 5q
Novo Nordisk A/SNVO	$80.4M	—	5	1,677,615	0.9%	Adding 5q
Jones Lang Lasalle IncJLL	$76.9M	—	7	248,252	0.8%	—
Citizens Financial Group IncCFG	$75.5M	—	5	1,077,093	0.8%	—
Netease IncNTES	$73.3M	—	3	572,412	0.8%	—
Diageo PlcDEO	$72.3M	—	9	899,015	0.8%	Adding 6q

Astrazeneca PlcAZN—
Value$1.75BValuation—Holders3Weight19.0%
Carnival Corp LtdCCL—
Value$1.18BValuation—Holders2Weight12.7%
Deutsche Bank AgDB—
Value$994.2MValuation—Holders5Weight10.8%
Smurfit Westrock PlcSW—
Value$695.7MValuation—Holders5Weight7.5%
Canadian Pacific Kansas City LtdCP—
Value$581.7MValuation—Holders7Weight6.3%
Taiwan Semiconductor Manufacturing Co LtdTSM—
Value$254.1MValuation—Holders28Weight2.8%
Alaska Air Group IncALKAdding 3q
Value$166.2MValuation—Holders2Weight1.8%
Carrier Global CorpCARRAdding 4q
Value$159.8MValuation—Holders4Weight1.7%
Live Nation Entertainment IncLYVAdding 4q
Value$129.3MValuation—Holders8Weight1.4%
Merck & Co IncMRK—
Value$122.7MValuation—Holders12Weight1.3%
Meta Platforms IncMETAAdding 3q
Value$113.5MValuation—Holders35Weight1.2%
Alphabet IncGOOG—
Value$111.7MValuation—Holders37Weight1.2%
Barclays PlcBCS—
Value$106.8MValuation—Holders4Weight1.2%
Credicorp LtdBAPAdding 5q
Value$99.5MValuation—Holders4Weight1.1%
Sap SeSAPAdding 4q
Value$97.1MValuation—Holders9Weight1.1%
Alibaba Group Holding LtdBABA—
Value$95.5MValuation—Holders10Weight1.0%
Axis Capital Holdings LtdAXS—
Value$92.4MValuationBelow valueHolders2Weight1.0%
Everest Group LtdEGAdding 4q
Value$90.3MValuationStrike zoneHolders7Weight1.0%
Ingersoll Rand IncIRAdding 5q
Value$84.8MValuation—Holders3Weight0.9%
Koninklijke Philips NvPHGAdding 5q
Value$83.3MValuation—Holders2Weight0.9%
Novo Nordisk A/SNVOAdding 5q
Value$80.4MValuation—Holders5Weight0.9%
Jones Lang Lasalle IncJLL—
Value$76.9MValuation—Holders7Weight0.8%
Citizens Financial Group IncCFG—
Value$75.5MValuation—Holders5Weight0.8%
Netease IncNTES—
Value$73.3MValuation—Holders3Weight0.8%
Diageo PlcDEOAdding 6q
Value$72.3MValuation—Holders9Weight0.8%

Showing top 25 of 122 positions

Exited this quarter (8)Carnival Corp、Whirlpool Corp、Aptiv Plc、Pdd Holdings Inc、Tencent Music Entertainment Group、Qfin Holdings Inc、Enerflex Ltd、Jbs Nv

What is a superinvestor

About this investor

Portfolio overview

Causeway Capital Management Llc's most recent 13F filing, for the quarter ended 2026-06-30, reports 122 positions worth $9.24B. The top 5 holdings represent 56% of that value, a moderately concentrated portfolio.

The single largest position is Astrazeneca Plc at 19.0% of the portfolio, followed by Carnival Corp Ltd at 12.7% and Deutsche Bank Ag at 10.8%.

Against the prior quarter, Sarah Ketterer opened 23 new positions, exited 8, added to 48, and trimmed 46. The largest new buy was Carnival Corp Ltd. The most notable sale was the full exit from Carnival Corp.

Across all 8 quarters on file, Smurfit Westrock Plc has appeared in every filing, as has Canadian Pacific Kansas City Ltd. Smurfit Westrock Plc currently ranks fourth by value.

A 13F is filed roughly 45 days after quarter-end and covers only long positions in US-listed equities, so it is a lagging and partial view of the portfolio. Source: SEC EDGAR.

Sarah Ketterer holds 4 positions now in the strike zone. See the full strike-zone list

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-13

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