Insights from Causeway Capital Management's Latest 13F Filing

Sarah Ketterer (Trades, Portfolio), the CEO of Causeway Capital Management, has a distinguished career in investment management, focusing on global equities. With a background that includes co-founding Causeway in June 2001 and previous roles at Hotchkis & Wiley and Merrill Lynch Investment Managers, Ketterer brings a wealth of experience to her investment decisions. Her approach combines quantitative and value-oriented analysis, aiming to populate her portfolio with high risk-adjusted return stocks that offer lower price/earnings ratios and higher dividend yields compared to the market.

• Warning! GuruFocus has detected 6 Warning Signs with CP.

Summary of New Buys

Sarah Ketterer (Trades, Portfolio) added a total of 15 stocks to her portfolio in the third quarter of 2024. Notable new additions include:

• Smurfit WestRock PLC (NYSE:SW), purchasing 4,197,579 shares, which now represent 5.1% of the portfolio, valued at $207.44 million.
• Live Nation Entertainment Inc (NYSE:LYV), with 469,127 shares, making up about 1.26% of the portfolio, valued at $51.36 million.
• Axis Capital Holdings Ltd (NYSE:AXS), acquiring 406,723 shares, accounting for 0.8% of the portfolio, valued at $32.38 million.

Key Position Increases

During the same period, Ketterer increased her stakes in 43 stocks. Significant increases include:

• Check Point Software Technologies Ltd (NASDAQ:CHKP), with an additional 1,226,772 shares, bringing the total to 1,441,781 shares. This adjustment represents a 570.57% increase in share count and a 5.81% impact on the current portfolio, valued at $277.99 million.
• iShares MSCI EAFE ETF (EFA), with an additional 1,289,551 shares, bringing the total to 1,299,033 shares. This adjustment represents a 13,599.99% increase in share count, valued at $108.64 million.

Summary of Sold Out Positions

Sarah Ketterer (Trades, Portfolio) completely exited 8 holdings in the third quarter of 2024, including:

• Zebra Technologies Corp (NASDAQ:ZBRA), selling all 149,552 shares, impacting the portfolio by -1.26%.
• Tencent Music Entertainment Group (NYSE:TME), liquidating all 3,076,879 shares, with a -1.18% impact on the portfolio.

Key Position Reductions

Significant reductions were made in 36 stocks, with notable changes including:

• Ryanair Holdings PLC (NASDAQ:RYAAY), reducing by 5,483,743 shares, resulting in a -99.81% decrease in shares and a -6.97% impact on the portfolio. The stock traded at an average price of $43.45 during the quarter and has returned 8.26% over the past 3 months and -14.89% year-to-date.
• Petroleo Brasileiro SA Petrobras (NYSE:PBR.A), reducing by 3,751,360 shares, resulting in a -96.41% reduction in shares and a -1.4% impact on the portfolio. The stock traded at an average price of $13.55 during the quarter and has returned -4.01% over the past 3 months and -5.46% year-to-date.

Portfolio Overview

As of the third quarter of 2024, Sarah Ketterer (Trades, Portfolio)'s portfolio included 97 stocks. The top holdings were:

• 18.39% in Canadian Pacific Kansas City Ltd (NYSE:CP)
• 6.83% in Check Point Software Technologies Ltd (NASDAQ:CHKP)
• 5.1% in Smurfit WestRock PLC (NYSE:SW)
• 3.01% in Bank Bradesco SA (NYSE:BBD)
• 2.67% in iShares MSCI EAFE ETF (EFA)

The holdings are mainly concentrated across 11 industries, including Technology, Industrials, and Financial Services.

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.

This article first appeared on GuruFocus.