Sarah Ketterer Causeway Capital Management
Sarah Ketterer is co-founder and CEO of Causeway Capital Management, a firm specializing in international and global value equities. Causeway is known for disciplined valuation work across developed and emerging markets. Ketterer’s commentary is often sought for perspective on non-U.S. equities, currencies, and relative value abroad.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Carnival Corporation Ltd
CCL
|
+$632M |
| 2 |
Canadian Pacific Kansas City
CP
|
+$135M |
| 3 |
Alibaba
BABA
|
+$46.7M |
| 4 |
Infosys
INFY
|
+$43.4M |
| 5 |
Whirlpool
WHR
|
+$38.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Check Point Software Technologies
CHKP
|
+$360M |
| 2 |
Banco Bradesco
BBD
|
+$67.8M |
| 3 |
TD Synnex
SNX
|
+$62.2M |
| 4 |
Boeing
BA
|
+$53.6M |
| 5 |
Vanguard FTSE Developed Markets ETF
VEA
|
+$43.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 26.24% |
| 2 | Consumer Discretionary | 22.01% |
| 3 | Financials | 11.81% |
| 4 | Healthcare | 10.57% |
| 5 | Technology | 9.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Smith & Nephew
SNN
$12.4B
| $17.2M | 0.36% |
607,357
+126,469
| +26% | +$3.38M |
|
52
Shinhan Financial Group
SHG
$35.1B
| $16.4M | 0.34% |
509,806
+184,167
| +57% | +$6.18M |
|
|
EMBJ
53
Embraer S.A. ADS
EMBJ
$13.5B
| $14.7M | 0.31% |
+318,335
| New | +$14.2M |
|
54
AngloGold Ashanti
AU
$59.9B
| $14.3M | 0.3% |
383,520
-118,279
| -24% | -$3.63M |
|
55
ICICI Bank
IBN
$107B
| $14M | 0.29% |
442,939
-30,293
| -6% | -$879K |
|
|
56
TD Synnex
SNX
$19.8B
| $13.7M | 0.29% |
131,359
-465,423
| -78% | -$62.2M |
|
|
MOMO
57
Hello Group
MOMO
$844M
| $13.2M | 0.28% |
2,089,913
+1,205,166
| +136% | +$8.71M |
|
58
iShares MSCI Saudi Arabia ETF
KSA
$644M
| $13M | 0.27% |
315,426
+98,832
| +46% | +$4.09M |
|
59
Pinduoduo
PDD
$123B
| $12.5M | 0.26% |
105,926
-340,346
| -76% | -$39.1M |
|
60
Celestica
CLS
$37.1B
| $11.5M | 0.24% |
146,152
-25,271
| -15% | -$2.68M |
|
61
Vipshop
VIPS
$6.92B
| $11.4M | 0.24% |
726,618
+424,803
| +141% | +$6.42M |
|
62
Credicorp
BAP
$30.2B
| $10.2M | 0.21% |
54,527
-115,041
| -68% | -$21.4M |
|
63
ZIM Integrated Shipping Services
ZIM
$3.43B
| $9.9M | 0.21% |
678,540
+91,022
| +15% | +$1.71M |
|
64
NatWest
NWG
$74.4B
| $9.12M | 0.19% |
764,702
-37,162
| -5% | -$417K |
|
65
Tencent Music
TME
$14.1B
| $8.86M | 0.19% |
+615,153
| New | +$7.68M |
|
66
HDFC Bank
HDB
$121B
| $8.49M | 0.18% |
255,498
| – | – |
|
|
67
Banco Bradesco
BBD
$34.5B
| $8.02M | 0.17% |
3,598,612
-32,714,894
| -90% | -$67.8M |
|
68
Gerdau
GGB
$8.75B
| $7.58M | 0.16% |
2,670,178
| – | – |
|
69
MakeMyTrip
MMYT
$5.68B
| $7.41M | 0.15% |
75,621
-9,040
| -11% | -$933K |
|
70
iShares MSCI India ETF
INDA
$6.58B
| $7.37M | 0.15% |
143,169
-87,422
| -38% | -$4.4M |
|
71
Vanguard FTSE All-World ex-US Small-Cap Index Fund
VSS
$12B
| $7.26M | 0.15% |
62,822
-10,822
| -15% | -$1.26M |
|
72
iQIYI
IQ
$994M
| $6.55M | 0.14% |
2,896,200
+651,500
| +29% | +$1.43M |
|
73
Adecoagro
AGRO
$1.62B
| $6.29M | 0.13% |
563,076
-4,298
| -0.8% | -$44.1K |
|
74
iShares MSCI India Small-Cap ETF
SMIN
$767M
| $5.77M | 0.12% |
84,765
-36,112
| -30% | -$2.46M |
|
|
JOYY
75
JOYY Inc
JOYY
$3.71B
| $3.69M | 0.08% |
+87,784
| New | +$3.95M |
|
Similar funds
Sarah Ketterer's Q1 2025 Portfolio in Review
As of Q1 2025, Sarah Ketterer held 116 positions worth $4.78B, up 8.9% from $4.39B the previous quarter. Its ten largest holdings account for 57% of the portfolio.
Sarah Ketterer deployed $427M of net new capital in Q1 2025, opening 9 new positions and adding to 42 existing holdings. Its largest new stake was Carnival Corporation Ltd: 26,565,066 shares worth $519M.
By sector, the portfolio is most concentrated in Industrials at 26% of assets, down from 28% a quarter earlier, followed by Consumer Discretionary and Financials.
On the sell side, the largest reduction was Banco Bradesco, an estimated $67.8M trimmed.
- Sarah Ketterer's largest Q1 2025 buy was Carnival Corporation Ltd: 26,565,066 shares worth $519M.
- Sarah Ketterer added most to Canadian Pacific Kansas City in Q1 2025, an estimated $135M increase.
- Sarah Ketterer's biggest Q1 2025 reduction was Banco Bradesco, cutting an estimated $67.8M.
- Sarah Ketterer fully exited Check Point Software Technologies in Q1 2025, selling an estimated $360M.
- Sarah Ketterer's ten largest holdings make up 57% of its $4.78B portfolio in Q1 2025.
- Sarah Ketterer opened 9 new positions and closed 26 in Q1 2025.
- Sarah Ketterer's portfolio value rose 8.9% quarter-over-quarter to $4.78B.
Based on Causeway Capital Management's 13F filing for Q1 2025, filed 14 May 2025.