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 |
SNP
CHINA PETROLEUM & CHEMICAL CORPORATION ADS (REP 100 ORDINARY H SHARES)
SNP
|
+$370M |
| 2 |
United Airlines
UAL
|
+$109M |
| 3 |
PPL
PPL Corp
PPL
|
+$101M |
| 4 |
WisdomTree India Earnings Fund ETF
EPI
|
+$57.9M |
| 5 |
American Express
AXP
|
+$50.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PNC Financial Services
PNC
|
+$62.8M |
| 2 |
APOL
Apollo Education Group Inc Class A
APOL
|
+$39.3M |
| 3 |
OUBS
USB AG (NEW)
OUBS
|
+$24.7M |
| 4 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$23.3M |
| 5 |
iShares MSCI Emerging Markets ETF
EEM
|
+$23M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 19.71% |
| 2 | Financials | 17.04% |
| 3 | Healthcare | 12.48% |
| 4 | Energy | 11.25% |
| 5 | Industrials | 10.86% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Citigroup
C
$221B
| $194M | 4.85% |
3,015,122
+171,219
| +6% | +$9.31M |
|
2
Oracle
ORCL
$422B
| $162M | 4.06% |
3,465,985
+396,924
| +13% | +$17.2M |
|
3
NOV
NOV
$7.28B
| $156M | 3.89% |
2,774,893
+433,847
| +19% | +$22.3M |
|
4
Microsoft
MSFT
$3.59T
| $155M | 3.87% |
2,994,891
+140,547
| +5% | +$6.41M |
|
5
Ryanair
RYAAY
$28.9B
| $151M | 3.78% |
5,155,929
-388,118
| -7% | -$10.8M |
|
|
6
WisdomTree India Earnings Fund ETF
EPI
$2.03B
| $146M | 3.65% |
6,740,300
+2,631,800
| +64% | +$57.9M |
|
|
EMC
7
DELISTED
EMC CORPORATION
EMC
| $146M | 3.65% |
4,732,497
+606,757
| +15% | +$16.2M |
|
8
Eli Lilly
LLY
$1.12T
| $143M | 3.58% |
1,463,978
-102,308
| -7% | -$7.8M |
|
9
Delta Air Lines
DAL
$54.2B
| $142M | 3.55% |
2,954,361
+674,108
| +30% | +$29.5M |
|
10
Johnson & Johnson
JNJ
$651B
| $138M | 3.45% |
1,207,926
+352,882
| +41% | +$35.3M |
|
11
Qualcomm
QCOM
$169B
| $128M | 3.2% |
1,747,401
+242,492
| +16% | +$16.5M |
|
12
Prudential Financial
PRU
$41.8B
| $125M | 3.12% |
1,218,134
+276,399
| +29% | +$23.5M |
|
13
Chevron
CVX
$403B
| $123M | 3.09% |
1,091,275
+119,173
| +12% | +$12.5M |
|
14
Wells Fargo
WFC
$254B
| $120M | 3% |
1,826,229
+205,906
| +13% | +$11.5M |
|
|
15
United Airlines
UAL
$36.7B
| $117M | 2.93% |
+1,889,402
| New | +$109M |
|
16
UnitedHealth
UNH
$350B
| $115M | 2.88% |
809,086
+86,498
| +12% | +$10.2M |
|
17
PVH
PVH
$3.62B
| $114M | 2.86% |
848,184
+107,864
| +15% | +$11.7M |
|
|
PPL
18
PPL Corp
PPL
$25.9B
| $111M | 2.78% |
+3,229,890
| New | +$101M |
|
19
Carnival Corporation Ltd
CCL
$35.2B
| $109M | 2.72% |
1,884,452
-226
| -0% | -$10.7K |
|
20
TSMC
TSM
$2.17T
| $101M | 2.52% |
4,444,733
-855,400
| -16% | -$20.4M |
|
|
USG
21
DELISTED
Usg
USG
| $96M | 2.4% |
2,957,750
+160,845
| +6% | +$4.41M |
|
|
CHL
22
DELISTED
China Mobile Limited
CHL
| $89.4M | 2.24% |
1,396,166
+239,891
| +21% | +$16.4M |
|
23
Mattel
MAT
$4.15B
| $84.4M | 2.11% |
2,808,228
+493,188
| +21% | +$13M |
|
24
Altria Group
MO
$110B
| $76.3M | 1.91% |
1,350,359
-62,478
| -4% | -$3.17M |
|
25
TD Synnex
SNX
$20B
| $74.7M | 1.87% |
1,747,342
-466,630
| -21% | -$18.5M |
|
Similar funds
Sarah Ketterer's Q2 2015 Portfolio in Review
As of Q2 2015, Sarah Ketterer held 88 positions worth $4B, up 4.4% from $3.83B the previous quarter. Its ten largest holdings account for 38% of the portfolio.
Sarah Ketterer deployed $790M of net new capital in Q2 2015, opening 6 new positions and adding to 58 existing holdings. Its largest new stake was United Airlines: 1,889,402 shares worth $117M.
By sector, the portfolio is most concentrated in Technology at 20% of assets, down from 23% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Vanguard FTSE Emerging Markets ETF, an estimated $23.3M trimmed.
- Sarah Ketterer's largest Q2 2015 buy was United Airlines: 1,889,402 shares worth $117M.
- Sarah Ketterer added most to CHINA PETROLEUM & CHEMICAL CORPORATION ADS (REP 100 ORDINARY H SHARES) in Q2 2015, an estimated $370M increase.
- Sarah Ketterer's biggest Q2 2015 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $23.3M.
- Sarah Ketterer fully exited PNC Financial Services in Q2 2015, selling an estimated $62.8M.
- Sarah Ketterer's ten largest holdings make up 38% of its $4B portfolio in Q2 2015.
- Sarah Ketterer opened 6 new positions and closed 7 in Q2 2015.
- Sarah Ketterer's portfolio value rose 4.4% quarter-over-quarter to $4B.
Based on Causeway Capital Management's 13F filing for Q2 2015, filed 14 Aug 2015.