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 |
Baidu
BIDU
|
+$482M |
| 2 |
Chunghwa Telecom
CHT
|
+$235M |
| 3 |
Biogen
BIIB
|
+$129M |
| 4 |
PDCE
PDC Energy, Inc.
PDCE
|
+$101M |
| 5 |
SNP
CHINA PETROLEUM & CHEMICAL CORPORATION ADS (REP 100 ORDINARY H SHARES)
SNP
|
+$94.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Chevron
CVX
|
+$143M |
| 2 |
Ryanair
RYAAY
|
+$131M |
| 3 |
Johnson & Johnson
JNJ
|
+$65.6M |
| 4 |
SM Energy
SM
|
+$59.3M |
| 5 |
United Airlines
UAL
|
+$52.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 23.81% |
| 2 | Financials | 17.16% |
| 3 | Healthcare | 15.95% |
| 4 | Communication Services | 15.21% |
| 5 | Consumer Discretionary | 12.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Baidu
BIDU
$31.6B
| $454M | 9.66% |
+2,747,425
| New | +$482M |
|
2
Citigroup
C
$221B
| $261M | 5.56% |
5,399,665
+274,521
| +5% | +$12.1M |
|
3
Oracle
ORCL
$422B
| $247M | 5.25% |
5,288,994
+373,347
| +8% | +$14.9M |
|
4
Microsoft
MSFT
$3.59T
| $240M | 5.11% |
4,100,271
+276,810
| +7% | +$14.4M |
|
5
Eli Lilly
LLY
$1.12T
| $202M | 4.29% |
2,232,925
+609,341
| +38% | +$45.9M |
|
|
EMC
6
DELISTED
EMC CORPORATION
EMC
| $190M | 4.04% |
6,097,958
-121,451
| -2% | -$3.28M |
|
7
PVH
PVH
$3.62B
| $184M | 3.92% |
1,706,519
+47,044
| +3% | +$4.42M |
|
8
Qualcomm
QCOM
$169B
| $184M | 3.91% |
3,005,206
+209,412
| +7% | +$11M |
|
9
Prudential Financial
PRU
$41.8B
| $165M | 3.51% |
2,020,723
+51,573
| +3% | +$3.89M |
|
10
UnitedHealth
UNH
$350B
| $156M | 3.32% |
964,253
-134,796
| -12% | -$18M |
|
11
Allstate
ALL
$64.2B
| $153M | 3.26% |
1,917,124
+172,153
| +10% | +$11.5M |
|
12
TSMC
TSM
$2.17T
| $152M | 3.25% |
5,773,833
-16,600
| -0.3% | -$414K |
|
|
13
Biogen
BIIB
$32B
| $135M | 2.88% |
+489,263
| New | +$129M |
|
14
Carnival Corporation Ltd
CCL
$35.2B
| $133M | 2.84% |
2,644,678
+228,111
| +9% | +$11.2M |
|
15
Advance Auto Parts
AAP
$2.57B
| $122M | 2.6% |
660,685
+120,633
| +22% | +$18.6M |
|
|
PDCE
16
DELISTED
PDC Energy, Inc.
PDCE
| $111M | 2.36% |
+1,694,137
| New | +$101M |
|
|
17
Johnson & Johnson
JNJ
$651B
| $109M | 2.33% |
787,234
-577,089
| -42% | -$65.6M |
|
18
Wells Fargo
WFC
$254B
| $92.1M | 1.96% |
1,701,720
-359,257
| -17% | -$17.5M |
|
19
Halliburton
HAL
$29.4B
| $90M | 1.92% |
+1,736,727
| New | +$71.4M |
|
20
WisdomTree India Earnings Fund ETF
EPI
$2.03B
| $88M | 1.87% |
4,361,000
-594,500
| -12% | -$11.6M |
|
|
CAB
21
DELISTED
Cabela's Inc
CAB
| $75M | 1.6% |
1,307,546
-50,597
| -4% | -$2.52M |
|
|
CHL
22
DELISTED
China Mobile Limited
CHL
| $74.3M | 1.58% |
1,279,084
-694,905
| -35% | -$39.1M |
|
|
23
United Airlines
UAL
$36.7B
| $73.5M | 1.57% |
1,564,602
-1,118,350
| -42% | -$52.9M |
|
24
SK Telecom
SKM
$15.5B
| $65.3M | 1.39% |
1,893,481
-17,486
| -0.9% | -$577K |
|
|
25
SM Energy
SM
$8.85B
| $64.7M | 1.38% |
2,105,998
-2,114,732
| -50% | -$59.3M |
|
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Sarah Ketterer's Q2 2016 Portfolio in Review
As of Q2 2016, Sarah Ketterer held 80 positions worth $4.7B, up 8.1% from $4.34B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Sarah Ketterer deployed $680M of net new capital in Q2 2016, opening 6 new positions and adding to 31 existing holdings. Its largest new stake was Baidu: 2,747,425 shares worth $454M.
By sector, the portfolio is most concentrated in Technology at 24% of assets, down from 26% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Johnson & Johnson, an estimated $65.6M trimmed.
- Sarah Ketterer's largest Q2 2016 buy was Baidu: 2,747,425 shares worth $454M.
- Sarah Ketterer added most to Chunghwa Telecom in Q2 2016, an estimated $235M increase.
- Sarah Ketterer's biggest Q2 2016 reduction was Johnson & Johnson, cutting an estimated $65.6M.
- Sarah Ketterer fully exited Chevron in Q2 2016, selling an estimated $143M.
- Sarah Ketterer's ten largest holdings make up 49% of its $4.7B portfolio in Q2 2016.
- Sarah Ketterer opened 6 new positions and closed 7 in Q2 2016.
- Sarah Ketterer's portfolio value rose 8.1% quarter-over-quarter to $4.7B.
Based on Causeway Capital Management's 13F filing for Q2 2016, filed 15 Aug 2016.