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 |
iShares MSCI EAFE ETF
EFA
|
+$343M |
| 2 |
Canadian Pacific Kansas City
CP
|
+$325M |
| 3 |
Banco Bradesco
BBD
|
+$61.4M |
| 4 |
Zebra Technologies
ZBRA
|
+$56.2M |
| 5 |
International Flavors & Fragrances
IFF
|
+$55.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Canadian National Railway
CNI
|
+$350M |
| 2 |
Ryanair
RYAAY
|
+$344M |
| 3 |
TSMC
TSM
|
+$86.3M |
| 4 |
WRK
WestRock Company
WRK
|
+$61.4M |
| 5 |
Leidos
LDOS
|
+$49.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 20.32% |
| 2 | Financials | 18.63% |
| 3 | Technology | 12.52% |
| 4 | Healthcare | 9.45% |
| 5 | Communication Services | 7.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Ryanair
RYAAY
$28.9B
| $400M | 10.56% |
10,294,205
-8,470,633
| -45% | -$344M |
|
|
2
iShares MSCI EAFE ETF
EFA
$80B
| $330M | 8.71% |
+4,789,941
| New | +$343M |
|
|
3
Canadian Pacific Kansas City
CP
$85B
| $306M | 8.06% |
+4,091,735
| New | +$325M |
|
4
UBS Group
UBS
$163B
| $223M | 5.89% |
8,998,675
+95,547
| +1% | +$2.23M |
|
|
5
Banco Bradesco
BBD
$33.9B
| $183M | 4.82% |
64,072,052
+19,404,902
| +43% | +$61.4M |
|
6
Alibaba
BABA
$286B
| $98M | 2.59% |
1,129,748
+173,468
| +18% | +$15.9M |
|
7
Alphabet (Google) Class C
GOOG
$4.18T
| $92.5M | 2.44% |
701,234
-120,200
| -15% | -$15.6M |
|
8
Walt Disney
DIS
$186B
| $88.2M | 2.33% |
1,088,542
+252,680
| +30% | +$21.6M |
|
9
Genpact
G
$6.24B
| $78.2M | 2.06% |
2,159,210
+144,611
| +7% | +$5.37M |
|
10
TD Synnex
SNX
$20B
| $77.7M | 2.05% |
778,367
+145,552
| +23% | +$14.4M |
|
|
FISV
11
Fiserv Inc
FISV
$28B
| $74.9M | 1.98% |
663,230
+11,461
| +2% | +$1.41M |
|
12
Pinduoduo
PDD
$126B
| $65.1M | 1.72% |
663,897
-164,298
| -20% | -$14.2M |
|
13
Citigroup
C
$221B
| $62.7M | 1.66% |
1,524,594
+34,646
| +2% | +$1.52M |
|
14
Quest Diagnostics
DGX
$27B
| $59.7M | 1.58% |
489,694
+181,201
| +59% | +$24.1M |
|
15
AbbVie
ABBV
$468B
| $59.2M | 1.56% |
397,183
+58,123
| +17% | +$8.53M |
|
|
EXE
16
Expand Energy Corp
EXE
$22.2B
| $58M | 1.53% |
673,192
+199,383
| +42% | +$16.9M |
|
17
Avantor
AVTR
$9.78B
| $54.2M | 1.43% |
2,572,999
-11,455
| -0.4% | -$244K |
|
18
Mondelez International
MDLZ
$82.3B
| $53.6M | 1.41% |
772,419
+26,845
| +4% | +$1.93M |
|
19
Concentrix
CNXC
$1.55B
| $52.7M | 1.39% |
658,107
+199,226
| +43% | +$15.6M |
|
|
20
International Flavors & Fragrances
IFF
$21.5B
| $51.5M | 1.36% |
+755,351
| New | +$55.2M |
|
|
21
Zebra Technologies
ZBRA
$17.4B
| $49M | 1.29% |
+207,143
| New | +$56.2M |
|
22
Vipshop
VIPS
$6.98B
| $48.8M | 1.29% |
3,050,456
+66,939
| +2% | +$1.09M |
|
23
Meta Platforms (Facebook)
META
$1.4T
| $46.2M | 1.22% |
153,998
-41,873
| -21% | -$12.6M |
|
24
Zimmer Biomet
ZBH
$19.3B
| $45.5M | 1.2% |
405,863
+179,845
| +80% | +$22.8M |
|
25
Jones Lang LaSalle
JLL
$17.8B
| $45M | 1.19% |
318,886
+31,867
| +11% | +$5.2M |
|
Similar funds
Sarah Ketterer's Q3 2023 Portfolio in Review
As of Q3 2023, Sarah Ketterer held 97 positions worth $3.79B, down 0.28% from $3.8B the previous quarter. Its ten largest holdings account for 50% of the portfolio.
Sarah Ketterer deployed $160M of net new capital in Q3 2023, opening 16 new positions and adding to 40 existing holdings. Its largest new stake was iShares MSCI EAFE ETF: 4,789,941 shares worth $330M.
By sector, the portfolio is most concentrated in Industrials at 20% of assets, down from 34% a quarter earlier, followed by Financials and Technology.
On the sell side, the largest reduction was Ryanair, an estimated $344M trimmed.
- Sarah Ketterer's largest Q3 2023 buy was iShares MSCI EAFE ETF: 4,789,941 shares worth $330M.
- Sarah Ketterer added most to Banco Bradesco in Q3 2023, an estimated $61.4M increase.
- Sarah Ketterer's biggest Q3 2023 reduction was Ryanair, cutting an estimated $344M.
- Sarah Ketterer fully exited Canadian National Railway in Q3 2023, selling an estimated $350M.
- Sarah Ketterer's ten largest holdings make up 50% of its $3.79B portfolio in Q3 2023.
- Sarah Ketterer opened 16 new positions and closed 8 in Q3 2023.
- Sarah Ketterer's portfolio value fell 0.28% quarter-over-quarter to $3.79B.
Based on Causeway Capital Management's 13F filing for Q3 2023, filed 13 Nov 2023.