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Sarah Ketterer Causeway Capital Management

AUM $9.24B
1-Year Est. Return 21.27%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+14.34%
1 Year Est. Return
+21.27%
3 Year Est. Return
+72.78%
5 Year Est. Return
+71.25%
10 Year Est. Return
+497.07%
AUM
$3.93B
AUM Growth
+$139M
Cap. Flow
-$320M
Cap. Flow %
-8.14%
Top 10 Hldgs %
44.97%
Holding
99
New
10
Increased
43
Reduced
31
Closed
10

Top Buys

Rank Stock Value
1
CP icon
Canadian Pacific Kansas City
CP
+$108M
2
ADI icon
Analog Devices
ADI
+$47M
3
STX icon
Seagate
STX
+$34.2M
4
APTV icon
Aptiv
APTV
+$31.3M
5
PBR.A icon
Petrobras Class A
PBR.A
+$20.6M

Top Sells

Rank Stock Value
1
EFA icon
iShares MSCI EAFE ETF
EFA
+$330M
2
UBS icon
UBS Group
UBS
+$110M
3
RYAAY icon
Ryanair
RYAAY
+$78M
4
MDLZ icon
Mondelez International
MDLZ
+$53.6M
5
BBD icon
Banco Bradesco
BBD
+$35.9M

Sector Composition

Rank Sector Weight
1 Industrials 24.88%
2 Financials 16.11%
3 Technology 15.48%
4 Healthcare 10.72%
5 Communication Services 7.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RYAAY icon
1
Ryanair
RYAAY
$28.9B
$454M 11.57%
8,517,950
-1,776,255
-17% -$78M
CP icon
2
Canadian Pacific Kansas City
CP
$85B
$442M 11.26%
5,561,777
+1,470,042
+36% +$108M
BBD icon
3
Banco Bradesco
BBD
$33.9B
$184M 4.69%
52,618,058
-11,453,994
-18% -$35.9M
UBS icon
4
UBS Group
UBS
$163B
$149M 3.8%
4,809,753
-4,188,922
-47% -$110M
DIS icon
5
Walt Disney
DIS
$186B
$99.5M 2.53%
1,102,237
+13,695
+1% +$1.21M
PDD icon
6
Pinduoduo
PDD
$126B
$96.2M 2.45%
657,517
-6,380
-1% -$774K
GOOG icon
7
Alphabet (Google) Class C
GOOG
$4.18T
$93.3M 2.38%
661,944
-39,290
-6% -$5.33M
SNX icon
8
TD Synnex
SNX
$20B
$85.9M 2.19%
798,400
+20,033
+3% +$1.97M
G icon
9
Genpact
G
$6.24B
$82.7M 2.11%
2,382,617
+223,407
+10% +$7.71M
C icon
10
Citigroup
C
$221B
$78.7M 2%
1,529,941
+5,347
+0.4% +$237K
IFF icon
11
International Flavors & Fragrances
IFF
$21.5B
$78.1M 1.99%
964,184
+208,833
+28% +$15.1M
ZBRA icon
12
Zebra Technologies
ZBRA
$17.4B
$76.7M 1.95%
280,774
+73,631
+36% +$16.8M
BABA icon
13
Alibaba
BABA
$286B
$72.5M 1.85%
935,720
-194,028
-17% -$15.5M
FISV
14
Fiserv Inc
FISV
$28B
$71.7M 1.83%
540,050
-123,180
-19% -$15.1M
JLL icon
15
Jones Lang LaSalle
JLL
$17.8B
$69.4M 1.77%
367,362
+48,476
+15% +$7.33M
ZBH icon
16
Zimmer Biomet
ZBH
$19.3B
$68.7M 1.75%
564,669
+158,806
+39% +$17.7M
DGX icon
17
Quest Diagnostics
DGX
$27B
$67.9M 1.73%
492,707
+3,013
+0.6% +$396K
ABBV icon
18
AbbVie
ABBV
$468B
$62.4M 1.59%
402,866
+5,683
+1% +$829K
PBR.A icon
19
Petrobras Class A
PBR.A
$111B
$62M 1.58%
4,058,598
+1,434,494
+55% +$20.6M
AVTR icon
20
Avantor
AVTR
$9.78B
$58.4M 1.49%
2,559,572
-13,427
-0.5% -$275K
PCG icon
21
PG&E
PCG
$38.8B
$57.3M 1.46%
3,177,705
+689,911
+28% +$11.6M
CSX icon
22
CSX Corp
CSX
$95.6B
$55.9M 1.42%
1,611,661
+250,270
+18% +$7.97M
TSN icon
23
Tyson Foods
TSN
$20.6B
$53.8M 1.37%
1,000,568
+393,860
+65% +$19.1M
META icon
24
Meta Platforms (Facebook)
META
$1.4T
$53.2M 1.36%
150,405
-3,593
-2% -$1.17M
VIPS icon
25
Vipshop
VIPS
$6.98B
$53M 1.35%
2,986,610
-63,846
-2% -$996K
1
2 3 4

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Sarah Ketterer's Q4 2023 Portfolio in Review

As of Q4 2023, Sarah Ketterer held 99 positions worth $3.93B, up 3.7% from $3.79B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Sarah Ketterer withdrew a net $320M in Q4 2023, closing 10 positions and reducing 31 holdings. Its most notable exit was iShares MSCI EAFE ETF, an estimated $330M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 25% of assets, up from 20% a quarter earlier, followed by Financials and Technology.

Against the trend, Sarah Ketterer opened a new position in Analog Devices worth $52.2M.

  • Sarah Ketterer's largest Q4 2023 buy was Analog Devices: 263,109 shares worth $52.2M.
  • Sarah Ketterer added most to Canadian Pacific Kansas City in Q4 2023, an estimated $108M increase.
  • Sarah Ketterer's biggest Q4 2023 reduction was UBS Group, cutting an estimated $110M.
  • Sarah Ketterer fully exited iShares MSCI EAFE ETF in Q4 2023, selling an estimated $330M.
  • Sarah Ketterer's ten largest holdings make up 45% of its $3.93B portfolio in Q4 2023.
  • Sarah Ketterer opened 10 new positions and closed 10 in Q4 2023.
  • Sarah Ketterer's portfolio value rose 3.7% quarter-over-quarter to $3.93B.

Based on Causeway Capital Management's 13F filing for Q4 2023, filed 14 Feb 2024.