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 | |
|---|---|---|---|---|---|---|
|
1
Canadian Pacific Kansas City
CP
$85B
| $1.21B | 25.25% |
17,208,788
+1,778,984
| +12% | +$135M |
|
|
2
Carnival Corporation Ltd
CCL
$35.2B
| $519M | 10.85% |
+26,565,066
| New | +$632M |
|
|
B
3
Barrick Mining
B
$78.3B
| $230M | 4.81% |
11,838,827
+726,534
| +7% | +$12.7M |
|
|
4
Alibaba
BABA
$286B
| $179M | 3.75% |
1,356,010
+404,842
| +43% | +$46.7M |
|
|
SW
5
Smurfit Westrock
SW
$25.9B
| $121M | 2.54% |
2,693,844
+30,880
| +1% | +$1.57M |
|
6
Alphabet (Google) Class C
GOOG
$4.18T
| $109M | 2.28% |
697,353
+101,796
| +17% | +$18.6M |
|
7
Citigroup
C
$221B
| $95.9M | 2% |
1,350,907
+116,032
| +9% | +$8.85M |
|
8
Walt Disney
DIS
$186B
| $94.1M | 1.97% |
953,852
+111,910
| +13% | +$12M |
|
9
Zimmer Biomet
ZBH
$19.3B
| $91.2M | 1.91% |
805,509
+35,577
| +5% | +$3.81M |
|
10
TSMC
TSM
$2.17T
| $86.3M | 1.8% |
519,645
-9,419
| -2% | -$1.83M |
|
11
Analog Devices
ADI
$182B
| $85.5M | 1.79% |
424,025
+57,467
| +16% | +$12.4M |
|
12
Merck
MRK
$376B
| $80.6M | 1.68% |
897,869
+313,396
| +54% | +$29.3M |
|
13
JD.com
JD
$39.7B
| $73.9M | 1.55% |
1,797,234
+286,142
| +19% | +$11.5M |
|
14
AXIS Capital
AXS
$7.2B
| $72.9M | 1.52% |
727,094
-1,237
| -0.2% | -$114K |
|
15
Cognizant
CTSH
$27.9B
| $70.2M | 1.47% |
917,875
+99,572
| +12% | +$8.11M |
|
16
Barclays
BCS
$90.2B
| $69.3M | 1.45% |
4,511,942
-1,418,525
| -24% | -$21.2M |
|
17
Oracle
ORCL
$422B
| $68.8M | 1.44% |
491,833
+201,220
| +69% | +$32.8M |
|
18
AstraZeneca
AZN
$257B
| $63.1M | 1.32% |
428,944
+13,009
| +3% | +$1.88M |
|
19
Meta Platforms (Facebook)
META
$1.4T
| $60.8M | 1.27% |
105,485
+5,924
| +6% | +$3.82M |
|
20
Biogen
BIIB
$32B
| $59.3M | 1.24% |
433,517
+151,815
| +54% | +$21.7M |
|
21
Qfin Holdings
QFIN
$1.41B
| $58.7M | 1.23% |
1,307,273
-70,202
| -5% | -$2.91M |
|
22
BP
BP
$115B
| $53.9M | 1.13% |
1,596,626
+294,568
| +23% | +$9.61M |
|
23
Pfizer
PFE
$160B
| $51.3M | 1.07% |
2,024,255
+191,465
| +10% | +$5.01M |
|
24
Aptiv
APTV
$10B
| $51.2M | 1.07% |
860,744
+351,095
| +69% | +$22.3M |
|
25
Prudential
PUK
$35B
| $50.6M | 1.06% |
2,353,670
+216,828
| +10% | +$3.88M |
|
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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.