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 |
Deutsche Bank
DB
|
+$470M |
| 2 |
SW
Smurfit Westrock
SW
|
+$185M |
| 3 |
B
Barrick Mining
B
|
+$114M |
| 4 |
Carnival Corporation Ltd
CCL
|
+$54.9M |
| 5 |
NetEase
NTES
|
+$50.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Canadian Pacific Kansas City
CP
|
+$194M |
| 2 |
Infosys
INFY
|
+$42M |
| 3 |
Oracle
ORCL
|
+$34.6M |
| 4 |
Walt Disney
DIS
|
+$34.3M |
| 5 |
Zimmer Biomet
ZBH
|
+$22M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 24.05% |
| 2 | Industrials | 19.36% |
| 3 | Financials | 19.15% |
| 4 | Materials | 8.19% |
| 5 | Technology | 8.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Canadian Pacific Kansas City
CP
$85B
| $1.16B | 18.42% |
14,680,499
-2,528,289
| -15% | -$194M |
|
|
2
Carnival Corporation Ltd
CCL
$35.2B
| $819M | 12.96% |
29,128,074
+2,563,008
| +10% | +$54.9M |
|
|
3
Deutsche Bank
DB
$71.1B
| $570M | 9.03% |
19,315,143
+17,801,643
| +1,176% | +$470M |
|
|
B
4
Barrick Mining
B
$78.3B
| $367M | 5.8% |
17,653,416
+5,814,589
| +49% | +$114M |
|
|
SW
5
Smurfit Westrock
SW
$25.9B
| $303M | 4.79% |
7,015,694
+4,321,850
| +160% | +$185M |
|
6
Alibaba
BABA
$286B
| $141M | 2.23% |
1,242,469
-113,541
| -8% | -$13.4M |
|
7
Alphabet (Google) Class C
GOOG
$4.18T
| $128M | 2.03% |
721,546
+24,193
| +3% | +$4M |
|
8
TSMC
TSM
$2.17T
| $117M | 1.86% |
517,815
-1,830
| -0.4% | -$339K |
|
9
Citigroup
C
$221B
| $107M | 1.7% |
1,259,978
-90,929
| -7% | -$6.57M |
|
10
Cognizant
CTSH
$27.9B
| $92.2M | 1.46% |
1,181,358
+263,483
| +29% | +$20.2M |
|
11
Barclays
BCS
$90.2B
| $86.7M | 1.37% |
4,664,178
+152,236
| +3% | +$2.52M |
|
12
Analog Devices
ADI
$182B
| $84.6M | 1.34% |
355,604
-68,421
| -16% | -$14.2M |
|
13
Merck
MRK
$376B
| $77.8M | 1.23% |
982,660
+84,791
| +9% | +$6.74M |
|
|
14
Walt Disney
DIS
$186B
| $77.3M | 1.22% |
623,677
-330,175
| -35% | -$34.3M |
|
15
Meta Platforms (Facebook)
META
$1.4T
| $70.5M | 1.12% |
95,570
-9,915
| -9% | -$6.13M |
|
16
AstraZeneca
AZN
$257B
| $66.6M | 1.05% |
476,724
+47,780
| +11% | +$6.7M |
|
17
AXIS Capital
AXS
$7.2B
| $65.9M | 1.04% |
634,981
-92,113
| -13% | -$9.17M |
|
18
Genpact
G
$6.24B
| $63M | 1% |
1,431,171
+486,511
| +52% | +$22M |
|
19
Biogen
BIIB
$32B
| $62M | 0.98% |
493,355
+59,838
| +14% | +$7.46M |
|
|
20
Oracle
ORCL
$422B
| $60.6M | 0.96% |
277,286
-214,547
| -44% | -$34.6M |
|
21
JD.com
JD
$39.7B
| $60.5M | 0.96% |
1,854,381
+57,147
| +3% | +$1.95M |
|
|
22
NetEase
NTES
$82.1B
| $59.4M | 0.94% |
+441,494
| New | +$50.8M |
|
23
Qfin Holdings
QFIN
$1.41B
| $57M | 0.9% |
1,314,163
+6,890
| +0.5% | +$287K |
|
|
24
Zimmer Biomet
ZBH
$19.3B
| $52.7M | 0.83% |
578,238
-227,271
| -28% | -$22M |
|
25
Aptiv
APTV
$10B
| $49M | 0.78% |
718,696
-142,048
| -17% | -$8.8M |
|
Similar funds
Sarah Ketterer's Q2 2025 Portfolio in Review
As of Q2 2025, Sarah Ketterer held 107 positions worth $6.32B, up 32% from $4.78B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Sarah Ketterer deployed $866M of net new capital in Q2 2025, opening 17 new positions and adding to 44 existing holdings. Its largest new stake was NetEase: 441,494 shares worth $59.4M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 24% of assets, up from 22% a quarter earlier, followed by Industrials and Financials.
On the sell side, the largest reduction was Canadian Pacific Kansas City, an estimated $194M trimmed.
- Sarah Ketterer's largest Q2 2025 buy was NetEase: 441,494 shares worth $59.4M.
- Sarah Ketterer added most to Deutsche Bank in Q2 2025, an estimated $470M increase.
- Sarah Ketterer's biggest Q2 2025 reduction was Canadian Pacific Kansas City, cutting an estimated $194M.
- Sarah Ketterer fully exited Quest Diagnostics in Q2 2025, selling an estimated $20.4M.
- Sarah Ketterer's ten largest holdings make up 60% of its $6.32B portfolio in Q2 2025.
- Sarah Ketterer opened 17 new positions and closed 8 in Q2 2025.
- Sarah Ketterer's portfolio value rose 32% quarter-over-quarter to $6.32B.
Based on Causeway Capital Management's 13F filing for Q2 2025, filed 13 Aug 2025.