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Causeway Capital Management In Q2 2026, Causeway Capital Management held 117 US-listed stocks worth $9.2bn. Its biggest move was cutting Canadian Pacific Kansas City (24% fewer shares, now 6.3%), followed by adding to Deutsche Bank (18% more shares, now 11%). It started 21 new positions and sold out of 7. Its largest holding is Astrazeneca at 19%.
Source: SEC Form 13F for Q2 2026, filed 13 Aug 2026. How we use them
Latest 13F
Q2 2026
Filed 13 Aug 2026
US holdings
$9.2bn
117 companies
See holdings
Q3 2026 13F due
24 days
Expected Fri 13 Nov
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Holdings What changed Over time Look-through Sectors Value over time
What changed in Q2 2026 Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.
US holdings from the 13F Q2 2026, filed 13 Aug 2026 (filing ): 21 new, 48 added to, 44 trimmed, 7 sold out. Select a row to see it over time. How this works Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter Company Value Shares Portfolio Change Q1 2026 Astrazeneca AZN $1.8bn 9,357,390 19.0%$1.8bn ▲ Added +26%17.7% Carnival CCL $1.2bn 41,190,606 12.7%$1.2bn ▲ Added +11%11.8% Deutsche Bank DB $994m 29,358,318 10.8%$994m ▲ Added +18%8.9% Smurfit WestRock SW $696m 15,039,041 7.5%$696m ▼ Trimmed -3.4%7.6% Canadian Pacific Kansas City CP $582m 6,711,483 6.3%$582m ▼ Trimmed -24%8.5% Taiwan Semiconductor Manufacturing TSM $254m 532,052 2.8%$254m ▲ Added +4.6%2.1% Alaska Air Group ALK $166m 3,183,163 1.8%$166m ▲ Added +27%1.1% Carrier Global CARR $160m 2,178,506 1.7%$160m ▲ Added +3.6%1.4% Live Nation Entertainment LYV $129m 706,301 1.4%$129m ▲ Added +34%1.0% Merck & Co. MRK $123m 954,932 1.3%$123m ▲ Added +12%1.3% Meta Platforms META $113m 201,459 1.2%$113m ▲ Added +39%1.0% Alphabet GOOG $112m 316,217 1.2%$112m ▼ Trimmed -6.2%1.2% Barclays BCS $107m 3,975,718 1.2%$107m ▼ Trimmed -2.4%1.1% Credicorp BAP $99.5m 255,436 1.1%$99.5m ▲ Added +4.2%1.0% SAP SAP $97.1m 629,801 1.1%$97.1m ▲ Added +38%1.0% Alibaba Group Holding BABA $95.5m 995,040 1.0%$95.5m ▼ Trimmed -6.9%1.6% Axis Capital Holdings AXS $92.4m 859,727 1.0%$92.4m ▲ Added +5.4%1.0% Everest Group EG $90.3m 252,702 1.0%$90.3m ▲ Added +1.1%1.0% Ingersoll Rand IR $84.8m 1,033,693 0.9%$84.8m ▲ Added +65%0.6% Koninklijke Philips PHG $83.3m 3,061,962 0.9%$83.3m ▲ Added +25%0.8% Novo-Nordisk NVO $80.4m 1,677,615 0.9%$80.4m ▲ Added +43%0.5% Jones Lang Lasalle JLL $76.9m 248,252 0.8%$76.9m ▲ Added +33%0.7% Citizens Financial Group CFG $75.5m 1,077,093 0.8%$75.5m ▲ Added +2.7%0.8% NetEase NTES $73.3m 572,412 0.8%$73.3m ▲ New– Diageo DEO $72.3m 899,015 0.8%$72.3m ▲ Added +35%0.6% Ishares MSCI India Etf INDA $69.4m 1,171,349 0.8%$69.4m ▲ Added +26%0.6% Zimmer Biomet Holdings ZBH $67.9m 788,810 0.7%$67.9m ▼ Trimmed -2.4%0.9% Boeing BA $67.8m 313,048 0.7%$67.8m ▼ Trimmed -0.3%0.8% Citigroup C $64.2m 458,858 0.7%$64.2m ▼ Trimmed -28%0.9% Natwest Group NWG $61.5m 3,487,290 0.7%$61.5m ▲ Added +17%0.6% Biogen BIIB $60.1m 278,283 0.7%$60.1m ▼ Trimmed -0.9%0.6% Gold Fields GFI $57.5m 1,713,233 0.6%$57.5m ▲ Added +4.8%0.9% Analog Devices ADI $56.4m 142,050 0.6%$56.4m ▼ Trimmed -30%0.8% RELX RELX $55.8m 1,762,329 0.6%$55.8m ▼ Trimmed -24%0.9% Anglogold Ashanti AU $55.7m 688,027 0.6%$55.7m ▼ Trimmed -23%1.1% ING Groep ING $53.1m 1,690,687 0.6%$53.1m ▲ Added +9.9%0.5% Booz Allen Hamilton Holding BAH $51.6m 849,966 0.6%$51.6m ▼ Trimmed -0.9%0.8% Texas Instruments TXN $49.6m 166,496 0.5%$49.6m ▼ Trimmed -19%0.5% National Grid NGG $48.9m 590,240 0.5%$48.9m ▲ Added +9.6%0.6% DTE Energy DTE $48.8m 320,526 0.5%$48.8m ▼ Trimmed -0.5%0.6% Pfizer PFE $46.2m 1,916,801 0.5%$46.2m ▲ Added +0.1%0.7% Petroleo Brasileiro PBR $45.3m 3,096,624 0.5%$45.3m ▲ Added +107%0.3% Prudential PUK $45.3m 1,689,218 0.5%$45.3m ▲ Added +28%0.5% Smith & Nephew SNN $45.1m 1,565,167 0.5%$45.1m ▲ Added +64%0.4% TAL Education Group TAL $39.5m 4,125,430 0.4%$39.5m ▲ Added +19%0.5% UnitedHealth Group UNH $36.3m 87,447 0.4%$36.3m ▲ Added +22%0.2% Walt Disney DIS $34.7m 360,600 0.4%$34.7m ▼ Trimmed -36%0.7% Sanofi SNY $34.3m 804,056 0.4%$34.3m ▼ Trimmed -24%0.6% British American Tobacco BTI $33.8m 547,925 0.4%$33.8m ▲ Added +9.4%0.4% Sumitomo Mitsui Financial Group SMFG $32.8m 1,392,610 0.4%$32.8m ▲ Added +9.9%0.3% Vista Energy VIST $32.0m 501,275 0.3%$32.0m ▲ Added +127%0.2% Boston Scientific BSX $30.7m 720,339 0.3%$30.7m ▲ New– JD.com JD $30.6m 1,199,207 0.3%$30.6m ▲ New– Vanguard Tax-Managed Fds VEA $30.4m 427,314 0.3%$30.4m ▼ Trimmed -42%0.6% Gerdau GGB $29.2m 7,229,538 0.3%$29.2m ▲ Added +5.7%0.3% Anheuser Busch Inbev BUD $28.6m 347,657 0.3%$28.6m ▼ Trimmed -40%0.5% Pagseguro Digital PAGS $28.3m 3,130,268 0.3%$28.3m ▼ Trimmed -23%0.5% BXP BXP $25.1m 378,480 0.3%$25.1m ▼ Trimmed -0.6%0.2% Huazhu Group HTHT $23.8m 570,437 0.3%$23.8m ▲ New– Oceanagold OGC $22.8m 911,012 0.3%$22.8m ▲ New– Centerra Gold CGAU $20.4m 1,285,398 0.2%$20.4m ▲ Added +3.2%0.3% Genpact G $19.5m 710,380 0.2%$19.5m ▼ Trimmed -63%0.9% Cognizant Technology Solutions CTSH $19.2m 494,846 0.2%$19.2m ▼ Trimmed -67%1.1% ZIM Integrated Shipping Services ZIM $18.1m 694,474 0.2%$18.1m ▼ Trimmed -22%0.3% Fortuna Mining FSM $17.6m 2,086,645 0.2%$17.6m ▲ Added +67%0.1% Weibo WB $16.8m 2,317,577 0.2%$16.8m ▼ Trimmed -13%0.3% Vanguard International Equity Index F VWO $15.9m 131,852 0.2%$15.9m ▲ Added +13%0.2% Arcos Dorados Holdings ARCO $15.8m 1,961,513 0.2%$15.8m ▲ New– ICICI Bank IBN $13.0m 447,935 0.1%$13.0m ▼ Trimmed -0.7%0.1% Toronto Dominion Bank TD $11.8m 97,238 0.1%$11.8m ▲ New– Finvolution Group FINV $10.9m 2,285,880 0.1%$10.9m ▼ Trimmed -4.8%0.1% Grupo Cibest CIB $10.9m 136,620 0.1%$10.9m ▲ Added +3.2%0.1% HDFC Bank HDB $10.2m 395,855 0.1%$10.2m ▼ Trimmed -0.8%0.1% Cdn Imperial Bk Communications Toronto CM $9.6m 83,789 0.1%$9.6m ▲ New– Bw Lpg BWLP $8.0m 457,050 0.1%$8.0m ▲ Added +2889%0.0% Suncor Energy SU $7.4m 138,526 0.1%$7.4m ▲ New– Ishares Tr EFA $7.3m 95,735 0.1%$7.3m ▲ Added +154%0.1% Joyy JOYY $7.2m 109,297 0.1%$7.2m ▼ Trimmed -85%0.5% Celestica CLS $7.1m 19,598 0.1%$7.1m ▼ Trimmed -21%0.1% Ishares MSCI Saudi Arabia Etf XT $6.6m 177,079 0.1%$6.6m ▲ Added +235%0.0% Millicom International Cellular TIGO $6.0m 65,932 0.1%$6.0m ▼ Trimmed -68%0.2% Infosys INFY $5.5m 526,963 0.1%$5.5m ▼ Trimmed -72%0.3% Ishares MSCI Taiwan Etf IEMG $4.9m 45,108 0.1%$4.9m ▲ Added +21%0.0% Hafnia HAFN $4.6m 697,424 0.1%$4.6m ▲ Added +1183%0.0% Stantec STN $3.9m 56,200 0.0%$3.9m ▲ New– Global E Online GLBE $3.5m 102,195 0.0%$3.5m ▲ New– MakeMyTrip MMYT $3.4m 64,145 0.0%$3.4m ▼ Trimmed -0.6%0.0% Magna International MGA $3.0m 45,900 0.0%$3.0m ▲ New– Iamgold IAG $2.7m 172,916 0.0%$2.7m ▲ New– Ishares MSCI Acwi Etf ACWX $1.8m 14,791 0.0%$1.8m ▼ Trimmed -34%0.0% BP BP $1.7m 46,059 0.0%$1.7m ▼ Trimmed -95%0.6% Arcelormittal MT $1.3m 22,155 0.0%$1.3m ▼ Trimmed -92%0.2% Ituran Location and Control ITRN $1.2m 20,439 0.0%$1.2m 0.0% Wipro WIT $1.0m 448,957 0.0%$1.0m ▲ Added +1.3%0.0% Open Text OTEX $808k 36,500 0.0%$808k ▲ New– Canadian Natural Resources CNQ $728k 18,400 0.0%$728k ▲ New– NVIDIA NVDA $714k 3,567 0.0%$714k ▼ Trimmed -0.6%0.0% Inter & Co INTR $546k 100,618 0.0%$546k ▲ New– Orla Mining OLA $509k 52,100 0.0%$509k ▲ New– Shinhan Financial Group SHG $417k 6,594 0.0%$417k ▼ Trimmed -97%0.2% GSK GSK $375k 7,163 0.0%$375k ▼ Trimmed -35%0.0% B2gold BTG $354k 94,491 0.0%$354k 0.0% Lam Research LRCX $354k 816 0.0%$354k ▲ New– Comfort Systems USA FIX $321k 162 0.0%$321k ▼ Trimmed -12%0.0% Renaissancere Holdings RNR $315k 994 0.0%$315k 0.0% Broadcom AVGO $303k 802 0.0%$303k ▼ Trimmed -4.9%0.0% Torm TRMD $290k 11,244 0.0%$290k ▲ New– Apple AAPL $274k 947 0.0%$274k ▲ Added +2.6%0.0% Inmode INMD $266k 18,180 0.0%$266k ▼ Trimmed -75%0.0% Allstate ALL $263k 1,107 0.0%$263k ▲ Added +10%0.0% Barrick Mining B $256k 6,966 0.0%$256k ▼ Trimmed -10%0.0% Precision Drilling PDS $253k 3,291 0.0%$253k 0.0% Novartis NVS $235k 1,501 0.0%$235k ▲ Added +0.9%0.0% SLM SLM $228k 8,774 0.0%$228k ▲ New– Microsoft MSFT $224k 600 0.0%$224k ▼ Trimmed -22%0.0% Vici Pptys VICI $212k 7,985 0.0%$212k ▲ New– Summit Hotel Properties INN $120k 17,063 0.0%$120k ▲ Added +15%0.0% Whirlpool WHR – – – ▼ Sold out0.8% Aptiv APTV – – – ▼ Sold out0.6% PDD Holdings PDD – – – ▼ Sold out0.3% Tencent Music Entertainment Group TME – – – ▼ Sold out0.1% Qfin Holdings QFIN – – – ▼ Sold out0.1% Enerflex EFXT – – – ▼ Sold out0.0% JBS JBS – – – ▼ Sold out0.0%
Show all 124 Download the Q2 2026 holdings: CSV · JSON · Markdown
How the portfolio has changed Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
2013 · Ryanair Holdings: 5.5% 2013 · Everything else: 94.5% 2014 · Carnival: 3.7% 2014 · Ryanair Holdings: 4.5% 2014 · Everything else: 91.8% 2015 · Ryanair Holdings: 3.3% 2015 · Everything else: 96.7% 2016 · Carnival: 3.4% 2016 · Taiwan Semiconductor Manufacturing: 3.6% 2016 · Baidu: 8.6% 2016 · Everything else: 84.4% 2017 · Canadian Pacific Kansas City: 10.2% 2017 · Baidu: 8.9% 2017 · Everything else: 80.9% 2018 · Taiwan Semiconductor Manufacturing: 2.6% 2018 · Baidu: 9.9% 2018 · Everything else: 87.4% 2019 · Ryanair Holdings: 6.1% 2019 · Taiwan Semiconductor Manufacturing: 3.9% 2019 · Baidu: 8.9% 2019 · Everything else: 81.1% 2020 · Ryanair Holdings: 10.3% 2020 · Taiwan Semiconductor Manufacturing: 10.4% 2020 · Baidu: 11.3% 2020 · Everything else: 68.0% 2021 · Ryanair Holdings: 12.1% 2021 · Taiwan Semiconductor Manufacturing: 9.6% 2021 · Everything else: 78.3% 2022 · Ryanair Holdings: 16.7% 2022 · Taiwan Semiconductor Manufacturing: 6.6% 2022 · Everything else: 76.7% 2023 · Canadian Pacific Kansas City: 11.3% 2023 · Ryanair Holdings: 11.6% 2023 · Everything else: 77.2% Q3 ’24 · Canadian Pacific Kansas City: 18.4% Q3 ’24 · Taiwan Semiconductor Manufacturing: 2.3% Q3 ’24 · Smurfit WestRock: 5.1% Q3 ’24 · Everything else: 74.3% Q4 ’24 · Canadian Pacific Kansas City: 25.4% Q4 ’24 · Taiwan Semiconductor Manufacturing: 2.4% Q4 ’24 · Smurfit WestRock: 3.3% Q4 ’24 · Everything else: 68.9% Q1 ’25 · Canadian Pacific Kansas City: 25.3% Q1 ’25 · Carnival: 10.8% Q1 ’25 · Taiwan Semiconductor Manufacturing: 1.8% Q1 ’25 · Smurfit WestRock: 2.5% Q1 ’25 · Everything else: 59.6% Q2 ’25 · Canadian Pacific Kansas City: 18.4% Q2 ’25 · Carnival: 13.0% Q2 ’25 · Taiwan Semiconductor Manufacturing: 1.9% Q2 ’25 · Smurfit WestRock: 4.8% Q2 ’25 · Everything else: 62.0% Q3 ’25 · Canadian Pacific Kansas City: 13.3% Q3 ’25 · Carnival: 12.2% Q3 ’25 · Taiwan Semiconductor Manufacturing: 1.9% Q3 ’25 · Smurfit WestRock: 4.2% Q3 ’25 · Everything else: 68.4% Q4 ’25 · Canadian Pacific Kansas City: 12.8% Q4 ’25 · Carnival: 14.3% Q4 ’25 · Taiwan Semiconductor Manufacturing: 2.1% Q4 ’25 · Smurfit WestRock: 10.2% Q4 ’25 · Everything else: 60.6% Q1 ’26 · Canadian Pacific Kansas City: 8.5% Q1 ’26 · Carnival: 11.8% Q1 ’26 · Taiwan Semiconductor Manufacturing: 2.1% Q1 ’26 · Smurfit WestRock: 7.6% Q1 ’26 · Everything else: 70.0% Q2 ’26 · Canadian Pacific Kansas City: 6.3% Q2 ’26 · Carnival: 12.7% Q2 ’26 · Taiwan Semiconductor Manufacturing: 2.8% Q2 ’26 · Smurfit WestRock: 7.5% Q2 ’26 · Everything else: 70.7% 2013
2015
2017
2019
2021
2023
Q4 ’24
Q2 ’25
Q4 ’25
Q2 ’26
2013: Canadian Pacific Kansas City 0.0%, Carnival 0.0%, Ryanair Holdings 5.5%, Taiwan Semiconductor Manufacturing 0.0%, Baidu 0.0%, Smurfit WestRock 0.0%; 2014: Canadian Pacific Kansas City 0.0%, Carnival 3.7%, Ryanair Holdings 4.5%, Taiwan Semiconductor Manufacturing 0.0%, Baidu 0.0%, Smurfit WestRock 0.0%; 2015: Canadian Pacific Kansas City 0.0%, Carnival 0.0%, Ryanair Holdings 3.3%, Taiwan Semiconductor Manufacturing 0.0%, Baidu 0.0%, Smurfit WestRock 0.0%; 2016: Canadian Pacific Kansas City 0.0%, Carnival 3.4%, Ryanair Holdings 0.0%, Taiwan Semiconductor Manufacturing 3.6%, Baidu 8.6%, Smurfit WestRock 0.0%; 2017: Canadian Pacific Kansas City 10.2%, Carnival 0.0%, Ryanair Holdings 0.0%, Taiwan Semiconductor Manufacturing 0.0%, Baidu 8.9%, Smurfit WestRock 0.0%; 2018: Canadian Pacific Kansas City 0.0%, Carnival 0.0%, Ryanair Holdings 0.0%, Taiwan Semiconductor Manufacturing 2.6%, Baidu 9.9%, Smurfit WestRock 0.0%; 2019: Canadian Pacific Kansas City 0.0%, Carnival 0.0%, Ryanair Holdings 6.1%, Taiwan Semiconductor Manufacturing 3.9%, Baidu 8.9%, Smurfit WestRock 0.0%; 2020: Canadian Pacific Kansas City 0.0%, Carnival 0.0%, Ryanair Holdings 10.3%, Taiwan Semiconductor Manufacturing 10.4%, Baidu 11.3%, Smurfit WestRock 0.0%; 2021: Canadian Pacific Kansas City 0.0%, Carnival 0.0%, Ryanair Holdings 12.1%, Taiwan Semiconductor Manufacturing 9.6%, Baidu 0.0%, Smurfit WestRock 0.0%; 2022: Canadian Pacific Kansas City 0.0%, Carnival 0.0%, Ryanair Holdings 16.7%, Taiwan Semiconductor Manufacturing 6.6%, Baidu 0.0%, Smurfit WestRock 0.0%; 2023: Canadian Pacific Kansas City 11.3%, Carnival 0.0%, Ryanair Holdings 11.6%, Taiwan Semiconductor Manufacturing 0.0%, Baidu 0.0%, Smurfit WestRock 0.0%; Q3 ’24: Canadian Pacific Kansas City 18.4%, Carnival 0.0%, Ryanair Holdings 0.0%, Taiwan Semiconductor Manufacturing 2.3%, Baidu 0.0%, Smurfit WestRock 5.1%; Q4 ’24: Canadian Pacific Kansas City 25.4%, Carnival 0.0%, Ryanair Holdings 0.0%, Taiwan Semiconductor Manufacturing 2.4%, Baidu 0.0%, Smurfit WestRock 3.3%; Q1 ’25: Canadian Pacific Kansas City 25.3%, Carnival 10.8%, Ryanair Holdings 0.0%, Taiwan Semiconductor Manufacturing 1.8%, Baidu 0.0%, Smurfit WestRock 2.5%; Q2 ’25: Canadian Pacific Kansas City 18.4%, Carnival 13.0%, Ryanair Holdings 0.0%, Taiwan Semiconductor Manufacturing 1.9%, Baidu 0.0%, Smurfit WestRock 4.8%; Q3 ’25: Canadian Pacific Kansas City 13.3%, Carnival 12.2%, Ryanair Holdings 0.0%, Taiwan Semiconductor Manufacturing 1.9%, Baidu 0.0%, Smurfit WestRock 4.2%; Q4 ’25: Canadian Pacific Kansas City 12.8%, Carnival 14.3%, Ryanair Holdings 0.0%, Taiwan Semiconductor Manufacturing 2.1%, Baidu 0.0%, Smurfit WestRock 10.2%; Q1 ’26: Canadian Pacific Kansas City 8.5%, Carnival 11.8%, Ryanair Holdings 0.0%, Taiwan Semiconductor Manufacturing 2.1%, Baidu 0.0%, Smurfit WestRock 7.6%; Q2 ’26: Canadian Pacific Kansas City 6.3%, Carnival 12.7%, Ryanair Holdings 0.0%, Taiwan Semiconductor Manufacturing 2.8%, Baidu 0.0%, Smurfit WestRock 7.5% ▶ Play Q2 2026
Astrazeneca 19.0% Carnival 12.7% Deutsche Bank 10.8% Smurfit WestRock 7.5% Canadian Pacific Kansas City 6.3% Taiwan Semiconductor Manufacturing 2.8% Alaska Air Group 1.8% Carrier Global 1.7% Live Nation Entertainment 1.4% Merck & Co. 1.3% Meta Platforms 1.2% Alphabet 1.2% Q4 2013 Q2 2026
Look-through earnings Causeway Capital Management’s share of the profits of the US companies it holds. How this works Look-through earnings, Q2 2026
$187m
Last 12 months, holdings with SEC financials
Price paid for those earnings
20.3×
Value of those holdings ÷ their earnings
Earnings per share growth
+5.6%
Same holdings, against a year earlier
Portfolio covered
41%
Of the 13F value
By year Rolling 12 months
Q1 2017: $32.7m Q2 2017: $25.3m Q3 2017: $23.6m Q1 2018: $46.5m Q2 2018: $46.7m Q3 2018: $37.0m Q4 2018: $49.0m Q1 2019: $44.9m Q2 2019: $206m Q3 2019: $129m Q4 2019: $29.0m Q4 2020: $16.2m Q1 2021: $14.4m Q2 2021: $10.9m Q3 2021: $8.5m Q4 2021: $3.9m Q1 2022: $25.3m Q2 2022: $10.2m Q3 2022: $11.2m Q4 2022: $9.9m Q1 2023: $14.4m Q2 2023: $11.1m Q3 2023: $11.6m Q4 2023: $3.9m Q1 2024: $13.8m Q2 2024: $18.8m Q3 2024: $17.9m Q4 2024: $14.2m Q1 2025: $20.3m Q2 2025: $23.6m Q3 2025: $26.3m Q4 2025: $36.4m Q1 2026: $24.5m Q2 2026: $38.0m $37.8m 2017
$179m 2018
$409m 2019
−$53.0m 2020
$37.8m 2021
$56.6m 2022
$41.1m 2023
$64.7m 2024
$107m 2025
$62.5m 2026*
2017: $37.8m; 2018: $179m; 2019: $409m; 2020: −$53.0m; 2021: $37.8m; 2022: $56.6m; 2023: $41.1m; 2024: $64.7m; 2025: $107m; 2026 (2 quarters): $62.5m
Holdings behind Q2 2026 (latest) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Q3 2021
Show all 30 Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained . Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.
US holdings by sector Industrials 26.0% Health care 25.5% Financials 17.4% Materials 9.8% Technology 5.5% Consumer discretionary 3.6% Communication and media 3.5% Insurance 2.5% Consumer staples 1.5% Utilities 1.1% Energy 1.0% Real estate 0.8% Other 0.4% Not classified 1.5% Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.
US portfolio value by quarter $3.8bn Q3 ’23
$3.9bn Q4 ’23
$3.8bn Q1 ’24
$3.7bn Q2 ’24
$4.1bn Q3 ’24
$4.4bn Q4 ’24
$4.8bn Q1 ’25
$6.3bn Q2 ’25
$7.6bn Q3 ’25
$7.3bn Q4 ’25
$8.1bn Q1 ’26
$9.2bn Q2 ’26
Q3 ’23: $3.8bn; Q4 ’23: $3.9bn; Q1 ’24: $3.8bn; Q2 ’24: $3.7bn; Q3 ’24: $4.1bn; Q4 ’24: $4.4bn; Q1 ’25: $4.8bn; Q2 ’25: $6.3bn; Q3 ’25: $7.6bn; Q4 ’25: $7.3bn; Q1 ’26: $8.1bn; Q2 ’26: $9.2bn From each quarter’s 13F. Changes reflect both trading and share-price moves.