# Causeway Capital Management portfolio: Q2 2026 13F holdings

Causeway Capital Management: $9.2bn in 117 US holdings at Q2 2026, with buys and sells.

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%.

13F for the quarter ending 2026-06-30, filed 2026-08-13 ([filing](https://www.sec.gov/Archives/edgar/data/1165797/000094562126001052/0000945621-26-001052-index.htm)). $9.2bn in US-listed holdings.

## 13F holdings

| Company | Value | Portfolio | Change | Q1 2026 |
| --- | --- | --- | --- | --- |
| Astrazeneca (AZN) | $1.8bn | 19.0% | Added +26% | 17.7% |
| Carnival (CCL) | $1.2bn | 12.7% | Added +11% | 11.8% |
| Deutsche Bank (DB) | $994m | 10.8% | Added +18% | 8.9% |
| Smurfit WestRock (SW) | $696m | 7.5% | Trimmed -3.4% | 7.6% |
| Canadian Pacific Kansas City (CP) | $582m | 6.3% | Trimmed -24% | 8.5% |
| Taiwan Semiconductor Manufacturing (TSM) | $254m | 2.8% | Added +4.6% | 2.1% |
| Alaska Air Group (ALK) | $166m | 1.8% | Added +27% | 1.1% |
| Carrier Global (CARR) | $160m | 1.7% | Added +3.6% | 1.4% |
| Live Nation Entertainment (LYV) | $129m | 1.4% | Added +34% | 1.0% |
| Merck & Co. (MRK) | $123m | 1.3% | Added +12% | 1.3% |
| Meta Platforms (META) | $113m | 1.2% | Added +39% | 1.0% |
| Alphabet (GOOG) | $112m | 1.2% | Trimmed -6.2% | 1.2% |
| Barclays (BCS) | $107m | 1.2% | Trimmed -2.4% | 1.1% |
| Credicorp (BAP) | $99.5m | 1.1% | Added +4.2% | 1.0% |
| SAP (SAP) | $97.1m | 1.1% | Added +38% | 1.0% |
| Alibaba Group Holding (BABA) | $95.5m | 1.0% | Trimmed -6.9% | 1.6% |
| Axis Capital Holdings (AXS) | $92.4m | 1.0% | Added +5.4% | 1.0% |
| Everest Group (EG) | $90.3m | 1.0% | Added +1.1% | 1.0% |
| Ingersoll Rand (IR) | $84.8m | 0.9% | Added +65% | 0.6% |
| Koninklijke Philips (PHG) | $83.3m | 0.9% | Added +25% | 0.8% |
| Novo-Nordisk (NVO) | $80.4m | 0.9% | Added +43% | 0.5% |
| Jones Lang Lasalle (JLL) | $76.9m | 0.8% | Added +33% | 0.7% |
| Citizens Financial Group (CFG) | $75.5m | 0.8% | Added +2.7% | 0.8% |
| NetEase (NTES) | $73.3m | 0.8% | New | – |
| Diageo (DEO) | $72.3m | 0.8% | Added +35% | 0.6% |
| Ishares MSCI India Etf (INDA) | $69.4m | 0.8% | Added +26% | 0.6% |
| Zimmer Biomet Holdings (ZBH) | $67.9m | 0.7% | Trimmed -2.4% | 0.9% |
| Boeing (BA) | $67.8m | 0.7% | Trimmed -0.3% | 0.8% |
| Citigroup (C) | $64.2m | 0.7% | Trimmed -28% | 0.9% |
| Natwest Group (NWG) | $61.5m | 0.7% | Added +17% | 0.6% |
| Biogen (BIIB) | $60.1m | 0.7% | Trimmed -0.9% | 0.6% |
| Gold Fields (GFI) | $57.5m | 0.6% | Added +4.8% | 0.9% |
| Analog Devices (ADI) | $56.4m | 0.6% | Trimmed -30% | 0.8% |
| RELX (RELX) | $55.8m | 0.6% | Trimmed -24% | 0.9% |
| Anglogold Ashanti (AU) | $55.7m | 0.6% | Trimmed -23% | 1.1% |
| ING Groep (ING) | $53.1m | 0.6% | Added +9.9% | 0.5% |
| Booz Allen Hamilton Holding (BAH) | $51.6m | 0.6% | Trimmed -0.9% | 0.8% |
| Texas Instruments (TXN) | $49.6m | 0.5% | Trimmed -19% | 0.5% |
| National Grid (NGG) | $48.9m | 0.5% | Added +9.6% | 0.6% |
| DTE Energy (DTE) | $48.8m | 0.5% | Trimmed -0.5% | 0.6% |
| Pfizer (PFE) | $46.2m | 0.5% | Added +0.1% | 0.7% |
| Petroleo Brasileiro (PBR) | $45.3m | 0.5% | Added +107% | 0.3% |
| Prudential (PUK) | $45.3m | 0.5% | Added +28% | 0.5% |
| Smith & Nephew (SNN) | $45.1m | 0.5% | Added +64% | 0.4% |
| TAL Education Group (TAL) | $39.5m | 0.4% | Added +19% | 0.5% |
| UnitedHealth Group (UNH) | $36.3m | 0.4% | Added +22% | 0.2% |
| Walt Disney (DIS) | $34.7m | 0.4% | Trimmed -36% | 0.7% |
| Sanofi (SNY) | $34.3m | 0.4% | Trimmed -24% | 0.6% |
| British American Tobacco (BTI) | $33.8m | 0.4% | Added +9.4% | 0.4% |
| Sumitomo Mitsui Financial Group (SMFG) | $32.8m | 0.4% | Added +9.9% | 0.3% |
| Vista Energy (VIST) | $32.0m | 0.3% | Added +127% | 0.2% |
| Boston Scientific (BSX) | $30.7m | 0.3% | New | – |
| JD.com (JD) | $30.6m | 0.3% | New | – |
| Vanguard Tax-Managed Fds (VEA) | $30.4m | 0.3% | Trimmed -42% | 0.6% |
| Gerdau (GGB) | $29.2m | 0.3% | Added +5.7% | 0.3% |
| Anheuser Busch Inbev (BUD) | $28.6m | 0.3% | Trimmed -40% | 0.5% |
| Pagseguro Digital (PAGS) | $28.3m | 0.3% | Trimmed -23% | 0.5% |
| BXP (BXP) | $25.1m | 0.3% | Trimmed -0.6% | 0.2% |
| Huazhu Group (HTHT) | $23.8m | 0.3% | New | – |
| Oceanagold (OGC) | $22.8m | 0.3% | New | – |
| Centerra Gold (CGAU) | $20.4m | 0.2% | Added +3.2% | 0.3% |
| Genpact (G) | $19.5m | 0.2% | Trimmed -63% | 0.9% |
| Cognizant Technology Solutions (CTSH) | $19.2m | 0.2% | Trimmed -67% | 1.1% |
| ZIM Integrated Shipping Services (ZIM) | $18.1m | 0.2% | Trimmed -22% | 0.3% |
| Fortuna Mining (FSM) | $17.6m | 0.2% | Added +67% | 0.1% |
| Weibo (WB) | $16.8m | 0.2% | Trimmed -13% | 0.3% |
| Vanguard International Equity Index F (VWO) | $15.9m | 0.2% | Added +13% | 0.2% |
| Arcos Dorados Holdings (ARCO) | $15.8m | 0.2% | New | – |
| ICICI Bank (IBN) | $13.0m | 0.1% | Trimmed -0.7% | 0.1% |
| Toronto Dominion Bank (TD) | $11.8m | 0.1% | New | – |
| Finvolution Group (FINV) | $10.9m | 0.1% | Trimmed -4.8% | 0.1% |
| Grupo Cibest (CIB) | $10.9m | 0.1% | Added +3.2% | 0.1% |
| HDFC Bank (HDB) | $10.2m | 0.1% | Trimmed -0.8% | 0.1% |
| Cdn Imperial Bk Communications Toronto (CM) | $9.6m | 0.1% | New | – |
| Bw Lpg (BWLP) | $8.0m | 0.1% | Added +2889% | 0.0% |
| Suncor Energy (SU) | $7.4m | 0.1% | New | – |
| Ishares Tr (EFA) | $7.3m | 0.1% | Added +154% | 0.1% |
| Joyy (JOYY) | $7.2m | 0.1% | Trimmed -85% | 0.5% |
| Celestica (CLS) | $7.1m | 0.1% | Trimmed -21% | 0.1% |
| Ishares MSCI Saudi Arabia Etf (XT) | $6.6m | 0.1% | Added +235% | 0.0% |
| Millicom International Cellular (TIGO) | $6.0m | 0.1% | Trimmed -68% | 0.2% |
| Infosys (INFY) | $5.5m | 0.1% | Trimmed -72% | 0.3% |
| Ishares MSCI Taiwan Etf (IEMG) | $4.9m | 0.1% | Added +21% | 0.0% |
| Hafnia (HAFN) | $4.6m | 0.1% | Added +1183% | 0.0% |
| Stantec (STN) | $3.9m | 0.0% | New | – |
| Global E Online (GLBE) | $3.5m | 0.0% | New | – |
| MakeMyTrip (MMYT) | $3.4m | 0.0% | Trimmed -0.6% | 0.0% |
| Magna International (MGA) | $3.0m | 0.0% | New | – |
| Iamgold (IAG) | $2.7m | 0.0% | New | – |
| Ishares MSCI Acwi Etf (ACWX) | $1.8m | 0.0% | Trimmed -34% | 0.0% |
| BP (BP) | $1.7m | 0.0% | Trimmed -95% | 0.6% |
| Arcelormittal (MT) | $1.3m | 0.0% | Trimmed -92% | 0.2% |
| Ituran Location and Control (ITRN) | $1.2m | 0.0% | Unchanged | 0.0% |
| Wipro (WIT) | $1.0m | 0.0% | Added +1.3% | 0.0% |
| Open Text (OTEX) | $808k | 0.0% | New | – |
| Canadian Natural Resources (CNQ) | $728k | 0.0% | New | – |
| NVIDIA (NVDA) | $714k | 0.0% | Trimmed -0.6% | 0.0% |
| Inter & Co (INTR) | $546k | 0.0% | New | – |
| Orla Mining (OLA) | $509k | 0.0% | New | – |
| Shinhan Financial Group (SHG) | $417k | 0.0% | Trimmed -97% | 0.2% |
| GSK (GSK) | $375k | 0.0% | Trimmed -35% | 0.0% |
| B2gold (BTG) | $354k | 0.0% | Unchanged | 0.0% |
| Lam Research (LRCX) | $354k | 0.0% | New | – |
| Comfort Systems USA (FIX) | $321k | 0.0% | Trimmed -12% | 0.0% |
| Renaissancere Holdings (RNR) | $315k | 0.0% | Unchanged | 0.0% |
| Broadcom (AVGO) | $303k | 0.0% | Trimmed -4.9% | 0.0% |
| Torm (TRMD) | $290k | 0.0% | New | – |
| Apple (AAPL) | $274k | 0.0% | Added +2.6% | 0.0% |
| Inmode (INMD) | $266k | 0.0% | Trimmed -75% | 0.0% |
| Allstate (ALL) | $263k | 0.0% | Added +10% | 0.0% |
| Barrick Mining (B) | $256k | 0.0% | Trimmed -10% | 0.0% |
| Precision Drilling (PDS) | $253k | 0.0% | Unchanged | 0.0% |
| Novartis (NVS) | $235k | 0.0% | Added +0.9% | 0.0% |
| SLM (SLM) | $228k | 0.0% | New | – |
| Microsoft (MSFT) | $224k | 0.0% | Trimmed -22% | 0.0% |
| Vici Pptys (VICI) | $212k | 0.0% | New | – |
| Summit Hotel Properties (INN) | $120k | 0.0% | Added +15% | 0.0% |
| Whirlpool (WHR) | – | – | Sold out | 0.8% |
| Aptiv (APTV) | – | – | Sold out | 0.6% |
| PDD Holdings (PDD) | – | – | Sold out | 0.3% |
| Tencent Music Entertainment Group (TME) | – | – | Sold out | 0.1% |
| Qfin Holdings (QFIN) | – | – | Sold out | 0.1% |
| Enerflex (EFXT) | – | – | Sold out | 0.0% |
| JBS (JBS) | – | – | Sold out | 0.0% |

Source: SEC filings, via moatshark (https://www.moatshark.com/m/causeway-capital-management). Values traded and returns are estimates. Not investment advice. Built 2026-10-23.