In its second-quarter 13F filing, Sarah Ketterer's Causeway Capital Management, a firm known for its value-oriented global equity strategy, reported a portfolio value of $9.24 billion. The filing reveals significant shifts in its top holdings, driven by a major new investment in the travel sector and increased conviction in pharmaceuticals.
The most prominent change was the establishment of a new $1.18 billion position in Carnival Corp, making it the fund's second-largest holding at a 12.74% weight. This move coincided with the exit from a similarly-sized position in Carnival's former dual-listed entity, which was unified into a single New York Stock Exchange listing in May 2026. Causeway also substantially increased its top holding, AstraZeneca, adding nearly 2 million shares to create a $1.75 billion position. Another notable addition was a significant increase in its Deutsche Bank stake.
To fund these large investments, Causeway exited several positions entirely, including appliance manufacturer Whirlpool and auto parts supplier Aptiv. The firm also made significant reductions to its holdings in Canadian Pacific, Genpact, and Cognizant. High-signal reductions that brought positions to near-exit levels included substantial sales of its stakes in Chinese social media company JOYY and British energy firm BP.