Sarah Ketterer portfolio & holdings
Causeway Capital Management
Historical clone performance and limitations
Sarah Ketterer (Causeway Capital Management) discloses a $9.24B portfolio across 122 US-listed positions in the latest 13F filing (2026Q2, filed Aug 13, 2026). The largest holding is AZN at 19.0% of the book.
A material reported change · Q2 2026
Sarah Ketterer increased reported META shares by 39.1%.
Holdings as of Jun 30, 2026 · filed Aug 13, 2026. Position at period end: 1.2% of the reported portfolio. The filing does not reveal the trade date, price, or reason.
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Holdings (122) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | AZN | 19.0% | $1.75B | |||
| 2 | G2004J103 | 12.7% | $1.18B | |||
| 3 | DB | 10.8% | $994M | |||
| 4 | SW | 7.5% | $696M | |||
| 5 | CP | 6.3% | $582M | |||
| 6 | TSM | 2.8% | $254M | |||
| 7 | ALK | 1.8% | $166M | |||
| 8 | CARR | 1.7% | $160M | |||
| 9 | LYV | 1.4% | $129M | |||
| 10 | MRK | 1.3% | $123M | |||
| 11 | META | 1.2% | $113M | |||
| 12 | GOOG | 1.2% | $112M | |||
| 13 | BCS | 1.2% | $107M | |||
| 14 | G2519Y108 | 1.1% | $100M | |||
| 15 | SAP | 1.1% | $97M | |||
| 16 | BABA | 1.0% | $96M | |||
| 17 | G0692U109 | 1.0% | $92M | |||
| 18 | EG | 1.0% | $90M | |||
| 19 | IR | 0.9% | $85M | |||
| 20 | PHG | 0.9% | $83M | |||
| 21 | NVO | 0.9% | $80M | |||
| 22 | JLL | 0.8% | $77M | |||
| 23 | CFG | 0.8% | $75M | |||
| 24 | NTES | 0.8% | $73M | |||
| 25 | DEO | 0.8% | $72M | |||
| 26 | ZBH | 0.7% | $68M | |||
| 27 | BA | 0.7% | $68M | |||
| 28 | C | 0.7% | $64M | |||
| 29 | NWG | 0.7% | $61M | |||
| 30 | BIIB | 0.7% | $60M | |||
| 31 | GFI | 0.6% | $58M | |||
| 32 | ADI | 0.6% | $56M | |||
| 33 | RELX | 0.6% | $56M | |||
| 34 | AU | 0.6% | $56M | |||
| 35 | ING | 0.6% | $53M | |||
| 36 | BAH | 0.6% | $52M | |||
| 37 | TXN | 0.5% | $50M | |||
| 38 | NGG | 0.5% | $49M | |||
| 39 | DTE | 0.5% | $49M | |||
| 40 | PFE | 0.5% | $46M | |||
| 41 | PBR/A | 0.5% | $45M | |||
| 42 | PUK | 0.5% | $45M | |||
| 43 | SNN | 0.5% | $45M | |||
| 44 | TAL | 0.4% | $39M | |||
| 45 | SMIN | 0.4% | $38M | |||
| 46 | UNH | 0.4% | $36M | |||
| 47 | DIS | 0.4% | $35M | |||
| 48 | SNY | 0.4% | $34M | |||
| 49 | BTI | 0.4% | $34M | |||
| 50 | SMFG | 0.4% | $33M | |||
| 51 | VIST | 0.3% | $32M | |||
| 52 | INDA | 0.3% | $31M | |||
| 53 | BSX | 0.3% | $31M | |||
| 54 | JD | 0.3% | $31M | |||
| 55 | VEA | 0.3% | $30M | |||
| 56 | GGB | 0.3% | $29M | |||
| 57 | BUD | 0.3% | $29M | |||
| 58 | G68707101 | 0.3% | $28M | |||
| 59 | BXP | 0.3% | $25M | |||
| 60 | HTHT | 0.3% | $24M | |||
| 61 | 675222400 | 0.2% | $23M | |||
| 62 | CGAU | 0.2% | $20M | |||
| 63 | G3922B107 | 0.2% | $20M | |||
| 64 | CTSH | 0.2% | $19M | |||
| 65 | M9T951109 | 0.2% | $18M | |||
| 66 | FSM | 0.2% | $18M | |||
| 67 | WB | 0.2% | $17M | |||
| 68 | G0457F107 | 0.2% | $16M | |||
| 69 | IBN | 0.1% | $13M | |||
| 70 | VSS | 0.1% | $12M | |||
| 71 | TD | 0.1% | $12M | |||
| 72 | FINV | 0.1% | $11M | |||
| 73 | CIB | 0.1% | $11M | |||
| 74 | HDB | 0.1% | $10M | |||
| 75 | CM | 0.1% | $10M | |||
| 76 | Y10230103 | 0.1% | $8M | |||
| 77 | SU | 0.1% | $7M | |||
| 78 | JOYY | 0.1% | $7M | |||
| 79 | CLS | 0.1% | $7M | |||
| 80 | KSA | 0.1% | $7M | |||
| 81 | L6388F110 | 0.1% | $6M | |||
| 82 | INFY | 0.1% | $6M | |||
| 83 | EEM | 0.1% | $5M | |||
| 84 | EWT | 0.1% | $5M | |||
| 85 | Y2990R101 | <0.1% | $5M | |||
| 86 | STN | <0.1% | $4M | |||
| 87 | M5216V106 | <0.1% | $4M | |||
| 88 | V5633W109 | <0.1% | $3M | |||
| 89 | MGA | <0.1% | $3M | |||
| 90 | IAG | <0.1% | $3M | |||
| 91 | EFA | <0.1% | $2M | |||
| 92 | VWO | <0.1% | $2M | |||
| 93 | BP | <0.1% | $2M | |||
| 94 | MT | <0.1% | $1M | |||
| 95 | VEU | <0.1% | $1M | |||
| 96 | ITRN | <0.1% | $1M | |||
| 97 | ACWI | <0.1% | $1M | |||
| 98 | WIT | <0.1% | $1M | |||
| 99 | OTEX | <0.1% | $808K | |||
| 100 | CNQ | <0.1% | $728K | |||
| 101 | NVDA | <0.1% | $714K | |||
| 102 | SCZ | <0.1% | $584K | |||
| 103 | G4R20B107 | <0.1% | $546K | |||
| 104 | ORLA | <0.1% | $509K | |||
| 105 | SHG | <0.1% | $417K | |||
| 106 | GSK | <0.1% | $375K | |||
| 107 | BTG | <0.1% | $354K | |||
| 108 | LRCX | <0.1% | $354K | |||
| 109 | FIX | <0.1% | $321K | |||
| 110 | G7496G103 | <0.1% | $315K | |||
| 111 | AVGO | <0.1% | $303K | |||
| 112 | TRMD | <0.1% | $290K | |||
| 113 | AAPL | <0.1% | $274K | |||
| 114 | M5425M103 | <0.1% | $266K | |||
| 115 | ALL | <0.1% | $263K | |||
| 116 | B | <0.1% | $256K | |||
| 117 | PDS | <0.1% | $253K | |||
| 118 | NVS | <0.1% | $235K | |||
| 119 | SLM | <0.1% | $228K | |||
| 120 | MSFT | <0.1% | $224K | |||
| 121 | VICI | <0.1% | $212K | |||
| 122 | INN | <0.1% | $120K |
- 1AZNport19.0%val$1.75BAstrazeneca Plcthis Q +26%·2q
- 2G2004J103port12.7%val$1.18BCarnival Corp Ltdthis Q New·—1q
- 3DBport10.8%val$994MDeutsche Bank AGthis Q hold·6q
- 4SWport7.5%val$696MSmurfit Westrock Plcthis Q hold·8q
- 5CPport6.3%val$582MCanadian Pacific Kansas Citythis Q -24%·12q
- 6TSMport2.8%val$254MTaiwan Semiconductor-sp Adrthis Q hold·40q
- 7ALKport1.8%val$166MAlaska Air Group Incthis Q +27%·10q
- 8CARRport1.7%val$160MCarrier Global Corpthis Q hold·15q
- 9LYVport1.4%val$129MLive Nation Entertainment INthis Q +34%·8q
- 10MRKport1.3%val$123MMerck & Co. Inc.this Q hold·13q
- 11METAport1.2%val$113MMeta Platforms Inc-class Athis Q +39%·21q
- 12GOOGport1.2%val$112MAlphabet Inc-cl Cthis Q hold·24q
- 13BCSport1.2%val$107MBarclays Plc-spons Adrthis Q hold·40q
- 14G2519Y108port1.1%val$100MCredicorp Ltdthis Q hold·24q
- 15SAPport1.1%val$97MSap Se-sponsored Adrthis Q +38%·39q
- 16BABAport1.0%val$96MAlibaba Group Holding-sp Adrthis Q hold·40q
- 17G0692U109port1.0%val$92MAxis Capital Holdings Ltdthis Q hold·8q
- 18EGport1.0%val$90MEverest Group Ltdthis Q hold·4q
- 19IRport0.9%val$85MIngersoll-rand Incthis Q +65%·5q
- 20PHGport0.9%val$83MKoninklijke Philips Nvr- NYthis Q +25%·18q
- 21NVOport0.9%val$80MNovo-nordisk A/s-spons Adrthis Q +43%·5q
- 22JLLport0.8%val$77MJones Lang Lasalle Incthis Q +33%·21q
- 23CFGport0.8%val$75MCitizens Financial Groupthis Q hold·13q
- 24NTESport0.8%val$73MNetease Inc-adrthis Q New·28q
- 25DEOport0.8%val$72MDiageo Plc-sponsored Adrthis Q +35%·26q
- 26ZBHport0.7%val$68MZimmer Biomet Holdings Incthis Q hold·25q
- 27BAport0.7%val$68MBoeing Co/thethis Q hold·5q
- 28Cport0.7%val$64MCitigroup Incthis Q -28%·40q
- 29NWGport0.7%val$61MNatwest Group Plc -spon Adrthis Q hold·12q
- 30BIIBport0.7%val$60MBiogen Incthis Q hold·8q
- 31GFIport0.6%val$58MGold Fields Ltd-spons Adrthis Q hold·6q
- 32ADIport0.6%val$56MAnalog Devices Incthis Q -30%·11q
- 33RELXport0.6%val$56MRelx Plc - Spon Adrthis Q -24%·29q
- 34AUport0.6%val$56MAnglogold Ashanti Plcthis Q -23%·7q
- 35INGport0.6%val$53MIng Groep N.v.-sponsored Adrthis Q hold·40q
- 36BAHport0.6%val$52MBooz Allen Hamilton Holdingsthis Q hold·3q
- 37TXNport0.5%val$50MTexas Instruments Incthis Q hold·2q
- 38NGGport0.5%val$49MNational Grid Plc-sp Adrthis Q hold·6q
- 39DTEport0.5%val$49MDte Energy Companythis Q hold·2q
- 40PFEport0.5%val$46MPfizer Incthis Q hold·9q
- 41PBR/Aport0.5%val$45MPetroleo Brasil-sp Pref Adrthis Q +107%·31q
- 42PUKport0.5%val$45MPrudential Plc-adrthis Q +28%·40q
- 43SNNport0.5%val$45MSmith & Nephew Plc -spon Adrthis Q +64%·7q
- 44TALport0.4%val$39MTal Education Group- Adrthis Q hold·11q
- 45SMINport0.4%val$38MIshares Msci India Small-capthis Q hold·21q
- 46UNHport0.4%val$36MUnitedhealth Group Incthis Q +22%·11q
- 47DISport0.4%val$35MWalt Disney Co/thethis Q -36%·26q
- 48SNYport0.4%val$34MSanofi-adrthis Q -24%·31q
- 49BTIport0.4%val$34MBritish American Tob-sp Adrthis Q hold·40q
- 50SMFGport0.4%val$33MSumitomo Mitsui-spons Adrthis Q hold·39q
- 51VISTport0.3%val$32MVista Energy Sab DE CVthis Q +127%·8q
- 52INDAport0.3%val$31MIshares Msci India Etfthis Q +37%·38q
- 53BSXport0.3%val$31MBoston Scientific Corpthis Q New·—1q
- 54JDport0.3%val$31MJd.com Inc-adrthis Q New·26q
- 55VEAport0.3%val$30MVanguard Ftse Developed Etfthis Q -42%·17q
- 56GGBport0.3%val$29MGerdau SA -spon Adrthis Q hold·18q
- 57BUDport0.3%val$29MAnheuser-busch Inbev-spn Adrthis Q -40%·16q
- 58G68707101port0.3%val$28MPagseguro Digital Ltdthis Q -23%·5q
- 59BXPport0.3%val$25MBxp Incthis Q hold·6q
- 60HTHTport0.3%val$24MH World Group Ltd-adrthis Q New·5q
- 61675222400port0.2%val$23MOceanagold Corpthis Q New·—1q
- 62CGAUport0.2%val$20MCenterra Gold Incthis Q hold·7q
- 63G3922B107port0.2%val$20MGenpact Ltdthis Q -64%·25q
- 64CTSHport0.2%val$19MCognizant Tech Solutions-athis Q -67%·9q
- 65M9T951109port0.2%val$18MZim Integrated Shipping Services Ltdthis Q -22%·12q
- 66FSMport0.2%val$18MFortuna Mining Corpthis Q +67%·4q
- 67WBport0.2%val$17MWeibo Corp-spon Adrthis Q hold·10q
- 68G0457F107port0.2%val$16MArcos Dorados Holdings Incthis Q New·2q
- 69IBNport0.1%val$13MIcici Bank Ltd-spon Adrthis Q hold·40q
- 70VSSport0.1%val$12MVanguard Ftse All WO X-us SCthis Q -22%·26q
- 71TDport0.1%val$12MToronto-dominion Bankthis Q New·—1q
- 72FINVport0.1%val$11MFinvolution Group-adrthis Q hold·20q
- 73CIBport0.1%val$11MGrupo Cibest Sa-adrthis Q hold·2q
- 74HDBport0.1%val$10MHdfc Bank Ltd-adrthis Q hold·40q
- 75CMport0.1%val$10MCan Imperial BK OF Commercethis Q New·12q
- 76Y10230103port0.1%val$8MBW Lpg Ltdthis Q +2889%·2q
- 77SUport0.1%val$7MSuncor Energy Incthis Q New·—1q
- 78JOYYport0.1%val$7MJoyy Inc-adrthis Q -85%·13q
- 79CLSport0.1%val$7MCelestica Incthis Q -21%·6q
- 80KSAport0.1%val$7MIshrs Msci Saudi Arabia Etfthis Q +235%·28q
- 81L6388F110port0.1%val$6MMillicom International Cellular SAthis Q -68%·4q
- 82INFYport0.1%val$6MInfosys Ltd-sp Adrthis Q -72%·40q
- 83EEMport0.1%val$5MIshares Msci Emerging Marketthis Q New·8q
- 84EWTport0.1%val$5MIshares Msci Taiwan Etfthis Q +21%·19q
- 85Y2990R101port<0.1%val$5MHafnia Ltdthis Q +1183%·2q
- 86STNport<0.1%val$4MStantec Incthis Q New·—1q
- 87M5216V106port<0.1%val$4MGlobal-e Online Ltdthis Q New·—1q
- 88V5633W109port<0.1%val$3MMakemytrip Ltdthis Q hold·15q
- 89MGAport<0.1%val$3MMagna International Incthis Q New·—1q
- 90IAGport<0.1%val$3MIamgold Corpthis Q New·—1q
- 91EFAport<0.1%val$2MIshares Msci Eafe Etfthis Q -45%·15q
- 92VWOport<0.1%val$2MVanguard Ftse Emerging Markethis Q +376%·19q
- 93BPport<0.1%val$2MBP Plc-spons Adrthis Q -95%·37q
- 94MTport<0.1%val$1MArcelormittal-ny Registeredthis Q -92%·19q
- 95VEUport<0.1%val$1MVanguard Ftse All-world Ex-uthis Q +149%·12q
- 96ITRNport<0.1%val$1MIturan Location And Control Ltdthis Q hold·4q
- 97ACWIport<0.1%val$1MIshares Msci Acwi Etfthis Q -50%·15q
- 98WITport<0.1%val$1MWipro Ltd-adrthis Q hold·38q
- 99OTEXport<0.1%val$808KOpen Text Corpthis Q New·—1q
- 100CNQport<0.1%val$728KCanadian Natural Resourcesthis Q New·—1q
- 101NVDAport<0.1%val$714KNvidia Corpthis Q hold·10q
- 102SCZport<0.1%val$584KIshares Msci Eafe Small-capthis Q hold·3q
- 103G4R20B107port<0.1%val$546KInter & CO Incthis Q New·—1q
- 104ORLAport<0.1%val$509KOrla Mining Ltdthis Q New·—1q
- 105SHGport<0.1%val$417KShinhan Financial Group-adrthis Q -97%·9q
- 106GSKport<0.1%val$375KGsk Plc-spon Adrthis Q -36%·17q
- 107BTGport<0.1%val$354KB2gold Corpthis Q hold·12q
- 108LRCXport<0.1%val$354KLam Research Corpthis Q New·—1q
- 109FIXport<0.1%val$321KComfort Systems Usa Incthis Q hold·3q
- 110G7496G103port<0.1%val$315KRenaissancere Holdings Ltdthis Q hold·3q
- 111AVGOport<0.1%val$303KBroadcom Incthis Q hold·15q
- 112TRMDport<0.1%val$290KTorm Plcthis Q New·9q
- 113AAPLport<0.1%val$274KApple Incthis Q hold·8q
- 114M5425M103port<0.1%val$266KInmode Ltdthis Q -75%·7q
- 115ALLport<0.1%val$263KAllstate Corpthis Q hold·5q
- 116Bport<0.1%val$256KBarrick Mining Corpthis Q hold·5q
- 117PDSport<0.1%val$253KPrecision Drilling Corpthis Q hold·3q
- 118NVSport<0.1%val$235KNovartis Ag-sponsored Adrthis Q hold·40q
- 119SLMport<0.1%val$228KSlm Corpthis Q New·—1q
- 120MSFTport<0.1%val$224KMicrosoft Corpthis Q -22%·28q
- 121VICIport<0.1%val$212KVici Properties Incthis Q New·—1q
- 122INNport<0.1%val$120KSummit Hotel Properties Incthis Q hold·5q
Tickers without links do not have a dedicated stock research page. Their reported positions remain in this table. Inspect the manager's SEC filings ↗
Beyond the 13F
as of 2026-06-30Across Sarah Ketterer’s registered funds — $24.55B disclosed in SEC Form N-PORT — just 5.7% sits in US-listed equity, the only slice a 13F reports. The other $23.16B is foreign listings, cash, derivatives and bonds — none of which a 13F can show.
Where the hidden money is
| United Kingdom | 21.3% | |
| France | 13.3% | |
| Germany | 10.8% | |
| Japan | 9.0% | |
| South Korea | 5.8% | |
| Netherlands | 5.5% | |
| Taiwan | 5.0% | |
| Hong Kong | 3.9% |
+29 more countries
Largest positions no 13F shows
| KERING SA · France · EUR | $818M |
| Renesas Electronics Corporation · Japan · JPY | $712M |
| ROLLS-ROYCE HOLDINGS PLC · United Kingdom · GBP | $596M |
| ASTRAZENECA PLC · United Kingdom · GBP | $581M |
| RECKITT BENCKISER GROUP PLC · United Kingdom · GBP | $537M |
| ALSTOM SA · France · EUR | $526M |
| BARCLAYS PLC · United Kingdom · GBP | $523M |
| Taiwan Semiconductor Manufacturing Company Limited · Taiwan · TWD | $511M |
From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 5 funds. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $9.24B for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.
2026Q2 moves, by size (80)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| AZN | Astrazeneca Plc | ADD | 19.0% | +26% | $1.75B |
| G2004J103 | Carnival Corp Ltd | NEW | 12.7% | +100% | $1.18B |
| CCL | Carnival Corp | EXIT | 11.8% | -100% | $0 |
| CP | Canadian Pacific Kansas City | TRIM | 6.3% | -24% | $582M |
| ALK | Alaska Air Group Inc | ADD | 1.8% | +27% | $166M |
| LYV | Live Nation Entertainment IN | ADD | 1.4% | +34% | $129M |
| META | Meta Platforms Inc-class A | ADD | 1.2% | +39% | $113M |
| CTSH | Cognizant Tech Solutions-a | TRIM | 0.2% | -67% | $19M |
| AU | Anglogold Ashanti Plc | TRIM | 0.6% | -23% | $56M |
| SAP | Sap Se-sponsored Adr | ADD | 1.1% | +38% | $97M |
| RELX | Relx Plc - Spon Adr | TRIM | 0.6% | -24% | $56M |
| IR | Ingersoll-rand Inc | ADD | 0.9% | +65% | $85M |
| PHG | Koninklijke Philips Nvr- NY | ADD | 0.9% | +25% | $83M |
| G3922B107 | Genpact Ltd | TRIM | 0.2% | -64% | $20M |
| C | Citigroup Inc | TRIM | 0.7% | -28% | $64M |
| NVO | Novo-nordisk A/s-spons Adr | ADD | 0.9% | +43% | $80M |
| JLL | Jones Lang Lasalle Inc | ADD | 0.8% | +33% | $77M |
| WHR | Whirlpool Corp | EXIT | 0.8% | -100% | $0 |
| NTES | Netease Inc-adr | NEW | 0.8% | +100% | $73M |
| ADI | Analog Devices Inc | TRIM | 0.6% | -30% | $56M |
| DEO | Diageo Plc-sponsored Adr | ADD | 0.8% | +35% | $72M |
| DIS | Walt Disney Co/the | TRIM | 0.4% | -36% | $35M |
| SNY | Sanofi-adr | TRIM | 0.4% | -24% | $34M |
| APTV | Aptiv Plc | EXIT | 0.6% | -100% | $0 |
| VEA | Vanguard Ftse Developed Etf | TRIM | 0.3% | -42% | $30M |
| BP | BP Plc-spons Adr | TRIM | <0.1% | -95% | $2M |
| JOYY | Joyy Inc-adr | TRIM | 0.1% | -85% | $7M |
| G68707101 | Pagseguro Digital Ltd | TRIM | 0.3% | -23% | $28M |
| BUD | Anheuser-busch Inbev-spn Adr | TRIM | 0.3% | -40% | $29M |
| PBR/A | Petroleo Brasil-sp Pref Adr | ADD | 0.5% | +107% | $45M |
| PUK | Prudential Plc-adr | ADD | 0.5% | +28% | $45M |
| SNN | Smith & Nephew Plc -spon Adr | ADD | 0.5% | +64% | $45M |
| UNH | Unitedhealth Group Inc | ADD | 0.4% | +22% | $36M |
| VIST | Vista Energy Sab DE CV | ADD | 0.3% | +127% | $32M |
| INDA | Ishares Msci India Etf | ADD | 0.3% | +37% | $31M |
| BSX | Boston Scientific Corp | NEW | 0.3% | +100% | $31M |
| JD | Jd.com Inc-adr | NEW | 0.3% | +100% | $31M |
| INFY | Infosys Ltd-sp Adr | TRIM | 0.1% | -72% | $6M |
| PDD | Pdd Holdings Inc | EXIT | 0.3% | -100% | $0 |
| M9T951109 | Zim Integrated Shipping Services Ltd | TRIM | 0.2% | -22% | $18M |
| HTHT | H World Group Ltd-adr | NEW | 0.3% | +100% | $24M |
| 675222400 | Oceanagold Corp | NEW | 0.2% | +100% | $23M |
| L6388F110 | Millicom International Cellular SA | TRIM | 0.1% | -68% | $6M |
| FSM | Fortuna Mining Corp | ADD | 0.2% | +67% | $18M |
| SHG | Shinhan Financial Group-adr | TRIM | <0.1% | -97% | $417K |
| VSS | Vanguard Ftse All WO X-us SC | TRIM | 0.1% | -22% | $12M |
| G0457F107 | Arcos Dorados Holdings Inc | NEW | 0.2% | +100% | $16M |
| MT | Arcelormittal-ny Registered | TRIM | <0.1% | -92% | $1M |
| TD | Toronto-dominion Bank | NEW | 0.1% | +100% | $12M |
| CM | Can Imperial BK OF Commerce | NEW | 0.1% | +100% | $10M |
| Y10230103 | BW Lpg Ltd | ADD | 0.1% | +2889% | $8M |
| CLS | Celestica Inc | TRIM | 0.1% | -21% | $7M |
| SU | Suncor Energy Inc | NEW | 0.1% | +100% | $7M |
| KSA | Ishrs Msci Saudi Arabia Etf | ADD | 0.1% | +235% | $7M |
| TME | Tencent Music Entertainm-adr | EXIT | 0.1% | -100% | $0 |
| EEM | Ishares Msci Emerging Market | NEW | 0.1% | +100% | $5M |
| EWT | Ishares Msci Taiwan Etf | ADD | 0.1% | +21% | $5M |
| QFIN | Qfin Holdings Inc-adr | EXIT | 0.1% | -100% | $0 |
| Y2990R101 | Hafnia Ltd | ADD | <0.1% | +1183% | $5M |
| EFA | Ishares Msci Eafe Etf | TRIM | <0.1% | -45% | $2M |
| STN | Stantec Inc | NEW | <0.1% | +100% | $4M |
| M5216V106 | Global-e Online Ltd | NEW | <0.1% | +100% | $4M |
| MGA | Magna International Inc | NEW | <0.1% | +100% | $3M |
| IAG | Iamgold Corp | NEW | <0.1% | +100% | $3M |
| ACWI | Ishares Msci Acwi Etf | TRIM | <0.1% | -50% | $1M |
| VWO | Vanguard Ftse Emerging Marke | ADD | <0.1% | +376% | $2M |
| VEU | Vanguard Ftse All-world Ex-u | ADD | <0.1% | +149% | $1M |
| EFXT | Enerflex Ltd | EXIT | <0.1% | -100% | $0 |
| M5425M103 | Inmode Ltd | TRIM | <0.1% | -75% | $266K |
| OTEX | Open Text Corp | NEW | <0.1% | +100% | $808K |
| CNQ | Canadian Natural Resources | NEW | <0.1% | +100% | $728K |
| GSK | Gsk Plc-spon Adr | TRIM | <0.1% | -36% | $375K |
| ORLA | Orla Mining Ltd | NEW | <0.1% | +100% | $509K |
| G4R20B107 | Inter & CO Inc | NEW | <0.1% | +100% | $546K |
| N4732M103 | Jbs NV | EXIT | <0.1% | -100% | $0 |
| LRCX | Lam Research Corp | NEW | <0.1% | +100% | $354K |
| MSFT | Microsoft Corp | TRIM | <0.1% | -22% | $224K |
| TRMD | Torm Plc | NEW | <0.1% | +100% | $290K |
| VICI | Vici Properties Inc | NEW | <0.1% | +100% | $212K |
| SLM | Slm Corp | NEW | <0.1% | +100% | $228K |
- ADDAZN19.0%Astrazeneca PlcΔ +26%·$1.75B
- NEWG2004J10312.7%Carnival Corp LtdΔ +100%·$1.18B
- EXITCCL11.8%Carnival CorpΔ -100%·$0
- TRIMCP6.3%Canadian Pacific Kansas CityΔ -24%·$582M
- ADDALK1.8%Alaska Air Group IncΔ +27%·$166M
- ADDLYV1.4%Live Nation Entertainment INΔ +34%·$129M
- ADDMETA1.2%Meta Platforms Inc-class AΔ +39%·$113M
- TRIMCTSH0.2%Cognizant Tech Solutions-aΔ -67%·$19M
- TRIMAU0.6%Anglogold Ashanti PlcΔ -23%·$56M
- ADDSAP1.1%Sap Se-sponsored AdrΔ +38%·$97M
- TRIMRELX0.6%Relx Plc - Spon AdrΔ -24%·$56M
- ADDIR0.9%Ingersoll-rand IncΔ +65%·$85M
- ADDPHG0.9%Koninklijke Philips Nvr- NYΔ +25%·$83M
- TRIMG3922B1070.2%Genpact LtdΔ -64%·$20M
- TRIMC0.7%Citigroup IncΔ -28%·$64M
- ADDNVO0.9%Novo-nordisk A/s-spons AdrΔ +43%·$80M
- ADDJLL0.8%Jones Lang Lasalle IncΔ +33%·$77M
- EXITWHR0.8%Whirlpool CorpΔ -100%·$0
- NEWNTES0.8%Netease Inc-adrΔ +100%·$73M
- TRIMADI0.6%Analog Devices IncΔ -30%·$56M
- ADDDEO0.8%Diageo Plc-sponsored AdrΔ +35%·$72M
- TRIMDIS0.4%Walt Disney Co/theΔ -36%·$35M
- TRIMSNY0.4%Sanofi-adrΔ -24%·$34M
- EXITAPTV0.6%Aptiv PlcΔ -100%·$0
- TRIMVEA0.3%Vanguard Ftse Developed EtfΔ -42%·$30M
- TRIMBP<0.1%BP Plc-spons AdrΔ -95%·$2M
- TRIMJOYY0.1%Joyy Inc-adrΔ -85%·$7M
- TRIMG687071010.3%Pagseguro Digital LtdΔ -23%·$28M
- TRIMBUD0.3%Anheuser-busch Inbev-spn AdrΔ -40%·$29M
- ADDPBR/A0.5%Petroleo Brasil-sp Pref AdrΔ +107%·$45M
- ADDPUK0.5%Prudential Plc-adrΔ +28%·$45M
- ADDSNN0.5%Smith & Nephew Plc -spon AdrΔ +64%·$45M
- ADDUNH0.4%Unitedhealth Group IncΔ +22%·$36M
- ADDVIST0.3%Vista Energy Sab DE CVΔ +127%·$32M
- ADDINDA0.3%Ishares Msci India EtfΔ +37%·$31M
- NEWBSX0.3%Boston Scientific CorpΔ +100%·$31M
- NEWJD0.3%Jd.com Inc-adrΔ +100%·$31M
- TRIMINFY0.1%Infosys Ltd-sp AdrΔ -72%·$6M
- EXITPDD0.3%Pdd Holdings IncΔ -100%·$0
- TRIMM9T9511090.2%Zim Integrated Shipping Services LtdΔ -22%·$18M
- NEWHTHT0.3%H World Group Ltd-adrΔ +100%·$24M
- NEW6752224000.2%Oceanagold CorpΔ +100%·$23M
- TRIML6388F1100.1%Millicom International Cellular SAΔ -68%·$6M
- ADDFSM0.2%Fortuna Mining CorpΔ +67%·$18M
- TRIMSHG<0.1%Shinhan Financial Group-adrΔ -97%·$417K
- TRIMVSS0.1%Vanguard Ftse All WO X-us SCΔ -22%·$12M
- NEWG0457F1070.2%Arcos Dorados Holdings IncΔ +100%·$16M
- TRIMMT<0.1%Arcelormittal-ny RegisteredΔ -92%·$1M
- NEWTD0.1%Toronto-dominion BankΔ +100%·$12M
- NEWCM0.1%Can Imperial BK OF CommerceΔ +100%·$10M
- ADDY102301030.1%BW Lpg LtdΔ +2889%·$8M
- TRIMCLS0.1%Celestica IncΔ -21%·$7M
- NEWSU0.1%Suncor Energy IncΔ +100%·$7M
- ADDKSA0.1%Ishrs Msci Saudi Arabia EtfΔ +235%·$7M
- EXITTME0.1%Tencent Music Entertainm-adrΔ -100%·$0
- NEWEEM0.1%Ishares Msci Emerging MarketΔ +100%·$5M
- ADDEWT0.1%Ishares Msci Taiwan EtfΔ +21%·$5M
- EXITQFIN0.1%Qfin Holdings Inc-adrΔ -100%·$0
- ADDY2990R101<0.1%Hafnia LtdΔ +1183%·$5M
- TRIMEFA<0.1%Ishares Msci Eafe EtfΔ -45%·$2M
- NEWSTN<0.1%Stantec IncΔ +100%·$4M
- NEWM5216V106<0.1%Global-e Online LtdΔ +100%·$4M
- NEWMGA<0.1%Magna International IncΔ +100%·$3M
- NEWIAG<0.1%Iamgold CorpΔ +100%·$3M
- TRIMACWI<0.1%Ishares Msci Acwi EtfΔ -50%·$1M
- ADDVWO<0.1%Vanguard Ftse Emerging MarkeΔ +376%·$2M
- ADDVEU<0.1%Vanguard Ftse All-world Ex-uΔ +149%·$1M
- EXITEFXT<0.1%Enerflex LtdΔ -100%·$0
- TRIMM5425M103<0.1%Inmode LtdΔ -75%·$266K
- NEWOTEX<0.1%Open Text CorpΔ +100%·$808K
- NEWCNQ<0.1%Canadian Natural ResourcesΔ +100%·$728K
- TRIMGSK<0.1%Gsk Plc-spon AdrΔ -36%·$375K
- NEWORLA<0.1%Orla Mining LtdΔ +100%·$509K
- NEWG4R20B107<0.1%Inter & CO IncΔ +100%·$546K
- EXITN4732M103<0.1%Jbs NVΔ -100%·$0
- NEWLRCX<0.1%Lam Research CorpΔ +100%·$354K
- TRIMMSFT<0.1%Microsoft CorpΔ -22%·$224K
- NEWTRMD<0.1%Torm PlcΔ +100%·$290K
- NEWVICI<0.1%Vici Properties IncΔ +100%·$212K
- NEWSLM<0.1%Slm CorpΔ +100%·$228K
About Sarah Ketterer
Sarah Ketterer co-founded Causeway Capital Management in 2001 after leaving Hotchkis and Wiley, and has built the firm into one of the more rigorous practitioners of international value equity — a style that is chronically underrepresented among U.S.-focused 13F followers. The portfolio visible here is highly concentrated for its size: 107 positions with the top five — AZN, CCL, DB, CP, and SW — accounting for roughly 54% of reported equity exposure, a level of conviction unusual for a fund managing north of $8B. Ketterer's edge is framed around quantitative screens for cheapness combined with fundamental analyst work across developed and emerging markets, which means the 13F, denominated entirely in U.S.-reported long equity, captures only a slice of the strategy; non-U.S. listed positions held in foreign custody fall outside SEC reporting entirely. The clone backtest's -4.1% annual drag versus SPY over twelve years reflects both the structural headwind of international value versus U.S. growth and the disclosure lag — not necessarily the live strategy's results.
2026Q2 brief
Sarah Ketterer's Causeway Capital Management ($9.24B, 122 positions) made its boldest move in Q2 2026 by initiating a massive CARNIVAL CORP LTD stake at 12.7% of portfolio — simultaneously exiting the legacy CCL position (previously 11.8%), suggesting a share-class or custodian switch rather than a new thesis, yet the sheer size underscores Ketterer's deep conviction in global travel recovery. The bigger signal is the aggressive add to AZN (+26%), now a towering 19.0% of the book — an unusually concentrated bet for a 122-stock fund and a clear sign she views the pharma giant as a multi-year compounder at current valuations. Meanwhile, DB (10.8%) holds firm as the third-largest position, keeping European financials central to the portfolio's global value tilt. On the trim side, CP was cut 24% to 6.3% and DIS slashed 36%, signaling reduced enthusiasm for North American defensive growth. A cluster of new Chinese internet names — NTES, JD, HTHT — at sub-1% weights hints at cautious re-engagement with China tech after exiting PDD. Watch whether AZN concentration expands further or gets trimmed for risk management in the next filing.
AI-generated. Not investment advice.
Filing history
Sarah Ketterer's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 122 | $9.24B |
| Q1 2026 — what changed → | 107 | $8.15B |
| Q4 2025 — what changed → | 108 | $7.27B |
| Q3 2025 — what changed → | 105 | $7.57B |
| Q2 2025 — what changed → | 99 | $6.32B |
| Q1 2025 — what changed → | 90 | $4.78B |
| Q4 2024 holdings | 107 | $4.39B |
| Q3 2024 holdings | 97 | $4.07B |
| Q2 2024 holdings | 90 | $3.67B |
| Q1 2024 holdings | 89 | $3.82B |
| Q4 2023 holdings | 89 | $3.93B |
| Q3 2023 holdings | 89 | $3.79B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Manager evidence
25 material decisions, preserved in sequence.
See what Sarah Ketterer bought, added, trimmed, or exited across eight quarters—plus disclosure lag, SEC sources, and observed outcomes versus SPY. No guru grade.
Open Sarah Ketterer's decision evidence →Frequently asked questions
- What stocks does Sarah Ketterer own?
- As of 2026Q2, Sarah Ketterer's 13F discloses 122 positions worth $9.24B. The top five holdings: AZN (19.0%), DB (10.8%), SW (7.5%), CP (6.3%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Sarah Ketterer buy this quarter?
- In 2026Q2, the filing shows 23 new positions and 23 additions to existing holdings. The largest positions touched by buying: AZN, ALK, LYV, META, SAP.
- How big is Sarah Ketterer's portfolio?
- $9.24B across 122 positions per the latest 13F (filed Aug 13, 2026). The top five holdings account for 56% of the disclosed book.
Similar portfolios
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001165797). Not investment advice.