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Sarah Ketterer
Causeway Capital Management
$9.24B
disclosed 13F portfolio · 122 positions
top-5 concentration56%
Q2 2026 · filed Aug 13, 2026
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. The biggest move of the quarter: added 26% to the AZN share count (position now $1.75B). Mechanically cloning this 13F returned 9.7%/yr over the past 12.2 years, versus 13.7%/yr for the S&P 500 across that identical 12.2-year window.
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 |
Sort↑
- 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
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.
US-listed equity (13F-eligible) · $1.39BForeign-listed equity · $22.50BCash & equivalents · $352MDerivatives · $213MBonds & loans · $99M
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.
Disclosed portfolio value · Q3 2023 – Q2 2026now $9.24B · peak $9.24B (Q2 2026)
| 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.
Multibaggers Sarah Ketterer held
Stocks up 5x or more since Sarah Ketterer first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- TSM27.7xTAIWAN SEMICONDUCTOR-SP ADR49q straight · peak 11.03% · still holds
- AVGO19.5xBROADCOM INC12q straight · peak 2.48% · still holds
- TER19.1xTERADYNE INC1q straight · peak 0.6%
- MELI14.8xMERCADOLIBRE INC5q straight · peak 0.56%
- VIST13.4xVISTA ENERGY SAB DE CV6q straight · peak 0.54% · still holds
- PGR12.3xPROGRESSIVE CORP4q straight · peak 3.24%
Six biggest of 18. Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Sarah Ketterer's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
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.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001165797). Not investment advice.