Causeway Capital Management Portfolio in 2026: Top Holdings & Recent Changes
Welcome to the Value Sense Blog, your resource for insights on the stock market! At Value Sense, we focus on intrinsic value tools and offer stock ideas with undervalued companies. Dive into our research products and learn more about our unique approach at valuesense.io
Explore diverse stock ideas covering technology, healthcare, and commodities sectors. Our insights are crafted to help investors spot opportunities in undervalued growth stocks, enhancing potential returns. Visit us to see evaluations and in-depth market research.
Causeway Capital Management continues its disciplined global value approach with calculated moves in its latest 13F filing. The firm's $7.3B portfolio shows significant activity, including a massive 154% add to Smurfit Westrock (SW) and sharp reductions in names like Barnes Group (B) by 61%, reflecting active management across its 108 positions.
Portfolio Snapshot: Global Value Discipline in Action
Portfolio Highlights (Q4 2025): - Market Value: $7,268.2M - Top 10 Holdings: 57.9% - Portfolio Size: 108 +2 - Average Holding Period: 13 quarters - Turnover: 22.2%
Causeway Capital Management's Q4 2025 portfolio exemplifies a balanced global value strategy, with over half the value concentrated in just 10 names despite holding 108 positions overall. This structure allows conviction bets on high-potential undervalued assets while maintaining broad diversification to manage risk. The addition of two new positions signals ongoing opportunity hunting, even as turnover at 22.2% indicates measured adjustments rather than wholesale shifts.
The 13-quarter average holding period underscores a patient approach, favoring businesses with strong fundamentals that can compound over time. Led by Sarah Ketterer, the firm targets international names trading below intrinsic value, as seen in their mix of consumer cyclical, industrials, and financials. Tracking via the Causeway portfolio page reveals how these metrics evolve, providing retail investors a window into professional-grade global allocation.
This setup—57.9% in top 10s with moderate turnover—highlights Causeway's edge in navigating currency fluctuations and geopolitical risks, blending deep research with systematic rebalancing.
Top Positions Breakdown: Massive Adds and Drastic Cuts Define Q4
The portfolio's changes paint a picture of opportunistic value hunting, starting with Carnival Corporation & plc (CCL) at 14.3% after an Add 6.37%, bolstering the top spot in travel recovery plays. CANADIAN PACIFIC KANSAS CITY LTD holds second at 12.8% following a Reduce 6.85%, while Smurfit Westrock Plc (SW) exploded to 10.2% with a stunning Add 154.33%, signaling major conviction in packaging and materials.
Financials saw trims, with Deutsche Bank AG (DB) at 7.6% after Reduce 19.44% and Barnes Group Inc. (B) slashed to 3.6% via Reduce 61.17%. Tech exposure persists via Alibaba Group Holding Limited (BABA) at 2.4% (Reduce 2.31%), Taiwan Semiconductor Manufacturing Company Limited (TSM) at 2.1% (Add 0.78%), and Cognizant Technology Solutions Corporation (CTSH) at 1.8% (Add 14.97%). Further adjustments include Alphabet Inc. (GOOG) trimmed to 1.6% (Reduce 41.47%) and MERCK & CO INC at 1.5% (Reduce 7.89%).
These moves across 10 key changers—mirroring the top holdings—show Causeway doubling down on select recoveries like CCL and SW while pruning laggards like B and GOOG, maintaining a global footprint in cyclicals, semis, and tech services.
Most investors waste time on the wrong metrics. We've spent 10,000+ hours perfecting our value investing engine to find what actually matters.
Want to see what we'll uncover next - before everyone else does?
Find Hidden Gems First!
What the Portfolio Reveals About Causeway's Strategy
Causeway's Q4 actions highlight a value-oriented strategy attuned to global dislocations:
- Cyclical Recovery Bets: Heavy adds to CCL and SW suggest optimism for travel and packaging amid economic normalization.
- Geographic Diversification: Exposure to Europe (DB), China (BABA), and Taiwan (TSM) balances U.S.-centric risks.
- Tech Selectivity: Adds to TSM and CTSH paired with cuts to GOOG indicate preference for semis and IT services over megacaps.
- Risk Management: 22.2% turnover and 108 positions mitigate concentration, with top 10s at 57.9% showing controlled conviction.
- Long-Term Horizon: 13-quarter holds favor quality at discounts, avoiding momentum traps.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Carnival Corporation & plc | $1,036.7M | 14.3% | Add 6.37% |
| CANADIAN PACIFIC KANSAS CITY LTD | $928.6M | 12.8% | Reduce 6.85% |
| Smurfit Westrock Plc | $739.9M | 10.2% | Add 154.33% |
| Deutsche Bank AG | $551.7M | 7.6% | Reduce 19.44% |
| Barnes Group Inc. | $264.5M | 3.6% | Reduce 61.17% |
| Alibaba Group Holding Limited | $176.3M | 2.4% | Reduce 2.31% |
| Taiwan Semiconductor Manufacturing Company Limited | $155.5M | 2.1% | Add 0.78% |
| Cognizant Technology Solutions Corporation | $128.8M | 1.8% | Add 14.97% |
| Alphabet Inc. | $116.1M | 1.6% | Reduce 41.47% |
| MERCK & CO INC | $110.0M | 1.5% | Reduce 7.89% |
This table reveals Causeway's focused yet dynamic top tier, where the top three alone command 37.3% amid volatile actions like SW's 154% surge and B's 61% cut. The mix of adds (four positions) and reduces (six) with 57.9% total concentration demonstrates conviction in winners while swiftly exiting underperformers, a hallmark of value discipline in a broad 108-stock book.
Such positioning amplifies upside from cyclicals like CCL while tech trims free capital for higher-conviction plays, balancing growth and value in uncertain markets.
Investment Lessons from Causeway Capital Management
Causeway's Q4 portfolio offers timeless principles for global value investors:
- Aggressively size emerging opportunities: The 154% add to SW shows willingness to overweight deeply discounted names with turnaround potential.
- Trim without hesitation: Drastic cuts like 61% in B and 41% in GOOG enforce discipline when theses weaken.
- Patience pays in holds: 13-quarter average tenure rewards compounding in quality like TSM.
- Global diversification tempers risk: Blending U.S., Europe, and Asia across 108 names captures value worldwide.
- Turnover as a tool: 22.2% rate keeps the portfolio fresh without chasing fads.
Looking Ahead: What Comes Next?
Causeway's current setup positions it well for 2026, with adds in cyclicals like CCL and SW betting on consumer spending rebound and industrial demand. Trims in financials and tech suggest caution amid rate uncertainty, potentially freeing cash for undervalued sectors like energy or emerging markets.
The +2 positions and moderate turnover imply dry powder for deployments if valuations correct. In a volatile macro environment—think elections or slowdowns—Causeway's portfolio is geared for bargains, with semis like TSM hedging AI growth.
FAQ about Causeway Capital Management Portfolio
Q: What were the biggest changes in Causeway's Q4 2025 13F filing?
A: Key moves included a massive Add 154.33% to Smurfit Westrock (SW) at 10.2%, Add 6.37% to Carnival (CCL) topping 14.3%, and sharp reduces like 61.17% in Barnes Group (B) and 41.47% in Alphabet (GOOG).
Q: Why does Causeway concentrate 57.9% in just 10 holdings amid 108 positions?
A: This balances high-conviction value bets—like cyclicals and semis—with broad diversification, using turnover to rotate into better ideas while holding winners long-term at 13 quarters average.
Q: What sectors is Causeway overweight in based on top holdings?
A: Cyclicals (CCL, SW), industrials/transport (CPKC), financials (DB), and selective tech (TSM, CTSH, BABA), reflecting global recovery themes.
Q: How can I track Causeway Capital Management's portfolio and 13F filings?
A: Use ValueSense's tracker at https://valuesense.io/superinvestors/causeway-capital for real-time updates, historical changes, and visualizations. Note the 45-day 13F lag means positions may shift post-filing.
Explore More Investment Opportunities
For investors seeking undervalued companies with high fundamental quality, our analytics team provides curated stock lists:
📌 50 Undervalued Stocks (Best overall value plays for 2026)
📌 50 Undervalued Dividend Stocks (For income-focused investors)
📌 50 Undervalued Growth Stocks (High-growth potential with strong fundamentals)
🔍 Check out these stocks on the Value Sense platform for free!