13F filing recap · Q1 2014

What did Causeway Capital Management buy in Q1 2014?

Reported stock-position changes between this filing and the previous one. US-listed stocks across every Causeway account, including accounts that belong to no fund below.

Stock value

$2.22B

Positions

Estimated turnover

29.9%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

CSXCsx Corporation$71.86Mreported value+2.36M shares PGRProgressive Corp/oh/$63.48Mreported value+2.49M shares AVVIYAviva Plc$13.30Mreported value+830.2K shares CSCredit Suisse Group AG$9.09Mreported value+280.7K shares AXAHYAxa S.a.$8.66Mreported value+333.0K shares TVGrupo Televisa, S.a.b.$813.0Kreported value+24.4K shares

Increased positions

UNHUnitedHealth Group Incorporated$119.27Mreported value+151.4K shares+12.3%MSFTMicrosoft Corporation$117.15Mreported value+597.3K shares+28.2%CCitigroup Inc$111.09Mreported value+755.4K shares+51.5%ORCLOracle Corporation$109.80Mreported value+378.4K shares

Reduced positions

RYAAYRyanair Holdings Plc$120.06Mreported value-11.1K shares-0.5%APOLApollo Education Group, Inc.$69.66Mreported value-183.2K shares-8.6%WUThe Western Union Company$45.11Mreported value-412.2K shares-13.6%EPIWisdomtree Trust$30.96Mreported value-8.0K shares

Exited positions

JPMJPMorgan Chase & Co$47.12Mprior reported value-771.8K shares-100.0%BBVABanco Bilbao Vizcaya Argentaria, S.a.$7.83Mprior reported value-631.6K shares-100.0%EEMIshares, Inc.$4.05Mprior reported value-96.9K shares-100.0%GAMEShanda Games Ltd$3.64Mprior reported value-795.4K shares