CAUSEWAY CAPITAL MANAGEMENT LLC

Causeway Capital Management's $8.15B Q1 2026 13F is a 107-name global-equity portfolio defined by three large-conviction moves: the fund tripled its Deutsche Bank position to $723M, dramatically increased its Carnival, Boeing, Booz Allen Hamilton, SAP, and Alaska Air positions, and rotated out of several prior large holdings — Canadian Pacific Kansas City, Smurfit Kappa, Alibaba, Biogen, Cognizant, and Genpact — with each reduction exceeding $20M. The portfolio's largest position remains AstraZeneca at $1.44B and 17.7%, after a rotation within the same name from the U.S. ADR to the UK ordinary share. Causeway maintained positions in Alphabet, Meta, Taiwan Semiconductor, Carrier Global, Alphabet, Merck, and a broad residual layer of European and emerging-market names, but the quarter's directional signal is clear: increase exposure to European banking, aerospace, and enterprise software while trimming industrial and Chinese-ecommerce exposure.