Causeway Q1 2026: An International Value Book Goes Global

Causeway Capital Management is one of the better-known international and global value managers, and its first-quarter 2026 filing wears that identity plainly. The top of its $8.15 billion book is dominated by foreign-listed holdings — its single largest position is a new $1.44 billion foreign-listed name — sitting alongside recognizable global value plays in travel, transport, Asian technology, and industrials. For U.S. investors used to seeing the same megacaps atop every 13F, Causeway is a reminder that value, and opportunity, are global.

The book has grown steadily — from about $3.67 billion in mid-2024 to $8.15 billion — and rose 12.1% in the latest quarter. Within that growth, Causeway leaned further into its international value thesis, adding to some names and trimming others in a way that reflects relative-value discipline rather than momentum.

A foreign-anchored top tier

The defining feature is geography. Causeway's largest holding is a foreign-listed position worth $1.44 billion (17.66%) opened during the quarter, and other large foreign-listed names feature prominently in the top tier — including one boosted 76% and another trimmed 19%. These holdings reflect the firm's mandate to find undervalued businesses outside the U.S., where it can apply the same value discipline to companies the domestic-focused crowd often overlooks.

The recognizable names fill out the value profile. Carnival, the cruise operator, is the second-largest holding at $960.1 million (11.79%) after a 9% increase — a classic cyclical-recovery value bet. Canadian Pacific Kansas City, the railroad, sits at $689.9 million but was trimmed 30%, a notable reduction in a core transport holding.

Asian tech and industrial value

Causeway's value lens extends into Asia and global industrials. Taiwan Semiconductor is held at $171.8 million, and Alibaba, the Chinese e-commerce giant that has traded at depressed valuations, sits at $134.1 million after an 11% trim — a measured position in a name many value investors view as cheap relative to its franchise.

Carrier Global, the HVAC and climate-controls company, was raised 14% to $118.4 million, adding a global-industrial bet. The composition reads as a deliberate, geographically diversified value book: foreign-listed leaders, a cyclical travel recovery, a railroad, Asian technology, and an industrial — each chosen for valuation rather than theme. It is the antithesis of the crowded U.S.-megacap trade.

A steadily growing book

Causeway's reported value has climbed consistently rather than swinging.

From roughly $3.67 billion in mid-2024, the book has more than doubled to $8.15 billion by the first quarter of 2026, a smooth upward path with the position count holding around 107. For an international value manager, that steady growth typically reflects a mix of inflows and the recovery of undervalued holdings — and the absence of dramatic dips suggests a disciplined, lower-turnover approach to building positions over time.

What it signals

For investors who track institutional positioning, Causeway's first-quarter filing is a useful counterweight to the U.S.-centric institutional crowd. The signal is the geography: a respected value manager is finding its biggest opportunities in foreign-listed names, a cruise-line recovery, Asian technology at depressed valuations, and global industrials — not in the megacaps that dominate other books. The actionable takeaway is the hunting ground itself, a reminder that institutional value money looks well beyond U.S. borders for mispriced quality.

FAQ

What kind of manager is Causeway Capital?
An international and global value manager. Its book is anchored by foreign-listed holdings and recognizable global value names — travel, transport, Asian technology, and industrials — chosen for valuation rather than chasing U.S. megacaps.

What are Causeway's largest holdings?
A new foreign-listed position at $1.44 billion (17.66%) leads, followed by Carnival ($960.1 million) and other large foreign-listed names, with Canadian Pacific, Taiwan Semiconductor, Alibaba, and Carrier filling out the value-focused top tier.

Why does Causeway hold so many foreign companies?
Its mandate is to find undervalued businesses outside the U.S., where it can apply value discipline to companies the domestic-focused crowd overlooks. The heavy foreign-listed weighting is the strategy, not an anomaly.

How has Causeway's book changed over time?
Its reported 13F value has more than doubled from about $3.67 billion in mid-2024 to $8.15 billion, growing 12.1% in the latest quarter — a steady climb consistent with a disciplined, lower-turnover value approach.