CAUSEWAY CAPITAL MANAGEMENT LLC — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, CAUSEWAY CAPITAL MANAGEMENT LLC initiated 12 new positions, increased allocation to 10 existing positions, trimmed 10 positions, and exited 13 positions entirely. The fund's 13F equity book grew from $7.27B to $8.15B (+12.1% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $7.27BPrior quarter
- $8.15BCurrent quarter
- + $0.88BNet delta
- +12.1%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| DTE ENERGY CO | DTE | 0.58% | Holders → |
| TEXAS INSTRS INC | TXN | 0.49% | Holders → |
| TAL ED GROUP | TAL | 0.49% | Holders → |
| PETROLEO BRASILEIRO S A | PBR/A | 0.34% | Holders → |
| UNITEDHEALTH GROUP INC | UNH | 0.24% | Holders → |
| VISTA ENERGY S.A.B. DE C.V. | VIST | 0.20% | Holders → |
| GRUPO CIBEST SA | CIB | 0.12% | Holders → |
| ISHARES TR | KSA | 0.03% | Holders → |
| ISHARES MSCI EAFE SMALL-CAP ETF | SCZ | 0.01% | Holders → |
| HAFNIA LTD | HAFN | 0.01% | Holders → |
| BW LPG LTD | BWLP | 0.00% | Holders → |
| ALLSTATE CORP | ALL | 0.00% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| ASTRAZENECA PLC | AZN | +16.38% | +634.17% | History → |
| JONES LANG LASALLE INC | JLL | +0.42% | +213.30% | Holders → |
| BOOZ ALLEN HAMILTON HLDG CORP | BAH | +0.36% | +116.35% | Holders → |
| ANGLOGOLD ASHANTI PLC | AU | +0.54% | +106.98% | Holders → |
| THE BOEING COMPANY | BA | +0.31% | +106.63% | Holders → |
| RELX PLC | RELX | +0.28% | +93.92% | Holders → |
| NATWEST GROUP PLC | NWG | +0.16% | +88.27% | Holders → |
| SAP SE - ADR | SAP | +0.12% | +81.86% | Holders → |
| DEUTSCHE BANK AG NAMEN AKT | DB | +1.29% | +75.86% | History → |
| VANGUARD TAX-MANAGED FDS | VEA | +0.22% | +74.81% | Holders → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| BARRICK MNG CORP | B | -3.64% | -99.87% | Holders → |
| VANGUARD INTL EQUITY INDEX F | VWO | -0.04% | -87.67% | Holders → |
| ISHARES INC | EWT | -0.13% | -80.48% | Holders → |
| QFIN HOLDINGS INC | QFIN | -0.29% | -74.72% | Holders → |
| GSK PLC | GSK | -0.02% | -67.22% | Holders → |
| CELESTICA INC | CLS | -0.21% | -66.16% | Holders → |
| TENCENT MUSIC ENTMT GROUP | TME | -0.34% | -63.72% | Holders → |
| VANGUARD INTL EQUITY INDEX F | VEU | -0.01% | -57.26% | Holders → |
| SHINHAN FINANCIAL GROUP CO L | SHG | -0.24% | -56.26% | Holders → |
| ISHARES TR | EFA | -0.06% | -54.51% | Holders → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| GRAPHIC PACKAGING HLDG CO | GPK | 0.94% |
| ALLY FINANCIAL | ALLY | 0.37% |
| VIPSHOP HOLDINGS, LTD. | VIPS | 0.27% |
| VALE S A | VALE | 0.16% |
| ISHARES TRUST | EWY | 0.15% |
| HELLO GROUP INC | MOMO | 0.08% |
| ISHARES MSCI WORLD ETF | URTH | 0.03% |
| ISHARES MSCI SOUTH AFRICA ETF | EZA | 0.02% |
| GRANITE REAL ESTATE INVESTMENT TRUST | GRTUF | 0.02% |
| DBX ETF TR | ASHR | 0.01% |
| ISHARES INC | EWZ | 0.01% |
| KOREA ELECTRIC POWER CORP | KEP | 0.00% |
| PUMA BIOTECHNOLOGY INC | PBYI | 0.00% |
Methodology & FAQ
How CAUSEWAY CAPITAL MANAGEMENT LLC Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for CAUSEWAY CAPITAL MANAGEMENT LLC against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did CAUSEWAY CAPITAL MANAGEMENT LLC initiate in Q1 2026?
CAUSEWAY CAPITAL MANAGEMENT LLC established 12 new positions in Q1 2026: DTE ENERGY CO (DTE, 0.58%), TEXAS INSTRS INC (TXN, 0.49%), TAL ED GROUP (TAL, 0.49%), PETROLEO BRASILEIRO S A (PBR/A, 0.34%), UNITEDHEALTH GROUP INC (UNH, 0.24%), VISTA ENERGY S.A.B. DE C.V. (VIST, 0.20%), GRUPO CIBEST SA (CIB, 0.12%), ISHARES TR (KSA, 0.03%), ISHARES MSCI EAFE SMALL-CAP ETF (SCZ, 0.01%), HAFNIA LTD (HAFN, 0.01%), BW LPG LTD (BWLP, 0.00%), ALLSTATE CORP (ALL, 0.00%).
Which existing positions saw the largest allocation increases for CAUSEWAY CAPITAL MANAGEMENT LLC in Q1 2026?
The largest portfolio-weight increases in existing positions were: ASTRAZENECA PLC (AZN, +16.38% weight, +634.17% shares), JONES LANG LASALLE INC (JLL, +0.42% weight, +213.30% shares), BOOZ ALLEN HAMILTON HLDG CORP (BAH, +0.36% weight, +116.35% shares), ANGLOGOLD ASHANTI PLC (AU, +0.54% weight, +106.98% shares), THE BOEING COMPANY (BA, +0.31% weight, +106.63% shares), RELX PLC (RELX, +0.28% weight, +93.92% shares), NATWEST GROUP PLC (NWG, +0.16% weight, +88.27% shares), SAP SE - ADR (SAP, +0.12% weight, +81.86% shares), DEUTSCHE BANK AG NAMEN AKT (DB, +1.29% weight, +75.86% shares), VANGUARD TAX-MANAGED FDS (VEA, +0.22% weight, +74.81% shares).
Which positions did CAUSEWAY CAPITAL MANAGEMENT LLC fully exit in Q1 2026?
CAUSEWAY CAPITAL MANAGEMENT LLC fully exited 13 positions in Q1 2026: GRAPHIC PACKAGING HLDG CO (GPK, last-reported weight 0.94%), ALLY FINANCIAL (ALLY, last-reported weight 0.37%), VIPSHOP HOLDINGS, LTD. (VIPS, last-reported weight 0.27%), VALE S A (VALE, last-reported weight 0.16%), ISHARES TRUST (EWY, last-reported weight 0.15%), HELLO GROUP INC (MOMO, last-reported weight 0.08%), ISHARES MSCI WORLD ETF (URTH, last-reported weight 0.03%), ISHARES MSCI SOUTH AFRICA ETF (EZA, last-reported weight 0.02%), GRANITE REAL ESTATE INVESTMENT TRUST (GRTUF, last-reported weight 0.02%), DBX ETF TR (ASHR, last-reported weight 0.01%), ISHARES INC (EWZ, last-reported weight 0.01%), KOREA ELECTRIC POWER CORP (KEP, last-reported weight 0.00%), PUMA BIOTECHNOLOGY INC (PBYI, last-reported weight 0.00%).
Which existing positions saw the largest allocation reductions for CAUSEWAY CAPITAL MANAGEMENT LLC in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: BARRICK MNG CORP (B, -3.64% weight, -99.87% shares), VANGUARD INTL EQUITY INDEX F (VWO, -0.04% weight, -87.67% shares), ISHARES INC (EWT, -0.13% weight, -80.48% shares), QFIN HOLDINGS INC (QFIN, -0.29% weight, -74.72% shares), GSK PLC (GSK, -0.02% weight, -67.22% shares), CELESTICA INC (CLS, -0.21% weight, -66.16% shares), TENCENT MUSIC ENTMT GROUP (TME, -0.34% weight, -63.72% shares), VANGUARD INTL EQUITY INDEX F (VEU, -0.01% weight, -57.26% shares), SHINHAN FINANCIAL GROUP CO L (SHG, -0.24% weight, -56.26% shares), ISHARES TR (EFA, -0.06% weight, -54.51% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.