Sarah Ketterer - Causeway Capital Management
As of Q2 2026, Sarah Ketterer reported 122 long-equity positions worth $9.24B in aggregate.
Copy-investor backtest
- Latest quarter
- +5.94%
- 1-year
- +11.27%
- 3-year
- +53.79%
- 5-year
- +43.35%
- 3-year vs S&P 500
- -20.75%
- 5-year vs S&P 500
- -31.09%
- 5-year top 5
- +0.23%
Return from mechanically copying the disclosed 13F equity portfolio after each filing and rebalancing at the next. The vs S&P 500 figures subtract SPY over that manager's own rebalance dates, so both sides cover the same days; both are price return, excluding dividends. Method & limitations.
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Buys
These are the positions the manager opened or added to this quarter, showing where they put more money to work. The quarter shown is Q2 2026.
| Ticker | Security | Activity | % portfolio | Shares | Value | Reported price | Q range |
|---|---|---|---|---|---|---|---|
| CCL | CARNIVAL CORP LTD | New | 12.74% | 41,190,606 | $1.18B | $28.57 | $23.45 - $31.60(63%)$26.58 -> $28.57 |
| AZN | ASTRAZENECA PLC | Add +26.1% | 18.97% | 9,357,390 | $1.75B | $187.18 | $173.66 - $207.30(40%)$200.73 -> $189.62 |
| DB | DEUTSCHE BANK AG | Add +17.6% | 10.77% | 29,358,318 | $994.16M | $33.86 | $28.96 - $36.16(68%)$30.48 -> $33.76 |
| NTES | NETEASE INC | New | 0.79% | 572,412 | $73.35M | $128.14 | $106.06 - $129.95(92%)$112.66 -> $128.14 |
| BSX | BOSTON SCIENTIFIC CORP | New | 0.33% | 720,339 | $30.74M | $42.68 | $42.25 - $66.88(2%)$62.00 -> $42.68 |
| JD | JD.COM INC | New | 0.33% | 1,199,207 | $30.56M | $25.48 | $24.55 - $34.30(10%)$28.87 -> $25.48 |
| HTHT | H WORLD GROUP LTD | New | 0.26% | 570,437 | $23.8M | $41.72 | $40.47 - $56.46(8%)$51.60 -> $41.72 |
| OCAND | OCEANAGOLD CORP | New | 0.25% | 911,012 | $22.83M | — | - |
| ARCO | ARCOS DORADOS HOLDINGS INC | New | 0.17% | 1,961,513 | $15.81M | $8.06 | $7.98 - $9.75(5%)$8.35 -> $8.06 |
| TD | TORONTO-DOMINION BANK/THE | New | 0.13% | 97,238 | $11.82M | $121.54 | $93.33 - $121.52(100%)$94.70 -> $121.43 |
| CM | CANADIAN IMPERIAL BANK OF COMMERCE | New | 0.10% | 83,789 | $9.65M | $115.12 | $94.30 - $117.05(91%)$96.23 -> $115.00 |
| SU | SUNCOR ENERGY INC | New | 0.08% | 138,526 | $7.45M | $53.78 | $53.36 - $70.29(2%)$64.94 -> $53.68 |
| EEM | ISHARES MSCI EMERGING MARKETS ETF | New | 0.06% | 74,974 | $5.13M | $68.41 | $55.43 - $71.57(80%)$57.23 -> $68.41 |
| STN | STANTEC INC | New | 0.04% | 56,200 | $3.87M | $68.95 | $66.94 - $93.62(8%)$87.36 -> $68.91 |
| GLBE | GLOBAL-E ONLINE LTD | New | 0.04% | 102,195 | $3.55M | $34.73 | $26.84 - $37.24(76%)$31.06 -> $34.73 |
| MGA | MAGNA INTERNATIONAL INC | New | 0.03% | 45,900 | $3.02M | $65.73 | $53.46 - $69.19(78%)$56.52 -> $65.66 |
| IAG | IAMGOLD CORP | New | 0.03% | 172,916 | $2.74M | $15.87 | $14.70 - $20.82(19%)$19.68 -> $15.84 |
| OTEX | OPEN TEXT CORP | New | 0.01% | 36,500 | $807.57K | $22.13 | $19.78 - $25.65(40%)$22.54 -> $22.15 |
| CNQ | CANADIAN NATURAL RESOURCES LTD | New | 0.01% | 18,400 | $727.83K | $39.56 | $39.02 - $49.75(5%)$46.56 -> $39.50 |
| INTR | INTER & CO INC | New | 0.01% | 100,618 | $546.36K | $5.43 | $5.16 - $8.74(8%)$8.00 -> $5.43 |
| ORLA | ORLA MINING LTD | New | 0.01% | 52,100 | $509.34K | $9.78 | $9.21 - $19.00(6%)$16.71 -> $9.79 |
| LRCX | LAM RESEARCH CORP | New | 0.00% | 816 | $353.6K | $433.33 | $208.80 - $438.50(98%)$222.01 -> $433.33 |
| TRMD | TORM PLC | New | 0.00% | 11,244 | $289.96K | $25.79 | $25.52 - $35.33(3%)$28.01 -> $26.06 |
| SLM | SLM CORP | New | 0.00% | 8,774 | $227.6K | $25.94 | $20.72 - $26.15(96%)$21.74 -> $25.94 |
| VICI | VICI PROPERTIES INC | New | 0.00% | 7,985 | $212K | $26.55 | $26.07 - $29.51(14%)$27.46 -> $26.55 |
| ALK | ALASKA AIR GROUP INC | Add +27.2% | 1.80% | 3,183,163 | $166.16M | $52.20 | $35.11 - $54.32(89%)$37.65 -> $52.20 |
| IR | INGERSOLL RAND INC | Add +65.1% | 0.92% | 1,033,693 | $84.75M | $81.99 | $68.07 - $89.10(66%)$80.00 -> $81.99 |
| LYV | LIVE NATION ENTERTAINMENT INC | Add +34.2% | 1.40% | 706,301 | $129.33M | $183.11 | $149.26 - $184.86(95%)$152.63 -> $183.11 |
| META | META PLATFORMS INC | Add +39.1% | 1.23% | 201,459 | $113.48M | $563.29 | $540.18 - $691.52(15%)$579.23 -> $563.29 |
| SAP | SAP SE | Add +38.1% | 1.05% | 629,801 | $97.06M | $154.11 | $148.06 - $196.39(13%)$171.36 -> $154.11 |
| NVO | NOVO NORDISK A/S | Add +42.9% | 0.87% | 1,677,615 | $80.42M | $47.94 | $35.63 - $48.62(95%)$36.48 -> $47.94 |
| PBR-A | PETROLEO BRASILEIRO SA - PETROBRAS | Add +107.0% | 0.49% | 3,096,624 | $45.33M | $14.64 | $14.51 - $20.05(2%)$18.28 -> $14.64 |
| JLL | JONES LANG LASALLE INC | Add +33.3% | 0.83% | 248,252 | $76.95M | $309.95 | $276.03 - $359.28(41%)$305.75 -> $309.95 |
| DEO | DIAGEO PLC | Add +34.9% | 0.78% | 899,015 | $72.26M | $80.38 | $72.98 - $87.48(51%)$74.63 -> $80.38 |
| VIST | VISTA ENERGY SAB DE CV | Add +126.9% | 0.35% | 501,275 | $31.98M | $63.80 | $61.51 - $81.44(11%)$69.12 -> $63.80 |
| SNN | SMITH & NEPHEW PLC | Add +64.2% | 0.49% | 1,565,167 | $45.09M | $28.81 | $28.56 - $34.72(4%)$32.09 -> $28.81 |
| PHG | KONINKLIJKE PHILIPS NV | Add +24.7% | 0.90% | 3,061,962 | $83.25M | $27.19 | $25.10 - $29.95(43%)$27.29 -> $27.19 |
| MRK | MERCK & CO INC | Add +11.8% | 1.33% | 954,932 | $122.71M | $128.50 | $107.90 - $130.29(92%)$120.84 -> $128.50 |
| TSM | TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | Add +4.6% | 2.75% | 532,052 | $254.09M | $477.57 | $326.80 - $479.00(99%)$341.49 -> $477.57 |
| PUK | PRUDENTIAL PLC | Add +27.9% | 0.49% | 1,689,218 | $45.29M | $26.81 | $24.61 - $32.50(28%)$29.28 -> $26.81 |
| NWG | NATWEST GROUP PLC | Add +16.7% | 0.67% | 3,487,290 | $61.48M | $17.63 | $14.73 - $17.74(96%)$15.55 -> $17.63 |
| INDA | ISHARES MSCI INDIA ETF | Add +36.9% | 0.34% | 628,500 | $31.04M | $49.39 | $46.31 - $51.65(58%)$46.71 -> $49.39 |
| BWLP | BW LPG LTD | Add +2889.0% | 0.09% | 457,050 | $7.97M | $17.44 | $16.98 - $22.92(8%)$17.06 -> $17.43 |
| FSM | FORTUNA MINING CORP | Add +66.8% | 0.19% | 2,086,645 | $17.63M | $8.45 | $8.09 - $11.25(11%)$10.43 -> $8.45 |
| UNH | UNITEDHEALTH GROUP INC | Add +21.7% | 0.39% | 87,447 | $36.35M | $415.63 | $270.76 - $427.93(92%)$273.98 -> $415.63 |
| TAL | TAL EDUCATION GROUP | Add +18.6% | 0.43% | 4,125,430 | $39.48M | $9.57 | $8.88 - $12.84(17%)$11.23 -> $9.57 |
| CARR | CARRIER GLOBAL CORP | Add +3.6% | 1.73% | 2,178,506 | $159.79M | $73.35 | $54.65 - $76.76(85%)$56.90 -> $73.35 |
| SMIN | ISHARES MSCI INDIA SMALL-CAP ETF | Add +15.1% | 0.42% | 542,849 | $38.4M | $70.73 | $59.79 - $70.85(99%)$60.71 -> $70.73 |
| ING | ING GROEP NV | Add +9.9% | 0.57% | 1,690,687 | $53.05M | $31.38 | $25.85 - $32.22(87%)$26.81 -> $31.38 |
| AXS | AXIS CAPITAL HOLDINGS LTD | Add +5.4% | 1.00% | 859,727 | $92.37M | $107.44 | $93.99 - $109.05(89%)$99.89 -> $107.44 |
| KSA | ISHARES MSCI SAUDI ARABIA ETF | Add +234.8% | 0.07% | 177,079 | $6.61M | $37.31 | $37.22 - $40.83(2%)$39.57 -> $37.31 |
| NGG | NATIONAL GRID PLC | Add +9.6% | 0.53% | 590,240 | $48.91M | $82.87 | $78.76 - $91.17(33%)$86.84 -> $82.87 |
| HAFN | HAFNIA LTD | Add +1182.8% | 0.05% | 697,424 | $4.56M | $6.54 | $6.50 - $9.54(1%)$7.64 -> $6.64 |
| BAP | CREDICORP LTD | Add +4.2% | 1.08% | 255,436 | $99.51M | $389.58 | $299.00 - $398.52(91%)$341.26 -> $389.58 |
| SMFG | SUMITOMO MITSUI FINANCIAL GROUP INC | Add +9.9% | 0.36% | 1,392,610 | $32.84M | $23.58 | $19.86 - $25.35(68%)$20.70 -> $23.58 |
| BTI | BRITISH AMERICAN TOBACCO PLC | Add +9.4% | 0.37% | 547,925 | $33.84M | $61.76 | $54.83 - $67.30(56%)$57.89 -> $61.76 |
| GFI | GOLD FIELDS LTD | Add +4.8% | 0.62% | 1,713,233 | $57.55M | $33.59 | $31.35 - $52.97(10%)$48.13 -> $33.59 |
| CFG | CITIZENS FINANCIAL GROUP INC | Add +2.7% | 0.82% | 1,077,093 | $75.47M | $70.07 | $59.00 - $71.20(91%)$60.57 -> $70.07 |
| VWO | VANGUARD FTSE EMERGING MARKETS ETF | Add +376.1% | 0.02% | 35,556 | $2.12M | $59.69 | $53.05 - $61.52(78%)$54.21 -> $59.69 |
| GGB | GERDAU SA | Add +5.7% | 0.32% | 7,229,538 | $29.21M | $4.04 | $3.70 - $4.98(27%)$3.79 -> $4.04 |
| EG | EVEREST GROUP LTD | Add +1.1% | 0.98% | 252,702 | $90.27M | $357.23 | $316.78 - $361.27(91%)$323.87 -> $357.23 |
| EWT | ISHARES MSCI TAIWAN ETF | Add +21.4% | 0.05% | 45,108 | $4.9M | $108.61 | $69.05 - $112.78(90%)$71.72 -> $108.61 |
| VEU | VANGUARD FTSE ALL-WORLD EX-US ETF | Add +148.6% | 0.01% | 15,389 | $1.29M | $83.75 | $74.25 - $85.74(83%)$76.09 -> $83.75 |
| CGAU | CENTERRA GOLD INC | Add +3.2% | 0.22% | 1,285,398 | $20.38M | $15.85 | $14.69 - $20.24(21%)$18.41 -> $15.86 |
| CIB | GRUPO CIBEST SA | Add +3.2% | 0.12% | 136,620 | $10.85M | $79.43 | $62.54 - $87.68(67%)$72.89 -> $79.43 |
| PFE | PFIZER INC | Add +0.1% | 0.50% | 1,916,801 | $46.16M | $24.08 | $23.62 - $28.75(9%)$28.55 -> $24.08 |
| ALL | ALLSTATE CORP/THE | Add +10.2% | 0.00% | 1,107 | $263.4K | $237.94 | $202.21 - $242.67(88%)$204.10 -> $237.94 |
| INN | SUMMIT HOTEL PROPERTIES INC | Add +15.0% | 0.00% | 17,063 | $119.61K | $7.01 | $4.19 - $7.15(95%)$4.25 -> $7.01 |
| WIT | WIPRO LTD | Add +1.3% | 0.01% | 448,957 | $1.01M | $2.25 | $1.80 - $2.53(62%)$2.11 -> $2.25 |
| AAPL | APPLE INC | Add +2.6% | 0.00% | 947 | $274.02K | $289.36 | $245.70 - $317.40(61%)$255.63 -> $289.36 |
| NVS | NOVARTIS AG | Add +0.9% | 0.00% | 1,501 | $235.17K | $156.67 | $142.25 - $157.89(92%)$155.08 -> $156.72 |