Insights from the Fourth Quarter of 2024

Causeway International Value (Trades, Portfolio) recently submitted its N-PORT filing for the fourth quarter of 2024, shedding light on its strategic investment decisions during this period. Established on October 26, 2001, the Causeway International Value (Trades, Portfolio) Fund is managed with a focus on long-term capital and income growth by investing in companies outside the U.S. that either pay dividends or repurchase shares. The fund's investment process involves screening, fundamental research, and portfolio construction, with a value-driven, bottom-up approach. It targets mid- to large-cap stocks in developed international markets, offering diversification benefits to U.S. portfolios. The fund also emphasizes experienced personnel and a dedicated team focus.

Summary of New Buy

Causeway International Value (Trades, Portfolio) added a total of 8 stocks, among them:

• The most significant addition was Nintendo Co Ltd (TSE:7974, Financial), with 2,687,200 shares, accounting for 1.52% of the portfolio and a total value of ¥156,507,350 million.
• The second largest addition to the portfolio was Smith & Nephew PLC (LSE:SN., Financial), consisting of 5,768,150 shares, representing approximately 0.69% of the portfolio, with a total value of £71,590,080.
• The third largest addition was Societe Generale SA (XPAR:GLE, Financial), with 2,043,099 shares, accounting for 0.56% of the portfolio and a total value of €57,479,950.

Key Position Increases

Causeway International Value (Trades, Portfolio) also increased stakes in a total of 27 stocks, among them:

• The most notable increase was Canadian Pacific Kansas City Ltd (TSX:CP, Financial), with an additional 1,776,000 shares, bringing the total to 4,158,095 shares. This adjustment represents a significant 74.56% increase in share count, a 1.25% impact on the current portfolio, with a total value of C$301,071,010.
• The second largest increase was AstraZeneca PLC (LSE:AZN, Financial), with an additional 732,125 shares, bringing the total to 2,227,681. This adjustment represents a significant 48.95% increase in share count, with a total value of £291,933,610.

Summary of Sold Out

Causeway International Value (Trades, Portfolio) completely exited 5 holdings in the fourth quarter of 2024, as detailed below:

• Seven & i Holdings Co Ltd (TSE:3382, Financial): Causeway International Value (Trades, Portfolio) sold all 11,247,100 shares, resulting in a -1.48% impact on the portfolio.
• Shell PLC (XAMS:SHELL, Financial): Causeway International Value (Trades, Portfolio) liquidated all 3,501,155 shares, causing a -1.02% impact on the portfolio.

Key Position Reduces

Causeway International Value (Trades, Portfolio) also reduced positions in 28 stocks. The most significant changes include:

• Reduced Rolls-Royce Holdings PLC (LSE:RR., Financial) by 20,105,904 shares, resulting in a -27.39% decrease in shares and a -1.25% impact on the portfolio. The stock traded at an average price of £5.58 during the quarter and has returned 35.58% over the past 3 months and 28.67% year-to-date.
• Reduced RWE AG (XTER:RWE, Financial) by 2,658,457 shares, resulting in a -70.2% reduction in shares and a -0.86% impact on the portfolio. The stock traded at an average price of €30.56 during the quarter and has returned -3.28% over the past 3 months and 4.47% year-to-date.

Portfolio Overview

At the fourth quarter of 2024, Causeway International Value (Trades, Portfolio)'s portfolio included 70 stocks. The top holdings included 4.3% in Alstom SA (XPAR:ALO, Financial), 3.98% in Barclays PLC (LSE:BARC, Financial), 3.8% in Kering SA (XPAR:KER, Financial), 3.68% in Rolls-Royce Holdings PLC (LSE:RR.), and 3.38% in Reckitt Benckiser Group PLC (LSE:RKT, Financial).

The holdings are mainly concentrated in 11 industries: Financial Services, Industrials, Technology, Healthcare, Consumer Defensive, Consumer Cyclical, Basic Materials, Communication Services, Utilities, Energy, and Real Estate.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.