Causeway International Value Sheds iShares MSCI EAFE ETF in Q4
Insight into Causeway International Value (Trades, Portfolio)'s Latest Portfolio Adjustments
Causeway International Value (Trades, Portfolio), known for its value-driven investment approach, has revealed its N-PORT filing for the fourth quarter of 2023. The fund, which launched on October 26, 2001, targets long-term capital and income growth through investments in developed non-U.S. markets, with a focus on dividend-paying or share-repurchasing companies. With a strategy that includes a three-stage investment processscreening and initial analysis, fundamental research, and portfolio constructionthe fund emphasizes a bottom-up approach to stock selection, favoring mid- to large-cap stocks that complement a U.S. portfolio.
Summary of New Buys
Causeway International Value (Trades, Portfolio) expanded its portfolio with 10 new stocks. Noteworthy additions include:
Seven & i Holdings Co Ltd (TSE:3382), purchasing 1,926,300 shares, which translates to 1.06% of the portfolio and a total value of 76,437.22 million.
Compagnie Financiere Richemont SA (XSWX:CFR), acquiring 524,338 shares, making up about 1% of the portfolio, valued at CHF 72,162.33 million.
Assa Abloy AB (OSTO:ASSA B), with 1,447,931 shares, accounting for 0.58% of the portfolio and a total value of kr 41,674.83 million.
Key Position Increases
The fund also raised its stakes in 35 stocks, with significant increases in:
Fanuc Corp (TSE:6954), adding 4,717,100 shares for a total of 5,378,600 shares, marking a 713.09% increase in share count and a 1.93% portfolio impact, valued at 158,191.87 million.
Alstom SA (XPAR:ALO), with an additional 8,039,844 shares, bringing the total to 10,747,559 shares, a 296.92% increase in share count, valued at 144,512.57 million.
Summary of Sold Out Positions
Exiting four holdings in Q4 2023, Causeway International Value (Trades, Portfolio) made the following divestments:
iShares MSCI EAFE ETF (EFA): Sold all 4,745,100 shares, impacting the portfolio by -5.12%.
Zurich Insurance Group AG (XSWX:ZURN): Liquidated 142,916 shares, with a -1.03% portfolio impact.
Key Position Reductions
Portfolio reductions were made in 22 stocks, with the most substantial being:
Rolls-Royce Holdings PLC (LSE:RR.), cutting 57,190,326 shares, a -39.53% decrease, affecting the portfolio by -2.42%. The stock's average trading price was 2.45 during the quarter, with a 49.88% return over the past three months and 20.52% year-to-date.
Rio Tinto PLC (LSE:RIO), reducing by 1,188,301 shares, a -69.97% decrease, impacting the portfolio by -1.18%. The stock's average trading price was 53.6 during the quarter, with a -7.64% return over the past three months and -13.27% year-to-date.
Portfolio Overview
As of the fourth quarter of 2023, Causeway International Value (Trades, Portfolio)'s portfolio comprised 70 stocks, with top holdings including 4.65% in Rolls-Royce Holdings PLC (LSE:RR.), 4.59% in Samsung Electronics Co Ltd (XKRX:005930), 2.87% in Roche Holding AG (XSWX:ROG), 2.84% in Reckitt Benckiser Group PLC (LSE:RKT), and 2.68% in BP PLC (LSE:BP.). The investments span across all 11 industries, with a focus on Financial Services, Industrials, Healthcare, Consumer Defensive, Technology, Consumer Cyclical, Basic Materials, Utilities, Energy, Communication Services, and Real Estate.
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