Insight into Causeway International Value (Trades, Portfolio)'s Latest Investment Moves
Causeway International Value (Trades, Portfolio), known for its strategic investments in developed international markets, recently disclosed its N-PORT filing for the first quarter of 2024. Established on October 26, 2001, the fund is driven by a value-oriented philosophy, focusing on mid- to large-cap stocks that offer both capital growth and income. The managers employ a rigorous, three-stage investment process that includes screening, in-depth fundamental analysis, and careful portfolio construction, aiming to capitalize on market inefficiencies outside the U.S.
New Additions to the Portfolio
Causeway International Value (Trades, Portfolio) expanded its portfolio by adding four new stocks in the first quarter of 2024. Noteworthy new positions include:
- Anglo American PLC (LSE:AAL, Financial) with 1,603,129 shares, making up 0.53% of the portfolio and valued at £39.49 million.
- Heineken NV (XAMS:HEIA, Financial), comprising 358,528 shares or approximately 0.46% of the portfolio, with a total value of €34.56 million.
- Compagnie de Saint-Gobain SA (XPAR:SGO, Financial) with 390,676 shares, accounting for 0.4% of the portfolio and valued at €30.32 million.
Significant Increases in Existing Positions
The fund also increased its stakes in 27 stocks, with the most significant boosts in:
- Infineon Technologies AG (XTER:IFX, Financial), where an additional 1,986,557 shares brought the total to 2,944,872 shares, marking a 207.3% increase and impacting the portfolio by 0.9%, valued at €100.13 million.
- Kering SA (XPAR:KER, Financial) saw an addition of 130,460 shares, bringing the total to 427,282 shares, a 43.95% increase, valued at €168.88 million.
Complete Exits from Holdings
In a significant portfolio adjustment, Causeway International Value (Trades, Portfolio) exited eight positions entirely in the first quarter of 2024, including:
- Unilever PLC (LSE:ULVR, Financial), where all 1,477,152 shares were sold, impacting the portfolio by -0.98%.
- Bayer AG (XTER:BAYN, Financial), with all 1,340,959 shares liquidated, causing a -0.68% impact on the portfolio.
Reductions in Key Holdings
The fund also reduced its positions in 19 stocks. The most notable reductions were:
- Danone SA (XPAR:BN, Financial) by 734,471 shares, resulting in a -29.57% decrease and a -0.65% portfolio impact. The stock traded at an average price of €60.51 during the quarter.
- UniCredit SpA (MIL:UCG, Financial) by 1,588,928 shares, a -25.59% reduction, impacting the portfolio by -0.59%. The stock's price averaged €29.35 during the quarter.
Portfolio Overview and Sector Allocation
As of the first quarter of 2024, Causeway International Value (Trades, Portfolio)'s portfolio included 67 stocks. The top holdings were 6.17% in Rolls-Royce Holdings PLC (LSE:RR., Financial), 4.19% in Samsung Electronics Co Ltd (XKRX:005930, Financial), 3.02% in Barclays PLC (LSE:BARC, Financial), 2.77% in BP PLC (LSE:BP., Financial), and 2.48% in AstraZeneca PLC (LSE:AZN, Financial). The investments span across all 11 industries, reflecting a diversified approach.
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.
