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Insightful Portfolio Adjustments Highlight Strategic Moves
Causeway International Value (Trades, Portfolio), known for its strategic investments in developed international markets, recently disclosed its N-PORT filing for the second quarter of 2024. The fund, established on October 26, 2001, targets long-term capital and income growth through investments in dividend-paying or share-repurchasing companies outside the U.S., with a possible 15% allocation towards emerging markets. Employing a value-driven, bottom-up approach, the fund focuses on mid- to large-cap stocks, leveraging a dedicated team's expertise to optimize portfolio performance.
New Additions to the Portfolio
Causeway International Value (Trades, Portfolio) expanded its portfolio by adding seven new stocks. Notable new holdings include:
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Fujitsu Ltd (TSE:6702), purchasing 8,109,700 shares, making up 1.43% of the portfolio, valued at 126.87 billion.
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Standard Chartered PLC (LSE:STAN) with 7,840,337 shares, representing 0.8% of the portfolio, valued at 70,962,250.
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ArcelorMittal SA (XAMS:MT), acquiring 1,684,978 shares, accounting for 0.43% of the portfolio, valued at 38,562,760.
Significant Increases in Existing Positions
During the quarter, Causeway International Value (Trades, Portfolio) increased its stakes in 47 stocks. Key increases include:
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Renesas Electronics Corp (TSE:6723), with an additional 9,840,100 shares, bringing the total to 11,364,400 shares. This 645.55% increase in shares now represents 2.07% of the portfolio, valued at 212.54 billion.
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Compagnie de Saint-Gobain SA (XPAR:SGO), with an additional 1,476,819 shares, bringing the total to 1,867,495 shares, valued at 145.24 million.
Complete Exits from Certain Holdings
The fund also completely exited positions in six stocks, including:
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Alimentation Couche-Tard Inc (TSX:ATD), selling all 1,010,091 shares, impacting the portfolio by -0.77%.
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Compagnie Financiere Richemont SA (XSWX:CFR), liquidating all 321,880 shares, impacting the portfolio by -0.65%.
Reductions in Key Holdings
Additionally, Causeway International Value (Trades, Portfolio) reduced its positions in 14 stocks. Significant reductions include:
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Rolls-Royce Holdings PLC (LSE:RR.) by 12,063,745 shares, a -14.03% decrease, impacting the portfolio by -0.87%. The stock traded at an average price of 4.35 during the quarter, returning 11.90% over the past three months and 66.90% year-to-date.
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Allianz SE (XTER:ALV) by 187,698 shares, a -45.23% reduction, impacting the portfolio by -0.75%. The stock traded at an average price of 264.18 during the quarter, returning 5.57% over the past three months and 22.18% year-to-date.