Sarah Ketterer is the CEO and co-founder of Causeway. She is the portfolio manager for the firm’s fundamental and absolute returns strategies, and is responsible for investment research across all sectors. Ketterer along with Conor Muldoon, Jonathan Eng, Kevin Durkin, Harry Hartford and James Doyle manage the Causeway International Value Fund. According to their website, the International Value Fund is constructed from an equity universe spanning developed international markets.
Over the past quarter Ketterer added two new stocks to her international portfolio, bringing the total to 61 stocks valued at $2.96 billion. The following five companies are the Causeway International Value’s top five holdings.
Akzo Nobel NV (XAMS:AKZA)
Causeway’s largest position is in Akzo Nobel where the fund holds 1,746,127 shares. Their position in the company represents 0.61% of the company’s shares outstanding and 3.9% of its total portfolio.
During the second quarter the fund upped their stake in Akzo Nobel by 18.85%. The fund bought a total of 276,996 shares in the second quarter price range of €42.91 to €49.73, with an estimated average price of €46.57. The share price has since then increased approximately 14.1%.
Causeway’s holding history as of the third quarter:
http://chart.gurufocus.com/1386690053121.png[/img]
Akzo Nobel is one of the world's leading companies in selected areas of healthcare products, coatings, chemical, and fibers. The company also makes paints, stains, synthetic resins, ethical and nonprescription drugs, hospital related supplies and several other products.
Akzo Nobel’s historical revenue and net income:
The analysis on Akzo Nobel reports that the company’s revenue has been in decline over the past year, its dividend yield is sitting near a 2-year low and its price is sitting near a 5-year high.
The Peter Lynch Chart suggests that the company is currently overvalued:
Akzo Nobel has a market cap of €12.86 billion. Its shares are currently trading at around €53.12 with a P/E ratio of 21.10, a P/S ratio of 0.89 and a P/B ratio of 2.08. The company currently holds a dividend yield of 2.32%.
Reed Elsevier NV (XAMS:REN)
Causeway International Value’s second largest holding is in Reed Elsevier. The fund holds on to 5,255,270 shares, representing 3.6% of its total portfolio.
The fund did not alter their holdings over the past quarter. From their buy in the second quarter, the price per share is up approximately 18.8%.
Causeway’s holding history as of the third quarter:
Reed Elsevier NV operates as a publisher and an information provider. Its activities include science and medical, legal and business publishing.
Reed Elsevier’s historical revenue and net income:
The anlaysis on Reed Elsevier reports that the company’s price is near a 10-year high, its Piotroski F-Score is Low, implying poor business operation, and the company currently holds no debt.
The Peter Lynch Chart suggests that the company is currently overvalued:
Reed Elsevier has a market cap of €10.25 billion. Its shares are currently trading at around €15.23 with a P/E ratio of 17.10. Reed Elsevier stocks currently hold a dividend yield of 2.62%. The company had an annual average earnings growth over the past ten years.
Siemens AG (FRA:SIE)
Sarah Ketterer’s third largest holding in the international fund is French-based Siemens AG. The fund holds on to 726,393 shares of the company’s stock, representing 3% of her total portfolio and 0.09% of the company’s shares outstanding.
Over the past quarter, the fund upped their stake in Siemens 9.13% by adding 60,754 shares of the company’s stock. They purchased these shares in the third quarter price range of €75.60 to €90.03, with an estimated average quarterly price of €83.19 per share. Since their increase the price per share has jumped up about 14%.
The fund’s historical holding history:
Siemens is a Germany-based Company which is engaged in electronics and electrical engineering. The company's operations are focused on three sectors. These Sectors are Industry, Energy and Healthcare.
Siemens’ historical revenue and net income:
The analysis on Siemens reports that the company’s operating margin is expanding, its revenue has slowed down over the past year and the price is sitting near a 2-year high. The analysis also notes that the company has issued EUR1.3 billion of debt over the past three years, but that debt level is acceptable.
The Peter Lynch Chart suggests that the company is currently overvalued:
Siemens AG has a market cap of €79.76 billion. Its shares are currently trading at around €94.61 with a P/E ratio of 19.00, a P/S ratio of 1.06 and a P/B ratio of 2.85. The company had an annual average earnings growth of 7.40% over the past ten years.
KDDI Corp. (TSE:9433)
Causeway’s fourth largest position is in KDDI Corp. The fund maintains 1,746,000 shares of KDDI, representing 0.23% of the company’s shares outstanding and 3% of Causeway’s total portfolio.
The international fund upped their position in KDDI 11.08% by adding 174,200 shares to their stake over the past quarter. Ketterer and her team added these shares in the third quarter price range of ÂĄ4695 to ÂĄ5660, with an estimated average quarterly price of ÂĄ5097.54 per share. Since Ttheir increase the price per share is up approximately 24.4%.
Causeway’s holding history as of the third quarter:
http://chart.gurufocus.com/1386631211645.png[/img]
KDDI Corp is a Japanese telecommunications operator. The company provides mobile cellular services, ISP network and solution services and Fiber to the Home (FTTH) services.
KDDI’s historical revenue and net income:
The analysis on KDDI reports that the company’s revenue has been in decline over the past five years, its price is sitting near a 5-year high and its operating margin is expanding.
The Peter Lynch Chart suggests that the company is currently overvalued:
KDDI has a market cap of ÂĄ4655.35 billion. Its shares are currently trading at around ÂĄ6340.00 with a P/E ratio of 17.80, a P/S ratio of 1.50 and a P/B ratio of 1.72. The company had an annual average earnings growth of 1.8% over the past ten years.
Sanofi (XPAR:SAN)
The guru’s fifth largest position is in Sanofi, where the fund holds on to 833,123 shares of the company’s stock. Their holdings in the company make up for 2.9% of their total portfolio holdings along with 0.06% of the company’s shares outstanding.
During the third quarter the fund upped their stake 31.14% by purchasing a total of 197,825 shares. The fund bought these shares in the quarterly price range of €72.09 to €80.87, with an estimated average quarterly price of €76.79 per share. Since this increase the price per share is down about -3.2%.
The fund’s historical holding history:
http://chart.gurufocus.com/1386630734928.png[/img]
Sanofi is a French healthcare company that is primarily focused on patient needs and is engaged in the research, development, manufacture and marketing of healthcare products. The company is traded in France, Germany, Italy and the United States.
Sanofi’s historical revenue and net income:
The analysis on the Sanofi reports that the revenue has been in decline over the past year, that the operating and gross margins have been in decline over the past few years and that the P/B ratio is nearing a 1-year low.
The Peter Lynch Chart suggests that the company is currently overvalued:
Sanofi has a market cap of €99.07 billion. Its shares are currently trading at around €74.37 with a P/E ratio of 32.30, a P/S ratio of 2.99 and a P/B ratio of 1.70. The company had an annual average earnings growth of 5.9% over the past ten years.
GuruFocus rated Sanofi the business predictability rank of 2-star.
Check out the complete third quarter portfolio of Causeway International Value Fund here.
Try a free 7-day premium membership here.
Over the past quarter Ketterer added two new stocks to her international portfolio, bringing the total to 61 stocks valued at $2.96 billion. The following five companies are the Causeway International Value’s top five holdings.
Akzo Nobel NV (XAMS:AKZA)
Causeway’s largest position is in Akzo Nobel where the fund holds 1,746,127 shares. Their position in the company represents 0.61% of the company’s shares outstanding and 3.9% of its total portfolio.
During the second quarter the fund upped their stake in Akzo Nobel by 18.85%. The fund bought a total of 276,996 shares in the second quarter price range of €42.91 to €49.73, with an estimated average price of €46.57. The share price has since then increased approximately 14.1%.
Causeway’s holding history as of the third quarter:
http://chart.gurufocus.com/1386690053121.png[/img]
Akzo Nobel is one of the world's leading companies in selected areas of healthcare products, coatings, chemical, and fibers. The company also makes paints, stains, synthetic resins, ethical and nonprescription drugs, hospital related supplies and several other products.
Akzo Nobel’s historical revenue and net income:
The analysis on Akzo Nobel reports that the company’s revenue has been in decline over the past year, its dividend yield is sitting near a 2-year low and its price is sitting near a 5-year high.
The Peter Lynch Chart suggests that the company is currently overvalued:
Akzo Nobel has a market cap of €12.86 billion. Its shares are currently trading at around €53.12 with a P/E ratio of 21.10, a P/S ratio of 0.89 and a P/B ratio of 2.08. The company currently holds a dividend yield of 2.32%.
Reed Elsevier NV (XAMS:REN)
Causeway International Value’s second largest holding is in Reed Elsevier. The fund holds on to 5,255,270 shares, representing 3.6% of its total portfolio.
The fund did not alter their holdings over the past quarter. From their buy in the second quarter, the price per share is up approximately 18.8%.
Causeway’s holding history as of the third quarter:
Reed Elsevier NV operates as a publisher and an information provider. Its activities include science and medical, legal and business publishing.
Reed Elsevier’s historical revenue and net income:
The anlaysis on Reed Elsevier reports that the company’s price is near a 10-year high, its Piotroski F-Score is Low, implying poor business operation, and the company currently holds no debt.
The Peter Lynch Chart suggests that the company is currently overvalued:
Reed Elsevier has a market cap of €10.25 billion. Its shares are currently trading at around €15.23 with a P/E ratio of 17.10. Reed Elsevier stocks currently hold a dividend yield of 2.62%. The company had an annual average earnings growth over the past ten years.
Siemens AG (FRA:SIE)
Sarah Ketterer’s third largest holding in the international fund is French-based Siemens AG. The fund holds on to 726,393 shares of the company’s stock, representing 3% of her total portfolio and 0.09% of the company’s shares outstanding.
Over the past quarter, the fund upped their stake in Siemens 9.13% by adding 60,754 shares of the company’s stock. They purchased these shares in the third quarter price range of €75.60 to €90.03, with an estimated average quarterly price of €83.19 per share. Since their increase the price per share has jumped up about 14%.
The fund’s historical holding history:
Siemens is a Germany-based Company which is engaged in electronics and electrical engineering. The company's operations are focused on three sectors. These Sectors are Industry, Energy and Healthcare.
Siemens’ historical revenue and net income:
The analysis on Siemens reports that the company’s operating margin is expanding, its revenue has slowed down over the past year and the price is sitting near a 2-year high. The analysis also notes that the company has issued EUR1.3 billion of debt over the past three years, but that debt level is acceptable.
The Peter Lynch Chart suggests that the company is currently overvalued:
Siemens AG has a market cap of €79.76 billion. Its shares are currently trading at around €94.61 with a P/E ratio of 19.00, a P/S ratio of 1.06 and a P/B ratio of 2.85. The company had an annual average earnings growth of 7.40% over the past ten years.
KDDI Corp. (TSE:9433)
Causeway’s fourth largest position is in KDDI Corp. The fund maintains 1,746,000 shares of KDDI, representing 0.23% of the company’s shares outstanding and 3% of Causeway’s total portfolio.
The international fund upped their position in KDDI 11.08% by adding 174,200 shares to their stake over the past quarter. Ketterer and her team added these shares in the third quarter price range of ÂĄ4695 to ÂĄ5660, with an estimated average quarterly price of ÂĄ5097.54 per share. Since Ttheir increase the price per share is up approximately 24.4%.
Causeway’s holding history as of the third quarter:
http://chart.gurufocus.com/1386631211645.png[/img]
KDDI Corp is a Japanese telecommunications operator. The company provides mobile cellular services, ISP network and solution services and Fiber to the Home (FTTH) services.
KDDI’s historical revenue and net income:
The analysis on KDDI reports that the company’s revenue has been in decline over the past five years, its price is sitting near a 5-year high and its operating margin is expanding.
The Peter Lynch Chart suggests that the company is currently overvalued:
KDDI has a market cap of ÂĄ4655.35 billion. Its shares are currently trading at around ÂĄ6340.00 with a P/E ratio of 17.80, a P/S ratio of 1.50 and a P/B ratio of 1.72. The company had an annual average earnings growth of 1.8% over the past ten years.
Sanofi (XPAR:SAN)
The guru’s fifth largest position is in Sanofi, where the fund holds on to 833,123 shares of the company’s stock. Their holdings in the company make up for 2.9% of their total portfolio holdings along with 0.06% of the company’s shares outstanding.
During the third quarter the fund upped their stake 31.14% by purchasing a total of 197,825 shares. The fund bought these shares in the quarterly price range of €72.09 to €80.87, with an estimated average quarterly price of €76.79 per share. Since this increase the price per share is down about -3.2%.
The fund’s historical holding history:
http://chart.gurufocus.com/1386630734928.png[/img]
Sanofi is a French healthcare company that is primarily focused on patient needs and is engaged in the research, development, manufacture and marketing of healthcare products. The company is traded in France, Germany, Italy and the United States.
Sanofi’s historical revenue and net income:
The analysis on the Sanofi reports that the revenue has been in decline over the past year, that the operating and gross margins have been in decline over the past few years and that the P/B ratio is nearing a 1-year low.
The Peter Lynch Chart suggests that the company is currently overvalued:
Sanofi has a market cap of €99.07 billion. Its shares are currently trading at around €74.37 with a P/E ratio of 32.30, a P/S ratio of 2.99 and a P/B ratio of 1.70. The company had an annual average earnings growth of 5.9% over the past ten years.
GuruFocus rated Sanofi the business predictability rank of 2-star.
Check out the complete third quarter portfolio of Causeway International Value Fund here.
Try a free 7-day premium membership here.
