Causeway Capital’s Sarah Ketterer describes a range of global companies with outstanding values.
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Sarah Ketterer
CEO, Co-Founder, Causeway Capital Management
Portfolio Manager, Causeway International Value Fund
Portfolio Manager, Causeway Global Value Fund
Morningstar’s International Stock Fund Manager of the Year, 2017
Barron’s 100 Most Influential Women in U.S. Finance
ACTION POINT
“BE FEARFUL WHEN OTHERS ARE GREEDY AND BE GREEDY ONLY WHEN OTHERS ARE FEARFUL.”
-Classic Warren Buffett quote from 1986 Annual Shareholder Letter Describes Berkshire’s approach to:
“…Occasional outbreaks of those two super-contagious diseases, fear and greed.”
TAKING ADVANTAGE OF FEAR
BERKSHIRE’S MAJOR JAPANESE POSITIONS
– Built starting in 2019-Nikkei about 40% below record 1989 close
- Itochu
- Marubeni
- Mitsubishi
- Mitsui
- Sumitomo
– Now owns estimated 9% stake in each
– $8 billion unrealized gain as of year-end 2023
“You are not truly diversified until you own something you are really uncomfortable with.” – Peter Bernstein
BOOKSHELF
ONE INVESTMENT
KETTERER: UNIQUE TRANSNATIONAL RAILROAD
Buy Canadian Pacific Kansas City Ltd. (CP)
Price: $89.67 on 3/20/24
52-week range: $68.92 to $91.58
STOCK, BOND, FUND MENTIONS
- Alstom SA (ALO-FR:Euronext Paris)
- Rolls-Royce Holdings PLC ADR (RYCEY)
- Kering SA (KER-FR:Euronext Paris)
- SK Hynix Inc (Korea Exchange)
- Samsung Electronics Co, Ltd (Korea Exchange)
- Walt Disney Co (DIS)
- Alphabet Inc Class C (GOOG)
- Citigroup Inc. (C)
- Reckitt Benckiser Group PLC ADR (RBGLY)
FROM THE ARCHIVE
Sarah Ketterer from the WEALTHTRACK Archives:
WEB EXTRA
CHINA COMMITMENT
Since Causeway Capital opened its Shanghai office in 2020, many other U.S. firms have reduced their presence or left China entirely after draconian COVID restrictions and government crackdowns on business. Sarah Ketterer explains why Causeway has taken the opposite approach.
