Sarah Ketterer

Sarah Ketterer

Last Update: 05-15-2015

Number of Stocks: 81
Number of New Stocks: 7

Total Value: $3,828 Mil
Q/Q Turnover: 17%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Sarah Ketterer' s Profile & Performance

Profile

Ms. Ketterer is the Chief Executive Officer of Causeway since June 2001. Her firm manages more than $15 billion as of May, 2008. She is responsible for investment research in global financials and healthcare. Prior Experience From November 1996 to June 2001, Ms. Ketterer worked for the Hotchkis and Wiley division of Merrill Lynch Investment Managers ("HW-MLIM"). At HW-MLIM, she was a Managing Director and co-head of the firm's HW-MLIM International and Global Value team. Education Ms. Ketterer has a BA in Economics and Political Science from Stanford University and an MBA from the Amos Tuck School, Dartmouth College.

Web Page:http://www.causewayfunds.com/fundhome.aspx

Investing Philosophy

Sarah Ketterer focuses on global equities: International , global, and emerging market. She and her team begin with a screen of both large and mid-sized companies in the developed international markets. Their screens are applied to approximately 3,400 companies and use quantitative and value-oriented methods to find prospective stocks that meet their criteria for further analysis. Each stock also receives a "risk score" based on the additional volatility/risk it adds to the portfolio. Their final portfolio is built from those stocks with the highest expected risk-adjusted return. It will typically have 60-80 stocks that have a lower price/earnings ratio and higher dividend yield than the market.

Total Holding History

Performance of International Value Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201011.9815.06-3.1
200932.0126.465.5
2008-41.95-37-5.0
3-Year Cumulative-14.2 (-5%/year)-8.3 (-2.9%/year)-5.9 (-2.1%/year)
20077.875.492.4
200626.0715.7910.3
5-Year Cumulative16.7 (3.1%/year)12 (2.3%/year)4.7 (0.8%/year)
20058.134.913.2
200426.5910.8815.7
200345.8628.6817.2
2002-10.86-22.111.2

Top Ranked Articles

Causeway Capital's Sarah Ketterer Joins GuruFocus for Q&A - Ask Your Investing Question
Sarah Ketterer (Trades, Portfolio) is CEO of Causeway Capital Management LLC, an investment firm with $28 billion in assets. She joins two members of her team, Causeway portfolio managers Jamie Doyle and Conor Muldoon, for a Question & Answer session with GuruFocus readers. To submit a question to them about anything related to investing, simply post it in the comments section below. Read more...
Sarah Ketterer of Causeway Capital's Answers to GuruFocus Q&A
1. How did you get into value investing? Who influenced you the most? Read more...
Sarah Ketterer's Top New Stock Buys for Causeway International Value Fund
Sarah Ketterer’s Causeway International Value Fund (CIVIX) is populated by companies with market capitalizations over $750 million that have undergone rigorous bottom-up analysis. “We believe that companies derive their value from the contribution of yield and profitable re-investment back into the company,” the firm says on its website. Read more...
New Guru Added: Sarah Ketterer
GuruFocus is very glad to announce the addition of Sarah Ketterer into our List of Gurus. She is the first woman in our List of Gurus. Read more...
Causeway International Value Fund Buys 7 Stocks from Around the World
Causeway Capital Management LLC is a $28 billion firm run by Sarah Ketterer (Trades, Portfolio) and a team of analysts, using a “fusion of fundamental and quantitative research” to identify undervalued opportunities. Ketterer has significant experience in international investing, having founded the international equity strategy for Hotchkis & Wiley prior to the start of Causeway. Read more...
» More Sarah Ketterer Articles

Commentaries and Stories

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Ken Fisher's Top Buys in Q2 2015
Ken Fisher (Trades, Portfolio) is the chief executive officer and chief investment officer of Fisher Investments and his portfolio has a total value of $49,932 million. The following are his most heavily weighted trades during the second quarter of 2015 : More...

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Causeway Funds Commentary - Paying the Piper: Economic Reform in China
Quoted by China Daily newspaper on June 10, 2015, Goldman Sachs Chairman and CEO Lloyd Blankfein commented that “China has achieved a very high growth rate at some cost…so growth has to be absorbed, mistakes have to be corrected and bad investments have to be written off in order to have another stage of rapid growth.” Easier said than done. What are the implications for a slowing Chinese economy—one that cannot absorb the world’s non-food commodities at the pace of the past two decades? China needs to continue its implementation of structural reform (opening industries to foreign competition and lowering trade barriers, for example). This year, the Chinese government’s attempts to rein in margin debt of mainland buyers of domestic A-shares contributed to an aggressive sell off in mid-June. The government announced drastic measures to stem the bleeding in local markets, such as suspending trading and halting IPOs, strongly encouraging companies to engage in share buybacks, and providing unlimited financing to the state agency that supplies capital to Chinese brokers. We consider this intervention to be a step backward. China has set a goal for a more transparent and efficiently functioning financial system, and will likely pay a steep price for misguided policy. How has the deceleration in Chinese real gross domestic product growth and the government’s boosting of stock markets shaped how we have positioned client portfolios? We spoke to Causeway portfolio managers, Arjun Jayaraman and Jonathan Eng, to understand our quantitative and fundamental research view of China in 2015. Arjun, how do Causeway’s emerging markets portfolios reflect the team’s expectations for China? AJ: In order to put some level of support under the local stock market and sustain economic activity, China will probably maintain an accommodative monetary policy. Today, in our unconstrained portfolios, our overall exposure to China is roughly in-line with that of the MSCI Emerging Markets Index (“EM Index”). However, for the past two years we have maintained an underweight position in Chinese banks, a mirror image of the country’s economic health. We recognize the importance of Chinese Hong Kong-listed “H-shares” in the EM Index, but want to lower our emerging markets portfolios’ China risk. In addition, recently we decreased our sensitivity to the Chinese market by adding lower beta (index sensitive) Chinese stocks to our portfolios. Jonathan, Causeway’s international and global value equity portfolios have both direct H-share holdings as well as indirect Chinese exposure by investing in many companies with operations, revenues or other connections to China. As an expert in industrials, how do you view the China exposure in developed markets portfolios? JE: Speculative booms and busts have—and will –occur in many geographies. Valuations become overextended, share prices fall, investors lose money, then retreat, and valuations return to more rational levels. Unfortunately, the Chinese government has interfered with the local stock market, one of the most important free market mechanisms. But where does intervention stop? As a research team, we are now contemplating the ramifications of “national” policy to support employment and the extent to which it drags on Chinese corporate earnings. Cutting employees may become very challenging for Chinese companies, especially those that are state-owned. Compared to 2013, we have lowered our global and international portfolios’ weights in capital goods companies. Many of these multinational firms generate a sizable portion of their profits in China. They are vulnerable to deflation, particularly as Chinese demand slows for their products. We have placed more emphasis on spending by the Chinese consumer with holdings in such sectors as consumer discretionary and mobile telecommunications. For example, China’s vehicle ownership is less than 20% the level in the United States; car penetration will likely rise with improved affordability. Furthermore, the government has accelerated the replacement cycle and wants to remove the old, dirtier vehicles from the road. We are also looking at a sanguine outcome for luxury goods demand and tourism. With surplus capacity in basic industries, China needs a solution to absorb its years of excess fixed investment. What are you anticipating? JE: I think the government has already signaled its intent to export some of its construction and industrial excess capacity, as well as newer technologies in solar panel, machinery and telecommunications equipment, via the Silk Road Economic Belt and Maritime Silk Road (aka the Belt and Road initiative). This development strategy, first announced in late 2013, is designed to boost employment in China, as well as accelerate more capital convergence and currency integration globally, lessening dependence on the US dollar. AJ: By investing in transportation and other commercial infrastructure (highways, railways, ports, and coastal facilities) across Asia, the Middle East, and Europe, China intends to improve trade and foreign relations, and find a productive home for its massive $4 trillion of foreign reserves. In our emerging markets portfolios, we increased exposure to Chinese-listed industrials companies that we expect to benefit from the Belt and Road initiative. However, by interfering with its own stock market, China has apparently postponed its drive toward a more market-based mechanism of resource allocation. Beyond the stock market, speculation also appears rampant in residential housing.What are the economic and portfolio implications of this housing risk? Continue reading here. More...

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Causeway International Value Fund Commentary for Month Ended June 30 2015
Concerns of US monetary tightening, weakening global growth, and the Greek debt crisis pressured global equity markets in the month of June. All but one developed market, Ireland, delivered negative returns in the period. Other top performing markets in the developed world included Belgium, Israel, Singapore, and Japan. The biggest laggards in our investable universe included New Zealand, Australia, South Korea, Switzerland, and Norway. The best performing sectors in the MSCI EAFE Index ("Index") were telecommunication services, financials, health care, consumer staples, and consumer discretionary. The worst performing sectors in the Index were utilities, materials, energy, information technology, and industrials. Every major currency except the Canadian dollar appreciated versus the US dollar during the period, thus improving overall returns on overseas assets for US dollar-based investors. More...

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Causeway Global Value Fund Performance Review for Month Ended 30 June 2015
Concerns of US monetary tightening, weakening global growth, and the Greek debt crisis pressured global equity markets in the month of June. All but one developed market, Ireland, delivered negative returns in the period. Other top performing markets in the developed world included Belgium, Israel, Singapore, and Japan. The biggest laggards in our investable universe included New Zealand, Australia, South Korea, Switzerland, and Norway. The best performing sectors in the MSCI World Index ("Index") were telecommunication services, consumer discretionary, health care, financials, and consumer staples. The worst performing sectors in the Index were utilities, materials, information technology, energy, and industrials. Every major currency except the Canadian dollar appreciated versus the US dollar during the period, thus improving overall returns on overseas assets for US dollar-based investors. More...

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Causeway Capital Commentary - OXI to Austerity! Implications of the Greek Debt Crisis Sarah Ketterer - Causeway Capital Commentary - OXI To Austerity! Implications Of The Greek Debt Crisis
Causeway Research Note July 8, 2015 “I would like to see Greece as a case study, an opportunity for Europe to strengthen its coordination of fiscal policy.” ‐George Papandreou, former prime minister of Greece, 2009‐2011 Unfortunately, the former Greek leader can now watch his country move from case study…to basket case. Even the Save Greece crowdfunding campaign (which raised €1.8 million toward the €1.6 billion goal) came up short. This year, with stronger bank balance sheets and central bank support, the contagion risk of depositor panic withdrawals seems unlikely in the rest of Europe. However, layers of bank regulations do not solve the underlying conundrum facing the euro zone (EZ). How do these 19 countries reconcile national sovereignty with the need to mutualize liabilities? The EZ economic unification process ramped up this past January 2015 with the official abandonment of the EZ’s austerity‐based monetary regime. In exchange, the European Central Bank (ECB) adopted extreme monetary liquidity as the region’s economic salvation, led by the quantitative easing (QE) program of sovereign bond purchases on secondary markets. As evidenced by the recent Greek referendum “No” victory, long suffering voters may eventually reject austerity. QE cannot revive Europe without concurrent domestic reforms and fiscal stimuli. ECB president Mario Draghi argued at the annual central bank symposium last August in Jackson Hole that the EZ can only achieve sustainable economic recovery via coordinated fiscal and monetary policy, and the fiscal policy can only be coordinated across the region via Brussels. Headwinds to coordinated fiscal policy include a rise in leftwing populist political parties (such as Podemos in Spain, Five Star Movement in Italy, and Syriza in Greece). Populist governments (or, some would call them, demagogues) will likely gain power as long as European youth unemployment remains unresolved (an estimated 50% of Greek youth remain jobless), the flood of migrants (primarily from the Middle East and Africa) continues unabated, and Germany appears most influential in EZ policy. We believe that an end to the funding lifeline for Greece may ultimately become an important catalyst for greater European fiscal unity. However, a collapsed Greek banking system would fund itself via a new currency, with attendant spiraling inflation. Any government paying its bills (and pensioners) in worthless IOUs probably has a very short life—and such a collapse and crisis would reveal the populist deception to voters—especially those in Portugal, Spain and Italy. Austerity hurts, but capital controls and hyperinflation are far worse. To review the changing situation in Europe, and highlight some of the opportunities in European banks, we spoke to Causeway portfolio managers Conor Muldoon and Alessandro Valentini. Alessandro recently met with ECB officials and several European bank managements to gauge the severity of the Greek crisis. Q: Alessandro, how does the ECB view the deteriorating situation in Greece? AV: The central bankers appear confident in their ability to prevent a spillover to other European countries. This confidence comes from the steps taken to ensure liquidity provided by the ECB in the quarters following the initial European debt crisis in 2011, the commitment of Spain, Portugal and Italy to restructuring programs, QE’s beneficial impact to the EZ economy, and the limited exposure of banks and insurers to Greek government bonds and Greek collateral. Q: How confident are you in the ECB’s willingness to act as a backstop for the EZ? AV: We believe the extreme events in Greece will lead to volatility in the markets, but should not lead to fundamental instability or a domino effect. Recent comments from the Eurogroup, finance ministers from the EZ member states, reinforce the message that they will take all means to ensure stability in case of a Greek exit (Grexit) or default. The concern that we hear from our clients is that losses would force the ECB to be recapitalized, which in turn would make it less likely to intervene in the future to mitigate any sort of adverse event. But, the ECB’s balance sheet should be able to withstand more than simply a Greek default. The ECB has €98 billion in capital and reserves – that alone is a decent cushion given its Greek exposure. In addition, the ECB has €403 billion in “revaluation accounts.” The ECB could use those unrecognized gains as a reserve against losses. Should an actual loss of, say, €100 billion materialize, the ECB’s assets would decline by €100 billion, and its liabilities (via the revaluation accounts) would decline by the same €100 billion. Capital would remain the same €98 billion, and ECB recapitalization would not be necessary. CM: If no deal is achieved and Greece chooses to relegate itself outside of the EZ, the ECB will be the first and most reliable antidote against financial contagion. In addition to stepping up the pace of QE, the ECB could provide liquidity to banks inside and outside the EZ, for example, via liquidity swaps with other central banks. Q: What are the implications of a bond default and Grexit? AV: The ECB owns the vast majority of outstanding Greek bonds via its individual members—and the members must share the losses. For Portugal, Spain, and Italy, this loss sharing will cause financial pain, but they can withstand this with the support of the ECB. Some national central banks might need to be recapitalized, but that can be done within the ECB system. The ECB must make a critical decision on the Emergency Liquidity Assistance (ELA) program. We are seeing a run on the banks in Greece. Through the ELA, the ECB provides banks with cash in exchange for collateral at a discount. What can the ECB do? We think they have three primary options: (1) freeze the ELA and increase the collateral discount, (2) stop the ELA completely, or (3) increase the amount available to sustain the Greek banking system. We believe the first option is the most likely choice. Barclay’s research estimates that at the current haircut, the banks have a buffer of €29 billion, and an increase in the haircut will lead to some of the Greek banks running out of cash. CM: We believe our financial sector portfolio holdings have limited exposure to the Greek banking system, Greek bonds, and the Greek economy. And, thanks to QE and the other ECB programs, we do not expect any disruption to the credit flow to other EZ periphery countries. Q: Conor, how might geopolitical considerations shape the response by Greek creditors? CM: If Europe turns off the money flow to Greece, Russian President Vladimir Putin might see a good entry point for Russia to extend its reach. In addition, Greece is Europe’s gateway in the Middle East; a more extreme European Union exit (which, by the way, has a legal pathway as opposed to a euro exit) would mean a higher risk of exposure to destabilizing Islamic elements. According to The Economist, some 63,000 (mostly Syrian) migrants have arrived in Greece by sea this year, and the EU relies on Greece’s cooperation to fingerprint and register as many migrants as possible. Q: How do you view the risk of political contagion? AV: The vote against austerity in Greece could endanger the rest of Europe – it increases both the odds of a strengthening of populist movements in other countries and the odds of a Grexit. If policymakers acquiesce to Greece, this may enable populist movements within their own countries. Our base case is that EZ policymakers will hold firm and make few concessions to Greece. They will be walking a very fine line because they would also prefer to preserve the integrity of the EZ and not let Greece leave. But if they have to choose, policymakers will prefer to see Greece go rather than inviting instability within their own countries. Q: What investment opportunities are you finding in this period of uncertainty in Europe? CM: One of the most undervalued segments of global markets is European banks. Our international and global value portfolios are currently overweight European banks versus their respective benchmarks. We are interested in seeing the banks engage in restructuring to increase returns on assets and shareholder equity through both improved profitability and a lower capital base. Our preferred banking stocks are, we believe, on the cusp of a significant increase in dividends paid to shareholders, and possibly a return to share buybacks. Most European banks have moved beyond the stage of needing to raise more equity capital; in fact, many banks are generating surplus capital. We expect even a modest uptick in medium‐term bond yields in Europe to improve bank net interest margins. AV: Despite our conservative assumptions about the severity of the US and European bank regulatory environments, several European bank stocks offer, in our view, more than enough upside potential to compensate for their incremental volatility. As a group, at June 30, 2015, European banks traded at less than book value, and at a price‐to‐forecasted‐earnings discount of 30% to the MSCI EAFE Index and 25% to the MSCI World Index. We argue that consolidation of European banks in markets such as the United Kingdom and Spain should herald a gradual rise in profitability concurrent with stability in funding. Most importantly, in a world of low interest rates, the average 4% dividend yield available from many European banks should make a meaningful contribution to total returns. The market commentary expresses the portfolio managers’ views as of July 8, 2015 and should not be relied on as research or investment advice regarding any stock. These views and any portfolio holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. More...

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Causeway Capital Commentary - 'Graduation Day: The Broadening Opportunity Set of MSCI Emerging Markets'
Last week, as students across the United States marched in commencement ceremonies, MSCI acknowledged the possible future inclusion of China A‐shares in its Emerging Markets (EM) Index and declared its plans to track investors’ experiences in trading the recently opened Saudi Arabian equity market. MSCI’s announcements raise several questions: What are the implications of adding new markets ─ China A‐shares or Saudi Arabia ─ to a benchmark that is so widely followed? And how does Causeway’s Emerging Markets strategy adapt to an ever‐ changing investable universe? More...

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Causeway International Value Adds Volkswagen, Baytex Energy to Portfolio Causeway International Value,Sarah Ketterer - Causeway International Value Adds Volkswagen, Baytex Energy To Portfolio
During the first quarter, the Causeway International Value (Trades, Portfolio) Fund added three new stocks to the portfolio, and sold out of four other positions. The quarter-over-quarter turnover was 5%, according to GuruFocus Real Time Picks. More...

CAUSEWAY INTERNATIONAL VALUE, SARAH KETTERER, VOLKSWAGEN, BAYTEX ENERGY


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Sarah Ketterer Buys Delta Airlines
Sarah Ketterer (Trades, Portfolio) is the chief executive officer of Causeway Capital since June 2001. Her firm manages more than $15 billion in assets. In terms of investment philosophy, Sarah Ketterer (Trades, Portfolio) and her team begin with a screen of both large and mid-sized. Their screens are applied to approximately 3,400 companies and use quantitative and value-oriented methods to find prospective stocks that meet their criteria for further analysis. Each stock also receives a "risk score" based on the additional volatility/risk it adds to the portfolio. Their final portfolio is built from those stocks with the highest expected More...

LONG


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Causeway International Value Fund Commentary for the Month Ended April 30 2015
Global equities continued to rally in the month of April, fueled by abundant liquidity and improved economic data. Emerging markets equities surged, far outpacing developed markets. The best performing developed markets in April included Norway, Portugal, Austria, Hong Kong, and Singapore. The biggest laggards included Finland, Israel, Germany, Australia, and New Zealand. From a sector perspective, the best performers were energy, telecommunication services, utilities, financials, and consumer staples, while information technology, health care, consumer discretionary, industrials, and materials underperformed. Currency proved favorable as most major currencies advanced against the US dollar during the period, thus amplifying returns on overseas assets from a US investor’s perspective.The Fund outperformed the MSCI EAFE Index during the month, due primarily to positive stock selection. Fund holdings in the energy, banks, telecommunication services, food beverage & tobacco, and transportation industry groups contributed to relative outperformance. Fund holdings in the materials, media, consumer services, retailing, and insurance industry groups partially offset relative outperformance versus the Index. The largest individual positive contributor to return was oil & gas exploration company, BG Group Plc (United Kingdom). Additional top contributors during the period included banking & financial services provider, HSBC Holdings Plc (NYSE:HSBC) (United Kingdom), oil & gas exploration company, CNOOC Ltd. (NYSE:CEO) (Hong Kong), mobile telecommunications operator, China Mobile Ltd. (NYSE:CHL) (Hong Kong), and energy services firm, Technip SA (France). The largest single detractor from performance was multinational airline holding company, International Consolidated Airlines Group SA (United Kingdom). Other notable detractors included cruise ship operator, Carnival (United Kingdom), PVC pipe & silicon chip producer, Shin-Etsu Chemical Co., Ltd. (Japan), industrial gas company, Linde AG (Germany), and financial services company, Zurich Financial Services (Switzerland).The market commentary expresses the portfolio managers’ views as of the date of this report and should not be relied on as research or investment advice regarding any stock. These views and the Fund holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Any securities identified and described in this report do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. Diversification does not protect against market loss. More...

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Causeway Capital Global Value Fund Performance Review for Quarter Ended March 31
Most developed market equities delivered positive performance this quarter, extending the six year bull market that began in March 2009. Low interest rates, abundant liquidity, competitive currency devaluations and renewed optimism for Europe and Japan have elevated many global equity markets. The further devaluation of local currencies in regions such as Europe, Canada and Australia proved to be a sizable headwind for US dollar-based investors’ overseas investments this period. The best performing developed markets this quarter in our investable universe were Denmark, Japan, Israel, Germany, and Portugal. The biggest laggards were Canada, Singapore, New Zealand, the United Kingdom, and Spain. The best performing sectors in the MSCI World Index were health care, consumer discretionary, consumer staples, industrials, and materials, and the worst performing sectors were utilities, energy, financials, telecommunication services, and information technology. More...

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Causeway Capital Commentary - To Hedge or Not to Hedge - Factor Dependence and Skill Among Hedge Funds
Do you know how your hedge fund generates returns? As average hedge fund performance continues to wane, investors are increasingly seeking objective criteria to distinguish talented managers from the herd. Differentiating the contributions of systematic and idiosyncratic factors in a fund’s return stream is one way to accomplish this goal. In this paper, we combine two related, but distinct, methods of measuring these variables. Using the Fama-French-Carhart 4-factor approach, we find that hedge funds with the highest 4-factor alpha (a proxy for skill) and lowest r-squared to the four factors (a proxy for factor dependence) produce the strongest subsequent returns. We also find that those managers with high trailing 4-factor alpha have lower exposure to systematic risk factors in general. More...

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Sarah Ketterer's Undervalued Stocks Sarah Ketterer - Sarah Ketterer's Undervalued Stocks
Sarah Ketterer (Trades, Portfolio) is the Chief Executive Officer of Causeway since June 2001. Her firm manages more than $15 billion as of May 2008. She is responsible for investment research in global financials and healthcare. Prior to her current position, Ms. Ketterer worked for the Hotchkis and Wiley division of Merrill Lynch Investment Managers ("HW-MLIM"). At HW-MLIM, she was a Managing Director and co-head of the firm's HW-MLIM International and Global Value team. Ms. Ketterer has a BA in Economics and Political Science from Stanford University and an MBA from the Amos Tuck School at Dartmouth College. More...

Sarah Ketterer


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Causeway Funds Commentary - Fire & Ice - Fed Tightening & Emerging Markets?
Oil and water, Coke and Mentos, and drinking and driving might seem like ideal pairings in comparison with rising interest rates and emerging markets equities. We don’t need to look very far to see investor concern. Although the market interpreted the US Federal Reserve Bank’s (Fed) comments on March 18 as relatively dovish, the long-term expectation for a rise in US interest rates remains unchanged. In the “taper tantrum” period (late May through June 2013) after the Fed announced it would gradually unwind its asset purchasing program, the MSCI Emerging Markets Index (“EM Index”) declined over 9% while the S&P500 fell over 3%. Why did investors react so negatively to the announced end of quantitative easing in the United States? How has Causeway positioned its emerging markets portfolios to weather an inevitable change in the US monetary regime? More...

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Betting on Emerging Markets Like Ray Dalio
Ray Dalio (Trades, Portfolio)’s Bridgewater Associates is one of the largest investors in iShares MSCI Emerging Markets Indx (ETF) (EEM) as it reported holding 78.54 million shares, down by 2% on the quarter. More...

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This San Diego-Based Chipmaker Looks Attractive
In this article, let's take a look at Qualcomm Incorporated (NASDAQ:QCOM), a $121.62 billion market cap company, which designs, develops, manufactures, and markets digital communications products and services in China, South Korea, Taiwan, and the U.S. More...

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Sarah Ketterer's Top 5 New Buys in Q4 Sarah Ketterer - Sarah Ketterer's Top 5 New Buys In Q4
Sarah Ketterer (Trades, Portfolio) co-founded Causeway Capital Management in 2001, which now manages $36 billion in assets as of 2014. More...

SARAH KETTERER, CAUSEWAY CAPITAL


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Causeway Capital Global Value Equity Q4 2014 Commentary
Oil prices and economic weakness weighed heavily on equity performance during the quarter. Reflecting oversupply and concerns about demand, crude oil prices fell to their lowest level in over five years, and global equities echoed this downward trend. The weakest performing developed markets included Norway, Portugal, Italy, Spain, and Denmark. The top performing markets in the MSCI World Index (Index) included the United States, Hong Kong, New Zealand, Ireland, and Israel. The worst performing sectors during the final quarter of calendar 2014 were energy, materials, telecommunication services, industrials, and financials, while the best performing sectors in the Index were consumer discretionary, utilities, information technology, consumer staples, and health care. Every major currency except the Hong Kong dollar depreciated versus the US dollar during the period, thus diminishing returns on overseas assets for US dollar-based investors. More...

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Causeway Insights - European Central Bank Stimulus Program
Adhering to its goal of near 2% inflation in the Eurozone, the European Central Bank (ECB) announced its monetary stimulus package today. By purchasing €60 billion of Eurozone government, agency, asset backed and covered bonds (of maturities ranging from 2‐30 years) each month from March 2015 to at least September 2016, the ECB’s “Quantitative Easing” (QE) program should create approximately €1 trillion of liquidity. That is about twice the amount expected by the consensus of economists polled by Bloomberg in the weeks leading to today’s ECB announcement. While the scale of the bond purchases appears modest relative to similar QE programs in the US, Japan, and the UK, the ECB showed its commitment to price stability, with the useful byproduct of a weaker euro. From its peak in April 2011 to present, the euro has declined 23% versus the US dollar. In the past twelve months, the euro has declined 17% versus the US dollar. This devaluation of the euro should help to spur economic growth and offset some of the region’s deflationary pressure. More...

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Causeway International Value Fund Q4 2014 Commentary
After a liquidity-fueled ascent in the first half of 2014, international equities reached a plateau during the third quarter. The MSCI EAFE Index (“Index”) posted a small positive return in local terms, but US dollar strength versus international currencies pushed dollar-denominated returns into negative territory. The top performing countries during the quarter were Israel, Singapore, Japan, Hong Kong, and Finland. Several markets declined steeply over the period including Portugal, Austria, Germany, New Zealand, and Italy. The best performing sectors in the Index were health care, information technology, financials, telecommunication services, and utilities. The worst performing sectors were energy, materials, consumer discretionary, industrials, and consumer staples. More...

Causeway International, Commentary


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Causeway Funds Commentary - Why Invest Internationally?
Prolonged periods of underperformance versus the mighty US equity market have cast a shadow over international equity allocations. In these periods of US-market dominance, US domiciled clients habitually ask us to defend their exposure to foreign markets. With international equities and currencies delivering inferior recent performance, and market correlations at high levels, why bother venturing from home? One could argue that overall superior country and company management continues to distinguish US companies from non-US peers. More...

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ReplySperrella@facebook - 1 year ago
I like pharm and biotech what about Mannkind and blood labs quest and Bio referrnce? Seems chances for approval are good for Mannkind and next direction for labs are total counseling. Blood tests market is strong w heslthcare opportunities also.

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