Sarah Ketterer

Sarah Ketterer

Last Update: 11-13-2015

Number of Stocks: 85
Number of New Stocks: 9

Total Value: $4,974 Mil
Q/Q Turnover: 25%

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

Prices Go Up for Some New Positions in Sarah Ketterer’s Portfolio Grupo Televisa, Diageo, Rio Tinto and Southern Copper are also new buys, but their prices tumble
Seven stocks got new positions in Sarah Ketterer (Trades, Portfolio)'s portfolio in the third quarter. Read more...
Stocks in Sarah Ketterer's Portfolio With High Dividends HSBC Holdings and Microsoft are on the list
Sarah Ketterer has been the chief executive officer of Causeway Capital Management since June 2001. She focuses on global equities: International, global, and emerging market. Ketterer and her team begin with a screen of both large and mid-sized companies in the developed international markets. Read more...
Sarah Ketterer Buys Stake in Sporting Goods Retailer Cabela's Guru sells stakes in Walt Disney and American Express
Using a meticulous research process that involves quantitative and value-oriented methods, Sarah Ketterer (Trades, Portfolio) and her team narrow their list of prospective investments in a given quarter. In the third quarter, Ketterer found several companies to purchase. Read more...
Causeway Adds to Position in Volkswagen Fund also raises stake in Scottish energy company
As the CEO and co-founder of Causeway International Value (Trades, Portfolio) Fund, as well as portfolio manager for the firm's fundamental and absolute returns strategies, Sarah Ketterer (Trades, Portfolio)’s influence on the Fund’s investment philosophy is clear to see – and that value-driven philosophy produced returns exceeding 23% in 2012 and 2013. Read more...
Sarah Ketterer Sells Out Six Stakes in Second Quarter PNC Financial Services, Apollo Group among the stakes she sold
Sarah Ketterer is the chief executive officer of Causeway, an employee-owned investment management firm based in Los Angeles, specializing in managing global, international, emerging market and absolute return equities. The company invests in major equity markets across the globe, spanning the U.S., international and emerging markets, and obtains long and short exposures to securities. Ketterer worked for the Hotchkis and Wiley division of Merrill Lynch Investment Managers ("HW-MLIM") and in Causeway she is responsible for investment research in global financials and healthcare. Read more...
» More Sarah Ketterer Articles

Commentaries and Stories

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Why Own Energy Stocks? - Causeway Funds Commentary Discussion of energy investing from Sarah Ketterer's Causeway Funds, by portfolio manager Ellen Lee Sarah Ketterer - Why Own Energy Stocks? - Causeway Funds Commentary
Are energy stocks worth the risk? Yes, but like most cyclical stocks, the time to buy is typically when investors only see the darkness, not the dawn. As a systematic risk factor, volatility has exhibited one of the longest period of drawdowns and worst cumulative returns over the past 15 years. Unfortunately, energy stocks are loaded with volatility. In order to compensate clients for the performance turbulence associated with energy stocks, Causeway requires well above average portfolio expected returns. What returns should we expect? The answer depends on the commodity price assumed in the stream of cash flows (positive or negative) from each company. In a free market, supply and demand dictate price. Causeway expects steady oil supply this year—production from the Organization of the Petroleum Exporting Countries (OPEC) offsetting declines in non‐OPEC countries. We have examined the data, consulted with industry experts, and determined that oil demand growth will likely exceed supply growth by over one million barrels per day (mmbpd) this year. That should lead to oil inventories declining by the end of this year. We believe that once this inventory decline becomes evident, More...

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Prices Go Up for Some New Positions in Sarah Ketterer’s Portfolio Grupo Televisa, Diageo, Rio Tinto and Southern Copper are also new buys, but their prices tumble Sarah Ketterer,Louis Moore Bacon,PRIMECAP Manageme - Prices Go Up For Some New Positions In Sarah Ketterer’s Portfolio
Seven stocks got new positions in Sarah Ketterer (Trades, Portfolio)'s portfolio in the third quarter. More...

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High Dividend Yield Ratios Are Hallmarks of Many Dodge & Cox Stakes HSBC Holdings, GlaxoSmithKline are among 10 stocks with highest yields in portfolio Dodge & Cox,Sarah Ketterer,James Barrow,Richard Sn - High Dividend Yield Ratios Are Hallmarks Of Many Dodge & Cox Stakes
Ten of the existing stakes in Dodge & Cox's portfolio provide high dividend yields for the company. The firm reduced its positions in six in the third quarter. More...

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Causeway Commentary - Opposing Forces: Active vs. Passive The December commentary from Sarah Ketterer's Causeway Capital Sarah Ketterer - Causeway Commentary - Opposing Forces: Active Vs. Passive
Judging by the flows into passive strategies in recent years, some investors are abandoning active portfolio management with increasing intensity. Morningstar’s round up of 2014 mutual fund flows found that active funds across all asset classes experienced $44 billion of net contributions while passive funds received inflows of $420 billion. Similarly, in the first half of 2015, data from Investment Metrics suggest that passive investing garnered 27% of initial international equity funding by U.S. tax-exempt institutions, up from 3% ten years ago (see Figure 1). Moreover, the Department of Labor’s proposed fiduciary rule could be the catalyst for another sustained wave of passive equity investing. The new standards for financial advisors serving retirement accounts could send $1 trillion in new assets to passive investment products, according to Morningstar (see Figure 2). The starting suppositions of any indexation strategy are, a) you are aware of the risk factors you are taking when establishing this exposure b) the index correctly captures the opportunity set of the asset class in which you are investing, and c) your timing of indexation is correct. Unfortunately, these More...

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Stocks in Sarah Ketterer's Portfolio With High Dividends HSBC Holdings and Microsoft are on the list Sarah Ketterer,Howard Marks,Jeremy Grantham,Franci - Stocks In Sarah Ketterer's Portfolio With High Dividends
Sarah Ketterer has been the chief executive officer of Causeway Capital Management since June 2001. She focuses on global equities: International, global, and emerging market. Ketterer and her team begin with a screen of both large and mid-sized companies in the developed international markets. More...

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Causeway Funds' Global Value Equity Fund Commentary - October Managers of Sarah Ketterer's fund discuss China, the Fed and global markets Sarah Ketterer - Causeway Funds' Global Value Equity Fund Commentary - October
Responding favorably to China’s surprise interest rate cut and the U.S. Federal Reserve Bank’s (“Fed’s”) decision to postpone hiking interest rates, global equity markets rallied in October, and reversed course from the two prior months’ weakness. Every market in the MSCI World Index (“Index”) posted positive returns this month. The best performing markets in our investable universe included New Zealand, South Korea, Germany, Japan, and Belgium. The worst performing markets, albeit each in positive territory, included Denmark, Ireland, Canada, Switzerland, and Italy. Investors appear to be positioning for an upturn in global economic growth and October demonstrated a “risk-on” preference. Our proprietary quantitative measures of style factors indicated that volatility and cyclicality risk factors showed the strongest performance in October, while price momentum delivered the worst risk factor performance this month, for companies in the Index. The best performing sectors in the Index in October were energy, materials, information technology, industrials, and consumer discretionary. The worst performing sectors were utilities, health care, financials, consumer More...

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Sarah Ketterer Buys Stake in Sporting Goods Retailer Cabela's Guru sells stakes in Walt Disney and American Express Sarah Ketterer - Sarah Ketterer Buys Stake In Sporting Goods Retailer Cabela's
Using a meticulous research process that involves quantitative and value-oriented methods, Sarah Ketterer (Trades, Portfolio) and her team narrow their list of prospective investments in a given quarter. In the third quarter, Ketterer found several companies to purchase. More...

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Not Even a 21% Dividend Hike Justifies Prudential's High Price After reporting negative earnings surprise, a dividend hike was announced Joel Greenblatt,Sarah Ketterer,Ray Dalio,Scott Bla - Not Even A 21% Dividend Hike Justifies Prudential's High Price
Prudential Financial Inc. (NYSE:PRU) has raised its quarterly dividend to 70 cents per share. This way, the stock yields 3.32% if the share price stays at current levels ($85.65). However, thanks to GuruFocus we can find that dividend yield is ranked lower than 69% of the 107 Companies in the Global Insurance - Life industry. A simple question arises: Is it worth it? More...

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Causeway Global Value Fund Performance Review for September Sarah Ketterer's fund reviews its holdings in light of global market conditions Sarah Ketterer - Causeway Global Value Fund Performance Review For September
September brought another month of negative returns for global equities, as uncertainty about the strength of the Chinese economy, the timing of a shift in US Federal Reserve Bank’s (“Fed”) monetary policy, and concerns of a US government shutdown weighed on global shares. Every equity market in the MSCI World Index (“Index”) delivered negative returns this month. South Korea, which is not part of the Index, was the only market in our investable universe that delivered positive returns. Rounding out the best performing markets, Finland, Hong Kong, New Zealand, and the United States posted the least negative returns, while Israel, Spain, Japan, Germany, and Ireland were the weakest performing countries in the Index. The best performing sectors in the Index were consumer staples, utilities, information technology, consumer discretionary, and industrials. The worst performing sectors were materials, energy, telecommunication services, health care, and financials. More...

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Delta Air Lines, United Continental Holdings and General Electric Among Douglas C. Lane´s Top Three Stocks Fund invests in stocks that beat estimates in the third quarter Leon Cooperman,Sarah Ketterer,Louis Moore Bacon,Jo - Delta Air Lines, United Continental Holdings And General Electric Among Douglas C. Lane´s Top Three Stocks
Douglas C. Lane & Associates Inc. (DCLA®) is a registered investment advisory firm based in New York City. It manages approximately $4 billion of capital of high net worth families, trusts, pensions, endowments, foundations and institutions. More...

Douglas C. Lane,Delta,United Continental,General Electric


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Johnson & Johnson´s Dividend Discount Model Suggests Value of $139.6 Per Share A fair value of approximately $140 per share makes it a great play for value and income investors Jeff Auxier,Sarah Ketterer,John Rogers,Manning & N - Johnson & Johnson´s Dividend Discount Model Suggests Value Of $139.6 Per Share
In this article, let´s take a look at Johnson & Johnson (NYSE:JNJ), which has reported better-than-expected earnings but a decline in revenues. The EPS for the third quarter was $1.49, beating estimates by $0.04. However, revenue of $17.1 billion misses by $350 million. More...

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Causeway Global Value Fund Performance Review for August 2015 The fund outperformed the index for August Sarah Ketterer - Causeway Global Value Fund Performance Review For August 2015
Global equities declined in the month of August, reacting, in part, to China’s surprising yuan devaluation and evidence of slower economic growth in China. Every developed equity market in the MSCI World Index (“Index”) delivered negative returns this month, and emerging markets underperformed developed markets. The top performing markets in our investable universe included Ireland, Denmark, Italy, New Zealand, and South Korea. The worst performing markets included Hong Kong, Norway, Singapore, Australia, and the Netherlands. The best performing sectors in the Index in August were telecommunication services, utilities, energy, information technology, and industrials. The worst performing sectors were financials, materials, health care, consumer discretionary, and consumer staples. More...

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Six High-Yield Companies With a Wide Margin of Safety All-In-One Screener identifies companies that are largely undervalued Jim Simons,Sarah Ketterer,Ken Fisher,Frank Sands,S - Six High-Yield Companies With A Wide Margin Of Safety
Last month the bull market that began seven years ago began a correction; since then, the Standard & Poor's 500 dropped by about 12% as did the prices of some of the stocks that pay the highest yields to their shareholders. More...

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Causeway Adds to Position in Volkswagen Fund also raises stake in Scottish energy company Sarah Ketterer - Causeway Adds To Position In Volkswagen
As the CEO and co-founder of Causeway International Value (Trades, Portfolio) Fund, as well as portfolio manager for the firm's fundamental and absolute returns strategies, Sarah Ketterer (Trades, Portfolio)’s influence on the Fund’s investment philosophy is clear to see – and that value-driven philosophy produced returns exceeding 23% in 2012 and 2013. More...

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Sarah Ketterer Sells Out Six Stakes in Second Quarter PNC Financial Services, Apollo Group among the stakes she sold Sarah Ketterer,James Barrow,Brian Rogers,Richard P - Sarah Ketterer Sells Out Six Stakes In Second Quarter
Sarah Ketterer is the chief executive officer of Causeway, an employee-owned investment management firm based in Los Angeles, specializing in managing global, international, emerging market and absolute return equities. The company invests in major equity markets across the globe, spanning the U.S., international and emerging markets, and obtains long and short exposures to securities. Ketterer worked for the Hotchkis and Wiley division of Merrill Lynch Investment Managers ("HW-MLIM") and in Causeway she is responsible for investment research in global financials and healthcare. More...

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Sarah Ketterer Buys Stake in United Continental Holdings Guru adds to stakes in Johnson & Johnson, Delta Air Lines Sarah Ketterer - Sarah Ketterer Buys Stake In United Continental Holdings
Sarah Ketterer (Trades, Portfolio) is probably best described as a hands-on CEO at Causeway Capital Management, where she handles investment research in global financials and healthcare. She could also be described as a big-picture person, focusing on global equities as she does. In most quarters, her buying and selling tends to be pretty balanced, but, while she did sell some of her holdings in the second quarter, most of her activity involved buying new stakes and contributing to old ones. More...

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Causeway Funds Commentary - 'The Balance Between Crude Oil Supply and Demand'
The Current Supply/Demand Imbalance More...

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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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Sperrella@facebook
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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