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James Li
James Li
Articles (776)  | Author's Website |

Ketterer’s Causeway International Value Fund Buys 5 Stocks in 1st Quarter

Fund’s top buys include French energy giant and UK-based publisher

The Causeway International Value (Trades, Portfolio) Fund disclosed this week five new positions in its first-quarter portfolio report: Total SA (NYSE:TOT)(XPAR:FP), RELX PLC (NYSE:RELX)(LSE:REL), Danone SA (XPAR:BN), Ingenico Group SA (XPAR:ING) and Ryanair Holdings PLC (NASDAQ:RYAAY).

CEO Sarah Ketterer (Trades, Portfolio) co-founded Causeway Capital Management in 2001. The Los Angeles-based firm’s International Value Fund seeks long-term capital appreciation primarily through investments in developed countries outside of the U.S. Further, the fund invests in dividend-paying companies using a bottom-up stock selection process based on fundamental analysis.

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According to the fund’s website, Causeway International returned 10.3% during the March quarter, outperforming the MSCI EAFE Index by 0.2%. The fund’s $7.17 billion equity portfolio contains 56 stocks as of quarter end, with 22.28% exposure to the financial services sector and 15.71% exposure to the industrials sector, the top two sectors in terms of portfolio weight.

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Total SA

Causeway International purchased 1,954,898 shares of Total SA, giving the stake 1.51% space in the equity portfolio. Shares averaged 48.86 euros ($55.26) during the quarter.

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The French integrated energy company explores for, produces and refines oil around the world. GuruFocus ranks Total’s financial strength 6 out of 10: Even though the company’s debt ratios are outperforming just over 53% of global competitors, its Piotroski F-score ranks a solid 6 out of 9. The website lists several positive investing signs, which include expanding profit margins and price valuations near three-year lows.

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Gurus that own American depository receipt shares of Total include Ken Fisher (Trades, Portfolio), Pioneer Investments (Trades, Portfolio) and the T Rowe Price Equity Income Fund (Trades, Portfolio).

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RELX

The fund purchased 1,665,027 shares of RELX, giving the stake 0.50% weight in the equity portfolio. Shares averaged 16.68 pounds ($21.17) during the quarter.

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The U.K.-based publishing company operates across four major areas: scientific, technical and medical; risk solutions and business information; legal and exhibitions. GuruFocus ranks RELX’s profitability 8 out of 10 on several positive signs, which include expanding profit margins and returns that are outperforming over 92% of global competitors. Even though the company’s per-share revenue growth declined approximately 10.80% per year over the past three years, its three-year total revenue growth rate of 7.90% outperforms 90.50% of global competitors.

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Danone

The fund purchased 404,469 shares of Danone, giving the holding 0.43% weight in the equity portfolio. Shares averaged 65.15 euros ($73.59) during the quarter.

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The Paris-based packaged foods company manufactures well-known brands like Dannon dairy products and Evian bottled water. GuruFocus ranks Danone’s profitability 7 out of 10: Even though the company’s three-year revenue growth rate outperforms just 54.35% of global competitors, its profit margins are outperforming over 81% of global packaged food companies.

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Ingenico Group SA

The fund purchased 345,733 shares of Ingenico Group, giving the position 0.34% equity portfolio space. Shares averaged 54.71 euros ($61.79) during the quarter.

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The French business services company provides payment and transaction processing services through its Ingenico smart terminals, payment services and e-payment brands. GuruFocus ranks Ingenico Group’s profitability 8 out of 10: operating margins are outperforming 79.74% of global competitors despite contracting 7.1% per year over the past five years. Additionally, Ingenico Group’s Joel Greenblatt (Trades, Portfolio) return on capital is outperforming 91.13% of global business service competitors.

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Ryanair

The fund purchased 61,450 shares of Ryanair, giving the holding 0.06% equity portfolio weight. Shares averaged $72.36 during the quarter.

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The Dublin, Ireland-based airline provides short-haul, low-cost air travel across Europe. GuruFocus ranks Ryanair’s profitability 8 out of 10 on several positive signs, which include expanding profit margins and a three-year revenue growth rate that is outperforming 86.96% of global competitors. Additionally, Ryanair’s operating margin has increased approximately 12.80% per year over the past five years and is outperforming 97% of global competitors.

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Disclosure: No positions.

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About the author:

James Li
I am an editorial assistant and researcher at GuruFocus. I have a Master's in Finance from SMU, and I enjoy writing reports on financial trends and investor portfolios. Follow me on Twitter at @JamesLiGuru!

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