Deutsche Bank AG: A Major Move in Sarah Ketterer's Portfolio

Insights from the Second Quarter 2025 13F Filing

Sarah Ketterer (Trades, Portfolio) recently submitted the 13F filing for the second quarter of 2025, providing insights into her investment moves during this period. Sarah Ketterer (Trades, Portfolio) is the chief executive officer at Causeway, a fundamental portfolio manager, and is responsible for investment research across all sectors. She co-founded the firm in June 2001 and is a member of the operating committee. From 1996 to 2001, Ketterer worked for the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM). At HW-MLIM, she was a managing director and co-head of the firms HW-MLIM International and Global Value team. From 1990 to 1996, Ketterer was a portfolio manager at Hotchkis & Wiley, where she founded the International Equity product. Ketterer earned a BA in economics and political science from Stanford University and an MBA from the Tuck School, Dartmouth College. She is currently a member of the Stanford University Board of Trustees, a board member of the Los Angeles World Affairs Council and Town Hall, chair of the investment committee for the Music Center Foundation, and serves on the Girls Who Invest Presidents Council. Sarah Ketterer (Trades, Portfolio) 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.

Warning! GuruFocus has detected 6 Warning Signs with CP.Deutsche Bank AG: A Major Move in Sarah Ketterer's Portfolio

Summary of New Buy

Sarah Ketterer (Trades, Portfolio) added a total of 17 stocks, among them:

The most significant addition was NetEase Inc (NASDAQ:NTES), with 441,494 shares, accounting for 0.94% of the portfolio and a total value of $59.42 million. The second largest addition to the portfolio was XP Inc (NASDAQ:XP), consisting of 2,280,437 shares, representing approximately 0.73% of the portfolio, with a total value of $46.06 million. The third largest addition was International Flavors & Fragrances Inc (NYSE:IFF), with 622,703 shares, accounting for 0.72% of the portfolio and a total value of $45.80 million.

Story Continues

Key Position Increases

Sarah Ketterer (Trades, Portfolio) also increased stakes in a total of 44 stocks, among them:

The most notable increase was Deutsche Bank AG (NYSE:DB), with an additional 17,801,643 shares, bringing the total to 19,315,143 shares. This adjustment represents a significant 1,176.19% increase in share count, an 8.32% impact on the current portfolio, with a total value of $570.42 million. The second largest increase was Smurfit WestRock PLC (NYSE:SW), with an additional 4,321,850 shares, bringing the total to 7,015,694. This adjustment represents a significant 160.43% increase in share count, with a total value of $302.73 million.

Summary of Sold Out

Sarah Ketterer (Trades, Portfolio) completely exited 8 of the holdings in the second quarter of 2025, as detailed below:

Quest Diagnostics Inc (NYSE:DGX): Sarah Ketterer (Trades, Portfolio) sold all 120,400 shares, resulting in a -0.43% impact on the portfolio. Embraer SA (NYSE:ERJ): Sarah Ketterer (Trades, Portfolio) liquidated all 318,335 shares, causing a -0.31% impact on the portfolio.

Key Position Reduces

Sarah Ketterer (Trades, Portfolio) also reduced positions in 33 stocks. The most significant changes include:

Reduced Canadian Pacific Kansas City Ltd (NYSE:CP) by 2,528,289 shares, resulting in a -14.69% decrease in shares and a -3.71% impact on the portfolio. The stock traded at an average price of $76.81 during the quarter and has returned -3.49% over the past 3 months and 4.92% year-to-date. Reduced Infosys Ltd (NYSE:INFY) by 2,354,227 shares, resulting in a -89.24% reduction in shares and a -0.9% impact on the portfolio. The stock traded at an average price of $17.87 during the quarter and has returned -9.62% over the past 3 months and -24.22% year-to-date.

Portfolio Overview

At the second quarter of 2025, Sarah Ketterer (Trades, Portfolio)'s portfolio included 99 stocks, with top holdings including 18.42% in Canadian Pacific Kansas City Ltd (NYSE:CP), 12.96% in Carnival Corp (NYSE:CCL), 9.03% in Deutsche Bank AG (NYSE:DB), 5.8% in Barrick Mining Corp (NYSE:B), and 4.79% in Smurfit WestRock PLC (NYSE:SW).

The holdings are mainly concentrated in 11 industries: Consumer Cyclical, Industrials, Financial Services, Basic Materials, Technology, Communication Services, Healthcare, Consumer Defensive, Utilities, Real Estate, and Energy.Deutsche Bank AG: A Major Move in Sarah Ketterer's Portfolio

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.

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