The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
For the third quarter ended September 30, 2026, the Harris Associates International Equity Strategy generated a return of 0.81% net of fees, modestly lagging the benchmark MSCI World ex USA Index, which delivered 0.89%. Year-to-date, the strategy has returned 1.86% net of fees compared to 10.16% for the index. Relative performance was supported by fundamental strength in European enterprise software and Japanese IT services, while European logistics and luxury consumer holdings served as the primary performance detractors during the period. The macroeconomic environment reflects growing uncertainty surrounding the sustainability of elevated artificial intelligence capital spending, persistent inflation, rising energy prices, and ongoing geopolitical tensions. However, international market leadership has broadened beyond mega-cap technology companies, supported by underlying consumer resilience. The strategy continues to identify high-quality international franchises that trade at attractive relative valuation discounts compared to domestic equities. Portfolio activity was active during the period, highlighted by four new initiations: Australian pallet pooler Brambles, Italian digital bank FinecoBank, Finnish elevator manufacturer Kone, and Latin American digital commerce leader MercadoLibre. These positions capitalize on temporary operational disruptions and secular financial penetration. To fund these high-conviction entries, the strategy completely exited its positions in Bank Mandiri, Fresenius, and Prudential.
The strategy seeks high-quality international businesses with resilient fundamentals and strong competitive advantages trading at attractive long-term valuations.
Valuations across international markets remain attractive relative to the U.S., with market leadership broadening as the manager continues to seek high-quality businesses trading at attractive long-term valuations.
Moderate Conviction Bullish
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