David G. Herro serves as Partner, Deputy Chairman, Portfolio Manager, and Co-Chief Investment Officer for international equities at Harris Associates. He has managed international portfolios since 1986 and joined Harris Associates in 1992, bringing over three decades of international investment experience. Herro was recognized as Morningstar's International Stock Fund Manager of the Year in 2006 and 2016, and Manager of the Decade for 2000–2009, demonstrating consistent long-term performance. Justin D. Hance serves as Partner, Portfolio Manager, and Director of International Research, joining Harris Associates in 2010 and co-managing the fund since 2016. Both managers are CFA charterholders with extensive experience in international value investing and fundamental analysis. The team recently experienced a management change with Michael Manelli departing as portfolio manager effective July 1, 2025. Harris Associates operates as an autonomous subsidiary of Natixis Investment Managers, maintaining independence in investment decisions while benefiting from institutional support.

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The fund employs Harris Associates' value investment philosophy, seeking long-term capital appreciation by investing in common stocks of small-capitalization companies located outside the U.S. The investment approach centers on purchasing securities trading at significant discounts to intrinsic value based on proprietary research and discounted cash flow analysis. Portfolio construction focuses on companies with intrinsic values that grow over time and shareholder-oriented management teams. The strategy maintains a concentrated approach with 62-75 holdings, reflecting high conviction in best investment ideas. International small-cap portfolios are composed of securities that trade at substantial discounts to estimated intrinsic value, have growing intrinsic values, and demonstrate management alignment with shareholders. The firm believes intrinsic value can be estimated through long-term projections and fundamental analysis. Risk management incorporates foreign securities considerations including currency fluctuation and regulatory differences. The approach emphasizes quality management teams and sustainable competitive advantages in target companies.

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