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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 13, 2026
Oakmark International Small Cap Fund (Investor Class) delivered a net return of 6.11% in the third quarter of 2026, advancing 2.19% net year-to-date and outperforming its benchmark, the MSCI World ex USA Small Cap Index, which gained 2.88% net during the quarter. Strong absolute and relative performance was led by holdings in the industrials and health care sectors, with Italy, the United Kingdom, and Finland serving as the primary geographic contributors. Top regional allocations remained concentrated in Europe ex-U.K. at 57.3%, Japan at 11.9%, the U.K. at 11.3%, and emerging markets at 11.1% of the portfolio. The investment team noted that persistent international economic headwinds, currency volatility, and geopolitical uncertainty continue to depress valuations across global small caps, creating fertile ground for fundamental value investing. The managers maintain that market participants are overreacting to cyclical and macro noise, allowing patient investors to purchase high-quality franchises characterized by oligopolistic market structures, recurring subscription revenues, and sustainable pricing power at steep discounts to intrinsic value. Portfolio turnover featured the initiation of new positions in engineering consultant Arcadis NV, premium airline caterer DO & CO, and residential security provider Verisure, capitalizing on post-IPO declines and transitory operational opacity. The fund completely liquidated its stakes in Alten, DTS, and Essentra, while top individual performance contributors included staffing specialist Hays, Valmet, and Adecco.
Capitalize on international equity market volatility and macro uncertainty by purchasing well-managed, competitively advantaged small-cap businesses trading at substantial discounts to intrinsic value.
Oakmark maintains that persistent macro, geopolitical, and currency volatility will continue providing opportunities to acquire durable franchises at large discounts to intrinsic value. The management team expects patient shareholders to be rewarded as operational efficiencies take hold and corporate earnings bases reset over multi-year periods.
Moderate Conviction Bullish
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