| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 8.62% | 4.82% | -3.7% |
The Oakmark International Small Cap Fund returned 4.82% in Q2 2026, underperforming the MSCI World ex USA Small Cap Index which returned 7.94%. Information technology and industrials were the largest contributors, while consumer staples and materials detracted. The fund is concentrated in Europe (58.2%), Japan (12.1%), and the U.K. (10.4%), with 12.2% in emerging markets. The managers initiated six new positions during the quarter, including Birkenstock, dormakaba, Hiab, Reply, SATS, and Scout24, all purchased at what they view as significant discounts following sector-wide deratings. Jenoptik was the top contributor, benefiting from strong semiconductor equipment orders that support the fund's recovery thesis. Valmet was the top detractor amid a challenging European board market, though management maintained guidance and the managers believe the long-term thesis remains intact. The managers continue to evaluate opportunities based on competitive advantages, long-term cash flows, and valuation, viewing AI-driven sector deratings and cyclical downturns as opportunities to establish positions in quality businesses at attractive prices.
The Oakmark International Small Cap Fund seeks to invest in high-quality businesses with durable competitive advantages, trading at meaningful discounts to intrinsic value, with a focus on Europe, Japan, and select emerging markets.
The managers continue to focus on companies with competitive advantages, long-term cash-flow potential, and attractive valuations relative to intrinsic value. They view current market dislocations—including sector-wide deratings driven by AI concerns, tariff exposure, and cyclical downturns—as opportunities to establish positions at meaningful discounts. The tone is patient and opportunistic, with emphasis on structural competitive advantages and multi-year value realization rather than near-term market timing.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 14 2026 | 2026 Q2 | BIRK, DOKA.SW, G24.DE, REY.MI, S58.SI | Europe, industrials, semiconductors, small caps, technology, value |
BIRK DOKA.SW hello-elementor REY.MI S58.SI G24.DE |
The fund underperformed in Q2 but used market dislocations to initiate six new positions at meaningful discounts to intrinsic value. Semiconductor equipment strength validated the recovery thesis, while temporary headwinds in pulp and paper and AI-driven sector deratings created entry points. The managers remain focused on European and Japanese small caps with durable competitive advantages, long-term cash-flow potential, and attractive valuations. |
| Mar 31 2026 | 2026 Q1 | 9682.T, DOMB.ST, JEN.DE, MINT.BK | emerging markets, Europe, Japan, small caps, value | MINT.BK | International small cap fund declined 8.12% in Q1 2026 but managers remain disciplined on undervalued opportunities. Jenoptik led gains on semiconductor recovery while new positions DTS and Minor International capitalize on Japan digitization and hospitality deleveraging themes. Portfolio emphasizes long-term fundamentals over short-term market noise with meaningful discounts to intrinsic value. |
| Jan 13 2026 | 2025 Q4 | 1128.HK, 4194.T, AZE.BR, BAER.SW, GXI.DE, JDEP.AS, KCR1V.HE, MEDX.SW, METSO.HE, TMV.DE | Europe, Industrial, international, small cap, software, value |
KCR FH TMV GR 4194 JP |
Oakmark International Small Cap delivered strong 29% annual returns despite Q4 underperformance. The fund maintains concentrated European exposure while adding Japanese HR tech company Visional. Industrial machinery strength from Konecranes offset software weakness from TeamViewer. Managers see continued value opportunities internationally despite strong market performance, with potential geographic diversification ahead. |
| Oct 10 2025 | 2025 Q3 | 1128.HK, 4613.T, 6951.T, 6965.T, AMP.MI, ATE.PA, AZM.MI, BAKKA.OL, HAS.L, JDEP.AS, LXS.DE, RBT.PA, VALMT.HE | Asia, Cyclical Recovery, Engineering Services, Europe, Medical Devices, small caps, value |
ALT FP 6951 JP KSPI JP CFF FP |
Oakmark International Small Cap underperformed in Q3 but used market volatility to add quality positions at attractive valuations. The fund added engineering services provider Alten and auto components spinoff Aumovio while increasing positions in cyclically depressed names. Managers expect recovery in engineering services and other cyclical sectors to drive future returns. |
| Jul 17 2025 | 2025 Q2 | 9962.T, ALI.PS, AMP.MI, ASML, AZE.BR, BKFA.OL, GXI.DE, JEN.DE, TMV.DE | Asia, Europe, financials, industrials, international, semiconductors, small cap, value |
TMV GR AMP IM JEN GR 086790.KS TMV.DE AMP.MI ALI.PS BAKKA.OL JEN.DE 9962.T |
Strong Q2 performance driven by value opportunities in international small caps. Fund capitalized on cyclical dislocations to initiate positions in quality companies like Amplifon and Jenoptik trading at attractive discounts. Korean Value-Up program benefiting financial holdings. Disciplined approach continues with geographic focus on Europe and selective emerging market exposure. |
| Mar 31 2025 | 2025 Q1 | ATE.L, DMET.ST, GXI.DE, IOS.DE, ISS.CO, LOOM.ST, LXS.DE, SMDS.L, SUN.SW, SWON.SW, TPK.L, ZGN.MI | consumer, Europe, industrials, international, small cap, value |
ZEGN.MI GXI.DE IOS.DE |
Strong Q1 performance driven by European small-cap exposure, outperforming benchmark by 484 basis points. Portfolio activity included strategic additions in luxury fashion, pharmaceutical packaging, and cloud services while exiting positions at fair value. Geographic focus remains concentrated in developed European markets with selective emerging market exposure, emphasizing undervalued companies with compelling long-term fundamentals. |
| Dec 31 2024 | 2024 Q4 | 1128.HK, ATG.L, BAER.SW, CPR.MI, ENX.PA, GIL.TO, LXS.DE, SJP.L, SOP.PA, STRS.TA, SWON.SW | Beverages, Europe, international, small cap, technology, value |
SJP.L SWON.SW ATG.L CPRI.MI SOP.PA |
Oakmark International Small Cap underperformed in Q4 but maintains conviction in undervalued European and Asian small caps. The portfolio trades at a P/E discount despite superior ROE profiles. New investments in Auction Technology Group, Campari, and Sopra Steria reflect opportunities in e-commerce, beverages, and IT services at attractive entry points. |
| Sep 30 2024 | 2024 Q3 | ALV, ATEA.OL, AZE.BR, ICP.L, LOOM.ST, LXS.DE, MEGACPO.MX, SJP.L, TITC.L | Europe, financials, industrials, international, small caps, value |
SJP.L MEGACPO.MX AZEG.BR |
Oakmark International Small Cap outperformed in Q3 with disciplined value investing, adding to undervalued positions while trimming fairly valued holdings. European focus at 55.8% allocation with emerging markets at 12.4%. St. James's Place led gains on regulatory clarity while Megacable disappointed on Mexican political concerns. Added Azelis Group at attractive valuation discount. |
| Jun 30 2024 | 2024 Q2 | 1444.T, 3739.T, ANDINAB.SN, ATEA.OL, BRAV.ST, DOM.ST, GN.CO, KCR.HE, OML.AX, SCHB.OL, SMDS.L, STJ.L, SUN.SW, TMV.DE | consumer, Europe, industrials, international, Nordic, small caps, technology, value |
BRAV.ST AKO.B.SN |
Oakmark International Small Cap Fund underperformed in Q2 but maintained disciplined value approach, adding to discounted quality names like Nordic building services leader Bravida and Latin American bottler Embotelladora Andina. Portfolio concentrated in European small caps with defensive characteristics and structural growth drivers, emphasizing companies trading below intrinsic value in fragmented markets. |
| Mar 31 2024 | 2024 Q1 | 3626.T, FIE.DE, KONE.HE, STJ.L | Europe, industrials, international, Japan, small caps, value |
KCR1V.HE STJ.L FIE.DE 3626.T |
Oakmark International Small Cap returned 0.51% in Q1, lagging benchmark returns of 2.58%. The value-focused strategy added Fielmann and TIS at attractive valuations while benefiting from Konecranes' strong service growth. St. James's Place detracted due to fee structure issues. Portfolio remains concentrated in Europe with selective Asia exposure, targeting undervalued small caps with defensive characteristics. |
| Dec 31 2023 | 2023 Q4 | 4613.T, DUE.DE, KCR1V.HE, LXS.DE, TLX.DE, VALMT.HE | Europe, Industrial Machinery, international, small caps, Specialty Chemicals, value |
VALMT.HE LXS.DE |
Oakmark International Small Cap outperformed in Q4 2023 with an 11.47% return, driven by strong execution at industrial equipment companies like Konecranes. The fund initiated positions in Valmet and Lanxess, seeing value in quality businesses facing temporary headwinds. Geographic focus remains heavily European at 57.3% of holdings, targeting undervalued small-cap opportunities. |
| Jun 30 2023 | 2023 Q2 | ADECN.SW, APPS.MC, ENX.PA, SOW.DE, SPNS, SWON.SW, VPLAY.ST | Europe, M&A, private equity, small caps, software, Staffing, value |
SOW.DE APPS.MC SWON.SW VPLAY.ST ENX.PA SPNS |
Oakmark International Small Cap outperformed by 330bps in Q2 2023 as private equity interest validated portfolio company values, though bids were deemed below intrinsic value. New positions in Adecco, Euronext, and Sapiens reflect continued focus on undervalued European small caps with operational improvement potential and strong business fundamentals. |
| Mar 31 2023 | 2023 Q1 | 4613.T, CIGI.TO, MEDX.SW, SOW.DE, TMV.DE | Commercial real estate, Enterprise Software, Europe, small caps, Specialty Chemicals, value |
TMV.DE SOW.DE CIGI.TO 4613.T MEDX.SW |
Oakmark International Small Cap outperformed in Q1 2023 driven by enterprise software holdings TeamViewer and Software AG. The team opportunistically added Colliers International, Kansai Paint, and Medmix, capitalizing on macro-driven selloffs in quality businesses. The portfolio remains concentrated in European small caps with strong competitive positions and capable management teams focused on long-term value creation. |
| Jan 31 2023 | 2022 Q4 | KCR FH, TOWR IJ | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
Semiconductor CycleThe fund views the semiconductor equipment market positively, with Jenoptik benefiting from strong orders and accelerating demand from lithography and inspection customers. The print supports their semiconductor end-market recovery thesis and indicates robust earnings growth ahead. |
Semiconductor Equipment Lithography Recovery Jenoptik |
AIInvestor enthusiasm for AI remained a defining market theme in Q2. Rather than attempting to predict winners and losers, the managers continue to evaluate companies based on competitive advantages, long-term cash-flow potential, and valuation relative to intrinsic value. Reply's stock derated sharply on fears of structural AI impairment, which the managers believe are overstated. Scout24 derated on concerns that AI will erode portal-based aggregation value, which the managers also view as overstated. |
AI Impairment Valuation IT Services Classifieds | |
LogisticsThe fund sees attractive long-term growth in on-road handling equipment driven by structural demand for logistics efficiency and growing use cases. SATS is positioned well for durable revenue growth and margin expansion through its dominant position in global cargo handling, with network scale driving consistent share gains as airlines consolidate vendors. |
Cargo Handling Aviation Services Network Effects SATS | |
E-commerceScout24 operates a dominant property classifieds platform in Germany with durable network effects. The managers believe Scout's proprietary supply-side data, direct app-based traffic, and mission-critical role in agent economics leave shares at a meaningful discount to valuation with significant ARPU runway still ahead. |
Classifieds Network Effects Real Estate Scout24 | |
| 2026 Q1 |
SemiconductorsJenoptik's semiconductor division delivered better-than-expected results with demand improving in high-margin lithography business as destocking completes. The company represents exposure to semiconductor equipment and optics serving the industry. |
Lithography Optics Equipment |
HotelsMinor International operates over 500 hotels across 68 countries with strategic acquisitions like NH Hotel Group. Despite strong fundamentals, high leverage concerns from asset-heavy model create valuation opportunity as company transitions to asset-light strategy and deleverages through free cash flow. |
Hospitality Asset-light Leverage | |
CloudDTS helps Japanese companies modernize IT systems from manual, on-premise environments to automated, digital, and cloud-based platforms. Japan remains behind other developed markets in digitization, driving multi-year IT investment increase with structural shortage of IT engineers supporting favorable dynamics. |
Digitization IT Services Japan | |
| 2025 Q4 |
AIEdgewood owns four AI infrastructure companies (NVIDIA, Broadcom, ASML, Synopsys) representing significant portfolio weight. The firm views AI as creating new product opportunities and efficiencies, with Draft One described as an AI killer app for police departments. AI Era Plan is the fastest booked Axon product to date. |
Infrastructure Software Semiconductors Applications Enterprise |
SoftwarePortfolio includes multiple software companies with strong growth profiles including ServiceNow, Intuit, and newly added Axon. Software segment shows 35% average EPS growth versus 6% for S&P 500 software index. Edgewood emphasizes recurring revenue models and AI-enhanced software capabilities. |
SaaS Enterprise Recurring Revenue Growth Margins | |
HealthcareHealthcare holdings include Eli Lilly, Vertex, Boston Scientific, and Intuitive Surgical showing strong performance. Eli Lilly was a top contributor with 41% Q4 return. Healthcare segment delivered 32% average EPS growth versus 18% for S&P 500 healthcare index. |
Biotechnology Medical Devices Pharmaceuticals Innovation Growth | |
GrowthEdgewood focuses on high-quality growth companies with 22-25% estimated long-term growth rates across three portfolio buckets. Portfolio companies delivered 29% YoY EPS growth in most recent quarter. The firm believes earnings growth drives long-term performance and sees attractive upside in current holdings. |
Earnings Quality Compounding Long-term Fundamentals | |
| 2025 Q3 |
CasinosWynn Macau was the top contributor during the quarter despite delivering underwhelming second-quarter results. Performance was supported by a strengthening Macau market, benefiting Wynn as one of just six licensed operators in the city. The company plans to introduce updated rooms and a revamped Chairman's Club to bolster its position in the premium segment. |
Gaming Macau Premium Recovery |
Medical DevicesAmplifon was the top detractor as the Italian hearing aid company's stock plunged after first half results revealed slower than expected revenue growth and reduced fiscal year guidance. Management believes the shortfall is due to market and cyclical issues in the U.S. and European markets rather than structural demand slowing. Management launched a new cost program to offset revenue impact. |
Hearing Aids Healthcare Cyclical Cost Management | |
Industrial ServicesAlten is one of the world's largest engineering service providers, partnering with companies for project-based engineering and IT services. R&D intensity is rising as corporations invest in new technologies, making outsourced R&D services a GDP+ growth business. The engineering services sector is undergoing a cyclical downturn made worse by tariff uncertainty, but fundamentals are expected to recover. |
Engineering Services R&D Outsourcing Cyclical Recovery Technology | |
Auto PartsAumovio spun out of Continental in September 2025 and develops, manufactures and distributes auto components and technology systems. The company has strong positions in structurally attractive markets and operates through segments that expose it to auto megatrends like active safety, autonomous driving and software. Recent restructuring and portfolio optimization should help realize potential. |
Spinoff Autonomous Driving Active Safety Restructuring | |
SemiconductorsHamamatsu Photonics is Japan's premier photon specialist, supplying detectors and light sources that enable complex machines to see what the human eye cannot. The company commands leading market share across major product categories with sticky, long-term customer relationships. Management is committed to reinforcing competitive moats through consistent R&D reinvestment. |
Photonics Detectors Market Leadership R&D Investment | |
| 2025 Q2 |
ValueThe fund consistently identifies companies trading at discounts to intrinsic value, with multiple new purchases made when stocks approached attractive entry points. Examples include Amplifon at its lowest valuation in over 10 years and TeamViewer trading at extremely attractive levels despite improving business quality. |
Intrinsic Value Discount Entry Point Valuation Book Value |
SemiconductorsJenoptik serves as sole supplier for critical components in lithography machines, positioning it to grow alongside industry leader ASML. The company benefits from strong competitive position and sticky relationships with top-tier semiconductor companies, despite current weak cycle creating opportunity. |
Lithography ASML Semiconductor Equipment Foundries Cycle | |
AutomationMisumi Group produces factory automation components and has created a one-stop shop for FA customers through standardization and extensive supply chain leverage. The company's scale and catalog positioning should enable continued market share gains from smaller competitors. |
Factory Automation Industrial Supply Chain Manufacturing Components | |
| 2025 Q1 |
LuxuryThe fund initiated a position in Ermenegildo Zegna, a global luxury fashion house and the world's largest luxury menswear specialist. Despite recent challenges from slowing Chinese demand affecting brands like Thom Browne, management is establishing Zegna as an absolute luxury brand and addressing operational issues. The current valuation does not reflect the long-term growth and normalized earnings profile. |
Fashion China Brands Valuation Growth |
CloudIONOS Group represents exposure to European cloud computing solutions and web presence services. The company commands leading market share positions across Europe and should benefit from structural growth tailwinds through continued digitization, AI adoption and pricing power. IONOS is positioned to harvest investments made in cloud offerings that have temporarily depressed earnings. |
Digitization AI Europe Growth Earnings | |
PharmaceuticalsGerresheimer AG is the world's largest manufacturer of pharmaceutical packaging and delivery systems. The company is transitioning from a volume-oriented supplier to a value-driven co-innovation partner, which should drive faster growth, higher profitability and better returns. Multiple new factories for high-value business are launching to support midterm results. |
Packaging Growth Profitability Innovation Manufacturing | |
| 2024 Q4 |
Wealth ManagementThe fund sees the U.K. wealth management industry as attractive and growing, with St. James's Place best positioned competitively to capture strong asset flows. Management has a credible plan to double earnings by 2030 through cost-cutting and strategic initiatives. |
Wealth Management Asset Flows Fee Compression Regulatory Earnings Growth |
E-commerceAuction Technology Group represents secular tailwinds favoring e-commerce penetration in auctions, driven by beneficial economics of online versus in-person auctions. The company is rolling out value-added services across marketing, payments and shipping to increase platform monetization. |
Online Auctions Marketplaces Digital Transformation Platform Economics | |
BeveragesCampari is viewed as a strong marketer with a compelling portfolio positioned to benefit from cocktail culture growth. The company offers geographic diversification with upside optionality in China and opportunities for improved margins as commodity headwinds normalize. |
Spirits Premium Brands Geographic Mix Margin Expansion China | |
| 2024 Q3 |
ValueThe fund focuses on buying stocks when they significantly underperform estimates of intrinsic value and selling when the gap narrows. They purchased Azelis Group at a discount to peers due to macro weakness and private equity overhangs creating opportunity. |
Intrinsic Value Discount Undervalued Valuation Peers |
| 2024 Q2 |
ValueThe fund consistently adds to stocks that underperformed despite unchanged intrinsic value and reduces exposure where the gap to intrinsic value narrowed. New purchases like Bravida and Embotelladora Andina were made at discounts to estimated intrinsic value, with Andina trading near 15-year low multiples despite improving business quality. |
Intrinsic Value Discount Undervalued Multiple Compression Business Value |
Small CapsThe fund focuses exclusively on international small cap opportunities across Europe and Asia. Portfolio construction emphasizes concentrated positions in smaller companies with structural growth opportunities and defensive business characteristics in fragmented markets. |
Small Cap Concentrated Fragmented Markets Nordic International | |
| 2024 Q1 |
ValueThe fund focuses on purchasing shares at discounts to intrinsic value estimates. Fielmann was purchased at a discount to intrinsic value during industry headwinds. TIS was repurchased when the stock price fell below intrinsic value after previously being sold when it reached fair value. |
Intrinsic Value Discount Valuation Fair Value |
| 2023 Q4 |
Industrial MachineryThe fund holds positions in specialized industrial equipment companies like Konecranes (lifting equipment) and Valmet (paper and pulp machinery). These companies benefit from strong service businesses with recurring revenue streams and improving margins in their equipment segments. |
Lifting Equipment Paper Machinery Service Business Industrial Equipment Automation |
Specialty ChemicalsThe fund initiated a position in Lanxess, a specialty chemical company, believing current industry headwinds are masking the underlying strength of the business. The manager expects earnings and cash flow generation to increase as short-term headwinds abate. |
Chemical Industry Specialty Chemicals Margin Profile Free Cash Flow Capital Efficiency | |
| 2023 Q2 |
Private CreditMultiple private equity firms showed interest in portfolio companies during the quarter, with Software AG receiving a takeover bid from Silver Lake, Applus receiving interest from three PE firms including Apollo, and SoftwareOne getting an unsolicited offer from Bain. The manager views these bids as validation of value but believes the offers undervalue the companies. |
Private Equity Takeovers M&A Bids |
ValueThe fund focuses on identifying undervalued companies trading below intrinsic value estimates. New positions in Adecco, Euronext, and Sapiens were initiated based on attractive valuations despite operational challenges or market conditions. The manager emphasizes buying quality businesses at undemanding valuations. |
Intrinsic Value Undervalued Valuation Quality | |
StaffingInitiated a new position in Adecco, the second-largest generalist staffing company globally. Despite recent underperformance versus peers and cyclical headwinds, the manager believes new management has a credible strategy to correct past issues and achieve high-single-digit earnings growth. |
Temporary Help Employment Cyclical | |
| 2023 Q1 |
Enterprise SoftwareTeamViewer exceeded expectations with 18% SMB growth and 42% Enterprise billing growth, while Software AG showed solid results with 7% product revenue growth despite margin compression from SaaS transition. Both companies demonstrate strong fundamentals in the enterprise software space. |
SaaS Enterprise Software Recurring Revenue Margins |
Commercial Real EstateColliers International represents an attractive opportunity in commercial real estate services, with the company being a leader in CRE services and sustaining double-digit growth. Recent macroeconomic concerns created a sell-off providing an attractive entry point. |
CRE Real Estate Services Asset Management Cyclical | |
Specialty ChemicalsKansai Paint offers exposure to the attractive paint industry characterized by high technological barriers, strong brand recognition, and rational pricing. Medmix provides high-precision delivery devices with stable growth and attractive margins despite geopolitical challenges. |
Paint Coatings Precision Devices Barriers to Entry |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 14, 2026 | Fund Letters | Oakmark Fund- International Small Cap | BIRK | Birkenstock Holding | Footwear & Accessories | Footwear | Bull | New York Stock Exchange | brand heritage, Discount to Intrinsic Value, Germany, Oligopolistic Market, Premium Footwear, Proprietary Materials, Value, vertically integrated | Login |
| Jul 14, 2026 | Fund Letters | Oakmark Fund- International Small Cap | DOKA.SW | dormakaba Holding | Building Products & Equipment | Building Products | Bull | - | Access Solutions, Building Products, Management Change, margin expansion, market consolidation, Switzerland, turnaround, Value | Login |
| Jul 14, 2026 | Fund Letters | Oakmark Fund- International Small Cap | hello-elementor | Hiab | Other | Industrial Machinery | Bull | Nasdaq Helsinki (Helsinki Stock Exchange) | Cyclical Recovery, Finland, industrial machinery, Logistics, margin expansion, On-Road Handling Equipment, services revenue, spin-off | Login |
| Jul 14, 2026 | Fund Letters | Oakmark Fund- International Small Cap | REY.MI | Reply | Information Technology Services | IT Consulting & Other Services | Bull | Borsa Italiana (Milan Stock Exchange) | AI Beneficiary, cloud migration, Consulting, cybersecurity, Digital transformation, Europe, IT services, Italy, Value | Login |
| Jul 14, 2026 | Fund Letters | Oakmark Fund- International Small Cap | S58.SI | SATS | Airports & Air Services | Airport Services | Bull | Singapore Exchange | Airport Services, Aviation Services, Cargo Handling, consolidation, margin expansion, market leader, Network Scale, Singapore | Login |
| Jul 14, 2026 | Fund Letters | Oakmark Fund- International Small Cap | G24.DE | Scout24 | Internet Content & Information | Interactive Media & Services | Bull | Xetra (Frankfurt Stock Exchange Deutsche Borse) | ARPU Expansion, CRM, Germany, market leader, network effects, Online Platform, Property Classifieds, Value | Login |
| Mar 31, 2026 | Fund Letters | Oakmark Fund- International Small Cap | - | DTS | Other | IT Services | Bull | New York Stock Exchange | cloud migration, Digital transformation, Enterprise software, financial services, IT services, Japan, manufacturing, Systems Integration, Telecom, Value | Login |
| Mar 31, 2026 | Fund Letters | Oakmark Fund- International Small Cap | MINT.BK | Minor International | Lodging | Hotels, Restaurants & Leisure | Bull | New York Stock Exchange | asset-light, brand portfolio, deleveraging, Free Cash Flow, Global, hospitality, Hotels, NH Hotel Group, Restaurants, Value | Login |
| Jan 13, 2026 | Fund Letters | David G. Herro | KCR FH | Konecranes Oyj | Industrials | Industrial Machinery | Bull | NASDAQ | guidance, Industrials, Margins, Orders, services | Login |
| Jan 13, 2026 | Fund Letters | David G. Herro | TMV GR | TeamViewer AG | Information Technology | Application Software | Bear | Xetra | ARR, Execution, Integration, Software, valuation | Login |
| Jan 13, 2026 | Fund Letters | David G. Herro | 4194 JP | Visional, Inc. | Industrials | Human Resource & Employment Services | Bull | New York Stock Exchange | growth, Hrtech, Platforms, Recruitment, valuation | Login |
| Oct 10, 2025 | Fund Letters | David G. Herro | ALT FP | Alten SA | Health Care | Engineering Services | Bull | Euronext Stock Exchange | engineering, growth, M&A, Outsourcing, R&D, recovery, valuation | Login |
| Oct 10, 2025 | Fund Letters | David G. Herro | 6951 JP | JEOL Ltd. | Information Technology | Scientific Instruments | Bull | NYSE | CapEx, instruments, Japan, recurring revenue, Science, semiconductors, valuation | Login |
| Oct 10, 2025 | Fund Letters | David G. Herro | KSPI JP | Kansai Paint Co. Ltd. | Information Technology | Specialty Chemicals | Bull | NYSE | buybacks, Coatings, cost-cutting, dividend, Industrials, Japan, recovery | Login |
| Oct 10, 2025 | Fund Letters | David G. Herro | CFF FP | Robertet SA | Materials | Fragrances & Flavors | Bull | Euronext Stock Exchange | Brand, compounding, consumer, Fragrances, Luxury, Natural-ingredients, Pricing power | Login |
| Jun 30, 2025 | Fund Letters | David G. Herro | TMV GR | TeamViewer AG | Information Technology | Application Software | Bull | Xetra | enterprise, Germany, growth, Software, valuation | Login |
| Jun 30, 2025 | Fund Letters | David G. Herro | AMP IM | Amplifon SpA | Health Care | Health Care Supplies | Bull | Borsa Istanbul | Demographics, growth, Hearing, retail, valuation | Login |
| Jun 30, 2025 | Fund Letters | David G. Herro | JEN GR | Jenoptik AG | Information Technology | Electronic Equipment & Instruments | Bull | Xetra | growth, Lithography, Photonics, semiconductors, valuation | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Fund- International Small Cap | 086790.KS | iM Financial Group | Financials | Regional Banks | Bull | Korea Exchange | banking, Book Value, credit quality, regional banks, Share Buybacks, South Korea, Value-up Program | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Fund- International Small Cap | TMV.DE | TeamViewer | Information Technology | Application Software | Bull | XETRA | acquisition, Application Software, Enterprise software, Germany, Remote Connectivity, SaaS, valuation | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Fund- International Small Cap | AMP.MI | Amplifon | Health Care | Health Care Supplies | Bull | Borsa Italiana | Aging Population, Demographics, Health Care, Hearing Aids, Italy, market leader, retail | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Fund- International Small Cap | ALI.PS | Ayala Land | Real Estate | Real Estate Development | Bull | Philippine Stock Exchange | Book Value, Emerging markets, land development, Philippines, Real Estate, ROE, ROIC | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Fund- International Small Cap | BAKKA.OL | Bakkafrost | Consumer Staples | Packaged Foods & Meats | Bull | Oslo Stock Exchange | Aquaculture, Cyclical, Faroe Islands, Nordic, premium pricing, Salmon Farming, vertical integration | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Fund- International Small Cap | JEN.DE | Jenoptik | Information Technology | Electronic Equipment & Instruments | Bull | XETRA | ASML, Germany, Lithography, Optics, Photonics, semiconductors, Technology equipment | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Fund- International Small Cap | 9962.T | Misumi Group | Industrials | Industrial Machinery | Bull | Tokyo Stock Exchange | Distribution, Factory Automation, Industrial Supplies, Japan, manufacturing, market share, supply chain | Login |
| Mar 31, 2025 | Fund Letters | Oakmark Fund- International Small Cap | ZEGN.MI | Ermenegildo Zegna | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Borsa Italiana | brand portfolio, China exposure, Creative Director, Equity, fashion, Luxury goods, Menswear, turnaround, valuation discount | Login |
| Mar 31, 2025 | Fund Letters | Oakmark Fund- International Small Cap | GXI.DE | Gerresheimer AG | Health Care | Health Care Equipment & Supplies | Bull | XETRA | business model transformation, capacity expansion, Drug Delivery Systems, Equity, healthcare, Pharmaceutical Packaging, portfolio optimization, post-COVID recovery | Login |
| Mar 31, 2025 | Fund Letters | Oakmark Fund- International Small Cap | IOS.DE | IONOS Group | Information Technology | IT Services | Bull | XETRA | AI adoption, Cloud computing, Digital transformation, Equity, European markets, infrastructure investment, recurring revenue, Small Business Services, Web Hosting | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Fund- International Small Cap | SJP.L | St. James's Place | Financials | Asset Management & Custody Banks | Bull | London Stock Exchange | asset management, earnings growth, market leader, Regulatory Recovery, turnaround, UK, wealth management | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Fund- International Small Cap | SWON.SW | SoftwareONE Holding | Information Technology | Technology Distributors | Neutral | SIX Swiss Exchange | CEO change, cloud services, merger, Microsoft Reseller, revenue guidance, Switzerland, Technology Distributor | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Fund- International Small Cap | ATG.L | Auction Technology Group | Communication Services | Interactive Media & Services | Bull | London Stock Exchange | Auction Platform, Bidder Database, e-commerce, network effects, online marketplace, post-COVID recovery, value-added services | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Fund- International Small Cap | CPRI.MI | Campari | Consumer Staples | Distillers & Vintners | Bull | Borsa Italiana | China exposure, Cocktail Culture, margin expansion, premium brands, Route-to-Market, Seven-Year Low Valuation, Spirits Producer | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Fund- International Small Cap | SOP.PA | Sopra Steria Group | Information Technology | IT Consulting & Other Services | Bull | Euronext Paris | asset-light model, Digital transformation, European, Geographic Diversification, IT services, M&A Opportunities, Trough Valuation | Login |
| Sep 30, 2024 | Fund Letters | Oakmark Fund- International Small Cap | SJP.L | St. James's Place | Financials | Asset Management & Custody Banks | Bull | London Stock Exchange | asset management, financial services, Regulatory Reset, turnaround, UK, Value, wealth management | Login |
| Sep 30, 2024 | Fund Letters | Oakmark Fund- International Small Cap | MEGACPO.MX | Megacable Holdings | Communication Services | Cable & Satellite | Neutral | Mexican Stock Exchange | cable, customer churn, Emerging markets, Free Cash Flow, Mexico, political risk, telecommunications | Login |
| Sep 30, 2024 | Fund Letters | Oakmark Fund- International Small Cap | AZEG.BR | Azelis Group | Materials | Specialty Chemicals | Bull | Euronext Brussels | Distribution, Fragmented Industry, Global network, M&A, operating leverage, specialty chemicals, value-added services | Login |
| Jun 30, 2024 | Fund Letters | Oakmark Fund- International Small Cap | BRAV.ST | Bravida Holding | Industrials | Construction & Engineering | Bull | Stockholm Stock Exchange | Acquisitions, Electrical, Electrification, HVAC, Installation Services, non-residential construction, Nordic, Value | Login |
| Jun 30, 2024 | Fund Letters | Oakmark Fund- International Small Cap | AKO.B.SN | Embotelladora Andina Cl B Pfd | Consumer Staples | Soft Drinks | Bull | Santiago Stock Exchange | Beverage, Coca-Cola Bottler, Distribution, Latin America, political risk, Refillable Bottles, Value | Login |
| Mar 31, 2024 | Fund Letters | Oakmark Fund- International Small Cap | KCR1V.HE | Konecranes | Industrials | Industrial Machinery | Bull | NASDAQ Helsinki | Crane Manufacturing, EBITA margins, Finland, Industrial Equipment, Order Backlog, Port Solutions, recurring revenue, Service Business | Login |
| Mar 31, 2024 | Fund Letters | Oakmark Fund- International Small Cap | STJ.L | St. James's Place | Financials | Asset Management & Custody Banks | Bull | London Stock Exchange | asset management, Client Reimbursements, Fee Structure, Net Inflows, Provision Charge, Salesforce Implementation, UK, wealth management | Login |
| Mar 31, 2024 | Fund Letters | Oakmark Fund- International Small Cap | FIE.DE | Fielmann | Consumer Discretionary | Specialty Retail | Bull | XETRA | Defensive positioning, Eyewear, Germany, Inflection Point, intrinsic value, Margin recovery, Online Disruption Barriers, Optical retail | Login |
| Mar 31, 2024 | Fund Letters | Oakmark Fund- International Small Cap | 3626.T | TIS Inc | Information Technology | IT Services | Bull | Tokyo Stock Exchange | capital allocation, Digitization, IT Engineering Talent Shortage, IT services, Japan, Management Quality, Structural Demand, System Integration | Login |
| Dec 31, 2023 | Fund Letters | Oakmark Fund- International Small Cap | VALMT.HE | Valmet Corporation | Industrials | Industrial Machinery | Bull | NASDAQ Helsinki | Automation, duopoly, Equipment Manufacturing, Finland, industrial machinery, Paper, Pulp, Service Business, Value | Login |
| Dec 31, 2023 | Fund Letters | Oakmark Fund- International Small Cap | LXS.DE | Lanxess AG | Materials | Specialty Chemicals | Bull | XETRA | Cyclical, EBITDA multiple, Free Cash Flow, Germany, specialty chemicals, transformation, turnaround, Value | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Fund- International Small Cap | SOW.DE | Software AG | Information Technology | Systems Software | Bull | XETRA | Business Process Management, Enterprise software, Germany, M&A, Private Equity Takeover, undervalued | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Fund- International Small Cap | APPS.MC | Applus Services | Industrials | Research & Consulting Services | Bull | Madrid Stock Exchange | inspection services, M&A, Private Equity Interest, Spain, Testing Services, undervalued | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Fund- International Small Cap | SWON.SW | SoftwareOne | Information Technology | IT Consulting & Other Services | Bull | SIX Swiss Exchange | Board Independence, Private Equity Bid, Software Services, Switzerland, undervalued, Value-Added Reseller | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Fund- International Small Cap | VPLAY.ST | Viaplay Group | Communication Services | Interactive Media & Services | Bull | Nasdaq Stockholm | CEO transition, Nordic Markets, Sports Content, Streaming Media, Sweden, turnaround | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Fund- International Small Cap | - | Adecco Group AG | Industrials | Human Resource & Employment Services | Bull | SIX Swiss Exchange | Cyclical Recovery, Human Resources, new management, Staffing Services, Switzerland, turnaround | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Fund- International Small Cap | ENX.PA | Euronext | Financials | Financial Exchanges & Data | Bull | Euronext Paris | defensive business, Europe, M&A Integration, margin expansion, Market Infrastructure, stock exchange | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Fund- International Small Cap | SPNS | Sapiens International Corporation | Information Technology | Application Software | Bull | NASDAQ | cloud migration, Customer Stickiness, Insurance-software, Israel, margin expansion, Mission-critical systems | Login |
| Mar 31, 2023 | Fund Letters | Oakmark Fund- International Small Cap | TMV.DE | TeamViewer AG | Software & Services | Systems Software | Bull | XETRA | EBITDA margins, Enterprise software, Germany, recurring revenue, Remote Access Software, SaaS, Share Buybacks, SMB | Login |
| Mar 31, 2023 | Fund Letters | Oakmark Fund- International Small Cap | SOW.DE | Software AG | Software & Services | Systems Software | Bull | XETRA | API Management, Cost efficiency, Digital transformation, Enterprise software, Germany, margin compression, recurring revenue, SaaS Transition | Login |
| Mar 31, 2023 | Fund Letters | Oakmark Fund- International Small Cap | CIGI.TO | Colliers International Group Inc | Real Estate | Real Estate Services | Bull | Toronto Stock Exchange | asset management, Canada, commercial real estate, CRE Cyclical, Equity Retention, M&A strategy, Real Estate Services, recurring revenue | Login |
| Mar 31, 2023 | Fund Letters | Oakmark Fund- International Small Cap | 4613.T | Kansai Paint Co Ltd | Materials | Specialty Chemicals | Bull | Tokyo Stock Exchange | automotive, Coatings, construction, Emerging markets, India, Japan, market leader, Paint Manufacturer | Login |
| Mar 31, 2023 | Fund Letters | Oakmark Fund- International Small Cap | MEDX.SW | Medmix AG | Health Care Equipment & Services | Health Care Equipment | Bull | SIX Swiss Exchange | Dental, geopolitical risk, Healthcare Equipment, Mission-Critical, Niche Business, Precision Devices, Switzerland, value opportunity | Login |
| TICKER | COMMENTARY |
|---|---|
| BIRK | Birkenstock Holding is a Germany-headquartered premium footwear company that designs, manufactures, and distributes sandals and closed-toe footwear globally, anchored by a proprietary cork-and-latex footbed with documented orthopedic function. The premium footwear segment benefits from an oligopolistic structure in comfort-focused categories, where brand heritage, proprietary materials, and sustained supply discipline create meaningful barriers to replication. We believe Birkenstock's fully vertically integrated manufacturing model and consistent full-price sell-through distinguish it from conventional footwear peers and support more durable growth and margins than the current share price implies. The stock has de-rated due to a combination of tariff exposure, dollar weakness, and market skepticism about the durability of recent product momentum — concerns we view as transitory or overstated — leaving shares trading at a meaningful discount to our estimate of intrinsic value. |
| DOKA.SW | Dormakaba is a Switzerland-headquartered manufacturer and distributor of access solutions — door hardware, electronic access control, and building entrance systems — serving commercial and institutional customers across more than 130 countries. The market remains fragmented, but a handful of large global players continue to take share from a long tail of smaller competitors, supported by high barriers to entry and a cost of failure that gives reputable incumbents durable pricing power. We believe new CEO Till Reuter represents a meaningful upgrade in management quality, bringing a strong track record of operational restructuring and a clear mandate to close the margin gap to peers. The stock has fallen more than 30% from its peak on transitory headwinds, creating what we view as an opportunity to re-establish a position at an attractive discount to intrinsic value. |
| REY.MI | Reply is a Turin-headquartered IT services company that operates a federation of approximately 150 domain-specialist boutiques delivering consulting, systems integration, and digital transformation work to large enterprises across Europe and the United States. Reply operates in an attractive segment of knowledge-intensive, fixed-price project work that commands meaningfully higher revenue per employee than commoditized delivery models and is supported by durable enterprise demand for cybersecurity, cloud migration, and application modernization. We believe Reply's decentralized model — small onshore teams of senior domain experts organized into discrete, incentivized P&L units — positions it to capture productivity gains from AI while protecting the knowledge-arbitrage and outcome-based work that constitutes the majority of its contract mix. The stock has derated sharply alongside the broader sector on fears of structural AI impairment, which we believe are overstated for a business of Reply's scope and contract profile, and we were pleased to initiate a position at a meaningful discount to our estimate of intrinsic value. |
| S58.SI | SATS Ltd. is a Singapore-headquartered aviation services company providing cargo handling, ground handling, and airline catering to carriers at over 120 airports globally. Cargo handling operates in local oligopolies at established hubs where airport-controlled warehouse access creates meaningful barriers to entry, supporting high renewal rates and pricing with inflation protection. Following its 2023 acquisition of Worldwide Flight Services, SATS is the clear number one in global cargo handling by volume, and we believe its unmatched network scale is driving consistent share gains as airlines consolidate vendors onto global contracts. We believe this positions SATS well for durable revenue growth and margin expansion that is not priced in by the market. |
| G24.DE | Scout24 is a Germany-headquartered property classifieds platform that connects real estate agents, private sellers, landlords, and apartment seekers across the German residential property market. Online property classifieds benefit from durable network effects, as listings density attracts buyer traffic and buyer traffic attracts listings, creating a self-reinforcing dynamic that makes entrenched leaders structurally difficult to displace. Scout commands the dominant position in this market, with more than one-and-a-half times the listings of its nearest competitor and approximately three-quarters of category traffic, a gap that has widened over time and is supported by deepening workflow integration with agents through its CRM and valuation data assets. The stock has de-rated alongside the broader classifieds sector on concerns that AI will erode the value of portal-based aggregation; we believe these risks are overstated given Scout's proprietary supply-side data, direct app-based traffic, and mission-critical role in agent economics, leaving shares at a meaningful discount to our valuation estimate with significant ARPU runway still ahead. |
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