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 13, 2026
Oakmark International Fund (Investor Class) returned 0.64% net of fees in the third quarter of 2026, underperforming the benchmark MSCI World ex USA Index return of 0.89%, while advancing 1.60% net of fees year-to-date compared to 10.16% for the index. Performance across sectors was led by positive contributions from information technology and materials, offset by headwinds in consumer discretionary and consumer staples. Geographic allocation remained anchored in Europe ex U.K. at 62.0%, the U.K. at 13.3%, and Asia ex Japan at 7.7%, with emerging markets representing an 8.8% allocation. Performance benefited from positioning in Germany, Japan, and Sweden, while allocations to Denmark, France, and India detracted. The investment team noted that international markets continue to navigate persistent currency, macroeconomic, and geopolitical crosscurrents. Rather than taking top-down macroeconomic bets, the strategy leverages macro-induced volatility to identify high-quality international franchises that trade at meaningful discounts to intrinsic business value. The managers maintain that patient fundamental capital will benefit as market disconnects normalize over multi-year horizons. During the quarter, the fund initiated new equity positions in Brambles (1.4%), FinecoBank (1.0%), Kone (0.4%), and MercadoLibre (0.2%), while completely eliminating holdings in Bank Mandiri, Fresenius, and Prudential. Top individual contributors included enterprise software provider SAP, supported by accelerating cloud and artificial intelligence demand, alongside Hexagon and Fujitsu. Performance was detracted by European road logistics challenges at DSV, as well as weakness in adidas and LVMH.
Invest patiently in well-managed international businesses trading at significant discounts to intrinsic value to capture compounding gains as valuation gaps close over time.
The managers believe that while international markets continue to contend with currency, economic, and geopolitical uncertainty, those factors have also created attractive opportunities in select areas of the market. By remaining focused on well-managed businesses selling at discounts to intrinsic value, patient investors are positioned to benefit as the gap between price and value narrows over time.
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