| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Harris Oakmark's international equity commentary emphasizes the importance of ignoring market noise, exhibiting patience, and avoiding crowd mentality in value investing. The first quarter of 2026 experienced extreme stock dispersion driven by AI speculation and geopolitical tensions in Iran that pushed oil above $100 per barrel. The manager believes the market has been too eager to declare AI winners and losers, particularly being overly negative on enterprise software companies like SAP where AI could be additive. The fund maintains its disciplined approach of estimating intrinsic business value and buying at significant discounts, often going against prevailing sentiment. They criticize the market's short-term focus, noting that 60% of S&P 500 index options now have same-day expirations. The manager emphasizes that equities are perpetual duration assets requiring longer time horizons than current market behavior suggests. Despite ongoing geopolitical uncertainty and AI-driven volatility, they remain committed to their value investing discipline focused on long-term business fundamentals rather than daily headlines.
Value investing requires ignoring market noise, exhibiting patience, and being indifferent to crowd sentiment while focusing on intrinsic business values that are more stable than daily headlines.
The manager remains focused on long-term business values despite market noise and maintains a disciplined value investing approach that ignores short-term volatility.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 31 2026 | 2026 Q1 | SAP.DE | AI, contrarian, Enterprise Software, international, Patience, value | SAP | Harris Oakmark advocates ignoring market noise and crowd sentiment while maintaining patience in value investing. Q1 2026 saw extreme AI-driven stock dispersion and Iran conflict volatility. The manager believes enterprise software companies like SAP are oversold on AI fears when AI could be additive. They maintain disciplined focus on intrinsic business values over short-term market movements. |
| Jan 8 2026 | 2025 Q4 | OAKG, OAKI | ETFs, Europe, international, Japan, Korea, Quality, value | - | Harris Oakmark's International Fund shifted toward quality businesses after they significantly underperformed in 2025, creating attractive entry points. The manager maintains disciplined value investing while seeing structural improvements in Japan and Korea corporate governance. Despite KOSPI's 79% gain, Korean discount persists at 11x forward earnings, offering continued opportunities. |
| Oct 10 2025 | 2025 Q3 | 035420.KS, AMS.L, BABA, BNZL.L, CNHI, DSV.CO, DSY.PA, EDEN.PA, FMX, GLEN.L, HEXA-B.ST, ITRK.L, KER.PA, LLOY.L, OTEX, SHL.DE, SIE.DE, SMIN.L, SN.L, UHR.SW | Cyclical, Distribution, Europe, healthcare, international, Luxury, technology, value |
BNZL LN DSY FP FEMSAUBD MM ITRK LN SHL GR |
Oakmark International repositioned significantly in Q3 2025, adding six new positions while maintaining disciplined value approach. Despite quarterly underperformance, the fund identified compelling opportunities in luxury goods, agricultural equipment, and technology companies facing temporary headwinds. Strong focus on European markets with selective emerging market exposure positions the portfolio for long-term outperformance through quality company selection at attractive valuations. |
| Jun 30 2025 | 2025 Q2 | 6273.T, 9434.HK, ABI.BR, ASML, ASRNL.AS, BABA, BAYN.DE, BXB.AX, CON.DE, CPG.L, HEN3.DE, HOLN.SW, MC.PA, SCHP.SW, WLN.PA | Asia, Automation, Banking, Europe, insurance, international, semiconductors, value |
ASML ASR.AS 6273.T |
Oakmark International outperformed in Q2 2025, adding quality positions in ASML, ASR Nederland, and SMC at attractive valuations. Korean bank KB Financial drove performance on Value-Up program execution. Fund focuses on structural themes including automation growth, AI-driven semiconductor demand, and improving governance. Geographic concentration in Europe and Asia with selective emerging market exposure. |
| Mar 31 2025 | 2025 Q1 | NVDA, TSLA | Europe, international, tariffs, valuation, value | - | International equities delivered strong Q1 returns as massive valuation discounts to U.S. stocks begin narrowing. Decade-long capital flows to U.S. growth names created record valuation gaps despite international earnings performance. European markets benefited from policy shifts and regulatory concerns. Trump tariff policies create uncertainty, but fundamental mean reversion should drive superior long-term international performance. |
| Dec 31 2024 | 2024 Q4 | 105560.KS, AC.PA, AIR.PA, BAYN.DE, FME.DE, GLEN.L, KER.PA | aerospace, Banking, Europe, international, Luxury, Restructuring, value |
AIR.PA BAYN.DE 105560.KS |
Oakmark International underperformed in Q4 with Airbus driving gains from strong aerospace demand while Bayer weighed on returns due to litigation and guidance concerns. The fund added Korean bank KB Financial and increased Kering exposure despite luxury sector headwinds. Managers remain confident in multi-year recovery potential given quality holdings at attractive valuations. |
| Sep 30 2024 | 2024 Q3 | 005930.KS, BABA, BAYRY, CFR.SW, DEO, FMS.DE, FR.PA, INF.L, RI.PA, RMS.PA, SAP, UHR.SW, WLN.PA | China, Europe, international, Luxury, Spirits, value |
BABA KER.PA DGE.L RI.PA |
Oakmark International outperformed in Q3 2024, led by Alibaba's stimulus-driven rally. Managers used weakness to add spirits positions Diageo and Pernod Ricard at attractive valuations, while increasing luxury exposure despite China headwinds. Portfolio trades at significant discount to benchmark with similar growth prospects, positioning for attractive absolute and relative returns ahead. |
| Jun 30 2024 | 2024 Q2 | NVDA, TSLA | AI, Currency, Elections, Europe, international, opportunity, value | - | Oakmark International declined 4.28% in Q2 amid European election volatility, but manager sees exceptional value opportunities. AI mania is creating attractive pricing in neglected international markets, while strong dollar provides double discount for US investors. Manager confident in future performance based on fundamental value approach and current attractive valuations overseas. |
| Apr 15 2024 | 2024 Q1 | BAYN.DE, BXB.AX, DTG.DE, MBG.DE, SKG.L, SN.L, WRK | Europe, healthcare, industrials, international, value |
DTG.DE BAYN.DE BXB.AX SKG.L SN.L |
Oakmark International underperformed in Q1 but maintains its value-focused approach, adding three new positions at attractive valuations. Daimler Truck's margin expansion story continues to play out successfully, while Bayer faces ongoing litigation headwinds. New investments in Brambles, Smurfit Kappa, and Smith & Nephew reflect the team's ability to find quality companies at discounts during operational improvement phases. |
| Aug 1 2024 | 2023 Q4 | RYAAY, SDZ, VIPS, WLN.PA | Airlines, Europe, international, payments, value |
RYAAY WLN.PA |
Oakmark International delivered solid Q4 performance driven by Ryanair's exceptional results and strong European airline demand. Worldline's significant decline following guidance cuts presents an attractive opportunity given the disproportionate market reaction. The fund maintains concentrated European exposure with high conviction in undervalued companies benefiting from structural market transitions in travel and payments. |
| Jun 30 2023 | 2023 Q2 | 6098.T, BABA, BMRI.JK, BMW.DE | Asia, Autos, Banking, China, E-Commerce, Europe, international, value |
BMW.DE BABA BMRI.JK 6098.T |
Oakmark International matched benchmark returns despite Chinese headwinds. BMW drove performance with strong electrification progress while Alibaba detracted amid China slowdown. New positions in Indonesian banking leader Bank Mandiri and Japanese recruitment platform Recruit Holdings capitalize on attractive valuations. Portfolio maintains European focus with selective Asian opportunities in quality businesses trading below fair value. |
| Mar 31 2023 | 2023 Q1 | BNP.PA, ISP.MI, LLOY.L | Banking, Crisis, Europe, opportunity, value |
BNP.PA ISP.MI LLOY.L ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
Herro delivered 13.9% Q1 returns driven by European bank rebounds. Views recent banking stress as bank-specific rather than systemic, creating opportunities in quality European institutions trading at attractive valuations with strong capital positions. Exited Credit Suisse after thesis proved wrong. Uses volatility to identify value opportunities where prices diverge from intrinsic value. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIThe market has been too eager to declare AI winners and losers, creating excessive stock dispersion. For enterprise software companies like SAP, the market has been overly negative on AI risks when AI could actually be additive to their business model. |
Enterprise Software Disruption Technology |
ValueThe fund focuses on estimating intrinsic business value and buying stocks at significant discounts. They seek mispriced stocks selling well below intrinsic value, often going against crowd sentiment to maintain margin of safety. |
Intrinsic Value Margin of Safety Mispricing | |
| 2025 Q4 |
QualityThe portfolio has shifted toward higher quality businesses with better profitability, lower leverage, and less volatile earnings. This isn't a strategy change but reflects attractive pricing for quality companies after two years of underperformance relative to lower quality stocks. |
Quality Profitability Leverage Earnings |
ValueManager maintains strict price discipline, requiring significant discounts to intrinsic value estimates. They seek quality businesses but only at attractive entry prices, protecting against downside risk while capturing excess returns. |
Value Discount Intrinsic Value Price | |
ETFsLaunched two new ETFs - Oakmark International Large Cap ETF and Oakmark Global Large Cap ETF - to better meet client needs. Managers personally invested in these new products. |
ETFs Product Launch Client Needs | |
| 2025 Q3 |
LuxuryKering was the top contributor during the quarter, rising in anticipation of new CEO Luca De Meo's tenure and Demna Gvasalia's debut collection at Gucci. Revenue trends are improving despite still being negative, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth. |
Luxury Fashion Consumer Brands Recovery |
Ag EquipmentCNH Industrial was the top detractor as the agricultural equipment company delivered weak results amid soft end user demand and inventory destocking. Management believes 2025 marks the industry bottom and expects a medium-term rebound, with significant margin expansion potential when coupled with improving markets. |
Agriculture Equipment Cyclical Recovery Margins | |
DistributionBunzl is a leading distributor of not-for-resale goods with significant scale advantages in procurement and logistics. Despite recent execution stumbles in North America causing shares to trade at 15-year low valuations, management is moving quickly to address issues while industry fundamentals remain intact. |
Distribution Scale Logistics Valuation Turnaround | |
CloudDassault Systèmes operates in oligopolistic niches with strong competitive positions driven by high switching costs and superior innovation. The company is realizing benefits from its migration to the cloud and modernized platform advantages, despite cyclical downturns creating attractive entry valuations. |
Software Cloud Innovation Oligopoly Migration | |
Testing & InspectionIntertek is positioned to benefit from accelerating industry growth driven by lower oil & gas headwinds, stronger pricing, sustainability requirements, and supply chain resilience focus. The company has favorable geographic exposure to faster growth markets and an under-levered balance sheet enabling growth or shareholder returns. |
Testing Certification Sustainability Supply Chain Growth | |
Medical DevicesSiemens Healthineers is a global leader in medical technology with structurally attractive markets characterized by consistent growth, rational competition, and innovation focus. The company is well-positioned for profitable growth supported by favorable product cycles and turnaround progress in diagnostics creating margin opportunities. |
Medical Technology Diagnostics Innovation Growth | |
| 2025 Q2 |
SemiconductorsASML represents a dominant position in lithography equipment with an effective monopoly in EUV technology. The company benefits from structural demand growth driven by AI and data centers, despite recent customer capex cuts creating attractive entry valuations. |
EUV Lithography AI Data Centers Equipment |
AutomationSMC is positioned to benefit from structural growth tailwinds toward automation as the global leader in pneumatic equipment. Despite current weakness from factory automation cycles and high capex, the next 3-5 years should see strong automation growth and normalized capital intensity. |
Factory Automation Pneumatic Industrial Capex Cycle | |
AIAlibaba was highlighted as one of the early investors in Chinese AI, positioning the company to leverage enhanced capabilities and its leading market position to unlock future value despite current trade tension headwinds. |
Chinese AI Early Investor Capabilities Market Position | |
| 2025 Q1 |
Trade PolicyThe Trump administration has introduced tariffs as industrial policy to encourage domestic investment and reduce trade deficits. However, these broad tariffs function as taxes on goods and create economic uncertainty, potentially leading to inflation and reduced consumption and investment. |
Tariffs Industrial Policy Trade Deficit Uncertainty |
ValueA record valuation differential has opened between U.S. and non-U.S. stocks due to massive capital flows to U.S. growth names. Despite some narrowing in Q1, a large valuation imbalance remains, providing fuel for better long-term international equity performance as markets mean revert. |
Valuation Mean Revert International Discount | |
| 2024 Q4 |
LuxuryLuxury goods businesses continue to be negatively impacted by weak demand in China with poor top-line trends. However, Kering is making progress improving the product offering within its core Gucci brand. Looking out two to three years, margins have potential to be meaningfully higher than current levels. |
Luxury China Gucci Margins Recovery |
AerospaceAirbus demonstrated strong performance with order books up in all divisions and significant year-over-year increases in Commercial and Helicopters segments. Demand remains robust with supply constraints being the limiting factor. Management efforts to drive production volume growth are key to meeting increasing demand. |
Aerospace Orders Production Supply Demand | |
AgricultureBayer faces challenges in crop protection portfolio and temporary regulatory issues expected to resolve mid-term. The company is initiating a deep restructuring of crop protection to help offset pressures and drive recovery under new CEO Bill Anderson's organizational change initiatives. |
Agriculture Crop Protection Restructuring Regulatory Recovery | |
| 2024 Q3 |
LuxuryThe fund holds positions in luxury goods companies including Kering, Richemont, and Swatch. Despite near-term challenges from weak macro developments in China affecting store traffic and new client recruitment, managers believe companies are making correct long-term decisions for brand health and see attractive upside potential. |
Luxury China Brands |
AlcoholNew positions established in spirits companies Diageo and Pernod Ricard during the quarter. Both companies benefit from structural tailwinds including premiumization trends and emerging markets growth, with attractive entry points created by post-pandemic industry destocking and demand normalization. |
Spirits Premiumization Emerging Markets | |
E-commerceAlibaba Group was the top contributor following Chinese government stimulus announcements. Despite strong quarterly performance, managers continue to see upside as the market has not fully priced in the turnaround potential for the e-commerce business or other optionality the company possesses. |
China Stimulus Turnaround | |
| 2024 Q2 |
AIManager discusses the AI revolution as a new mania vacuuming up liquidity into narrow sectors. While acknowledging AI advancements are revolutionary, warns that money is not made on themes but by applying them to specific business practices that create shareholder value. |
Artificial Intelligence Technology Mania Valuation Nvidia |
ValueManager emphasizes that neglected areas of the market being sold to fund AI mania are very attractively priced. Highlights the double discount opportunity from strong dollars buying low-priced non-US companies in weak home currencies. |
Valuation Discount Opportunity Fundamental Analysis Contrarian | |
| 2024 Q1 |
ValueThe fund focuses on purchasing companies at discounts to intrinsic value estimates. All three new positions were acquired at discounts to estimated intrinsic value despite improving fundamental outlooks. |
Intrinsic Value Discount Valuation Undervalued |
| 2023 Q4 |
TravelRyanair demonstrated strong performance with 30% revenue growth and 24% fare increases driven by record demand and constrained capacity at European peers. The company flew 105.4 million passengers and expects 183.5 million for 2024, with management projecting full-year net income of EUR 1.85-2.05 billion. |
Airlines Europe Capacity Demand Fares |
PaymentsWorldline faced challenges with third-quarter earnings missing expectations and guidance cuts for 2023-2024. The company severed ties with certain online merchants due to regulatory requirements and experienced weak German macroeconomic trends affecting spending patterns. Despite near-term headwinds, the European payment market remains cash-heavy with growth potential. |
Merchant Acquiring Europe Regulation Germany Cash | |
| 2023 Q2 |
AutosBMW demonstrated strong performance with improved product mix, disciplined pricing, and premium positioning. The company is making excellent progress in electrification with battery-electric vehicles increasing 112% year-over-year to 11% of volumes, targeting 15% by 2023 and over 50% by 2030. |
Electric Vehicles Premium Electrification Product Mix |
E-commerceAlibaba faces headwinds from China's economic slowdown and intense competition, losing market share to short video players and traditional e-commerce companies. Despite challenges, the company generates significant free cash flow and trades at attractive valuations, with management working on restructuring and shareholder returns. |
China Market Share Competition Restructuring | |
ChinaChinese equities sentiment has degraded after initial reopening excitement. Macroeconomic data indicates the Covid-19 reopening bounce is fading and the economy struggles to sustain healthy growth. Political tensions between the U.S. and China are weighing on investor sentiment. |
Reopening Economic Growth Political Tensions Sentiment | |
| 2023 Q1 |
Regional BanksEuropean banks are positioned to benefit from higher interest rate spreads, resilient economies, and ability to return capital to shareholders. They have smaller securities portfolios as percentage of assets than US counterparts, reducing unrealized loss potential. Holdings like Intesa Sanpaolo, Lloyds Banking Group and BNP Paribas trade at attractive valuations with high dividend yields and excess capital. |
Banks Europe Interest Rates Dividends Capital |
Credit StressBanking sector stress highlighted by Silicon Valley Bank and Signature Bank collapses was attributed to poor risk management and duration mismatches. Manager believes this represents bank-specific crisis rather than systemic banking crisis, creating opportunities for disciplined investors in quality institutions. |
Banking Risk Management Crisis Opportunity | |
ValueVolatility widens discrepancy between share price and intrinsic value, presenting opportunities for fundamentally driven value investors. Manager uses sharp price decreases without corresponding decline in estimated intrinsic value as opportunities to add to positions. |
Volatility Intrinsic Value Opportunity |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Mar 31, 2023 | Fund Letters | Oakmark International Fund | BNP.PA | BNP Paribas | Financials | Banks | Bull | Euronext Paris | asset sales, capital allocation, dividend yield, European banks, Flight-to-quality, Free Cash Flow, Interest Rate Spreads, Share Buybacks, Value | Login |
| Mar 31, 2023 | Fund Letters | Oakmark International Fund | ISP.MI | Intesa Sanpaolo | Financials | Banks | Bull | Borsa Italiana | Balance Sheet Quality, capital return, dividend yield, European banks, Flight-to-quality, Free Cash Flow, Interest Rate Spreads, Italian Banks, Value | Login |
| Mar 31, 2023 | Fund Letters | Oakmark International Fund | LLOY.L | Lloyds Banking Group | Financials | Banks | Bull | London Stock Exchange | capital return, dividend yield, European banks, Flight-to-quality, Free Cash Flow, Interest Rate Spreads, Share Buybacks, UK Banks, Value | Login |
| Mar 31, 2023 | Fund Letters | Oakmark International Fund | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK | Credit Suisse Group AG | Financials | Capital Markets | Bear | SIX Swiss Exchange | Client Withdrawals, exit strategy, investment banking, Reputational Risk, restructuring, risk management, Swiss Banks, turnaround, wealth management | Login |
| Mar 31, 2026 | Fund Letters | Oakmark International Fund | SAP | SAP SE | Software - Application | Systems Software | Bull | New York Stock Exchange | AI integration, B2B software, Contrarian Value, embedded systems, Enterprise software, German Technology, market overreaction | Login |
| Oct 10, 2025 | Fund Letters | David G. Herro | DSY FP | Dassault Systèmes SE | Consumer Staples | Application Software | Bull | Euronext Stock Exchange | cloud, innovation, Simulation, Software, switching costs, valuation | Login |
| Oct 10, 2025 | Fund Letters | David G. Herro | FEMSAUBD MM | Fomento Económico Mexicano SAB de CV | Consumer Staples | Food & Staples Retailing | Bull | NYSE | Beverages, buybacks, capital allocation, dividends, Mexico, retail | Login |
| Oct 10, 2025 | Fund Letters | David G. Herro | ITRK LN | Intertek Group Plc | Industrials | Professional Services | Bull | NYSE | cash flow, ESG, Regulation, services, Tic, valuation | Login |
| Oct 10, 2025 | Fund Letters | David G. Herro | SHL GR | Siemens Healthineers AG | Health Care | Health Care Equipment | Bull | - | diagnostics, Health Care, innovation, Margins, Medical devices, turnaround | Login |
| Oct 10, 2025 | Fund Letters | David G. Herro | BNZL LN | Bunzl Plc | Consumer Staples | Distribution | Bull | NYSE | cash flow, defensive, Distribution, M&A, Re-rating, scale | Login |
| Jun 30, 2025 | Fund Letters | Oakmark International Fund | ASML | ASML Holding | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, data centers, EUV lithography, Monopoly, Netherlands, recurring revenue, semiconductor equipment, technology | Login |
| Jun 30, 2025 | Fund Letters | Oakmark International Fund | ASR.AS | ASR Nederland | Financials | Insurance | Bull | Euronext Amsterdam | Acquisition Synergies, cash generation, consolidation, Insurance, life insurance, Netherlands, Regulatory Reform, shareholder returns | Login |
| Jun 30, 2025 | Fund Letters | Oakmark International Fund | 6273.T | SMC Corporation | Industrials | Industrial Machinery | Bull | Tokyo Stock Exchange | capital expenditure, Cyclical Recovery, Factory Automation, Free Cash Flow, Industrial automation, Japan, market leader, Pneumatic Equipment | Login |
| Dec 31, 2024 | Fund Letters | Oakmark International Fund | AIR.PA | Airbus | Industrials | Aerospace & Defense | Bull | Euronext Paris | Aerospace, Defense, Europe, manufacturing, Order Backlog, Production Scaling, Supply Constrained | Login |
| Dec 31, 2024 | Fund Letters | Oakmark International Fund | BAYN.DE | Bayer | Health Care | Pharmaceuticals | Bull | XETRA | agriculture, Crop protection, Germany, litigation, pharmaceuticals, restructuring, turnaround | Login |
| Dec 31, 2024 | Fund Letters | Oakmark International Fund | 105560.KS | KB Financial Group | Financials | Banks | Bull | Korea Exchange | banking, capital efficiency, Deposit Franchise, Payout ratio, shareholder returns, South Korea, Value-up Program | Login |
| Sep 30, 2024 | Fund Letters | Oakmark International Fund | BABA | Alibaba Group | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | China, Consumer Discretionary, e-commerce, retail, Stimulus, technology, turnaround | Login |
| Sep 30, 2024 | Fund Letters | Oakmark International Fund | RI.PA | Pernod Ricard | Consumer Staples | Beverages | Bull | Euronext Paris | Brown Spirits, consumer staples, Emerging markets, france, market leader, Premium Beverages, premiumization, Spirits | Login |
| Sep 30, 2024 | Fund Letters | Oakmark International Fund | DGE.L | Diageo | Consumer Staples | Beverages | Bull | London Stock Exchange | Beverages, consumer staples, Cyclical Recovery, Global distribution, market leader, premium brands, Spirits, UK | Login |
| Sep 30, 2024 | Fund Letters | Oakmark International Fund | KER.PA | Kering | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | Brand management, China exposure, Consumer Discretionary, Cyclical, france, Luxury goods, Value | Login |
| Mar 31, 2024 | Fund Letters | Oakmark International Fund | SKG.L | Smurfit Kappa Group | Materials | Paper & Forest Products | Bull | LSE | Containerboard, Corrugated Boxes, Cyclical Recovery, Equity, Europe, Ireland, M&A, Packaging | Login |
| Mar 31, 2024 | Fund Letters | Oakmark International Fund | SN.L | Smith & Nephew | Health Care | Health Care Equipment & Supplies | Bull | LSE | Equity, healthcare, Medical devices, new management, Orthopedics, Sports Medicine, turnaround, UK | Login |
| Mar 31, 2024 | Fund Letters | Oakmark International Fund | BAYN.DE | Bayer | Materials | Chemicals | Bull | XETRA | cash generation, Chemicals, Equity, Germany, litigation, pharmaceuticals, turnaround | Login |
| Mar 31, 2024 | Fund Letters | Oakmark International Fund | BXB.AX | Brambles | Capital Goods | Commercial Services & Supplies | Bull | ASX | Australia, Digital transformation, Equity, Logistics, market leader, Pallets, Pooling Model, supply chain | Login |
| Mar 31, 2024 | Fund Letters | Oakmark International Fund | DTG.DE | Daimler Truck Holding | Capital Goods | Machinery | Bull | XETRA | Buses, commercial vehicles, Cyclical, Equity, Germany, manufacturing, margin expansion, trucks | Login |
| Dec 31, 2023 | Fund Letters | Oakmark International Fund | RYAAY | Ryanair Holdings plc | Industrials | Airlines | Bull | NASDAQ | Dividend reinstatement, European Aviation, Free Cash Flow, Passenger Growth, Pricing power, shareholder returns, Travel demand recovery, Ultra-low-cost airline | Login |
| Dec 31, 2023 | Fund Letters | Oakmark International Fund | WLN.PA | Worldline SA | Information Technology | Data Processing & Outsourced Services | Bull | Euronext Paris | capital-light model, Cash-heavy market, Contrarian Investment, European payments, German market exposure, Legacy bank disruption, Merchant Acquirer, Payment Processor, regulatory compliance | Login |
| Jun 30, 2023 | Fund Letters | Oakmark International Fund | BMW.DE | BMW AG | Consumer Discretionary | Automobile Manufacturers | Bull | XETRA | Automotive Manufacturing, Battery-Electric, EBIT margin, Electric Vehicles, Electrification Strategy, Germany, luxury automobiles, Premium Brand, Premium Positioning, Product Mix | Login |
| Jun 30, 2023 | Fund Letters | Oakmark International Fund | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | China, Corporate Restructuring, e-commerce, EBITA Multiple, Free Cash Flow, market share, Platform business, share repurchases, shareholder returns, valuation | Login |
| Jun 30, 2023 | Fund Letters | Oakmark International Fund | BMRI.JK | Bank Mandiri (Persero) Tbk | Financials | Banks | Bull | Indonesia Stock Exchange | CASA Market Share, cost efficiencies, Demographics, digital banking, Indonesian Banking, Loan Re-pricing, market leadership, net interest margin, return on equity, State-Owned Enterprise | Login |
| Jun 30, 2023 | Fund Letters | Oakmark International Fund | 6098.T | Recruit Holdings Co., Ltd. | Industrials | Human Resource & Employment Services | Bull | Tokyo Stock Exchange | Entrepreneurial Culture, Hiring Transaction, Human Resources, Indeed, Japan, Job Matching, Labor Markets, Platform business, Under-monetized, Unit economics | Login |
| TICKER | COMMENTARY |
|---|---|
| SAP.DE | In the case of large, deeply embedded enterprise software companies such as SAP, we think the market has skewed too negative on the risks introduced by AI, when in fact, there is a real possibility that AI is additive. |
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