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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stock paradigm begins to unwind."
For the quarter ending December 31, 2025, the Oakmark International Strategy returned 4.93% (net of fees), slightly underperforming the MSCI World ex USA Index's return of 5.20%. Key contributors to quarterly performance included Bayer, DSV, and Samsung Electronics, while Alibaba Group, CNH Industrial, and Dassault Systemes acted as primary detractors. The fund actively deployed capital by initiating five new large-cap positions (AstraZeneca, IMCD, Sanofi, Symrise, and Unilever) during market pullbacks and fully eliminated eight existing holdings. Management remains confident in international value strategies, noting that the long-standing paradigm of U.S. growth outperformance showed signs of unraveling in 2025, leaving a favorable valuation spread for European and international equities.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stoc...
Growth Outlook
Market outlook remains above average conviction: The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stoc...
Risk Appetite
Risk appetite posture is above average conviction: The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stoc...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stoc...
Forward Guidance
Forward guidance signal: The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stoc...
Language Signal
Tone analysis indicates above average conviction language: The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stoc...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stoc...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stoc...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stoc...
