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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Oakmark International Small Cap Fund underperformed its benchmark in Q4 2025 but continues to find attractive, discounted value opportunities internationally, initiating a new position in Japanese HR tech firm Visional."
During the fourth quarter of 2025, the Oakmark International Small Cap Fund (Investor Class) underperformed its benchmark, the MSCI World ex USA Small Cap Index. At the sector level, industrials and financials were the largest contributors, while communication services and consumer discretionary detracted. Geographically, Europe ex U.K. remains the largest regional allocation at 61.9%. Konecranes was the top individual contributor due to strong earnings and raised guidance, whereas TeamViewer was the top detractor following lowered ARR guidance from integration challenges. The fund established a new position in Visional and completely sold its positions in Gerresheimer, JDE Peet's, and medmix. The managers maintain that international valuations remain highly attractive relative to historical metrics.
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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 Small Cap Fund underperformed its benchmark in Q4 2025 but continues to find attractive, discounted value opportunities internationally, initiating a new ...
Growth Outlook
Market outlook remains above average conviction: The Oakmark International Small Cap Fund underperformed its benchmark in Q4 2025 but continues to find attractive, discounted value opportunities internationally, initiating a new ...
Risk Appetite
Risk appetite posture is above average conviction: The Oakmark International Small Cap Fund underperformed its benchmark in Q4 2025 but continues to find attractive, discounted value opportunities internationally, initiating a new ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Oakmark International Small Cap Fund underperformed its benchmark in Q4 2025 but continues to find attractive, discounted value opportunities internationally, initiating a new ...
Forward Guidance
Forward guidance signal: The Oakmark International Small Cap Fund underperformed its benchmark in Q4 2025 but continues to find attractive, discounted value opportunities internationally, initiating a new ...
Language Signal
Tone analysis indicates above average conviction language: The Oakmark International Small Cap Fund underperformed its benchmark in Q4 2025 but continues to find attractive, discounted value opportunities internationally, initiating a new ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Oakmark International Small Cap Fund underperformed its benchmark in Q4 2025 but continues to find attractive, discounted value opportunities internationally, initiating a new ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Oakmark International Small Cap Fund underperformed its benchmark in Q4 2025 but continues to find attractive, discounted value opportunities internationally, initiating a new ...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Oakmark International Small Cap Fund underperformed its benchmark in Q4 2025 but continues to find attractive, discounted value opportunities internationally, initiating a new ...
