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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Oakmark has increased its allocation to high-quality companies due to historic underperformance in the quality factor making these businesses highly attractive on a value basis, while continuing to capitalize on corporate governance tailwinds in Japan and Korea."
The 4Q 2025 commentary from Oakmark International Fund addresses investor queries regarding its increased positioning in high-quality companies. Portfolio Manager Tony Coniaris clarifies that Oakmark's strict value philosophy has not changed; rather, the dramatic underperformance of high-quality European stocks in 2024 and 2025 has created a unique opportunity to purchase high-quality businesses at deep discounts. Additionally, the letter summarizes insights from a recent trip to Asia, highlighting structural improvements and activist-driven discipline in Japan, alongside legislated corporate governance reforms in South Korea (value-up plans) which leave the Korean market highly attractive at less than 11x forward earnings. Finally, the firm announces the launch of two new ETFs: OAKI and OAKG.
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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: Oakmark has increased its allocation to high-quality companies due to historic underperformance in the quality factor making these businesses highly attractive on a value basis, wh...
Growth Outlook
Market outlook remains above average conviction: Oakmark has increased its allocation to high-quality companies due to historic underperformance in the quality factor making these businesses highly attractive on a value basis, wh...
Risk Appetite
Risk appetite posture is above average conviction: Oakmark has increased its allocation to high-quality companies due to historic underperformance in the quality factor making these businesses highly attractive on a value basis, wh...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Oakmark has increased its allocation to high-quality companies due to historic underperformance in the quality factor making these businesses highly attractive on a value basis, wh...
Forward Guidance
Forward guidance signal: Oakmark has increased its allocation to high-quality companies due to historic underperformance in the quality factor making these businesses highly attractive on a value basis, wh...
Language Signal
Tone analysis indicates above average conviction language: Oakmark has increased its allocation to high-quality companies due to historic underperformance in the quality factor making these businesses highly attractive on a value basis, wh...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Oakmark has increased its allocation to high-quality companies due to historic underperformance in the quality factor making these businesses highly attractive on a value basis, wh...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Oakmark has increased its allocation to high-quality companies due to historic underperformance in the quality factor making these businesses highly attractive on a value basis, wh...
Time Horizon
Investment time horizon reflects a high conviction orientation. Oakmark has increased its allocation to high-quality companies due to historic underperformance in the quality factor making these businesses highly attractive on a value basis, wh...
