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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Oakmark International Strategy returned 4.09% in Q3 2025, underperforming its benchmark. The manager took advantage of market volatility to initiate seven new positions and eliminate nine, remaining highly confident in undervalued international equities."
For the quarter ending September 30, 2025, the Harris Oakmark International Strategy returned 4.09% (net), underperforming the MSCI World ex USA Index's return of 5.33%. Key quarterly contributors included Kering, Alibaba Group, and Glencore, while major detractors were CNH Industrial, Edenred, and DSV. The manager initiated seven new positions (Bunzl, Dassault Systèmes, FEMSA, Hexagon, Intertek, Siemens Healthineers, and Aumovio) and exited nine positions (Amadeus IT Group, Lloyds Banking Group, NAVER, Open Text, Siemens, Smith & Nephew, Smiths Group, Swatch Group, and WPP). The team remains strongly constructive on international value, particularly European equities, as the valuation spread against US growth stocks continues to narrow.
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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 4.09% in Q3 2025, underperforming its benchmark. The manager took advantage of market volatility to initiate seven new positions and eli...
Growth Outlook
Market outlook remains above average conviction: The Oakmark International Strategy returned 4.09% in Q3 2025, underperforming its benchmark. The manager took advantage of market volatility to initiate seven new positions and eli...
Risk Appetite
Risk appetite posture is above average conviction: The Oakmark International Strategy returned 4.09% in Q3 2025, underperforming its benchmark. The manager took advantage of market volatility to initiate seven new positions and eli...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Oakmark International Strategy returned 4.09% in Q3 2025, underperforming its benchmark. The manager took advantage of market volatility to initiate seven new positions and eli...
Forward Guidance
Forward guidance signal: The Oakmark International Strategy returned 4.09% in Q3 2025, underperforming its benchmark. The manager took advantage of market volatility to initiate seven new positions and eli...
Language Signal
Tone analysis indicates above average conviction language: The Oakmark International Strategy returned 4.09% in Q3 2025, underperforming its benchmark. The manager took advantage of market volatility to initiate seven new positions and eli...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Oakmark International Strategy returned 4.09% in Q3 2025, underperforming its benchmark. The manager took advantage of market volatility to initiate seven new positions and eli...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Oakmark International Strategy returned 4.09% in Q3 2025, underperforming its benchmark. The manager took advantage of market volatility to initiate seven new positions and eli...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Oakmark International Strategy returned 4.09% in Q3 2025, underperforming its benchmark. The manager took advantage of market volatility to initiate seven new positions and eli...
