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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"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.
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