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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 generated a strong 16.99% return in Q2 2025, outperforming its benchmark, while actively recycling capital from fully-valued names into high-quality cyclically depressed opportunities."
The Oakmark International Small Cap Fund outperformed its benchmark, the MSCI World ex USA Small Cap Index, during the second quarter of 2025 with a return of 16.99%. Performance was strongly supported by financials and industrials, led by top contributor iM Financial Group in South Korea. TeamViewer detracted from performance, though the manager views the sell-off as an overreaction and remains bullish. The fund was highly active, initiating five new positions (Amplifon, Ayala Land, Bakkafrost, Jenoptik, and Misumi Group) and fully exiting six positions (Babcock International, dormakaba Holding, Elekta Cl B, International Workplace Group, IONOS Group, and Wickes Group) either due to reaching intrinsic value estimates or because of fundamental performance concerns.
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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 generated a strong 16.99% return in Q2 2025, outperforming its benchmark, while actively recycling capital from fully-valued names into hig...
Growth Outlook
Market outlook remains above average conviction: The Oakmark International Small Cap Fund generated a strong 16.99% return in Q2 2025, outperforming its benchmark, while actively recycling capital from fully-valued names into hig...
Risk Appetite
Risk appetite posture is above average conviction: The Oakmark International Small Cap Fund generated a strong 16.99% return in Q2 2025, outperforming its benchmark, while actively recycling capital from fully-valued names into hig...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Oakmark International Small Cap Fund generated a strong 16.99% return in Q2 2025, outperforming its benchmark, while actively recycling capital from fully-valued names into hig...
Forward Guidance
Forward guidance signal: The Oakmark International Small Cap Fund generated a strong 16.99% return in Q2 2025, outperforming its benchmark, while actively recycling capital from fully-valued names into hig...
Language Signal
Tone analysis indicates high conviction language: The Oakmark International Small Cap Fund generated a strong 16.99% return in Q2 2025, outperforming its benchmark, while actively recycling capital from fully-valued names into hig...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Oakmark International Small Cap Fund generated a strong 16.99% return in Q2 2025, outperforming its benchmark, while actively recycling capital from fully-valued names into hig...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Oakmark International Small Cap Fund generated a strong 16.99% return in Q2 2025, outperforming its benchmark, while actively recycling capital from fully-valued names into hig...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Oakmark International Small Cap Fund generated a strong 16.99% return in Q2 2025, outperforming its benchmark, while actively recycling capital from fully-valued names into hig...
