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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Oakmark International Fund outperformed its benchmark in Q2 2025 with a 12.64% return, selectively deploying capital into high-quality cyclical laggards like ASML and SMC while divesting fully-valued positions."
During Q2 2025, the Oakmark International Fund (OAKIX) outperformed its benchmark, the MSCI World ex USA Index, returning 12.64% compared to 12.05%. Portfolio managers initiated three new positions (ASML, ASR Nederland, and SMC) to capitalize on valuation opportunities driven by short-term cyclical and geopolitical headwinds. The fund fully exited six positions, including five that met their intrinsic value targets (Anheuser-Busch InBev, Brambles, Compass Group, Holcim, and Schindler Holding) and one (Henkel) due to fundamental concerns about management execution.
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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 Fund outperformed its benchmark in Q2 2025 with a 12.64% return, selectively deploying capital into high-quality cyclical laggards like ASML and SMC while...
Growth Outlook
Market outlook remains above average conviction: The Oakmark International Fund outperformed its benchmark in Q2 2025 with a 12.64% return, selectively deploying capital into high-quality cyclical laggards like ASML and SMC while...
Risk Appetite
Risk appetite posture is above average conviction: The Oakmark International Fund outperformed its benchmark in Q2 2025 with a 12.64% return, selectively deploying capital into high-quality cyclical laggards like ASML and SMC while...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Oakmark International Fund outperformed its benchmark in Q2 2025 with a 12.64% return, selectively deploying capital into high-quality cyclical laggards like ASML and SMC while...
Forward Guidance
Forward guidance signal: The Oakmark International Fund outperformed its benchmark in Q2 2025 with a 12.64% return, selectively deploying capital into high-quality cyclical laggards like ASML and SMC while...
Language Signal
Tone analysis indicates above average conviction language: The Oakmark International Fund outperformed its benchmark in Q2 2025 with a 12.64% return, selectively deploying capital into high-quality cyclical laggards like ASML and SMC while...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Oakmark International Fund outperformed its benchmark in Q2 2025 with a 12.64% return, selectively deploying capital into high-quality cyclical laggards like ASML and SMC while...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Oakmark International Fund outperformed its benchmark in Q2 2025 with a 12.64% return, selectively deploying capital into high-quality cyclical laggards like ASML and SMC while...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Oakmark International Fund outperformed its benchmark in Q2 2025 with a 12.64% return, selectively deploying capital into high-quality cyclical laggards like ASML and SMC while...
