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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Harris Associates' International Strategy underperformed in Q2 2026 despite strong contributions from AI-driven semiconductor and cloud positions. Samsung benefited from exceptional memory demand while Alibaba and SAP showed strong cloud growth."
Harris Associates' International Strategy returned 8.28% net in Q2 2026, underperforming the MSCI World ex USA Index which returned 10.22%. AI remained a defining market theme, with Samsung Electronics contributing strongly on record operating profit driven by AI-related semiconductor demand, particularly high-bandwidth memory where supply continues to trail robust demand. The memory up-cycle has been exceptionally strong. Cloud growth remained a positive driver, with Alibaba and SAP both showing strong cloud momentum despite near-term stock weakness. The manager initiated Bureau Veritas, a testing and inspection company, viewing its Q1 miss as creating an attractive entry point given its portfolio reshaping toward higher-growth end markets including data center commissioning and infrastructure. Key detractors included BMW, which cut guidance on weaker Chinese demand and Middle East headwinds, and Alibaba, where e-commerce results were soft due to heavy quick-commerce subsidies. The manager eliminated four positions and continues to focus on companies with competitive advantages, long-term cash-flow potential, and attractive valuations relative to intrinsic value.
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