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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Oakmark International returned 7.89% in Q2 2026, lagging the benchmark on China weakness. Samsung Electronics drove gains on AI-driven memory demand with supply trailing robust customer needs."
The Oakmark International Fund returned 7.89% in Q2 2026, underperforming the MSCI World ex USA Index which returned 10.22%. The portfolio remains concentrated in Europe (63.3% ex-UK, 16.3% UK) and Asia (8.4% ex-Japan), with emerging markets at 9.3%. Industrials and financials were the largest contributors to performance, with France, Germany, and the UK driving regional gains. Samsung Electronics was the top contributor, rallying on record operating profit driven by strong AI-related demand for memory chips, with supply trailing robust customer demand. BMW was the top detractor after cutting full-year guidance on weaker Chinese demand and Middle East headwinds. The fund initiated a position in Bureau Veritas, a testing and inspection company trading at near decade-low multiples despite portfolio reshaping toward higher-growth end markets including data center commissioning and infrastructure. The managers continue evaluating companies based on competitive advantages, long-term cash flows, and valuation rather than predicting AI winners and losers. Final sales included Aumovio, Flutter Entertainment, Intertek Group, and Roche Holding.
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