Portfolio Manager David Herro appeared on CNBC’s “Squawk on the Street” to discuss where he finds value in European equities, such as in the financials and industrials sectors.
The holdings mentioned comprise the following percentages of total net assets as of 12/31/2022:
| Security | Oakmark International Fund | Oakmark International Small Cap Fund | Oakmark Global Fund |
|---|---|---|---|
| Allianz | 2.6% | 0% | 3.4% |
| BMW | 2.6% | 0% | 0% |
| BNP Paribas | 3.3% | 0% | 0% |
| Daimler Truck Holding | 2.0% | 0% | 2.8% |
| Ferrari | 0% | 0% | 0% |
| Intesa Sanpaolo | 3.2% | 0% | 0% |
| Lloyds Banking Group | 3.0% | 0% | 4.1% |
| Mercedes-Benz Group | 3.0% | 0% | 3.7% |
| Porsche | 0% | 0% | 0% |
| Siemens | 2.0% | 0% | 0% |
Portfolio holdings are not intended as recommendations of individual stocks and are subject to change.
Access the full list of holdings for the Oakmark International Fund here.
Access the full list of holdings for the Oakmark International Small Cap Fund here.
Access the full list of holdings for the Oakmark Global Fund here.
The Oakmark International Fund and the Oakmark Global Fund portfolio’s tend to be invested in a relatively small number of stocks. As a result, the appreciation or depreciation of any one security held by the Fund’s will have a greater impact on the Funds’ net asset value than it would if the Fund’s invested in a larger number of securities. Although that strategy has the potential to generate attractive returns over time, it also increases the Funds’ volatility.
The Oakmark International Small Cap Fund’s portfolio tends to be invested in a relatively small number of stocks. As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset value than it would if the Fund invested in a larger number of securities. Although that strategy has the potential to generate attractive returns over time, it also increases the Fund’s volatility.
The stocks of smaller companies often involve more risk than the stocks of larger companies. Stocks of small companies tend to be more volatile and have a smaller public market than stocks of larger companies. Small companies may have a shorter history of operations than larger companies, may not have as great an ability to raise additional capital and may have a less diversified product line, making them more susceptible to market pressure.
Investing in foreign securities presents risks that in some ways may be greater than U.S. investments. Those risks include: currency fluctuation; different regulation, accounting standards, trading practices and levels of available information; generally higher transaction costs; and political risks.
Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.
The information, data, analyses, and opinions presented herein (including current investment themes, the portfolio managers’ research and investment process, and portfolio characteristics) are for informational purposes only and represent the investments and views of the portfolio managers and Harris Associates L.P. as of the date written and are subject to change and may change based on market and other conditions and without notice. This content is not a recommendation of or an offer to buy or sell a security and is not warranted to be correct, complete or accurate.
Certain comments herein are based on current expectations and are considered “forward-looking statements”. These forward looking statements reflect assumptions and analyses made by the portfolio managers and Harris Associates L.P. based on their experience and perception of historical trends, current conditions, expected future developments, and other factors they believe are relevant. Actual future results are subject to a number of investment and other risks and may prove to be different from expectations. Readers are cautioned not to place undue reliance on the forward-looking statements.
