Oakmark CIO – International Equities and Portfolio Manager David Herro discusses the European Central Bank rate cuts, his stock picks, and more during a CNBC “Squawk on the Street” interview.
Average Annual Total Returns (as of 03/31/2024):
| Fund | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year | Inception |
|---|---|---|---|---|---|---|
| OAKIX | 0.11% | 4.42% | 0.12% | 5.51% | 3.27% | 8.55% |
| MSCI World ex USA Index | 5.59% | 15.29% | 4.93% | 7.48% | 4.81% | 6.10% |
Fund Inception: 09/30/1992
Expense Ratio: 1.05%
Expense ratios are as of the Fund’s most recent prospectus dated January 28, 2024; actual expenses may vary.
Returns for periods of less than one year are not annualized.
Past performance is no guarantee of future results. The performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted. The investment return and principal value vary so that an investor’s shares when redeemed may be worth more or less than the original cost.
To obtain most recent Oakmark International Fund month-end performance data, view it here.
The holdings mentioned comprise the following percentages of total net assets as of 03/31/2024:
| Security | Oakmark International Fund |
|---|---|
| Allianz | 2.2% |
| BMW | 2.2% |
| BNP Paribas | 4.0% |
| Intesa Sanpaolo | 2.5% |
| Lloyds Banking Group | 3.6% |
| Mercedes-Benz Group | 2.9% |
Portfolio holdings are not intended as recommendations of individual stocks and are subject to change. The Funds disclaim any obligation to advise shareholders of such changes. Information about portfolio holdings does not represent a recommendation or an endorsement to Fund shareholders or other members of the public to buy or sell any security contained in the Funds’ portfolios. Portfolio holdings are current to the date listed but are subject to change any time. There are no assurances that the securities will remain in the Funds’ portfolios after the date listed or that the securities that were previously sold may not be repurchased.
Access the full list of holdings for the Oakmark International Fund here.
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.
Dividend Yield is a stock’s expected annual dividend divided by the stock’s price at the indicated date, expressed as a percentage.
Yield is the annual rate of return of an investment paid in dividends or interest, expressed as a percentage. A snapshot of a fund’s interest and dividend income, yield is expressed as a percentage of a fund’s net asset value, is based on income earned over a certain time period and is annualized, or projected, for the coming year.
ECB refers to European Central Bank.
The MSCI World ex USA Index (Net) is a free float-adjusted, market capitalization-weighted index that is designed to measure international developed market equity performance, excluding the U.S. The index covers approximately 85% of the free float-adjusted market capitalization in each country. This benchmark calculates reinvested dividends net of withholding taxes. This index is unmanaged and investors cannot invest directly in this index.
The STOXX Europe 600, also called STOXX 600, SXXP, is a stock index of European stocks designed by STOXX Ltd. This index has a fixed number of 600 components representing large, mid and small capitalization companies among 17 European countries, covering approximately 90% of the free-float market capitalization of the European stock market (not limited to the Eurozone).
The Oakmark International 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.
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.
