Value investing redefined

The Oakmark family of mutual funds is an extension of Harris Associates’ value-focused approach to investing. For more about our selection of funds, visit

The Oakmark Funds

111 South Wacker Drive, Suite 4600
Chicago, Illinois 60606
1-800-OAKMARK (625-6275)


Our International portfolios are made up of 45 to 65 large-cap equity securities from our approved list of international stocks.

Strategy’s Best Use:

Investors seeking to make an allocation to large-cap international stocks.

Portfolio Construction:

Our bottom-up portfolio construction leads to the selection of approximately 45 to 65 attractive companies from our approved list of international stocks. The market capitalization focus for International Equity is greater than $7.5 billion at the time of initial purchase. We do not strive for specific country, sector or industry exposure. Instead, these allocations are determined strictly by stock selection. Typically, these portfolios have no more than 30 percent in any one country, 25 percent in any one industry, and initial purchases are limited to a seven percent maximum position size. 

Foreign currency exposure may be hedged defensively in the International Equity strategy for any currencies that we believe are significantly overvalued. Investment in emerging market securities is permitted only in countries that meet our legal standards.

A Value Approach at Its Core:

International Equity portfolios are composed of securities that we believe trade at a significant discount to our estimate of intrinsic value, have intrinsic values that grow with time and have shareholder-oriented management teams. 

Learn more about the investment philosophy and process that guide all strategies at Harris Associates here.

What to Expect as a Client:

You can expect to receive the highest level of care from our experienced and responsive client services team regardless of the size of the portfolio you entrust with us. 

Portfolio Managers

View Our Team

Contact Us to Learn More

For questions please contact us or call 312-646-3600.


See All Commentary

International Equity Strategy

International Equity Strategy - Major global markets generally showed strength during the fourth quarter, despite pressure in October when...

Growth of a $10,000 Investment

From 09/30/1992 to 03/31/2024

Growth chart is presented Net of Fees.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. The gross performance presented below does not reflect the deduction of investment advisory fees. All returns reflect the reinvestment of dividends and capital gains and the deduction of transaction costs. The client’s return will be reduced by the advisory fees and other expenses it may incur in the management of its account.  The advisory fee, compounded over a period of years, will have an adverse effect on the value of the client’s portfolio.

Harris Associates L.P. (Harris Associates) is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The general partnership interest in Harris Associates is owned by Harris Associates, Inc., a corporate subsidiary of Natixis Investment Managers. The International Equity Composite includes all fully discretionary, supervised, mid/large cap, diversified, international equity accounts in excess of $2 million that permit the use of currency hedging.

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. Benchmark returns are not covered by the report of the independent verifiers.

Harris Associates claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. To receive a list of Harris Associates’ composite descriptions and/or GIPS® compliant performance presentations, please Contact Us.

Performance Returns

  • Returns % as of 03/31/2024
Composite Inception: 10/01/1992

Returns for periods of less than one year are not annualized.

Portfolio Characteristics

As of 03/31/2024

Median Market Cap

$30,668 M

Weighted Average Market Cap

$49,317 M

Current Price to Earnings Ratio


Projected Price to Earnings


Current Price to Book Ratio


Projected Price to Book


Current Price to Cash Flow


Projected Price to Cash Flow


Number of Securities


Portfolio Turnover


Dividend Yield


Beta vs. Benchmark


Standard Deviation


Active Share


Equity Sector Breakdowns

As of 03/31/2024

Top 10 Equities and Equivalents

As of 03/31/2024

Total % in Top 10 Holdings 30.5%

Total # of Holdings 66

Portfolio holdings are subject to change and are not intended as recommendations of individual stocks. Individual security weights may not add to the displayed total due to rounding.

Country Allocations

As of 03/31/2024

Emerging Markets consists of: China, India and South Korea.