NET - Harris Associates International Small Cap Strategy Q1 2024 Commentary
2024-05-25 09:05:00 ET
Summary
- Harris Associates is an asset management firm that serves as the investment adviser to the Oakmark Funds. We seek to invest in businesses that are priced at substantial discounts to our estimate of intrinsic value.
- Major global equity markets showed strength in Q1 2024, aided by excitement surrounding artificial intelligence and expectations for rate cuts from central banks.
- The portfolio's return for the reporting period was 0.65%, compared to the MSCI World ex USA Small Cap Index's return of 2.58%.
- DS Smith, Konecranes, and Megacable Holdings were top contributors to the portfolio, while St. James's Place, Grifols, and Nexi were top detractors.