GRFS - Oakmark International Small Cap Fund: Q1 2022 Commentary

• We are value investors. In constructing portfolios for our clients, we seek out companies that we believe are trading in the market at significant discounts to their underlying value. These businesses must offer significant profit potential and be run by managers who think and act as owners.
• We believe in the importance of intensive, fundamental research. Our research process is based on a disciplined quantitative and qualitative screening process.
• The Oakmark International Small Cap Fund returned -11.3% for the quarter ending March 31.

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