SUZRY - Oakmark International Small Cap Fund: Q2 2024 Commentary

2024-07-19 03:05:00 ET

Summary

• 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 Fund returned -3.11% versus -1.56% for the MSCI World ex USA Small Cap Index (Net) for the quarter.
• At the sector level, the largest contributors were financials and information technology, while the largest detractors were consumer staples and communication services.

The Fund returned -3.11% versus -1.56% for the MSCI World ex USA Small Cap Index (Net) for the quarter. Since its inception in November 1995, the Fund has returned an average of 8.42% per year. At the sector level, the largest contributors were financials and information technology, while the largest detractors were consumer staples and communication services. Geographically, 53.9% of the portfolio was in Europe ex U.K., 19.5% in the U.K. and 7.9% in Asia ex Japan. For the quarter, Japan, the U.K. and Norway were contributors to the relative performance of countries owned. Sweden, Germany and Spain were detractors from relative performance. Emerging markets accounted for 11.7% of the portfolio....

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