ATHGF - Oakmark International Small Cap Strategy Q1 2025 Commentary
2025-04-23 10:23:00 ET
Summary
- Oakmark International Small Cap Strategy’s return was 8.15% (net) for the reporting period. This compares to the MSCI World ex USA Small Cap Index that returned 3.40% for the same period.
- By country, Germany and the U.K. were the standout contributors to market performance, while Denmark and Australia detracted.
- Even after this quarter’s strong outperformance of value over growth, we believe a large valuation imbalance is still present and will be the fuel for better long-term performance for value equities.
MARKET ENVIRONMENT
International equities finished higher during the quarter with 9 of 11 GICS sectors posting positive returns. By sector, financials and industrials contributed the most to market returns, while information technology and consumer discretionary were the sole detractors. By country, Germany and the U.K. were the standout contributors to market performance, while Denmark and Australia detracted....
Oakmark International Small Cap Strategy Q1 2025 Commentary