The Oakmark International Fund declined 6.4% for the fiscal year ended September 30, 2019, underperforming the MSCI World ex U.S. Index, which declined 1.0% over the same period. For the most recent quarter, the Fund declined 0.8% compared to the benchmark's decline of 0.9%. However, the Fund has returned an average of 9.1% per year since its inception in September 1992, outperforming the MSCI World ex U.S. Index, which has averaged 5.8% per year over the same period.
NAVER (NHNCF), an internet company based in South Korea, was the largest contributor for both the fiscal