The Oakmark International Small Cap Fund had a strong year of absolute and relative performance, returning 31.9% for the calendar year. The benchmark, MSCI World ex U.S. Small Cap Index, returned 25.4% for the same one-year period. The Fund also outperformed for the recent quarter-end, returning 12.5% compared to the Index return of 11.4%. Since the Fund's inception in November 1995, it has returned an average of 9.1% per year.
What a difference a quarter can make! In our last shareholder letter, we wrote about Duerr, a German-based global mechanical and plant engineering firm, which