Oakmark International Small Cap Fund Q1 2025 Commentary

2025-04-11 21:45:00 ET

Summary

• The Fund’s Investor Share Class returned 8.24% in Q1 2025, outperforming the MSCI World ex USA Small Cap Index's 3.40% return.
• ISS was the top contributor due to strong earnings and a significant buyback program, while Travis Perkins was the top detractor due to CEO departure.
• New purchases include Ermenegildo Zegna, Gerresheimer AG, and IONOS Group, each presenting unique growth opportunities and attractive valuations.
• Exited positions in Sulzer, DS Smith, Auction Technology, and SoftwareOne due to intrinsic value realization and merger concerns.

First-quarter highlights

Top contributors

• ISS ( ISSDY )
• Loomis ( LOIMF )
• LANXESS ( LNXSF )

Top detractors

• Travis Perkins ( TVPKF )
• Sarana Menara Nusantara ( SMNUF )
• Dometic Group ( DTCGF )

New purchases

• Ermenegildo Zegna ( ZGN )
• Gerresheimer ( GRRMF )
• IONOS Group

Final sales

• Auction Technology Group ( ATHGF )
• DS Smith ( DITHF )
• SoftwareONE Holding ( SWONF )
• Sulzer ( SULZF )

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