Oakmark International Fund Q1 2025 Commentary

2025-04-11 21:30:00 ET

Summary

• The Fund’s Investor Share Class returned 7.88% in Q1 2025, outperforming the MSCI World ex USA Index's 6.20% return.
• BNP Paribas was the top contributor due to strong fiscal-year 2024 results, while WPP Group was the top detractor due to weaker-than-expected Q4 2024 results.
• New purchases include Asahi Group Holdings, Flutter Entertainment, LVMH, Mitsubishi Estate, and Rentokil Initial PLC, all acquired at attractive valuations.
• Portfolio managers David G. Herro, Michael L. Manelli, and Eric Liu lead the fund, with Tony Coniaris set to replace Manelli in July 2025.

First-quarter highlights

Top contributors

• BNP Paribas ( BNPQF )
• Alibaba Group ( BABA )
• Thyssenkrupp ( TYEKF )

Top detractors

• WPP Group ( WPP )
• Glencore ( GLCNF )
• Kering ( PPRUF )

New purchases

• Asahi Group Holdings ( ASBRF )
• Flutter Entertainment ( FLUT )
• Louis Vuitton Moët Hennessy ( LVMHF )
• Mitsubishi Estate ( MITEY )
• Rentokil Initial PLC ( RTO )

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