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A U.K.-based global workplace provider was the Fund’s top contributor in the quarter, while a New Zealand-based pay-television provider was the largest detractor.
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An Australian manufacturer of mining explosives, fertilizers and industrial chemicals was the Fund’s top contributor in the quarter, while a U.K.-based investment management group was the largest detractor.
As value investors, our key task is to focus on the fundamental drivers of long-term cash flows and see through the haze generated by market pundits, who are overly influenced by geopolitical events such as referendums and other elections.
A Finnish company that specializes in the manufacturing and servicing of cranes and other lifting equipment was the Fund’s top contributor in the quarter, while a U.K.-based global workplace provider was the largest detractor.
A French company that designs, develops and manufactures batteries for industrial use was the Fund’s largest contributor in the quarter, while a British property services group was the largest detractor for the period.
We continue to believe that strong investment performance requires discipline and patience, and that the opportunities are quite positive for long-term investment success.
An Australian health care services company was the Fund’s top contributor in the quarter, while a Swiss bank holding company was the largest detractor.
A Japanese drugstore chain was among the top contributing stocks for the quarter, while a South Korean banking, securities and financial services provider was one of the largest detractors.
As they have little to do with company-specific intrinsic value, we think it is a mistake to react to all macro and geopolitical events when making investment decisions.
The world’s largest listed wine company was the Fund’s top contributor in the quarter, while a Finnish provider of technology and equipment for the metals and mining industries was the largest detractor.
A Swiss bank was the Fund’s largest contributor in the quarter, and a Nordic IT infrastructure company was the largest detractor for the period.
We seize opportunities at times like these to purchase quality businesses at lower prices. This is the essence of value investing.
A U.K.-based professional recruitment firm was the Fund’s top contributor in the quarter, while a Hong Kong-based developer and owner of casinos and resorts was the largest detractor.
A Swiss travel services company was the Fund’s top contributor this quarter, while a South Korean financial holding company was the largest detractor.
We believe that the proposed changes in China should eventually be positive for the Chinese economy and the region.
The top contributor for the quarter was an engineering and technology consulting company, while a geological engineering company was the largest detractor.
The top contributing stock for the quarter was an Australian-based vineyard operator and winemaker, and the largest detractor was a U.K. property company.
There seem to be some positive reforms in Japan worth commenting on.
Holdings in Japan contributed most to the Fund’s quarterly return, while Swiss and Australian names were the largest detractors.
Expand Oakmark International Small Cap Fund Letter Archives
A U.K. property company was the largest contributor for the year, while one of the large detractors for the year was a seismic company.
Despite the strong past performance of global equities, we believe there is still value in global equity markets.
The top-performing stock for the one-year period and a strong contributor for the recent quarter was one of the U.K.’s largest residential estate agency and property appraisal companies.
The top contributing stocks for the quarter were a Swiss freight forwarding company and an Israeli firm that designs, develops, manufactures, markets and services automated optical inspection systems and imaging solutions.
During the lazy days of summer, one may contemplate investing from the perspective of a regatta.
While international stocks have been performing well, this hasn’t hindered our ability to find new attractive investment candidates.
For more historic commentaries, available in the Oakmark Quarterly Reports, click here.
The enduring lesson of 2012:
Macro shocks create market opportunities for patient investors.
David offers his thoughts on why the Oakmark International Fund has been so successful over its 20 years of existence
Volatility - tough to stomach, but good for your financial health! The second quarter was dominated by volatility brought on by macro fears largely surrounding Europe and the eurozone economic situation, but slower growth in the U.S. and the emerging markets also weighed in on people’s fears. For a change, events in Japan received almost no attention!
While both the Oakmark International and International Small Cap Funds had acceptable investment performance in the fourth quarter of 2011, the full year was not good for global equities or for our two Funds, as natural disasters (first in Japan, later in Thailand) and Europe’s sovereign debt crisis took their toll. The short-term challenges cannot be denied, but I remain extremely confident about the medium and long-term future.
As I write to you, volatility and uncertainty in the market are drawing comparisons to what occurred in 2008-2009. Many pundits and observers are tripping over themselves to come up with the most fearful scenario. With this negative noise level steadily rising, it is understandable the global stocks, including some held in our Funds, are experiencing a period of weakness. Over the last three months alone, international stocks are down almost 20%, and for the year they are down by almost 10%. The U.S. equity market, down less than 9% year to date, is actually one of the better-performing markets.
During the quarter the market experienced continued instability, despite falling energy prices and Japan slowly beginning to recover from the March earthquake and tsunami disasters. These were two of the three major areas of concern that existed at the beginning of the quarter. Of course, the dominant factor still plaguing global financial markets is the situation in Greece.
The new year brought a degree of optimism as a result of strong economic growth in the emerging markets, as well as recovery in the developed world.
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Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.
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Date of first use: January 24, 2013.