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release | International Manager Commentary | International Small Cap Manager Commentary | Open
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Harris Associates L.P. announced today that The Oakmark International and Oakmark International Small Cap Funds will re-open to new investors on January 2, 2008. The Oakmark International Fund, which was launched on September 30, 1992, closed to most new investors December 15, 2003. The Oakmark International Small Cap Fund, which was launched on November 1, 1995, closed to new investors May 10, 2002.
“In the years that the Funds were closed, the desire of existing investors to add to their accounts fully offset the needs of existing investors to sell their shares. Over the past several months that no longer held true,” says David Herro, portfolio manager of The Oakmark International and International Small Cap Funds. “We’re excited about the investment opportunities we’re seeing around the world and believe that restoring the balance between purchases and sales is in the best interest of Fund shareholders.”
The funds will also be available through several third party intermediaries.
The Oakmark International investment philosophy is centered in the belief that superior, long-term results are achieved through investing as owners in quality companies that can be purchased at a significant discount to their true economic value.
The Oakmark International Fund seeks capital appreciation by investing in a portfolio of approximately 40-60 mid- and large-cap companies based outside the U.S. The Oakmark International Small Cap Fund seeks capital appreciation by investing in a portfolio of 40-60 small-cap companies based outside the U.S.
Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.
Investing in foreign securities presents risks that in some way may be greater than U.S. investments. Those risks include: currency fluctuation; different regulation, accounting standards, trading practices and levels of available information; generally higher transaction costs; and political risks.
The stocks of smaller companies often involve more risk than the stocks of larger companies. Stocks of small companies tend to be more volatile and have a smaller public market than stocks of larger companies. Small companies may have a shorter history of operations than larger companies, may not have as great an ability to raise additional capital and may have a less diversified product line, making them more susceptible to market pressure.
