Commentary

Commentary

Oakmark International Fund
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Oakmark International Fund Commentary: Third Quarter 2018

September 30, 2018

A Swedish-based global fashion retailer was the largest contributor to the Fund’s quarterly performance, while a German company that is one of Europe’s largest manufacturers of tires, automotive parts and industrial products was the largest detractor.

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David Herro Market Commentary | 2Q18

June 30, 2018

As often happens during market instability, an exploitable value gap is created by the fall in “price” that is inconsistent with changes in business value.

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Oakmark International Fund Commentary: Second Quarter 2018

June 30, 2018

The Fund’s top contributor this quarter was a leading worldwide credit bureau, while the largest detractor was a company best known for its luxury passenger car business.

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Oakmark International Fund Commentary: First Quarter 2018

March 31, 2018

An Italian retail and commercial bank was the largest contributor to the Fund’s quarterly performance, while a global fashion designer and retailer was the largest detractor.

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Oakmark International Fund Commentary: Fourth Quarter 2017

December 31, 2017

The Fund’s top contributor this quarter was one of the world’s largest mining companies and commodities traders, while the largest detractor was a global fashion retailer.

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David Herro Market Commentary | 3Q17

September 30, 2017

As the Oakmark International Fund celebrates its 25th anniversary, we would like to reflect on the Fund’s performance, thank shareholders for their support and recognize those who have contributed to its success.

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Oakmark International Fund Commentary: Third Quarter 2017

September 30, 2017

A Swiss mining and commodity trading company was the largest contributor to the Fund’s quarterly performance, while a U.K.-based global advertising agency was the largest detractor.

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David Herro Market Commentary | 2Q17

June 30, 2017

The strong performance across our strategies has continued from the post-Brexit rebound thanks to our patience during events such as these along with our investment in companies committed to a Corporate Social Responsibility that puts shareholders first and behaves in a responsive manner.

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Oakmark International Fund Commentary: Second Quarter 2017

June 30, 2017

An Italian retail and commercial bank was this quarter’s top Fund contributor, while a Japanese automaker was the largest detractor.

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Oakmark International Fund Commentary: First Quarter 2017

March 31, 2017

A Swiss mining and commodity trading company was the largest contributor to the Fund’s quarterly performance, while a Sweden-based global fashion designer and retailer was the largest detractor.

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2016

David Herro Market Commentary | 4Q16

December 31, 2016

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.

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Oakmark International Fund Commentary: Fourth Quarter 2016

December 31, 2016

The Fund’s top contributor for the quarter was a Swiss mining and commodity trading company, while the largest detractor was a Mexican media company.

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Oakmark International Fund Commentary: Third Quarter 2016

September 30, 2016

A Swiss mining and commodity trading company was the largest contributor to the Fund’s quarterly performance, while a U.K.-based commercial and retail bank was the largest detractor.

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David Herro Market Commentary | 2Q16

June 30, 2016

We continue to believe that strong investment performance requires discipline and patience, and that the opportunities are quite positive for long-term investment success.

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Oakmark International Fund Commentary: Second Quarter 2016

June 30, 2016

A U.K.-based international equipment rental company was the Fund’s top contributor this quarter, while a Swiss financial services group was the largest detractor to performance.

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Oakmark International Fund Commentary: First Quarter 2016

March 31, 2016

The Fund’s top contributor was a Swiss mining and commodity trading company, while the largest detractor was a Swiss financial services company.

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2015

David Herro Market Commentary | 4Q15

December 31, 2015

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.

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Oakmark International Fund Commentary: Fourth Quarter 2015

December 31, 2015

A China-based Internet search engine was the Fund’s top contributor this quarter, while an Italian fashion and luxury goods brand was the largest detractor to performance.

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Oakmark International Fund Commentary: Third Quarter 2015

September 30, 2015

The Fund’s largest contributor was a French aerospace and defense company, while the largest detractor was one of the world’s largest mining and commodity trading companies.

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David Herro Market Commentary | 2Q15

June 30, 2015

We seize opportunities at times like these to purchase quality businesses at lower prices. This is the essence of value investing.

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Oakmark International Fund Commentary: Second Quarter 2015

June 30, 2015

A U.K. bank was the Fund’s top contributor this quarter, while a South Korean electronics company was the largest detractor to performance.

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Oakmark International Fund Commentary: First Quarter 2015

March 31, 2015

An Italian bank was the Fund’s top contributor for the quarter, while a Swiss luxury goods company was the largest detractor.

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2014

David Herro Market Commentary | 4Q14

December 31, 2014

We believe that the proposed changes in China should eventually be positive for the Chinese economy and the region.

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Oakmark International Fund Commentary: Fourth Quarter 2014

December 31, 2014

A German vehicle manufacturer was the Fund’s top contributor this quarter, while a Japanese vehicle manufacturer was the Fund’s largest detractor.

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Oakmark International Fund Commentary: Third Quarter 2014

September 30, 2014

A retail and commercial bank was the Fund’s top contributor this quarter, while the largest detractor was a manufacturer of agricultural and construction equipment.

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David Herro Market Commentary | 2Q14

June 30, 2014

There seem to be some positive reforms in Japan worth commenting on.

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Oakmark International Fund Commentary: Second Quarter 2014

June 30, 2014

The top contributor for the quarter was a Swiss luxury goods company, and a Swiss-based financial services company was the Fund’s largest detractor.

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Oakmark International Fund Commentary: First Quarter 2014

March 31, 2014

An Italian retail and commercial bank was the largest contributor for the quarter, while the largest detractor was a Japanese automobile manufacturer.

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2013

David Herro Market Commentary | 4Q13

December 31, 2013

Despite the strong past performance of global equities, we believe there is still value in global equity markets.

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Oakmark International Fund Commentary: Fourth Quarter 2013

December 31, 2013

The largest contributor for the year was Japan’s second-largest broker, and the largest detractor was a provider of explosives for the mining industry.

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Oakmark International Fund Commentary: Third Quarter 2013

September 30, 2013

Japan’s second-largest broker was the top contributor to the fund's performance over the past 12 months and the largest detractor was an Australian mining-services company.

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David Herro Market Commentary | 2Q13

June 30, 2013

During the lazy days of summer, one may contemplate investing from the perspective of a regatta.

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Oakmark International Fund Commentary: Second Quarter 2013

June 30, 2013

One of the dominant retail banks in the U.K., was the top contributor to performance for the quarter and an Australian mining services company was the largest detractor.

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Oakmark International Fund Commentary: First Quarter 2013

March 31, 2013

Continued talk of economic reform from Japan’s new government has led to a weakening of the yen and a market rally, while Italy’s election results call into question whether it will continue on the austerity path.

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2012

David Herro Market Commentary | 4Q12

December 31, 2012

The enduring lesson of 2012: Macro shocks create market opportunities for patient investors.

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David Herro Market Commentary | 3Q12

September 30, 2012

David offers his thoughts on why the Oakmark International Fund has been so successful over its 20 years of existence.

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David Herro Market Commentary | 2Q12

David Herro - June 30, 2012

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!

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2011

David Herro Market Commentary | 4Q11

David Herro - December 31, 2011

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.

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David Herro Market Commentary | 3Q11

David Herro - September 30, 2011

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.

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David Herro Market Commentary | 2Q11

David Herro - June 30, 2011

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.

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David Herro Market Commentary | 1Q11

David Herro - March 31, 2011

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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Note:  The closing NAVs reflect the year-end distributions of Thursday, December 13, 2018. View Historical Distributions.

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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.

Before investing in any Oakmark Fund, you should carefully consider the Fund's investment objectives, risks, management fees and other expenses. This and other important information is contained in a Fund's prospectus and summary prospectus. Please read the prospectus and summary prospectus carefully before investing. For more information, please call 1-800-OAKMARK (625-6275).

OAKMARK, OAKMARK FUNDS, OAKMARK INTERNATIONAL, and OAKMARK and tree design are trademarks owned or registered by Harris Associates L.P. in the U.S. and/or other countries.

Copyright 2018, Harris Associates Securities L.P., Distributor, Member FINRA.
Date of first use: January 24, 2013.

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