Commentary

3Q17 | Bill Nygren
We are nine years into an economic and stock market recovery and P/E ratios are elevated somewhat beyond historic averages. As value investors, we believe our portfolios benefit from owning stocks in the overlapping area between growth and value, which is why we are mindful of the shortcomings of using a P/E ratio alone to define value. 
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3Q17 | David Herro
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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Commentary

Oakmark International Small Cap Fund
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Oakmark International Small Cap Fund Commentary: Third Quarter 2017

September 30, 2017

A Germany-based online payment services provider was the Fund’s top performer this quarter, while a banking, securities and financial services provider in South Korea was the largest detractor.

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3Q17 | David Herro Market Commentary

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 Small Cap Fund Commentary: Second Quarter 2017

June 30, 2017

A Hong-Kong based holding company was the Fund’s top performer this quarter, while a Canada-based global fleet management solutions company was the largest detractor.

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2Q17 | David Herro Market Commentary

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 Small Cap Fund Commentary: First Quarter 2017

March 31, 2017

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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2016

Oakmark International Small Cap Fund Commentary: Fourth Quarter 2016

December 31, 2016

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.

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4Q16 | David Herro Market Commentary

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 Small Cap Fund Commentary: Third Quarter 2016

September 30, 2016

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.

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Oakmark International Small Cap Fund Commentary: Second Quarter 2016

June 30, 2016

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.

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2Q16 | David Herro Market Commentary

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 Small Cap Fund Commentary: First Quarter 2016

March 31, 2016

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.

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2015

Oakmark International Small Cap Fund Commentary: Fourth Quarter 2015

December 31, 2015

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.

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4Q15 | David Herro Market Commentary

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 Small Cap Fund Commentary: Third Quarter 2015

September 30, 2015

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.

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Oakmark International Small Cap Fund Commentary: Second Quarter 2015

June 30, 2015

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.

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2Q15 | David Herro Market Commentary

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 Small Cap Fund Commentary: First Quarter 2015

March 31, 2015

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.

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2014

Oakmark International Small Cap Fund Commentary: Fourth Quarter 2014

December 31, 2014

A Swiss travel services company was the Fund’s top contributor this quarter, while a South Korean financial holding company was the largest detractor.

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4Q14 | David Herro Market Commentary

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 Small Cap Fund Commentary: Third Quarter 2014

September 30, 2014

The top contributor for the quarter was an engineering and technology consulting company, while a geological engineering company was the largest detractor.

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Oakmark International Small Cap Fund Commentary: Second Quarter 2014

June 30, 2014

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.

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2Q14 | David Herro Market Commentary

June 30, 2014

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

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Oakmark International Small Cap Fund Commentary: First Quarter 2014

March 31, 2014

Holdings in Japan contributed most to the Fund’s quarterly return, while Swiss and Australian names were the largest detractors.

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2013

Oakmark International Small Cap Fund Commentary: Fourth Quarter 2013

December 31, 2013

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.

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4Q13 | David Herro Market Commentary

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 Small Cap Fund Commentary: Third Quarter 2013

September 30, 2013

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.

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Oakmark International Small Cap Fund Commentary: Second Quarter 2013

June 30, 2013

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.

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2Q13 | David Herro Market Commentary

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 Small Cap Fund Commentary: First Quarter 2013

March 31, 2013

While international stocks have been performing well, this hasn’t hindered our ability to find new attractive investment candidates.

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2012

4Q12 | David Herro Market Commentary

December 31, 2012

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

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3Q12 | David Herro Market Commentary

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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2Q12 | David Herro Market Commentary

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

4Q11 | David Herro Market Commentary

Bill Nygren - 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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3Q11 | David Herro Market Commentary

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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2Q11 | David Herro Market Commentary

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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1Q11 | David Herro Market Commentary

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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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).

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Date of first use: January 24, 2013.

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