The Oakmark Funds are advised by Harris Associates L.P. an autonomous subsidiary of Natixis Investment Managers, L.P.

Learn more about the principles and philosophy behind our funds at HarrisAssoc.com.

Harris Associates

111 South Wacker Drive, Suite 4600
Chicago, Illinois 60606
312-646-3600

OANEX

Fund

Oakmark International Small Cap

Inception Date

11/30/2016

Cusip

413838657

Share Class Total Net Assets

$0.8B

Daily Nav

$14.86

(02/24/2020)

Nav Change

0.59

Nav YTD %

9.17%

Objective

Long-term capital appreciation

Oakmark International Small Cap seeks capital appreciation by investing in small-capitalization companies located outside the U.S.

Portfolio Managers

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Oakmark International Small Cap

David Herro discusses the Oakmark International Small Cap Fund

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Growth of a $10,000 Investment (Investor Share Class)

From 12/31/1998 to 12/31/2019

Past performance is no guarantee of future results. The performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted. Total return includes change in share prices and, in each case, includes reinvestment of dividends and capital gain distributions. The investment return and principal value vary so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Oakmark International Small Cap Fund’s portfolio tends to be invested in a relatively small number of stocks. As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset value than it would if the Fund invested in a larger number of securities. Although that strategy has the potential to generate attractive returns over time, it also increases the Fund’s volatility.

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.

Investing in foreign securities presents risks that in some ways 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 MSCI World ex U.S. Small Cap Index (Net)  is designed to measure performance of small-cap stocks across 22 of 23 Developed Markets (excluding the United States). The index covers approximately 14% of the free float-adjusted market capitalization in each country. This benchmark calculates reinvested dividends net of withholding taxes. This index is unmanaged and investors cannot invest directly in this index.

Commentary

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Oakmark International Small Cap Fund: Fourth Quarter 2019

The Fund’s top contributor this quarter was a German mechanical and plant engineering firm, while the largest detractor was...

Performance Returns

  • Returns % as of 01/31/2020
  • Returns % as of 12/31/2019
Gross Expense Ratio (as of 09/30/2019): 1.23%
Net Expense Ratio (as of 09/30/2019): 1.23%
Fund Inception: 11/30/2016

Returns for periods of less than one year are not annualized.

Portfolio Characteristics

As of 12/31/2019

Median Market Cap

$2,981 M

Weighted Average Market Cap

$3,894 M

Current Price to Earnings Ratio

12.8

Projected Price to Earnings

11.3

Current Price to Book Ratio

1.6

Projected Price to Book

1.5

Current Price to Cash Flow

11.5

Projected Price to Cash Flow

10.0

Number of Holdings

59

Turnover Rate

43%

Dividend Yield

3.29%

Beta vs. Benchmark

1.010

Standard Deviation

19.00%

Annual Operating Expenses - Gross*

1.23%

Annual Operating Expenses - Net*

1.23%

*Annual Operating Expenses As of 09/30/2019

Equity Sector Breakdowns

As of 12/31/2019

Top 10 Equities and Equivalents

As of 12/31/2019

Total % in Top 10 Holdings 30.0%

Total # of Holdings 59

Assets Under Mgmt. $1.6B

Portfolio holdings are subject to change and are not intended as recommendations of individual stocks. Individual security weights may not add to the displayed total due to rounding.

Country Allocations

As of 12/31/2019

Emerging Markets consists of: Indonesia, Mexico and South Korea.