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

OAKEX

Fund

Oakmark International Small Cap

Inception Date

11/01/1995

Cusip

413838509

Share Class Total Net Assets

$587.37 M

Daily Nav

$20.66

(09/17/2021)

Nav Change

0.20

Nav YTD %

22.25%

Objective

Long-term capital appreciation

Oakmark International Small Cap seeks capital appreciation by investing in small-cap 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

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

From 02/29/2016 to 06/30/2021

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: Second Quarter 2021

A top contributor to the Fund’s performance was a U.K.-based estate agency, while a top detractor was an Australian...

Performance Returns

  • Returns % as of 08/31/2021
  • Returns % as of 06/30/2021
Gross Expense Ratio: 1.39%
Net Expense Ratio: 1.37%
Fund Inception: 11/01/1995

Expense ratios are based on estimated amounts for the current fiscal year; actual expenses may vary.
Returns for periods of less than one year are not annualized.
The net expense ratio reflects a contractual advisory fee waiver agreement through January 27, 2022.

Portfolio Characteristics

As of 06/30/2021

Median Market Cap

$3,475 M

Weighted Average Market Cap

$4,681 M

Current Price to Earnings Ratio

14.1

Projected Price to Earnings

12.0

Current Price to Book Ratio

1.6

Projected Price to Book

1.5

Current Price to Cash Flow

12.5

Projected Price to Cash Flow

10.4

Turnover Rate

42%

Dividend Yield

3.05%

Beta vs. Benchmark

1.157

Standard Deviation

20.33%

Top 10 Equities and Equivalents

As of 06/30/2021

Total % in Top 10 Holdings 31.8%

Total # of Holdings 58

Assets Under Mgmt. $1,685.21M

 

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.

Equity Sector Breakdowns

As of 06/30/2021

Country Allocations

As of 06/30/2021

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

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