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

OAKIX

Fund

Oakmark International

Inception Date

09/30/1992

Cusip

413838202

Share Class Total Net Assets

$9.3B

Daily Nav

$20.76

(09/18/2020)

Nav Change

0.36

Nav YTD %

16.79%

Objective

Long-term capital appreciation

Oakmark International invests in a diversified portfolio of common stocks of non-U.S. companies. The fund generally focuses on mid- and large-cap companies, though small-cap companies are also eligible for investment.

Portfolio Managers

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Oakmark International

David Herro discusses the Oakmark International Fund

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

From 09/30/1992 to 06/30/2020

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 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.

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. Index (Net) is a free float-adjusted, market capitalization-weighted index that is designed to measure international developed market equity performance, excluding the U.S. The index covers approximately 85% 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 Fund: Second Quarter 2020

The Fund’s top contributor this quarter was one of the world’s largest mining firms and commodities traders with headquarters...

Performance Returns

  • Returns % as of 08/31/2020
  • Returns % as of 06/30/2020
Gross Expense Ratio (as of 09/30/2019): 1.03%
Net Expense Ratio (as of 09/30/2019): 0.98%
Fund Inception: 09/30/1992

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, 2021.

Portfolio Characteristics

As of 06/30/2020

Median Market Cap

$19,009 M

Weighted Average Market Cap

$35,525 M

Current Price to Earnings Ratio

12.7

Projected Price to Earnings

11.6

Current Price to Book Ratio

1.0

Projected Price to Book

0.9

Current Price to Cash Flow

13.3

Projected Price to Cash Flow

9.6

Number of Holdings

64

Turnover Rate

32%

Dividend Yield

3.22%

Beta vs. Benchmark

1.025

Standard Deviation

18.91%

Annual Operating Expenses - Gross*

1.03%

Annual Operating Expenses - Net*

0.98%

*Annual Operating Expenses As of 09/30/2019

Equity Sector Breakdowns

As of 06/30/2020

Top 10 Equities and Equivalents

As of 06/30/2020

Total % in Top 10 Holdings 35.8%

Total # of Holdings 64

Assets Under Mgmt. $21.8B

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 06/30/2020

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

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