Oakmark International IOAKIX

Morningstar Rating

Fund Research and Analysis

by John Coumarianos

Oakmark International doesn't look like an index, and that's why we like it.

This international value fund, run by veteran managers David Herro and Robert Taylor, is a favorite. Herro and Taylor lean against the wind, buying stocks that are unpopular, Read more

Kudos

Strict value discipline.

Good long-term returns.

Herro eats his own cooking, with more than $1 million invested in this fund and more than $1 million invested in Oakmark International Small Cap. Read more

Risks

Deep-value discipline can cause problems in go-go growth rallies.

All-cap approach can hold it back when blue chips lead the way.

Often owns more emerging-markets stocks than most of its peers, and such issues can be quite volatile.

Penchant for building atypical country and sector stakes backfires on occasion.

Sizable positions in individual names can court significant issue-specific risk. Read more

Strategy

The manager invests in stocks that trade at discounts of at least 40% to his estimates of intrinsic value. He readily considers fallen growth stocks (which can push the fund into the blend or growth Read more

Management

David Herro has been at the helm of this fund since it opened in late 1992. Herro, who serves as Harris Associates' CIO of international equities, has run Oakmark International Small Cap OAKEX for 11 years. He's supported by seven investment professionals Read more

Inside Scoop

This fund follows a deep-value style, readily buys stocks in bunches, and goes wherever the bargains may be. The fund is bolder than other overseas value hounds. While it Read more

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