Oakmark International I - OAKIX
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average rating: 3.37 / 8 ratings
DESCRIPTION:
Date updated:12-08-2007
This fund has a Morningstar rating of 3 stars and is run by David Herro. Herro is the managing director at Harris Associates L.P.. Prior to joining Harris in 1992, he worked as a portfolio manager for The Principal Financial Group from 1986 to 1989 and as a portfolio manager for The State of Wisconsin Investment Board from 1989 to 1992. Herro is a member of the Financial Analysts Federation. Herro holds the Chartered Financial Analyst designation.
Oakmark International Fund is an open-end fund incorporated in the USA. The Fund's objective seeks long-term capital appreciation. The Fund invests in common stocks of non-U.S. companies. The Funds may invest in mature markets (examples are Japan, Canada, and the United Kingdom) and in less developed markets (examples are Mexico, Brazil, and Korea). In early 2007, Morningstar selected the fund as its International Fund Manager of the Year.
In a 2/19/07 interview with Barron's, fund manager David Herro stated that he believes the best international value is found in "old and busted growth-blue-chips." He believes these companies have fallen out of favor thanks to the current excitement with small cap stocks, but since they trade at prices similar to where they were trading years ago despite earnings growth, they represent good value. Going forward, Herro believes that the divergence between small and large caps will revert. He told Barron's "The caveat is, and I've been saying this for a year: Looking out five years, I expect our core international strategy will outperform our core international small-cap strategy just based on the valuations of businesses. Small-caps are trading roughly 15% to 20% more than their brethren in large-cap land and in many instances it is not deserved. It is getting harder and harder for us to find small stocks to replace those that we sell because they've hit their targets. That's a caution, and people don't want to hear it. On my conference calls with advisers they say, oh, you are just being conservative. Maybe it is conservative, but I'm trying to be honest."
Current Returns:
1-Year: 4.47%
3-Year: 16.37%
5-Year: 20.06%
As of 9/30/07
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DCX
Merrill Lynch & C - $9.94
- -0.60%
- $9.90
Fund Manager Herro said this to Barron's regarding their investment: "But the market was completely missing the turnaround at Mercedes-Benz Autos as well as the commercial vehicles. Investors have been solely focused on Chrysler. Chrysler is certainly having its issues, but one could argue that Chrysler is in a slightly a better position than Ford and GM. Yet, a healthy Chrysler is less than 20% of Daimler's value. This is a big company and it has a lot of different aspects to it and shareholders of the world have been ignoring that Mercedes' operating margin has gone from 1% or 2% to 7%. A similar expansion has taken place in profitability on the commercial-vehicle side. There are some real changes taking place at Mercedes in design and, more importantly, quality. You can see it in the sales numbers. There is a new S-class that came out, and that is a very important product for Mercedes because they sell a decent amount of them and they are high-margin. They have a new C-class coming out in about two months. The only new product that doesn't seem to be doing well is the R-class, which is a cross between an SUV and a minivan. Chief Executive Dieter Zetsche has done a good job getting this company focused on its business."
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UBS
Ubs Ag Common Sto - $15.45
- +0.72%
- $15.46
Fund manager Herro likes banks that have an asset management business as well.
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GLAXO.NS
Glaxosmithkline P - $1697.55
- 0.00%
- $1690.00
In a 2/19/07 interview with Barron's, Oakmark manager David Herro was quoted as saying: "The old and busted growth-blue-chips, whether they are in the U.S. or based internationally, are the most attractively priced equity assets out there. This is where there is value. For example, GlaxoSmithKline [ticker: GSK] stock is trading at the same level it was in the mid '90s, and yet its earnings power is substantially higher. There has been a massive de-rating that has happened in such industries as pharmaceuticals, media, and consumer nondurables."
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CS
Credit Suisse Gro - $49.81
- 0.00%
- $N/A
Fund manager Herro likes banks that have an asset management business as well.
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HSBA.L
Hsbc Hldg - $681.00
- -0.44%
- $686.00
As quoted in Barron's: "We've added HSBC [HBC]/Hong Kong Shanghai Bank, which looks like a stock that hasn't done much. Its local shares are trading at 919 pence. But this is a company that has good exposure to Asia and to the emerging world. They have a huge franchise in the greater Hong Kong and Southern China area. North America, including Latin America, is almost one-third of their business. One-third is Europe and one-third is Asia."
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DEO
Diageo Plc Common - $66.37
- -0.02%
- $66.09
No Analysis added
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BMW.BE
Bmw - $32.39
- -0.89%
- $32.39
Herro believes that demographics and the growing number of luxury car buyers will benefit this company greatly.
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ADO
Ado - $0.00
- N/A
- $N/A
No Analysis added
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