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Description:

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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