Harris Associates
Harris Associates International Small Cap Strategy
International Small-cap
Dec 2024 → Sep 2026
Our archive holds 3 letters from this strategy, behind 13 investment theses and positions in 16 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 3 years · follow all of Harris Associates for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Net of Fees
- YTD+2.5%index +10.6%
- 1Y+4.2%index +14.5%
- 3Y · /yr+13.2%index +19.0%
- 5Y · /yr+6.2%index +6.5%
- 10Y · /yr+8.2%index +8.4%
- Inception · /yr+9.2%
Index: MSCI World ex USA SC Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Harris Associates International Small Cap Strategy | +2.5% | +4.2% | +13.2% | +6.2% | +8.2% | +9.2% |
| MSCI World ex USA SC Index | +10.6% | +14.5% | +19.0% | +6.5% | +8.4% | — |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
- ExitedEssentraSep 2026
We eliminated the following position(s) during the period:
- ExitedAltenSep 2026
We eliminated the following position(s) during the period:
- ExitedDTSSep 2026
We eliminated the following position(s) during the period:
We eliminated the following position(s) during the period:
We eliminated the following position(s) during the period:
- New positionDormakabaJun 2026
We initiated the following position(s) during the pe- riod:
We were pleased to initiate a position at a meaningful discount to our estimate of intrinsic value.
We initiated the following position(s) during the pe- riod:
We initiated the following position(s) during the pe- riod:
Also held
- Adecco Group
- Dometic Group
- Hays
- Valmet Corporation
- LANXESS
- Adecco
- Hamamatsu Photonics
- Valmet
- Jenoptik
Its investment theses
- Valmet CorporationSep 2026Valmet Corporation provides process technologies and services to pulp, paper, and energy markets, with better-than-expected results and a strategic review supporting the investment case.
- Arcadis NVSep 2026Arcadis NV is a global engineering and design consultancy with strong franchises, margin expansion potential, and durable demand from infrastructure and sustainability spending.
- VerisureSep 2026Verisure is a professional alarm monitoring company with recurring subscription revenue, low attrition, proprietary technology, and inflecting free cash flow.
- Scout24Jun 2026Scout24 is the dominant German property classifieds platform with strong network effects and significant pricing and ARPU upside.
- ReplyJun 2026Reply has a decentralized IT services model with durable demand and AI-related productivity upside at an attractive valuation.
- Birkenstock HoldingJun 2026Birkenstock is a premium footwear brand with structural barriers, vertical integration, and durable growth and margin potential.
- HiabJun 2026Hiab is a high-quality niche industrial with structural growth, margin expansion potential, and a value-unlocking independence catalyst.
- DormakabaJun 2026Dormakaba benefits from barriers to entry, pricing power, and improved management with potential margin recovery.
- SATS Ltd.Jun 2026SATS is a global aviation services leader with barriers to entry, scale advantages, and durable growth and margin expansion.
- oOh!mediaJun 2026oOh!media is the leading Australian out-of-home advertiser with structural share gains and improving margins, implying meaningful upside.