Harris Associates
Harris Associates International Small Cap Strategy
International Small-cap
Dec 2024 → Jun 2026
Our archive holds 2 letters from this strategy, behind 10 investment theses and positions in 10 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 3 years — follow all of Harris Associates for every strategy.
Its investment theses
- 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.
- Auction Technology GroupDec 2024Auction Technologies Group (ATG) is an online marketplace that connects auctioneers to a vast bidder network, offering significant value through expanded reach and additional services while benefiting from the growing trend of e-commerce in auctions.
- CampariDec 2024Campari is a well-positioned global spirits producer with a strong portfolio that stands to benefit from cocktail culture growth and offers attractive investment opportunities at a 7-year low valuation.
- Sopra SteriaDec 2024Sopra Steria is a leading European IT services company undergoing a strategic transition towards higher-margin digital services, supported by a strong balance sheet and healthy growth prospects despite current market uncertainties.