Oakmark
Oakmark International Small Cap Fund
International Small-cap
Mar 2025 → Sep 2026
Our archive holds 6 letters from this strategy, behind 22 investment theses and positions in 29 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 2 years · follow all of Oakmark for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Institutional Class | OANEX
- YTD+2.4%index +10.6%
- 1Y+3.9%index +14.5%
- 3Y · /yr+13.0%index +19.0%
- 5Y · /yr+6.1%index +6.5%
- 10Y · /yr+8.0%index +8.4%
- Inception · /yr+8.8%
Index: MSCI World ex USA Small Cap Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Oakmark International Small Cap Fund | +2.4% | +3.9% | +13.0% | +6.1% | +8.0% | +8.8% |
| MSCI World ex USA Small Cap 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
With free cash flow inflecting and a dividend initiation guided for the second half of the year, we initiated a position at a meaningful discount to intrinsic value.
Final sales • Alten • DTS • Essentra
- ExitedDTSSep 2026
Final sales • Alten • DTS • Essentra
Final sales • Alten • DTS • Essentra
With free cash flow inflecting and a dividend initiation guided for the second half of the year, we initiated a position at a meaningful discount to intrinsic value.
we were pleased to initiate a position at a meaningful discount to our estimate of intrinsic value.
Also held
Its investment theses
- Sugi HoldingsSep 2026Sugi Holdings is a Japanese drug store and pharmacy operator that can benefit from consolidation, solid operating trends, and disciplined acquisition-led growth.
- Arcadis NVSep 2026Arcadis NV is a global engineering consultancy with structural growth drivers, margin expansion potential, and scarce strategic value in a consolidating sector.
- VerisureSep 2026Verisure is a Sweden-based alarm monitoring company with recurring revenue, strong market share, low attrition, and improving free cash flow.
- ValmetJun 2026Valmet is a pulp and paper process technology, automation, and services company with a long-term thesis supported by temporary cyclicality and improving automation margins.
- Birkenstock HoldingJun 2026Birkenstock Holding is a premium footwear company whose proprietary footbed, vertical integration, and brand strength support durable growth and margins.
- dormakaba HoldingJun 2026dormakaba Holding is an access-solutions company with pricing power, a stronger new CEO, and an attractive discount to intrinsic value.
- HiabJun 2026Hiab supplies truck-mounted on-road handling equipment and has growth, margin expansion, and value-unlock potential after becoming independent.
- ReplyJun 2026Reply is an IT services platform with durable enterprise demand, AI productivity upside, and an attractive valuation.
- SATS Ltd.Jun 2026SATS Ltd. is a global aviation services company with oligopolistic cargo handling positions, scale advantages, and durable growth potential.
- Scout24Jun 2026Scout24 is the dominant German property classifieds platform with network effects, workflow integration, and significant ARPU upside.