Oakmark is the mutual fund family launched in 1991 by Harris Associates, the Chicago deep-value firm founded in 1976 (about $105bn AUM). Bill Nygren runs the flagship Oakmark Fund and David Herro the Oakmark International Fund, buying businesses at large discounts to intrinsic value and holding them like owners — publishing quarterly fund commentaries, market commentaries and insight articles.
This report covers the Oakmark International Fund's performance in early 2018. Since 1992, it has averaged 10.17% annual returns, but it dropped 2.77% in the last three months. For regular investors, this shows that short-term losses don't mean the strategy is broken—sticking with a value fund (which buys cheap, solid companies) can pay off over time. Worth a read because it uses data to remind you not to panic over quarterly dips. Fees are reasonable at 0.95% per year.
Oakmark International Fund (Investor Class) Report as of March 31, 2018 Since its inception on September 30, 1992, the fund has achieved an average annual total return of 10.17%. Over the past 10 years, 5 years, and 1 year, the returns were 7.91%, 8.74%, and 15.29%, respectively, though it declined
This section presents the performance and fee structure of the Oakmark International Fund (Investor Class) as of March 31, 2018. The report aims to demonstrate the fund's long-term return record since its inception in 1992 and emphasizes that short-term fluctuations (such as the decline over the past three months) do not undermine the effectiveness of its long-term value investment strategy.
The author's core investment argument is that the fund has achieved robust long-term returns through a long-term value investment strategy, and short-term market fluctuations (such as the 2.77% decline over the past three months) should not be overinterpreted. The counterintuitive judgment is that despite the poor performance over the past three months (-2.77%), the one-year return rate is as high as 15.29%, suggesting that the short-term decline may be a market adjustment rather than a strategy failure.
| Time Period | Average Annual Total Return |
|---|---|
| Since Inception (1992/09/30) | 10.17% |
| Past 10 Years | 7.91% |
| Past 5 Years | 8.74% |
| Past 1 Year | 15.29% |
| Past 3 Months | -2.77% |
This section does not mention specific companies or assets, focusing solely on the fund's overall performance data.
For investors, the fund's historical data indicates that holding a value-oriented international fund over the long term can yield stable returns, but short-term volatility (such as quarterly declines) must be tolerated. Investors should focus on compound growth over 10 years or more (10.17%) rather than short-term drawdowns (-2.77%) and confirm that the expense ratio (net 0.95%) is within an acceptable range.