|Average Annual Total Returns (%)|
|12/31/2012||Manager||Inception Year||Total Net Assets ($Billion)||Expense Ratio (%)||1 Y||3 Y||5 Y||10 Y||Since Inception|
|Oakmark International Fund (OAKIX)||David Herro||1992||11.10||1.06||29.22||8.87||3.52||11.23||10.37|
|Oakmark International Small Cap Fund (OAKEX)||David Herro||1995||1.60||1.41||18.39||6.33||1.8||12.41||9.95|
|Tweedy Browne Global Value Fund (TBGVX)||William H. Browne||1993||5.70||1.40||18.39||8.91||1.9||9.4||9.91|
|Invesco European Growth Fund (AEDAX)||Jason Holzer, Clas Olsson||1997||0.88||1.48||21.08||8.92||-1.15||12.45||11.28|
|Polaris Global Value Fund (PGVFX)||Bernard R. Horn, Jr||1989||0.17||1.36||21.00||10.26||-0.46||8.91||8.97|
|Wintergreen Fund (WGRNX)||David J. Winters||2005||1.60||1.86||7.51||9.40||1.17||NA||6.54|
These are the details of the Global Funds. GuruFocus Global Membership is required to gain access to Global Fund portfolios and value screeners for global stocks.
Oakmark International Fund
Oakmark International Fund (OAKIX) was established on 9/30/1992. The total net assets are $11.1 billion and the turnover rate (as of 9/30/2012) is 38%. The fund seeks capital appreciation by investing in mid- and large-cap companies located outside the U.S. Within this fund, the top three sectors are Financials (31.1%), Consumer Discretionary (21.5%), and Industrials (16.7%). The top three geographic allocations are Japan (24.4%), Switzerland (16.7%) and the UK (14.6%).
Oakmark International Fund is managed by David Herro, CFA, and Robert A. Taylor, CFA. David Herro has been a manager of the Oakmark International Fund (OAKIX) since 1992. His career honors include being named Morningstar's International Stock Fund Manager of the Year in 2006 and International Stock Fund Manager of the Decade for 2000-09.
“The Fund uses a value investment philosophy in selecting equity securities. This investment philosophy is based upon the belief that, over time, a company’s stock price converges with the company’s intrinsic or true business value. They believe that investing in securities priced significantly below their true business value presents the best opportunity to achieve the Fund’s investment objective.
The Fund’s investment adviser, Harris Associates L.P., uses this value philosophy to identify companies that it believes have discounted stock prices compared to the companies’ true business values. In assessing such companies, the Adviser looks for the following characteristics, although not all of the companies selected will have all of these attributes: (1) free cash flows and intelligent investment of excess cash; (2) earnings that are growing and are reasonably predictable; and (3) high level of manager ownership. Specifically speaking:
(1) Buy businesses that are trading at a significant discount to the Adviser’s estimate of the company’s intrinsic value. At the time the Adviser buys a company, the Adviser wants the company’s stock to be inexpensive relative to what it believes the entire business is worth.
(2) Invest with companies expected to grow shareholder value over time. Value investors can sometimes fall into the trap of buying a stock that is inexpensive for a reason—because the company just does not grow. The Adviser looks for good quality, growing businesses with positive free cash flow and intelligent investment of cash.
(3) Invest with management teams that think and act as owners. The Adviser seeks out companies with management teams that understand the dynamics of per share value growth and are focused on achieving such growth. Stock ownership and incentives that align managements’ interests with those of shareholders are key components of this analysis.”
Oakmark International Small Cap Fund
Oakmark International Small Cap Fund (OAKEX) was established on 11/1/1995. The total net assets are $1.6 billion and the turnover rate (as of 9/30/2012) is 33%. The fund seeks capital appreciation by investing in small-capitalization companies located outside the US. Within this fund, the top three sectors are Industrials (29.8%), Consumer Discretionary (20.0%), and Information Technology (19.5%). The top four geographic allocations are Japan (27.1%), the UK (19.2%), Switzerland (13.7%) and Australia (10.6%).
Oakmark International Small Cap Fund is also managed by David Herro, CFA, and Mike Manelli, CFA. David Herro has been a manager of the Oakmark International Small Cap Fund (OAKEX) since 1995. His career honors include being named Morningstar's International Stock Fund Manager of the Year in 2006 and International Stock Fund Manager of the Decade for 2000-09.
Tweedy Browne Global Value Fund
Tweedy Browne Global Value Fund (TBGVX) was established on 6/15/1993. The total net assets are approximately $5.7 billion (as of 2/28/2013) and the 12-month turnover rate is 14.53%. The fund seeks long-term growth of capital by investing throughout the world in a diversified portfolio consisting primarily of non-U.S. marketable equity securities, although investments in U.S. securities are permitted and will be made when opportunities in the U.S. appear more attractive. Investments are focused in developed markets, and where practicable, perceived foreign currency exposure is hedged back into the U.S. dollar. Within this fund, the top four geographic allocations are Switzerland (17.65%), the UK (13.21%), Netherlands (10.29%) and France (10.12%).
Tweedy Browne Global Value Fund is managed by William H. Browne, John D. Spears, Thomas H. Shrager, and Robert Q. Wyckoff Jr.
They pursue a value-oriented approach to investment management first pioneered by Benjamin Graham. They invest primarily in securities trading at discounts from the advisor's assessment of intrinsic value. Investments are generally sold as the market price approaches intrinsic value, with the proceeds reinvested in other situations offering a greater discount to intrinsic value.
“Most investments in Tweedy, Browne portfolios have one or more of the following investment characteristics: low stock price in relation to book value; net current assets; earnings; cash flow; dividends or previous share price; small market capitalization and a significant pattern of stock purchases by one or more insiders (officers and directors), or by the company itself.”
Invesco European Growth Fund
Invesco European Growth Fund (AEDAX) was established on 11/3/1997. The total net assets are approximately $885 million and the annual turnover (as of 10/31/2012) is 14%. The fund seeks long-term growth of capital by investing in reasonably priced, quality companies in the European region, with strong fundamentals and/or accelerating earnings growth. Within this fund, the top three sectors are Consumer Discretionary (20.94%), Industrials (15.92%), and Consumer Staples (11.81%). The top three geographic allocations are United Kingdom (31.82%), Switzerland (13.11%), and Germany (7.99%).
Invesco European Growth Fund is managed by Clas G. Olsson, Jason T. Holzer, Matthew Dennis, Borge Endresen, and Richard Nield.
“The portfolio managers employ a disciplined investment strategy that emphasizes fundamental research to identify quality growth companies and is supported by quantitative analysis, portfolio construction and risk management techniques. Investments for the portfolio are selected bottom-up on a security-by-security basis. The focus is on the strengths of individual issuers, rather than sector or country trends. The portfolio managers’ strategy primarily focuses on identifying issuers that they believe have sustainable above-average earnings growth, efficient capital allocation, and attractive prices.”
Polaris Global Value Fund
Polaris Global Value Fund (PGVFX) was established on 7/31/1989. The total net assets are $165 million. The fund seeks to invest in companies with strong sustainable free cash flow. The fund is diversified across country and sector, and typically holds 50 to 100 multi-cap stocks that meet Polaris’ strict value criteria. Within this fund, the top three sectors are Financials (20%), Consumer Discretionary (14%), and Materials (13%). The top three geographic allocations are United States (40%), United Kingdom (9%), and Germany (9%).
Polaris Global Value Fund is managed by a team of five investment professionals led by Bernard R. Horn Jr., President of Polaris Capital Management LLC.
“The Fund's Investment Adviser uses a three-step process to identify companies with the most undervalued streams of sustainable cash flow.
(1) A ranking of country and industry value sectors is established first, as these sectors influence security prices. This ranking is based on an evaluation of the interaction of cash flow, inflation and interest rates, utilizing a proprietary investment model developed by the Adviser. The ranking identifies companies priced low relative to comparable companies.
(2) Using traditional valuation criteria, the Adviser regularly reviews its database of more than 30,000 global companies to produce a list of approximately 500 companies that appear to have the greatest potential for undervalued streams of sustainable cash flow. The Adviser also takes into consideration the normal security price fluctuations that can undervalue a company's cash flow and assets.
(3) The Adviser then conducts rigorous fundamental research on the companies identified through the ranking and evaluation processes. The Fund invests in a portfolio of 50-100 companies, typically diversified across 15 countries and 15 industries that pass fundamental research criteria. Typically initial investments are evenly weighted but, because the value of stocks will change, this weighting may also change.”
Wintergreen Fund (WGRNX) was established on 10/17/2005. The total net assets are $1.6 billion and the turnover rate (as of 12/31/2012) is 14%. The fund is a no-load, global value fund with the ability to invest in nearly any asset class or market in the world. The investment objective is capital appreciation. Within this fund, the top three sectors are Consumer Staples (26.7%), Consumer Discretionary (21.1%), and Industrials (15.5%). The top four geographic allocations are United States (33.3%), Switzerland (20.9%), Hong Kong (10.5%), and United Kingdom (9.9%).
Wintergreen Fund is managed by David J. Winters.
“The Fund invests mainly in equity securities of companies of any nation that the Investment Manager believes are available at market prices less than their intrinsic value. The Investment Manager seeks to identify securities through extensive analysis and research, taking into account, among other factors, the relationship of book value to market value, cash flow, multiples of earnings, and quality of management.
The Investment Manager will follow a global approach to investing that combines the following key elements:
(1) Activism and Arbitrage: If the Fund takes an activist role, it will seek to influence or control management, or invest in other companies that do so when the Investment Manager believes the Fund may benefit. Arbitrage opportunities will typically involve securities of companies involved in restructurings or that the Investment Manager believes are attractively priced relative to an economically equivalent security of the same or another company.
(2) Securities of companies that are, or are about to be, involved in bankruptcy.
(3) Cash equivalent instruments and debt securities or preferred stock convertible into common stock.
(4) Securities of companies that are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy.
(5) Securities trading at a discount to intrinsic value.
(6) Securities of companies that are, or are about to be, involved in financial restructurings, or participation in such financings.
(7) Securities of both U.S. issuers and non-U.S. issuers, including securities of issuers in emerging markets.”
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