Another top contributor for the year was Daimler (XTER:DAI
), the global auto manufacturer of the Mercedes brand, which returned 67%. Shares reacted positively to the company’s 2012 results, which included higher profits than we expected for the company’s Mercedes-Benz Car and Truck divisions. More recently Daimler announced significantly improved earnings and net profits for the second quarter of 2013. In addition, sales of Mercedes-Benz cars increased in all markets, driving unit sales to a new record. Although Mercedes continues to underperform Audi and BMW in China, we expect an increase in growth from its new model launches, new organizational structure, and 75 new dealerships by year end. The Trucks division has also performed well, led by a significant rebound in Latin American unit sales, which increased by 57%. Daimler management remains upbeat about global operations and reiterated the full-year guidance for all divisions.
From Oakmark's Global Select Fund third quarter 2013 commentary