Another top contributor for the quarter was Daimler (DAI), the global auto manufacturer of the Mercedes brand. Even though Daimler’s first-quarter results were below expectations, investors remained upbeat, and Daimler’s stock price continued to climb due to improving sales trends in the auto industry. The company’s Mercedes-Benz deliveries increased nearly 12% in April, and since the beginning of the year unit sales increased about 6%. Mercedes-Benz sales in the U.S. grew just over 4% during the past quarter, and year-to-date sales were up 10% versus the year-ago period. In addition, Daimler announced that it may sell four company-owned Mercedes-Benz dealerships in Germany to reduce costs and better align its profitability with its close competitors, BMW and Audi.
From the Oakmark Global Select Fund second quarter 2013 commentary.
From the Oakmark Global Select Fund second quarter 2013 commentary.
