We also sold our position in BMW (XTER:BMW) (Germany). We strive to invest in owner-oriented management teams that build shareholder value over time. We have been disappointed in BMW’s capital allocation and significant cash position. We had hoped to discuss our concerns with management, but management refused to hear our thoughts on the topic. Given our concerns about capital allocation, management’s unwillingness to meet with us and our significant exposure to the automotive sector, we decided to sell our shares.
From David Herro (Trades, Portfolio)'s Oakmark International Fund second quarter 2016 commentary.
