We also initiated a position in Olympus (TSE:7733), the Japanese camera and endoscopes company, during the quarter. We owned Olympus in the past and most recently sold our shares in February 2016 as it approached our estimate of intrinsic value. However, by mid-August the share price had fallen over 30%, and since our investment thesis was intact, we repurchased the name into the Fund.
From David Herro (Trades, Portfolio)'s Oakmark International Fund third quarter 2016 commentary.
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