Olympus Corp $ 18.85 -0.23 (-1.22%)
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As [url=https://www.gurufocus.com/StockBuy.php?GuruName=David+Herro]David Herro[/url] ([url=https://www.gurufocus.com/StockBuy.php?GuruName=David+Herro]Trades[/url], [url=https://www.gurufocus.com/holdings.php?GuruName=David+Herro]Portfolio[/url]) wrote in his lead letter, it was a difficult quarter for global markets and the Oakmark International Fund was not exempt. The Fund declined 38.1% for the quarter ended March 31, compared to the MSCI World ex U.S. Index, which lost 23.3%. Since the Fund’s inception in September 1992, it has returned an average of 7.4% per year. The top contributor for the quarter was Olympus (TSE:7733) (Japan), while the largest detractor was Glencore (LSE:GLEN) (Switzerland). Over the course of the past six months, the top contributor was Ferguson (LSE:FERG) (U.K.), while the largest
Romick runs the FPA Crescent Fund along with two colleagues and has built it to $15 billion in assets. Founded in 1993, the fund may invest in both equity and debt, and sometimes sells securities short, such as its current bet against the SPDR S&P Regional Banking (KRE). Primarily, it seeks stocks of large and small market capitalizations that have low valuations and attractive future prospects based on fundamental security analysis.
Herro has managed the Oakmark International Fund since its inception in 1992. He also manages the Oakmark International Small Cap Fund and the Oakmark Global Select Fund. The fund seeks long-term capital appreciation in foreign stocks. Herro buys businesses that are trading at a discount to their intrinsic values, are expected to grow shareholder value over time and have management teams that act as owners.
The investor purchased 140,225,000 shares of The Royal Bank of Scotland
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 [url=http://www.gurufocus.com/StockBuy.php?GuruName=David+Herro]David Herro[/url] ([url=http://www.gurufocus.com/StockBuy.php?GuruName=David+Herro]Trades[/url], [url=http://www.gurufocus.com/holdings.php?GuruName=David+Herro]Portfolio[/url])'s Oakmark International Fund third quarter 2016 commentary.
The Oakmark International Fund returned 7% for the fiscal year ended September 30, 2016, nearly matching the MSCI World ex U.S. Index, which returned just over 7%. For the most recent quarter, the Fund outperformed the MSCI World ex U.S. Index, returning 13% versus 6%. Additionally, the Fund has performed well versus the MSCI World ex U.S. Index since its September 1992 inception, returning an average of 9% versus 6% over the same period.
Glencore (LSE:GLEN), one of the world’s largest mining companies and commodities traders, was the top contributor to performance for the fiscal period and the
Another top contributor was Olympus (TSE:7733), the world leader in endoscopes and other medical equipment, which returned 18% over the past twelve months. Management continues to invest in the medical business with a focus on growth in surgery. Olympus is the dominant player in the gastrointestinal space, but the company is a relative newcomer to surgery. Olympus plans to enlarge its sales staff and enhance its research and development capabilities in the surgical business. Management believes the medical segment will grow 10% this year, driven by higher sales in surgery in addition to endoscope growth in the emerging world.
The Oakmark International Fund declined 1% for the fiscal year ended September 30, 2014, underperforming the MSCI World ex U.S. Index, which gained 5%. For the most recent quarter the Fund also underperformed the MSCI World ex U.S. Index, declining 7% versus a decline of 6%. However, the Fund has performed well versus the MSCI World ex U.S. Index since its September 1992 inception, returning an average of 11% versus 6% over the same period.
Intesa Sanpaolo (MIL:ISP), an Italian retail and commercial bank, was the top contributor to performance over the past 12 months, returning 50%. Intesa’s share
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