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David Herro (Trades, Portfolio), portfolio manager of the Oakmark International Fund, disclosed this week he established five new positions in the third quarter: Accor SA (XPAR:AC), Komatsu Ltd. (TSE:6301), ThyssenKrupp AG (XTER:TKA), Brambles Ltd. (ASX:BXB) and OMRON Corp. (TSE:6645).
Managing a portfolio of 60 stocks, Herro seeks international businesses with good quality, positive free cash flow and intelligent investment of cash. Herro said in his shareholder letter that despite underperforming the MSCI World ex U.S. Index during the quarter, the fund still averaged a 9.7% return per year since its September 1992 inception, outperforming
Managing a vast portfolio of 863 stocks, Fisher’s firm invests in “the countries and sectors most likely to generate the highest expected returns,” according to its website. The current portfolio is largely composed of securities in the financial services and technology sectors. According to GuruFocus data, the firm’s Purisima Fund outperformed the S&P 500 Index in 2015 with a return of 1.77%.
According to portfolio data reported to GuruFocus, the investor picked up 17 technology stocks during the quarter.
Although the Oakmark Global Fund’s 8% absolute return this quarter was nearly identical to last quarter’s, the drivers of performance broadened to include more relative contribution from the Fund’s large international weighting and was less driven by the financials sector, though it still contributed nicely. While we are pleased with the back-to-back 8% quarterly returns, please understand that high-single-digit quarterly returns are more the exception than the rule. In the meantime, we trust that you appreciate the performance as much as we do, as fellow shareholders in the Fund.
For the quarter ending March 31, as outlined above, the Oakmark
David Herro (Trades, Portfolio) of Oakmark International Fund looks for investment opportunities that are trading below intrinsic value, are expected to grow shareholder value and have management teams that think and act as owners would. His approach endured some setbacks in 2014 but enjoyed returns in excess of 20% in the preceding years.
Herro’s largest transaction in the third quarter was his purchase of a 4,683,000-share stake in Baidu Inc. (BIDU), a Beijing-based web services company, for an average price of $164.85 per share. The deal had a 2.53% impact on Herro’s portfolio.
Baidu has a market
A pillar of the Matthews Japan Fund (Trades, Portfolio)’s investment philosophy is a laser-like, long-term focus on Asian stocks, almost exclusively Japan-based companies. There may have been a quarter when the Fund invested in a non-Japanese stock or two – but not recently and certainly not in the fourth quarter of 2014 when the Fund bought shares in 49 Japanese companies that are new to its portfolio.
The Fund bought 306,800 shares of Fuji Heavy Industries Ltd (TSE:7270), a Japanese aerospace and ground transportation manufacturing, for an average price of ¥3,938.14 per share (approximately $32.55 USD). The
Like other Matthews funds, the Matthews Japan Fund (Trades, Portfolio) aims to invest at least 80% of its assets in the region of focus — in this case, Japan. As of Dec. 31, the fund had $622.6 million in assets under management.
Taizo Ishida has served as the lead portfolio manager since 2006. Since the fund’s inception in December 1998, the fund has returned 5.01%, compared to the Tokyo Stock Price Index’s 2.9%.
During the fourth quarter, the fund purchased 49 new holdings; the following are the five largest new buys in terms