David Herro

David Herro Increases European Holdings; Reduces Japanese Exposure

David Herro commentary from Oakmark International Fund Q4 letter to shareholders

The Oakmark International Fund returned 5% for the quarter ended December 31, 2013, slightly underperforming the MSCI World ex U.S. Index, which returned 6% over the same period.  The Fund’s calendar-year performance was strong in absolute and relative terms, returning 29% versus the MSCI World ex U.S. Index’s return of 21%.  Most importantly, the Fund has returned an average of 11% per year since its inception in September 1992, outperforming the MSCI World ex U.S. Index, which has averaged 7% per year over . . .

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