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Portfolio construction

International equities: The zip code doesn’t matter

May 01, 2024 - 5 min read

David Herro, CIO International Equities & Portfolio Manager at Harris Associates, adviser to the Oakmark Funds, explains why he scours Europe for value companies, even when their home country may be troubled by war, political strife, or other issues that many investors believe are unfavorable. Watch the video for his perspectives on:

  • Why companies that meet his value criteria – the price and quality of a business – tend to be based in Europe but do business around the world.
  • Why less than half of Europe’s, Japan’s, and the United Kingdom’s revenues come from the continent of domicile.
  • Why, even though Europe faces macroeconomic struggles, a harsh regulatory environment, and energy issues, they all have a very small impact on many companies’ ability to generate income and cash flow.
  • How they buy financial assets with very long durations to take advantage of market inefficiencies.

The information, data, analyses, and opinions presented herein (including current investment themes, the portfolio managers’ research and investment process, and portfolio characteristics) are for informational purposes only and represent the investments and views of the portfolio managers and Harris Associates L.P. as of April 16, 2024 and are subject to change and may change based on market and other conditions and without notice. This content is not a recommendation of or an offer to buy or sell a security and is not warranted to be correct, complete or accurate.

There can be no assurance that developments will transpire as forecasted. Actual results may vary.

Investing involves risk, including the risk of loss. Investment risk exists with equity, fixed income, and alternative investments. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.

Natixis Distribution, LLC (Member FINRA|SIPC) is a marketing agent for the Oakmark Funds, a limited purpose broker-dealer and the distributor of various registered investment companies for which advisory services are provided by affiliates of Natixis Investment Managers.