OAREX — Oakmark International Small Cap Fund
Data updated: 2026-08-26
OAREX — Oakmark International Small Cap Fund. Leveraged · $1.19B AUM · 1.59% expense ratio · 19.6% 1-yr return. Holdings, fees, performance and SEC filings.
OAREX Fund Overview
OAREX — Oakmark International Small Cap Fund is a US mutual fund managed by Harris Associates Investment Trust, categorised as Leveraged. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Harris Associates Investment Trust
- Category: Leveraged
- Assets under management: $1.19B
- 1-year return: 19.6%
- Ticker: OAREX
- SEC CIK: 0000872323
- SEC series ID: S000002763
- Share class ID: C000007565
OAREX Investment Objective and Strategy
Oakmark International Small Cap Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Harris Associates Investment Trust.
Investment objective
Oakmark International Small Cap Fund seeks long-term capital appreciation.
Principal investment strategy
"The Fund invests primarily in a diversified portfolio of common stocks of non-U.S. companies. In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the stocks of ""small cap companies."" A small cap company is one whose market capitalization is no greater than the largest market capitalization of any company included in the S&P EPAC (Europe Pacific Asia Composite) Small Cap Index ($15.6 billion as of December 31, 2017). The Fund may invest in non-U.S.
markets throughout the world, including emerging markets. The Fund considers emerging markets to be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region, Eastern Europe, the Middle East, Central and South America, and Africa. Ordinarily, the Fund will invest in the securities of at least five countries outside the U.S. There are no geographic limits on the Fund's non-U.S. investments. The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of its intrinsic or true business value. By ""true business value,"" the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business.
The Adviser believes that investing in securities priced significantly below what it believes is their true business value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount. The Adviser uses this value investment philosophy to identify companies that it believes have discounted stock prices compared to the companies' true business values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of these attributes: (1) free cash flows and intelligent investment of excess cash; (2) earnings that are growing and are reasonably predictable; and (3) high level of company management ownership. Key Tenets of the Oakmark Value Investment Philosophy: 1.
Buy businesses that are trading at a significant discount to the Adviser's estimate of the company's intrinsic value. At the time the Adviser buys a company, the Adviser wants the company's stock to be inexpensive relative to what it believes the entire business is worth. 2. Invest with companies expected to grow shareholder value over time. Value investors can sometimes fall into the trap of buying a stock that is inexpensive for a reasonbecause the company just does not grow. The Adviser looks for good quality, growing businesses with positive free cash flow and intelligent investment of cash. 3. Invest with management teams that think and act as owners. The Adviser seeks out companies with management teams that understand the dynamics of per share value growth and are focused on achieving such growth.
Stock ownership and incentives that align managements' interests with those of shareholders are key components of this analysis. In making its investment decisions, the Adviser uses a ""bottom-up"" approach focused on individual companies, rather than focusing on specific economic factors or specific industries. To facilitate its selection of investments that meet the criteria described above, the Adviser uses independent, in-house research to analyze each company. As part of this selection process, the Adviser's analysts typically visit companies and conduct other research on the companies and their industries. Once the Adviser identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of the additional qualities mentioned above, the Adviser may consider buying that stock for the Fund.
The Adviser usually sells a stock when the price approaches its estimated value. This means the Adviser sets specific ""buy"" and ""sell"" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals. The Adviser believes that holding a relatively small number of stocks allows its ""best ideas"" to have a meaningful impact on the Fund's performance. Therefore, the Fund's portfolio typically holds thirty to seventy stocks rather than hundreds, and a higher percentage of the Fund's total assets may at times also be invested in a particular region, sector or industry."
OAREX Holdings
Top 10 holdings of Oakmark International Small Cap Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Atea ASA | 3.28% |
| Julius Baer Group Ltd | 3.12% |
| Convatec Group PLC | 2.69% |
| Fielmann Group AG | 2.62% |
| Fixed Income Clearing Corp. | 2.55% |
| Azelis Group NV | 2.52% |
| Davide Campari-Milano NV | 2.50% |
| Amplifon SpA | 2.49% |
| Kimberly-Clark de Mexico SAB de CV | 2.45% |
| Azimut Holding SpA | 2.43% |
OAREX Portfolio Allocation
Asset-class allocation of Oakmark International Small Cap Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 96.7% |
| Cash & Equivalents | 2.6% |
OAREX Performance
Total returns for OAREX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 19.6% |
| 3 years (annualised) | 12.3% |
OAREX Risk Information
Risk metrics for OAREX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 14.3%
OAREX Costs and Fees
OAREX costs about $159 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.59%
- Gross expense ratio: 1.61%
- Portfolio turnover: 42%
- Brokerage commissions: 4.67 bps of average net assets (SEC N-CEN)
OAREX Cashflows
Over the 12 months to 2026-06, Oakmark International Small Cap Fund had net outflows of $101.67M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$22.99M |
| 2026-05 | −$7.61M |
| 2026-04 | −$6.38M |
| 2026-03 | −$10.23M |
| 2026-02 | −$8.81M |
| 2026-01 | −$11.58M |
OAREX Debt Constituents
No individual debt constituents are reported in Oakmark International Small Cap Fund's latest SEC N-PORT filing.
OAREX Prospectus and SEC Filings
Official Oakmark International Small Cap Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-01-27
- Prospectus supplement (497) — filed 2025-05-19
- Prospectus supplement (497) — filed 2025-01-30
- Portfolio holdings (N-PORT) — filed 2026-08-26
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-25
- Annual census (N-CEN) — filed 2025-12-15
- Annual census (N-CEN) — filed 2024-12-13
Related Funds
Other Leveraged funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.