Harris Associates Investment Trust - Oakmark International Fund 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means extreme single-name concentration: top 5 100.01%, top 10 100.01%, top 20 100.01%, with SUNB 33.80%, CNH 28.17%, BABA 22.54%, FLUT 15.50%. The baseline result is return 3.86%, alpha -4.16%, beta 0.69, Sharpe 0.29, Sortino 0.41, max drawdown -43.93%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Industrials 61.97%, Consumer Discretionary 38.04%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2024-09-30 (12.51% vs SPY 2.76%, excess 9.75%, turnover 9.19%); the weakest was 2023-06-30 (-12.46% vs SPY -1.77%, excess -10.69%, turnover 15.19%). The latest rows (2025-03-31 (-1.12% vs SPY 9.22%, excess -10.34%, turnover 18.99%); 2025-06-30 (0.97% vs SPY 4.20%, excess -3.23%, turnover 4.98%); 2025-09-30 (-3.86% vs SPY 1.49%, excess -5.35%, turnover 8.14%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether SUNB 33.80%, CNH 28.17%, BABA 22.54%, FLUT 15.50% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -43.93% is acceptable for the user's risk budget.