Michael Manelli, a comanager on OAKIX and OAKEX, will retire at year's end.
The following notes for OAKEX are from Morningstar Fund Investor (April 2025).
Our Take: Manelli is leaving unexpectedly in the prime of his career,
and his experience and investment acumen will surely be missed by the firm.
Manelli’s departure disrupts what was a clear succession plan for renowned investor David Herro.
Although Herro remains a comanager, he had delegated significant responsibilities here to Manelli and comanager Justin Hance, who will now take on an expanded role. Hance’s presence provides continuity:
He’s been with the firm since 2010, has 18 years of experience, and has been a comanager here since 2016.
Like Manelli, Hance has proved to be a savvy small/mid-cap investor under Herro’s mentorship and invests heavily in the offering.
Comments
It wasn't uncommon for 1 yr., 3 yr., and 5 yr. fund category returns
to alternate from top decile to bottom decile and vice versa.
I haven't paid close attention to Oakmark funds for quite some time.
I just checked OAKIX and noticed it hasn't been doing well in recent years.
OAKIX returns in 2022 and 2024 were in the bottom 5% of the Foreign Value category according to M*.
I have an article about Morningstar's International-Stock Fund Manager of the Year nominees in 2013.
Here's a snippet which references David Herro and Oakmark International.
"Herro is no stranger to internationally minded investors.
He won the 2006 Morningstar International-Stock Fund Manager of the Year award
and also received Morningstar's Manager of the Decade prize for international funds in 2010.
Herro has been running this fund, on his own and with comanagers, since its 1992 inception,
and its long-term record is certainly attention-getting.
It hasn't slowed down, either: Oakmark International has ranked in the top 3% of its category
in four of the past five calendar years.
Not surprisingly, money has poured in, and the fund now has $28 billion in assets."
Note: I've previously owned OAKIX (exited July 2014).
FMIJX - an international value fund choice if you are extremely patient and purchase at the right price. Over last 10 yr FMIJX provided index like (VXUS) return with less volatility.
VWIGX - International growth fund that had a wild ride recently (during COVID timeframe).
Perhaps someone can find past interviews with Samar and O’Keefe. At present, ARTKX is closed to new investors while ARTGX is still open.
VWIGX is also a very good, but volatile, fund.
Although I admire many of parent firm's Fiduciary Management Inc. practices, I'm not sold on FMIJX.
This foreign fund is currency hedged (most are not) and the rising dollar provided tailwinds until recently.
It may be helpful to check FMIFX which does not hedge currency.
https://www.morningstar.com/funds/xnas/fmifx/performance
David Samra is the Managing Director for ARDBX but he doesn't make final investment decisions for the fund.
The fund's investment process resembles that of ARTKX.
Both ARDBX comanagers previously worked with Mr. Samra on ARTKX and ARTGX.
Mr. Zhou was an analyst for Artisan International Value and Global Value from 2005 to 2012.
Mr. Vasagiri was an analyst for Artisan International Value and Global Value from 2007 to 2010.
It’s a pleasure to find a thread in which members talk about funds.
A distinguishing characteristic of Brandes is funds is that, relatively speaking, they are heavily invested in Latin America, notably Mexico and Brazil. (Data source is M*.) I like int'l funds that feel free to wade into emerging markets, but I'm not quite sure what to make of this unusual tilt.
Our fave dedicated Foreign fund was GSIHX but we jettisoned it at our 2024 YE Review and replaced it with Brandes' BISAX. Wanted to shift our exposure there to Value from Growth. So far so good.
Looking to add another dedicated Foreign fund sometime soon.
Early scoping candidates include:
GSIHX, HILAX, ARTIX, SCHY and GQJPX.
On manager concentraiton risk -- I don't like having too much money with a single manager, and I don't want to have funds with a ton of different manager; currently I have 15% from an old Roth I started in grad school with Oakmark. I am split across four major fund families currently.
I don't diss funds that do that, especially LCV funds! I more tend to own them.
EDIT: Corrected based on @Shostavovich post
I've been scoping Foreign funds, especially FLCV for about a week (see above list) and had a brain fart there on my 2nd OAKMX post. My bad. I EDITED the post.
The point I was trying to make still applies: a LCV fund, Domestic or Foreign, beating or tracking close to the S&P, is a fund I will and do own.
We have scoped several Foreign and Global LC funds recently and will be starting a new position in one of them today as a companion fund to currently owned BISAX (FS/MV).
The scoping list, in no particular order includes:
BAHAX - Europe Stock
CIVVX - FLV
GSIHX - FLG
HILAX - FLV
ARTIX - FLG
GQJPX - FLV
ARTGX - Global LV
BIEAX - FLV
Leaning at the moment to HILAX or BIEAX.
EDIT: AS noted on BSW thread, BOT a starter position today in HILAX. Close call between it, BIEAX and a coupla others. Own BISAX - ultimately did not want to have all dedicated Foreign Stock allocation with one house, albeit arguably the Best in Class.