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Equities

Are there signs of a comeback for international stocks?

August 08, 2024 - 4 min read

International equity experts David Herro and Michael Manelli from Harris | Oakmark discuss potential catalysts for international stocks in the coming months and why there are very attractive value opportunities in the small-cap space. Hear their perspectives on the following topics:

  • Three conditions for stronger performance in international value stocks are in place.
  • Short-term themes are creating long-term opportunity in the global automobile sector for value investors.
  • A strong US dollar has led to quality international small-cap companies trading at huge discounts relative to historic levels.
  • International small-caps have been overlooked for more than two years, as investors focused their attention on the US large-cap space. This has created attractive opportunities for bottom-up stock pickers. 

CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute.

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 July 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.

Equity securities are volatile and can decline significantly in response to broad market and economic conditions.

Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities, due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.

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

Concentrated investments in a particular region, sector, or industry may be more vulnerable to adverse changes in that industry or the market as a whole.

Currency exchange rates between the US dollar and foreign currencies may cause the value of an investment to decline.

The price to earnings ratio (P/E) compares a company's current share price to its per-share earnings. It may also be known as the "price multiple" or "earnings multiple" and gives a general indication of how expensive or cheap a stock is. Investors should not base investment decisions on any single attribute or characteristic data point.

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.
 

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