Equities

New Harris | Oakmark ETFs scour the globe for value opportunities

January 16, 2026 - 3 min

Partner, Deputy Chairman, Portfolio Manager and Co-Chief Investment Officer – International Equities – Harris | Oakmark

The Oakmark International Large Cap ETF or OAKI, O-A-K-I, is an international large cap fund that combines our value investing expertise with the benefits of an active ETF, including transparency, intraday liquidity, and the potential for tax-efficient investing. Compared to the Oakmark International Mutual Fund, we expect the ETF to skew a little larger cap and more liquid with a broader opportunity set.

The Oakmark Global Large Cap ETF, or OAKG, O-A-K-G, is a global large cap fund, which we now offer with the benefits of an ETF wrapper. Compared to the Oakmark Global Mutual Fund, OAKG focuses on large cap companies, while the mutual fund invests across a cap spectrum. Oakey and OAKG, both have an objective of long-term capital appreciation and have net expense ratios of just 65 basis points and 62 basis points, respectively.

In general, U.S. investors are heavily overweight U.S. equities and lack international exposure. Geographical diversification can help build resilient portfolios. We're seeing that this year with the nice rebound that we're seeing in international equities.

This reduces the dependence on a single market and just makes good investment sense. Even after the strong performance I mentioned this year, from a valuation perspective, international equities are still trading at a larger discount to U.S. equities. This discount is actually much larger than what we have measured over the past 10-15 or 20 years.

Beyond valuations, we see a number of reasons to be optimistic about international equities from a fundamental perspective, including increased earnings growth expectations in all major regions outside of the U.S., and the potential for continued U.S. dollar depreciation. Because remember, the dollar strength has been a significant headwind to international investors. And finally, we're starting to see some weakness.

Consistent with other Harris Oakmark offerings, the ETFs employ a value investment philosophy to identify quality companies priced at a discount to our investment team’s estimate of intrinsic value and seek competitive long-term performance by investing in focused portfolios grounded in disciplined, bottom-up research.

For almost 50 years, yes, we'll have our 50-year anniversary next year, Harris I Oakmark has managed portfolios using the same consistent investment philosophy, which is based on three key tenets.

Number one: buy a business at a significant discount to our estimate of that company's intrinsic value, invest in companies that are expected to grow per share value over time, and invest in management teams that think and act like owners.

We want our management teams to have what we call the two Cs, the capability and the commitment to build shareholder value.

The Oakmark International Large Cap ETF OAKI is managed by myself, Tony Canaris, and Eric Liu, and will typically hold at least 40 companies, primarily domiciled outside the US. The Oakmark Global Large Cap ETF, OAKG, is managed by that same team, with the addition of Colin Hudson and John Satars, and will typically hold 30 to 60 US and non-US companies.

Tony and I are co-CIOs, International Equities at Harris Oakmark. The portfolio and management team also manages the Oakmark International Fund and the Oakmark Global Fund. The portfolio management team has 26 years of experience, on average, and draws on the expertise of 21 dedicated research analysts who are truly committed to unearthing underlying value in the companies we invest in.

Together, we collaborate to identify the most attractive stocks in the portfolio from our approved list of names and have gone through our very rigorous investment process.

OAKG and OAKI are an extension of Harris Oakmark’s value investment philosophy.

Our global and international capabilities are available in mutual funds, separately managed accounts, and other vehicles. With these new offerings, we are very excited to extend our ETF lineup and continue to offer our clients consistent investment philosophy and experience team.

Our ETFs are managed by experienced and deep teams that have worked together for many years. As active ETFs, they deliver the characteristics that investors typically find beneficial in an ETF wrapper including transparency, due to daily holdings disclosure, intraday trading liquidity, and the potential for tax efficient investing.

Veteran Value Manager David Herro delves deeper into the many benefits investors can expect from Harris | Oakmark’s two new international and global ETFs, and why now may be a good time for U.S. investors to consider these funds – especially if they are heavily overweight U.S. equities and lack international exposure.

The Oakmark International Large Cap ETF (OAKI) is an international large-cap fund that combines value investing expertise with the benefits of an active ETF, including transparency, intraday liquidity, and the potential for tax-efficient investing. It will typically hold at least 40 companies, primarily domiciled outside the U.S.
The Oakmark Global Large Cap ETF (OAKG), is a global large-cap fund with the benefits of an exchange-traded fund (ETF) wrapper that focuses on large cap companies, while the mutual fund invests across a cap spectrum. It will typically hold 30–60 U.S. and non-U.S. companies.
Both ETFs have an objective of long-term capital appreciation and have net expense ratios of just 65 basis points (bps) and 62bps, respectively.
Many U.S. investors are underweight international equities, and geographical diversification can help build resilient portfolios and reduce dependency on a single market. International equities have had strong performance in 2025 and, from a valuation perspective, are still trading at a larger discount to U.S. equities.
Beyond valuations, the investment teams also expect to see increased earnings growth in all major regions outside the U.S., and the potential for continued U.S. dollar depreciation.
These ETFs employ a value investment philosophy to identify quality companies priced at a discount to the investment team’s estimate of intrinsic value and seek competitive long-term performance by investing in focused portfolios grounded in disciplined, bottom-up research.

Investment ideas

Oakmark International Large Cap ETF OAKI
Oakmark Global Large Cap ETF OAKG

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 December 2025 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.

Understanding the risks
Investing involves risk; principal loss is possible. There is no guarantee the Fund's investment objective will be achieved. The Fund is actively managed and does not seek to replicate a specific index. Exchange-traded funds (ETFs) are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a premium or discount to its net asset value (NAV), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF’s ability to sell its shares. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. Brokerage commissions will reduce returns. The Fund invests primarily in large-capitalization securities, which may be unable to respond quickly to new competitive challenges or opportunities, attain the high growth rate of successful smaller companies, or be out of favor under certain market conditions. The Fund tends to be invested in a relatively focused portfolio of securities, thus the appreciation or depreciation of any one security held will have a greater impact on the Fund’s net asset value versus investing in a larger number of securities. Foreign securities present risks that in some ways may be greater than investments in U.S. investments. Those risks include: currency fluctuation; different regulation, accounting standards, trading practices and levels of available information; generally higher transaction costs; and political risks. Value stocks may fall out of favor with investors and underperform growth stocks during given periods. As the Fund is new, there is a limited operating history, and there can be no assurance it will grow to an economically viable size, in which case it may cease operations and require investors to liquidate or transfer their investments. These and other risk considerations, such as market, sector or industry, large shareholder, and value style, are described in detail in the Fund’s prospectus.

Before investing, carefully consider fund investment objectives, risks, charges and other expenses. For this and other information that should be read carefully, please request a prospectus and summary prospectus by calling 1-800-OAKMARK (625-6275) (mutual funds) or 1-800-458-7452 (ETFs), or visiting oakmark.com.

The Oakmark Funds are distributed by Harris Associates Securities L.P., member FINRA. Harris Associates L.P. is the investment adviser to the Oakmark ETFs. The Oakmark ETFs are distributed by Foreside Fund Services, LLC. Harris Associates L.P. and Harris Associates Securities L.P. are not affiliated with Foreside Fund Services, LLC. Harris Associates is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940; however, such a registration does not imply a certain level of skill or training. The general partnership interest in Harris Associates is owned by Harris Associates, Inc., a corporate subsidiary of Natixis Investment Managers LLC.

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