Fund Evaluator:

Oakmark International Small Cap Instl Overview

Oakmark International Small Cap Instl (OANEX) is an actively managed International Equity Foreign Small/Mid Value fund. Oakmark launched the fund in 2016.

The investment seeks long-term capital appreciation. The fund invests primarily in a diversified portfolio of common stocks of non-U.S. companies. It 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. The fund may invest in non-U.S. markets throughout the world, including emerging markets. It will invest in the securities of at least five countries outside the U.S.

About Oakmark International Small Cap Instl (OANEX)

There are 2 members of the management team with an average tenure of 20.22 years: Justin Hance (2016), David Herro (1995). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI World ex USA NR USD index with a weighting of 100% and MSCI World Ex USA Small Cap NR USD index with a weighting of 100%. Oakmark International Small Cap Instl has 75 securities in its portfolio. The top 10 holdings constitute 26.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Oakmark International Small Cap Instl is part of the Equity global asset class and is within the International Equity fund group. Oakmark International Small Cap Instl has 92.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 4.9%. There is 92.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Oakmark International Small Cap Instl has 2.6% of the portfolio in cash.

Assets Under Management

The fund has $572 million in total assets, which is below the $797 million average for the Foreign Small/Mid Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

OANEX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Oakmark International Small Cap Instl expense ratio is high compared to funds in the Foreign Small/Mid Value category. Oakmark International Small Cap Instl has an expense ratio of 1.08%, which is 10% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Oakmark International Small Cap Instl has a portfolio turnover rate of 37%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Foreign Small/Mid Value category.

Recently, in the month of July 2026, Oakmark International Small Cap Instl returned 8.1%, which earned it a grade of A, as the Foreign Small/Mid Value category had an average return of 4.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Oakmark International Small Cap Instl has a trailing yield of 1.88%, which is below the 2.88% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Oakmark International Small Cap Instl Grades

Year to date, the fund has returned 4.2%, 5.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 7.1% over the past year (grade of F), 10.5% over the past three years (grade of F) and 5.7% per year over the past five years (grade of F) and 8.4% per year over the past 10 years (grade of D).

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