According to CoinMeta, the Oakmark international strategy noted in its commentary for the second quarter of 2026 that international stocks performed well during that quarter, with 9 out of 11 GICS industries recording positive returns. Finance and information technology contributed the most to market returns, while energy and communication services were the only sectors that dragged down performance. By country, Japan and the Netherlands made the greatest contributions to market performance, whereas Hong Kong and Norway had a negative impact. The portfolio achieved a return of 8.28% (net) during the reporting period. In contrast, the MSCI World (excluding the United States) index returned 10.22% during the same time frame. Investor enthusiasm for artificial intelligence continued to be a market theme in the second quarter. We continue to evaluate companies based on their competitive advantages, long-term cash flow potential, and valuation relative to their intrinsic value.