Exploring the Investment Decisions of a Renowned Value Investor

David Herro (Trades, Portfolio) recently submitted the N-PORT filing for the fourth quarter of 2024, providing insights into his investment moves during this period. David Herro (Trades, Portfolio) has been a manager of the Oakmark International Fund (OAKIX) since 1992, the Oakmark International Small Cap Fund (OAKEX) since 1995, and the Oakmark Global Select Fund (OAKWX) since 2006. He is also the Chief Investment Officer for International Equities at Harris Associates, which he joined in 1992. His career honors include being named Morningstar's International Stock Fund Manager of the Year in 2006 and International Stock Fund Manager of the Decade for 2000-09. Mr. Herro has an M.A. in Economics from the University of Wisconsin-Milwaukee (1985) and a B.S. in Business/Economics from the University of Wisconsin-Platteville (1983). His investment philosophy focuses on buying businesses trading at a significant discount to intrinsic value, investing in companies expected to grow shareholder value, and partnering with management teams that act as owners.

Summary of New Buy

David Herro (Trades, Portfolio) added a total of 1 stock, among them:

• The most significant addition was KB Financial Group Inc (XKRX:105560, Financial), with 402,400 shares, accounting for 0.15% of the portfolio and a total value of ₩22,659.53 million.

Key Position Increases

David Herro (Trades, Portfolio) also increased stakes in a total of 20 stocks, among them:

• The most notable increase was Pernod Ricard SA (XPAR:RI, Financial), with an additional 1,231,700 shares, bringing the total to 1,680,900 shares. This adjustment represents a significant 274.2% increase in share count, a 0.93% impact on the current portfolio, and a total value of €189,786,420.
• The second largest increase was Edenred SE (XPAR:EDEN, Financial), with an additional 2,874,221 shares, bringing the total to 13,147,006. This adjustment represents a significant 27.98% increase in share count, with a total value of €432,381,740.

Key Position Reduces

David Herro (Trades, Portfolio) also reduced positions in 46 stocks. The most significant changes include:

• Reduced Prosus NV (XAMS:PRX, Financial) by 4,272,500 shares, resulting in a -47.44% decrease in shares and a -1.05% impact on the portfolio. The stock traded at an average price of €39.26 during the quarter and has returned 12.90% over the past 3 months and 12.02% year-to-date.
• Reduced CNH Industrial NV (CNH, Financial) by 13,971,089 shares, resulting in a -23.41% reduction in shares and a -0.87% impact on the portfolio. The stock traded at an average price of $11.38 during the quarter and has returned 2.31% over the past 3 months and 13.42% year-to-date.

Portfolio Overview

At the fourth quarter of 2024, David Herro (Trades, Portfolio)'s portfolio included 68 stocks. The top holdings included 3.93% in BNP Paribas (XPAR:BNP, Financial), 3.5% in Kering SA (XPAR:KER, Financial), 3.48% in CNH Industrial NV (CNH), 3.34% in Continental AG (XTER:CON, Financial), and 3.27% in Bayer AG (XTER:BAYN, Financial).

The holdings are mainly concentrated in 8 of all the 11 industries: Industrials, Consumer Cyclical, Financial Services, Healthcare, Consumer Defensive, Technology, Basic Materials, and Communication Services.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.