Oakmark Funds, advised by Harris Associates, released its “Oakmark International Small Cap Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 6.6% in the first quarter outperforming the MSCI World ex U.S. Small Cap Index (net) which returned 5.0% in the same period. The fund returned 8.5% per year since its inception in November 1995. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark International Small Cap Fund highlighted stocks like Colliers International Group Inc. (NASDAQ:CIGI) in the first quarter 2023 investor letter. Headquartered in Toronto, Canada, Colliers International Group Inc. (NASDAQ:CIGI) is a commercial real estate professional and investment management services provider. On April 10, 2023, Colliers International Group Inc. (NASDAQ:CIGI) stock closed at $98.91 per share. One-month return of Colliers International Group Inc. (NASDAQ:CIGI) was -11.29%, and its shares lost 19.83% of their value over the last 52 weeks. Colliers International Group Inc. (NASDAQ:CIGI) has a market capitalization of $4.262 billion.
Oakmark International Small Cap Fund made the following comment about Colliers International Group Inc. (NASDAQ:CIGI) in its Q1 2023 investor letter:
“Colliers International Group Inc. (NASDAQ:CIGI) (Canada) was established in 2004 as the commercial property services division of the residential real estate services firm FirstService before it was spun off in 2015. The company is the fourth-largest global diversified real estate services firm. In our view, Colliers is a leader in commercial real estate (CRE) services, sustaining a long history of through-cycle, double-digit growth and increasing profitability. Over time, the company has grown at or ahead of peers on an organic basis, and its asset management business reached around $98 billion in assets under management at the end of 2022. In addition to organic growth, Colliers’s management team is also supplementing growth through mergers and acquisitions with a proven and highly repeatable approach, which they have successfully used across different end markets and locations. We believe Colliers’s unique equity-retention approach allows the company to successfully diversify its service offerings more rapidly than its competitors, which typically target scale-driven acquisitions. We also appreciate that Colliers’s business mix is shifting toward what we view as higher margin and more recurring activities with less cyclicity, such as asset management and outsourcing and advisory. Recent macroeconomic concerns have caused a sell-off in all CRE firms, which gave us an attractive opportunity to invest in Colliers.”
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Colliers International Group Inc. (NASDAQ:CIGI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Colliers International Group Inc. (NASDAQ:CIGI) at the end of the fourth quarter which was 15 in the previous quarter.
We discussed Colliers International Group Inc. (NASDAQ:CIGI) in another article and shared the list of largest property management companies in the US. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
