Great Minds Don't Always Think Alike
Top foreign bargain hunters vary in their views on the opportunities in Japan.
There's no consensus among the leading foreign value hounds on the Japanese market.
The managers of Oakmark International (OAKIX), Columbia International Value (NIVLX), and Longleaf Partners International (LLINX) rank among the best value-oriented foreign-stock skippers around, as do the managers of Harbor International (HAINX), Tweedy, Browne Global Value (TBGVX), and Thornburg International Value (TGVAX). They've all produced superior long-term returns, and they have won six of our Manager of the Year awards among them.
These six foreign large-cap managers are as dedicated to their own style of value investing as they are skilled. But they disagree about whether the exceptionally long-suffering Japanese market--which has posted a 2% annualized loss in U.S dollar terms over the past 20 years--is full of fetching bargains or is mined with value traps.
William Samuel Rocco does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.