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David Herro: 'We Are Not at All Afraid to Vary From an Index'

The portfolio manager of Oakmark's International funds talks about bargain-hunting during the pandemic, ESG and risk management, and why he's not complacent about inflation.

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Our guest this week is David Herro. David is chief investment officer of international equities at Harris Associates and serves as deputy chairman and portfolio manager for a number of Oakmark funds, including Oakmark International. Prior to joining Harris Associates, David managed international portfolios for the State of Wisconsin Investment Board and the Principal Financial Group. Morningstar's analysts named David International-Stock Fund Manager of the Decade for 2000 to 2009 and International-Stock Fund Manager of the Year for 2016. He holds a bachelor's degree from the University of Wisconsin-Platteville and a master's from the University of Wisconsin-Milwaukee.



Oakmark Funds

Oakmark Global Investor

Oakmark Global Select Investor

Oakmark International Investor

Oakmark International Small Cap Investor


Market-Beating Money Manager David Herro Says It’s Time to ‘Gently’ Buy Some Stocks,” by Jesse Pound,, March 16, 2020.

The Next Generation of Would-Be Buffetts--and the Stocks They’re Buying Now,” by Reshma Kapadia,, May 21, 2021.

Oakmark Global Fund: Second Quarter 2021,” by David Herro, Clyde McGregor, Tony Coniaris, and Jason Long,, July 8, 2021.

Oakmark Global Select Fund: Second Quarter 2021,” by David Herro, William Nygren, Tony Coniaris, and Eric Liu,, July 8, 2021.

Oakmark International Fund: Second Quarter 2021,” by David Herro and Michael Manelli,, July 8, 2021.

Oakmark International Small Cap Fund: Second Quarter 2021,” by David Herro, Michael Manelli, and Justin Hance,, July 8, 2021.


The Case for European Financials,” by David Herro, Jason Long, and Justin Hance,, March 24, 2020.

Investor Insight: David Herro,” Value Investor, Oct. 30, 2020.

David Herro Comments on Glencore,” by Sydnee Gatewood,, July 9, 2020.

David Herro on CNBC’s ‘Closing Bell,’”, Jan. 1, 2021.

David Herro on ‘Squawk on the Street,’”, June 24, 2021.

Herro Holding Credit Suisse Slumps Amid Archegos Fallout,” by John Coumarianos,, March 30, 2021.

Major Credit Suisse Investor Mulling Exit?” by Katharina Bart,, April 1, 2021.

Credit Suisse Investors Target Board Over Archegos, Greensill Failures,” by Margot Patrick,, April 26, 2021.


Danone Announces Appointment of New CEO; No Changes to Thesis and Fair Value Estimate,” by Ioannis Pontikis,, May 18, 2021.

Manager Adopts Climate Measures After Investor Pressure,”, April 7, 2020.