Dormakaba (XSWX:DOKA, Financial) is a Swiss-based provider of mechanical and electronic security systems and a long-term holding of the Fund. We exited the position late last year as the share price approached our view of intrinsic value. The recent market downturn gave us the opportunity to reestablish a position in this high-quality and relatively defensive industrial business.
From David Herro (Trades, Portfolio)'s Oakmark Intl Small Cap (Trades, Portfolio) Fund first-quarter 2020 shareholder commentary.
