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You might want to read the range report provided by an actual Carcano M38 owner over at Surplusrifle.com. He describes a smooth actioned rifle that even in unmaintained condition after 60+ years of storage and using 70-year old Italian ammunition managed to print perfectly suitable 2-3 inch groups at 100 yards.

Remember that Oswald's hits were made with a telescopic sight at ranges of only 44 and 88 yards over a period of almost nine seconds. Oswald qualified as a mid-level sharpshooter under USMC 'known distance' range qualification regimen.

What's more, milsurp collectors regard the Carcano M38 as a superior military rifle compared to many others fielded by participant nations of WWI and WWII. Certainly several levels better than the Russian Mosin-Nagant. It served the Italians well in conquering Ethiopia and on the Russian Front in WWII. The 6.5x52 Mannlicher-Carcano cartridge was also a popular pre-war safari cartridge both in Europe and here in the United States for it's flat trajectory and penetration characteristics. Good African hunting round even for dangerous game.

Finally, the recent effort to bring more power, range, and terminal wound ballistics to the AR-15 platform has resulted in the adoption of the 6.5 Grendel round used by US Special Forces SOCOM in Afghanistan. That 6.5 Grendel cartridge has almost equal ballistics to the 6.5x52 Carcano round chambered in the Mannlicher-Carcano M38 rifle that Oswald used to murder President Kennedy. I love pointing that out.

To contend that the Fascist blackshirt Italian government settled on arming their troops with a lousy inaccurate rifle firing a weak cartridge (yet designed by Mannlicher, one of the most famous names in 20th Century firearms design and manufactured by house Fabbrica d'Armi Pietro Beretta who have experience making some of Europe's finest military arms going all the way back to the crossbows of the Middle Ages) is just foolish.