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4Q16 | Bill Nygren Market Commentary

December 31, 2016

Since the founding of our flagship Oakmark Fund 25 years ago, we have striven to stand out from competitors by focusing on being the type of mutual fund that we ourselves would want to be invested in.

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4Q16 | David Herro Market Commentary

December 31, 2016

As value investors, our key task is to focus on the fundamental drivers of long-term cash flows and see through the haze generated by market pundits, who are overly influenced by geopolitical events such as referendums and other elections.

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Oakmark Equity and Income Fund: Fourth Quarter 2016

December 31, 2016

As managers of the Equity and Income Fund, we believe that our investors should focus on developing a portfolio that is right for them and their financial needs.

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Oakmark Fund: Fourth Quarter 2016

December 31, 2016

We are very pleased that recent performance showed a substantial reversal from the results reported to you a year ago following the fourth quarter of 2015.

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Oakmark Global Fund: Fourth Quarter 2016

December 31, 2016

Although many prognosticators warned that political trends in 2016 would be problematic for securities markets, the stock markets have proven to be quite resilient.

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Oakmark Global Select Fund: Fourth Quarter 2016

December 31, 2016

The largest contributor to the Fund performance this quarter was a U.S. bank, while a French food-products corporation was the Fund’s largest detractor.

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Oakmark International Fund: Fourth Quarter 2016

December 31, 2016

The Fund’s top contributor for the quarter was a Swiss mining and commodity trading company, while the largest detractor was a Mexican media company.

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Oakmark International Small Cap Fund: Fourth Quarter 2016

December 31, 2016

An Australian manufacturer of mining explosives, fertilizers and industrial chemicals was the Fund’s top contributor in the quarter, while a U.K.-based investment management group was the largest detractor.

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Oakmark Select Fund: Fourth Quarter 2016

December 31, 2016

During the quarter we added one new position to the Fund: a financial services company.

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President's Letter | 4Q16

December 31, 2016

We believe that our personal investments in the Oakmark Funds align our interests with those of our shareholders, and reflect our shared connection to your long-term financial goals.

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3Q16 | Bill Nygren Market Commentary

September 30, 2016

With October upon us and many Chicagoans’ minds fixated on the Cubs’ post-season play, I couldn’t help but consider how short the average investor’s time frame has become—effectively investing for just the World Series rather than the longer regular season.

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Oakmark Equity and Income Fund: Third Quarter 2016

September 30, 2016

Simply put, we continue as before, knowing that over time price and value will come together often enough to be the basis of an effective investing strategy.

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Oakmark Fund: Third Quarter 2016

September 30, 2016

This quarter marks the 25th anniversary of the Oakmark Fund, and we are proud of our long-term results and pleased to mark the occasion with an all-time high adjusted NAV at quarter end.

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Oakmark Global Fund: Third Quarter 2016

September 30, 2016

Given the stock market’s seasonal tendency to decline in the quarter, investors expected the period to be challenging. But as is so often the case, the market surprised, this time to the upside.

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Oakmark Global Select Fund: Third Quarter 2016

September 30, 2016

The top contributor to the Fund’s quarterly performance was a worldwide leader in cement and other building materials, while a global producer of industrial, aviation and medical goods was the Fund’s largest detractor.

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Oakmark International Fund: Third Quarter 2016

September 30, 2016

A Swiss mining and commodity trading company was the largest contributor to the Fund’s quarterly performance, while a U.K.-based commercial and retail bank was the largest detractor.

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Oakmark International Small Cap Fund: Third Quarter 2016

September 30, 2016

A Finnish company that specializes in the manufacturing and servicing of cranes and other lifting equipment was the Fund’s top contributor in the quarter, while a U.K.-based global workplace provider was the largest detractor.

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Oakmark Select Fund: Third Quarter 2016

September 30, 2016

In the third quarter, we added a large casino operator to the portfolio.

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President's Letter | 3Q16

September 30, 2016

We are pleased to announce that the Oakmark Funds have initiated the registration process with the Securities and Exchange Commission to add two new share classes to our lineup: an Advisor share class and an Institutional share class.

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2Q16 | Bill Nygren Market Commentary

June 30, 2016

We at Oakmark are confident in the advantages of active management, and believe that if you are a middleman who can be replicated by a computer algorithm, in asset management or elsewhere, you’re in trouble.

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2Q16 | David Herro Market Commentary

June 30, 2016

We continue to believe that strong investment performance requires discipline and patience, and that the opportunities are quite positive for long-term investment success.

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Oakmark Equity and Income Fund: Second Quarter 2016

June 30, 2016

We will continue to monitor changes in our estimates of value closely, but we are comforted that, for the most part, business fundamentals are evolving as we expected and that valuations are compelling.

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Oakmark Fund: Second Quarter 2016

June 30, 2016

At Oakmark, we evaluate businesses by summing the present value of their future cash flows, which we believe will only be minimally affected by U.K.’s recent vote to leave the EU.

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Oakmark Global Fund: Second Quarter 2016

June 30, 2016

We continue to do our best to optimize the returns of the Fund by purchasing undervalued companies that are growing their intrinsic value over time and that are managed by individuals who think and act like long-term owners of the business.

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Oakmark Global Select Fund: Second Quarter 2016

June 30, 2016

The Fund’s top contributor for the quarter was a U.S.-based global oil and gas exploration company, while the largest detractor was a Swiss financial services group.

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Oakmark International Fund: Second Quarter 2016

June 30, 2016

A U.K.-based international equipment rental company was the Fund’s top contributor this quarter, while a Swiss financial services group was the largest detractor to performance.

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Oakmark International Small Cap Fund: Second Quarter 2016

June 30, 2016

A French company that designs, develops and manufactures batteries for industrial use was the Fund’s largest contributor in the quarter, while a British property services group was the largest detractor for the period.

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Oakmark Select Fund: Second Quarter 2016

June 30, 2016

During the quarter we added two new positions to the Fund: a business-oriented social networking service and a well-known motorcycle manufacturer.

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1Q16 | Bill Nygren Market Commentary

March 31, 2016

During the quarter, I had the opportunity to answer some questions for The Motley Fool. What follows is an excerpted version of that Q&A.

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Oakmark Equity and Income Fund: First Quarter 2016

March 31, 2016

While the world was fretting about a potential U.S. recession earlier this year, we added four economically sensitive businesses to the portfolio.

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Oakmark Fund: First Quarter 2016

March 31, 2016

We remain focused on assessing the long-term underlying value of businesses, which we believe are much less volatile than stock prices.

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Oakmark Global Fund: First Quarter 2016

March 31, 2016

As interest rates normalize, spreads between financial industry liabilities and assets will widen, and profitability should materially increase.

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Oakmark Global Select Fund: First Quarter 2016

March 31, 2016

The largest contributor to Fund performance this quarter was a U.S. software company, while a Swiss financial services company was the largest detractor to performance.

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Oakmark International Fund: First Quarter 2016

March 31, 2016

The Fund’s top contributor was a Swiss mining and commodity trading company, while the largest detractor was a Swiss financial services company.

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Oakmark International Small Cap Fund: First Quarter 2016

March 31, 2016

An Australian health care services company was the Fund’s top contributor in the quarter, while a Swiss bank holding company was the largest detractor.

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Oakmark Select Fund: First Quarter 2016

March 31, 2016

We remain confident in our financial holdings and the same process that has delivered success since the Fund’s inception.

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4Q15 | Bill Nygren Market Commentary

December 31, 2015

We believe that our Funds are positioned to continue delivering on their dual long-term goals of growing investor capital and performing better than index funds.

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4Q15 | David Herro Market Commentary

December 31, 2015

As they have little to do with company-specific intrinsic value, we think it is a mistake to react to all macro and geopolitical events when making investment decisions.

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Oakmark Equity and Income Fund: Fourth Quarter 2015

December 31, 2015

Perhaps the defining event of the quarter (in financial terms) was the Federal Reserve’s decision to increase short-term interest rates.

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Oakmark Fund: Fourth Quarter 2015

December 31, 2015

As portfolio managers and large shareholders of the Fund, we’re not satisfied with losses, but we remain confident in our time-tested philosophy, investment process and research team.

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Oakmark Global Fund: Fourth Quarter 2015

December 31, 2015

Although most developed markets closed out the year with modest or negative returns (when expressed in U.S. dollars), considerable volatility occurred beneath the surface of the market averages. This has availed us plentiful opportunities to reorient the portfolio.

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Oakmark Global Select Fund: Fourth Quarter 2015

December 31, 2015

The top contributor to the Fund’s quarterly performance was a leading Internet search engine, while a Swiss financial services company was the Fund’s largest detractor.

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Oakmark International Fund: Fourth Quarter 2015

December 31, 2015

A China-based Internet search engine was the Fund’s top contributor this quarter, while an Italian fashion and luxury goods brand was the largest detractor to performance.

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Oakmark International Small Cap Fund: Fourth Quarter 2015

December 31, 2015

A Japanese drugstore chain was among the top contributing stocks for the quarter, while a South Korean banking, securities and financial services provider was one of the largest detractors.

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Oakmark Select Fund: Fourth Quarter 2015

December 31, 2015

While the Fund’s full-year performance wasn’t as strong as we would’ve liked, it’s worth noting that our pre-tax and after-tax returns were very similar, despite realizing large gains throughout the year.

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President's Letter | 4Q15

December 31, 2015

Experience tells us that in weak performance periods like last year, good opportunities often arise and that our patience is typically rewarded.

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3Q15 | Bill Nygren Market Commentary

September 30, 2015

When we invest in undervalued businesses run by CEOs with good win-loss records, we believe the foundation is put in place for long-term success.

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Oakmark Equity and Income Fund: Third Quarter 2015

September 30, 2015

In times of market volatility and stress, we believe investors would be well served simply to tune out the market and adhere to their long-term investment plans.

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Oakmark Fund: Third Quarter 2015

September 30, 2015

We remain confident that our focus on business value and our extended investment time horizon will position the Fund for favorable results over longer periods of time.

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Oakmark Global Fund: Third Quarter 2015

September 30, 2015

We expect the Fund’s holdings to continue to generate free cash flow, invest in their businesses, pay dividends and repurchase stock, and, in general, grow their intrinsic value per share.

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Oakmark Global Select Fund: Third Quarter 2015

September 30, 2015

The Fund’s top contributor for the quarter was a U.S. technology company, while the largest detractor was a U.S.-based oil and gas exploration and production company.

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Oakmark International Fund: Third Quarter 2015

September 30, 2015

The Fund’s largest contributor was a French aerospace and defense company, while the largest detractor was one of the world’s largest mining and commodity trading companies.

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Oakmark International Small Cap Fund: Third Quarter 2015

September 30, 2015

The world’s largest listed wine company was the Fund’s top contributor in the quarter, while a Finnish provider of technology and equipment for the metals and mining industries was the largest detractor.

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Oakmark Select Fund: Third Quarter 2015

September 30, 2015

We have been through difficult periods before and remain thoroughly committed to the same investment process that has delivered success since the Fund’s inception.

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2Q15 | Bill Nygren Market Commentary

June 30, 2015

During the quarter I had the opportunity to answer some questions from readers of GuruFocus. What follows is an excerpted version of that Q&A.

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2Q15 | David Herro Market Commentary

June 30, 2015

We seize opportunities at times like these to purchase quality businesses at lower prices. This is the essence of value investing.

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Oakmark Equity and Income Fund: Second Quarter 2015

June 30, 2015

In the previous decade the concept of “active share” developed in an attempt to explain when active managers are able to beat passive alternatives.

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Oakmark Fund: Second Quarter 2015

June 30, 2015

We continue to feel that financial securities are among the most attractive segments in the market.

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Oakmark Global Fund: Second Quarter 2015

June 30, 2015

In managing funds in the Oakmark group, we insist on buying companies at a meaningful discount to our intrinsic value of the business – regardless of the volatility in the security’s price.

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Oakmark Global Select Fund: Second Quarter 2015

June 30, 2015

The largest contributor to Fund performance this quarter was a U.S. technology company, while a South Korean electronics company was the largest detractor to performance.

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Oakmark International Fund: Second Quarter 2015

June 30, 2015

A U.K. bank was the Fund’s top contributor this quarter, while a South Korean electronics company was the largest detractor to performance.

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Oakmark International Small Cap Fund: Second Quarter 2015

June 30, 2015

A Swiss bank was the Fund’s largest contributor in the quarter, and a Nordic IT infrastructure company was the largest detractor for the period.

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Oakmark Select Fund: Second Quarter 2015

June 30, 2015

During the quarter we added an agricultural company and an automobile manufacturer to the Fund.

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1Q15 | Bill Nygren Market Commentary

March 31, 2015

We don’t see any reason that the investing environment we face today is materially different than what we’ve faced throughout our history.

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Oakmark Equity and Income Fund: First Quarter 2015

March 31, 2015

Though we do not love the current investing landscape, the possibility of identifying attractive new opportunities remains.

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Oakmark Fund: First Quarter 2015

March 31, 2015

We feel the financials and energy sectors remain undervalued, and the Oakmark Fund added to several positions in these sectors during the quarter.

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Oakmark Global Fund: First Quarter 2015

March 31, 2015

In the first quarter, European equities in particular benefited from the European Central Bank’s initiation of a larger than expected quantitative easing program.

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Oakmark Global Select Fund: First Quarter 2015

March 31, 2015

The top contributor to the Fund’s quarterly performance was a U.S.-based online retailer, while a bank in the U.S. was the Fund’s largest detractor.

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Oakmark International Fund: First Quarter 2015

March 31, 2015

An Italian bank was the Fund’s top contributor for the quarter, while a Swiss luxury goods company was the largest detractor.

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Oakmark International Small Cap Fund: First Quarter 2015

March 31, 2015

A U.K.-based professional recruitment firm was the Fund’s top contributor in the quarter, while a Hong Kong-based developer and owner of casinos and resorts was the largest detractor.

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Oakmark Select Fund: First Quarter 2015

March 31, 2015

We remain steadfast in our commitment to the same investment process that has delivered success since the Fund’s inception.

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4Q14 | Bill Nygren Market Commentary

December 31, 2014

Unlike much of the mutual fund industry, Oakmark is focused on maximizing after-tax return.

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4Q14 | David Herro Market Commentary

December 31, 2014

We believe that the proposed changes in China should eventually be positive for the Chinese economy and the region.

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Oakmark Equity and Income Fund: Fourth Quarter 2014

December 31, 2014

Perhaps the most striking economic event in the quarter was the major decline in the price of oil.

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Oakmark Fund: Fourth Quarter 2014

December 31, 2014

As we have written in the past, we believe the financial and information technology sectors are among the most attractive, and investments in these areas represent over half of the Fund’s equity holdings.

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Oakmark Global Fund: Fourth Quarter 2014

December 31, 2014

When we analyze a company as a potential investment, its home base is relevant primarily for us to understand the laws and accounting conventions under which it must operate.

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Oakmark Global Select Fund: Fourth Quarter 2014

December 31, 2014

The top contributor for the quarter was a U.S.-based technology company, and the largest detractor was a U.S.-based oil and gas exploration and production company.

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Oakmark International Fund: Fourth Quarter 2014

December 31, 2014

A German vehicle manufacturer was the Fund’s top contributor this quarter, while a Japanese vehicle manufacturer was the Fund’s largest detractor.

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Oakmark International Small Cap Fund: Fourth Quarter 2014

December 31, 2014

A Swiss travel services company was the Fund’s top contributor this quarter, while a South Korean financial holding company was the largest detractor.

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Oakmark Select Fund: Fourth Quarter 2014

December 31, 2014

As the price of many energy-related equities has fallen, their attractiveness has increased.

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President's Letter | 4Q14

December 31, 2014

We believe that managers who have tied their wealth directly to their company’s stock show that their interests are aligned with their investors.

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3Q14 | Bill Nygren Market Commentary

September 30, 2014

I’d like to take the opportunity to discuss how we at Oakmark analyze acquisition proposals.

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Oakmark Equity and Income Fund: Third Quarter 2014

September 30, 2014

Active management does not always mean high turnover.

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Oakmark Fund: Third Quarter 2014

September 30, 2014

The information technology and financial services sectors are still among the most attractive sectors of the market.

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Oakmark Global Fund: Third Quarter 2014

September 30, 2014

We initiated positions in a French bank and a Swiss luxury goods company during the quarter.

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Oakmark Global Select Fund: Third Quarter 2014

September 30, 2014

A semiconductor manufacturer was the Fund’s top contributor in the quarter, while the largest detractor from the quarterly return was a manufacturer of agricultural and construction equipment.

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Oakmark International Fund: Third Quarter 2014

September 30, 2014

A retail and commercial bank was the Fund’s top contributor this quarter, while the largest detractor was a manufacturer of agricultural and construction equipment.

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Oakmark International Small Cap Fund: Third Quarter 2014

September 30, 2014

The top contributor for the quarter was an engineering and technology consulting company, while a geological engineering company was the largest detractor.

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Oakmark Select Fund: Third Quarter 2014

September 30, 2014

It goes without saying that we generally welcome takeover activity in any of our holdings.

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President's Letter | 3Q14

September 30, 2014

Each year we give shareholders an indication of the level of income and capital gains that we believe will be distributed at the end of the year.

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2Q14 | Bill Nygren Market Commentary

June 30, 2014

To us, buying great businesses at average prices is just as much value investing as is buying average businesses at great prices.

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2Q14 | David Herro Market Commentary

June 30, 2014

There seem to be some positive reforms in Japan worth commenting on.

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Oakmark Equity and Income Fund: Second Quarter 2014

June 30, 2014

Last year we wrote that investors should “embrace volatility,” but we admit that it is difficult to identify volatility to embrace today.

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Oakmark Fund: Second Quarter 2014

June 30, 2014

Our great team of research analysts continues to find attractively valued companies to add to the portfolio. Over the past two quarters, we have added seven new companies to the Fund.

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Oakmark Global Fund: Second Quarter 2014

June 30, 2014

Last quarter we began our report comparing the dichotomy between the macro environment and the performance of the equity markets. For better or worse, the same can be written once again for the June quarter.

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Oakmark Global Select Fund: Second Quarter 2014

June 30, 2014

The Fund’s largest contributor this quarter was a U.S. technology company, and the largest detractor was a U.S. financial services firm.

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Oakmark International Fund: Second Quarter 2014

June 30, 2014

The top contributor for the quarter was a Swiss luxury goods company, and a Swiss-based financial services company was the Fund’s largest detractor.

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Oakmark International Small Cap Fund: Second Quarter 2014

June 30, 2014

The top contributing stock for the quarter was an Australian-based vineyard operator and winemaker, and the largest detractor was a U.K. property company.

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Oakmark Select Fund: Second Quarter 2014

June 30, 2014

We continue to believe that universal banks are significantly undervalued relative to their normalized earnings power.

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President's Letter | 2Q14

June 30, 2014

Overall, we believe equities remain attractive as an asset class, especially in comparison to other alternatives.

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1Q14 | Bill Nygren Market Commentary

March 31, 2014

At Oakmark, our professionals learn quickly that the team is more important than the individual.

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Oakmark Equity and Income Fund: First Quarter 2014

March 31, 2014

After spending much of 2013 with an equity weighting near the Fund’s prospectus maximum of 75%, we have moved the equity allocation down to 65%.

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Oakmark Fund: First Quarter 2014

March 31, 2014

Stocks certainly aren’t as cheap as they were a year ago, but we are still finding attractive companies to add to the portfolio.

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Oakmark Global Fund: First Quarter 2014

March 31, 2014

Given our value investing philosophy, it should come as no surprise that we reduced the weight of U.S. holdings in the portfolio during the previous quarter.

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Oakmark Global Select Fund: First Quarter 2014

March 31, 2014

A U.S. financial services company was the top contributor for the quarter, and a Japanese brokerage company was the largest detractor.

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Oakmark International Fund: First Quarter 2014

March 31, 2014

An Italian retail and commercial bank was the largest contributor for the quarter, while the largest detractor was a Japanese automobile manufacturer.

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Oakmark International Small Cap Fund: First Quarter 2014

March 31, 2014

Holdings in Japan contributed most to the Fund’s quarterly return, while Swiss and Australian names were the largest detractors.

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Oakmark Select Fund: First Quarter 2014

March 31, 2014

At Oakmark, active management means more than just stock selection – it also involves maximizing after-tax returns and managing risk in special situations.

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President's Letter | 1Q14

March 31, 2014

Over the years the traders at Harris Associates have worked diligently to navigate a technologically advanced landscape of broker algorithms, liquidity sources and evolving market structure.

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4Q13 | Bill Nygren Market Commentary

December 31, 2013

Our message is the same as it almost always is – don’t let current events keep you from following your long-term financial plan.

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4Q13 | David Herro Market Commentary

December 31, 2013

Despite the strong past performance of global equities, we believe there is still value in global equity markets.

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Oakmark Equity and Income Fund: Fourth Quarter 2013

December 31, 2013

With interest rates at record lows last winter and stocks attractively priced, we increased the equity allocation toward the maximum allowed 75% level, which we maintained for most of 2013. Fortunately, this asset allocation proved to be rewarding.

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Oakmark Fund: Fourth Quarter 2013

December 31, 2013

Our portfolio has been heavily invested in financial services, economically sensitive industrials and information technology.

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Oakmark Global Fund: Fourth Quarter 2013

December 31, 2013

We like to remind our shareholders that as managers and investors in the Fund, our motivation is to invest in the most attractive equity securities wherever they may be found, and not to mirror an index’s allocations.

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Oakmark Global Select Fund: Fourth Quarter 2013

December 31, 2013

Japan’s second-largest broker was the largest contributor for the year, and the largest detractor was a Japan-based consumer imaging company.

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Oakmark International Fund: Fourth Quarter 2013

December 31, 2013

The largest contributor for the year was Japan’s second-largest broker, and the largest detractor was a provider of explosives for the mining industry.

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Oakmark International Small Cap Fund: Fourth Quarter 2013

December 31, 2013

A U.K. property company was the largest contributor for the year, while one of the large detractors for the year was a seismic company.

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Oakmark Select Fund: Fourth Quarter 2013

December 31, 2013

Looking ahead, we continue to see attractively priced investment opportunities in financials, large cap technology, automotive cyclicals, and the energy sector.

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President's Letter | 4Q13

Kristi Rowsell - December 31, 2013

We believe that investing beside our shareholders shows good stewardship and reflects that our interests are aligned.

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3Q13 | Bill Nygren Market Commentary

September 30, 2013

During the quarter I had the opportunity to answer some questions from readers of GuruFocus. Following is an excerpt of that Q&A.

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Oakmark Equity and Income Fund: Third Quarter 2013

September 30, 2013

“Sell in May and go away” is a well-known phrase in the investing community. It derives from empirical observations that the summer months are often difficult for the stock market.

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Oakmark Fund: Third Quarter 2013

September 30, 2013

We still found the financials and information technology sectors to be attractively valued for the quarter just ended.

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Oakmark Global Fund: Third Quarter 2013

September 30, 2013

The September quarter produced strong equity outcomes across most world markets.

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Oakmark Global Select Fund: Third Quarter 2013

September 30, 2013

Once again, a Japanese brokerage and a global auto manufactuer led the quarter’s contributors. The top detractor was a Canadian-based oil company.

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Oakmark International Fund: Third Quarter 2013

September 30, 2013

Japan’s second-largest broker was the top contributor to the fund's performance over the past 12 months and the largest detractor was an Australian mining-services company.

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Oakmark International Small Cap Fund: Third Quarter 2013

September 30, 2013

The top-performing stock for the one-year period and a strong contributor for the recent quarter was one of the U.K.’s largest residential estate agency and property appraisal companies.

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Oakmark Select Fund: Third Quarter 2013

September 30, 2013

Our strong fiscal-year results were primarily due to stock selection and our relatively large weighting in more economically sensitive sectors such as consumer discretionary and financials.

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2Q13 | Bill Nygren Market Commentary

June 30, 2013

A little over a month ago – May 21, to be exact – the stock market was on track for another great quarter....

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2Q13 | David Herro Market Commentary

June 30, 2013

During the lazy days of summer, one may contemplate investing from the perspective of a regatta.

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Oakmark Equity and Income Fund: Second Quarter 2013

June 30, 2013

Security returns were quite disparate across countries, economic sectors and asset types in the June quarter. After a strong start, security prices became erratic after comments from Federal Reserve Chair Ben Bernanke suggested an eventual reduction (a.k.a. tapering) in Fed asset purchases.

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Oakmark Fund: Second Quarter 2013

June 30, 2013

Our portfolio has been heavily invested in financial services, technology and economically sensitive stocks. Those sectors performed well in the quarter, and not surprisingly, our best performers were companies in those industries.

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Oakmark Global Fund: Second Quarter 2013

June 30, 2013

The June quarter was a fascinating period for investors in global equities. Several countries’ stock markets entered corrections (i.e., declines in excess of 10%), and Japan’s energetic bull market quickly became a bear market (down 20% from the peak).

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Oakmark Global Select Fund: Second Quarter 2013

June 30, 2013

A Japanese brokerage and a global auto manufactuer led the quarter’s contributors while a Japan-based professional and consumer solutions company was the top detractor.

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Oakmark International Fund: Second Quarter 2013

June 30, 2013

One of the dominant retail banks in the U.K., was the top contributor to performance for the quarter and an Australian mining services company was the largest detractor.

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Oakmark International Small Cap Fund: Second Quarter 2013

June 30, 2013

The top contributing stocks for the quarter were a Swiss freight forwarding company and an Israeli firm that designs, develops, manufactures, markets and services automated optical inspection systems and imaging solutions.

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Oakmark Select Fund: Second Quarter 2013

June 30, 2013

Our portfolio has been heavily invested in financial services, technology and economically sensitive stocks. Those sectors performed well in the quarter...

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1Q13 | Bill Nygren Market Commentary

March 31, 2013

Corporations are generating more cash than they can reinvest, so dividends, buybacks and acquisitions are on the rise.

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Oakmark Equity and Income Fund: First Quarter 2013

March 31, 2013

Our team continued to work to shift the Fund’s fixed-income allocation in a yield-enhancing direction while remaining cognizant of risk. This is incredibly difficult in a world where many investors chase income.

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Oakmark Fund: First Quarter 2013

March 31, 2013

Despite strong market gains in the first quarter of 2013, we believe stocks remain moderately undervalued relative to their own history and extremely undervalued versus bonds.

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Oakmark Global Fund: First Quarter 2013

March 31, 2013

As was the case one year ago, the March quarter witnessed a strong rally in world stock markets, with very few countries experiencing losses.

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Oakmark Global Select Fund: First Quarter 2013

March 31, 2013

A U.S. computer maker and a Japanese brokerage led the quarter’s contributors, while a Swiss freight company and a Canadian oil producer were top detractors.

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Oakmark International Fund: First Quarter 2013

March 31, 2013

Continued talk of economic reform from Japan’s new government has led to a weakening of the yen and a market rally, while Italy’s election results call into question whether it will continue on the austerity path.

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Oakmark International Small Cap Fund: First Quarter 2013

March 31, 2013

While international stocks have been performing well, this hasn’t hindered our ability to find new attractive investment candidates.

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Oakmark Select Fund: First Quarter 2013

March 31, 2013

In this past quarter, stocks of stable businesses with high dividends tended to be better performers. This trend does not appear to be supported by stock valuations, but rather by investors searching for income who found these stocks to be cheaper than bonds.

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4Q12 | Bill Nygren Market Commentary

December 31, 2012

The long-term success of Oakmark's investment culture depends on training the next generation of leaders

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4Q12 | David Herro Market Commentary

December 31, 2012

The enduring lesson of 2012: Macro shocks create market opportunities for patient investors.

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President's Letter | 4Q12

Kristi Rowsell - December 31, 2012

Kristi Rowsell recaps the latest quarter's events and offers her thoughts on the benefits of an asset allocation plan.

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3Q12 | Bill Nygren Market Commentary

September 30, 2012

Bill answers questions about the role of macro for bottom-up investors, future financial regulation and market volatility

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3Q12 | David Herro Market Commentary

September 30, 2012

David offers his thoughts on why the Oakmark International Fund has been so successful over its 20 years of existence

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2Q12 | Bill Nygren Market Commentary

Bill Nygren - June 30, 2012

Being a big fan of Jack Schwager’s Wizard series of investment books, I eagerly read his newest book, Hedge Fund Market Wizards, and was not disappointed.

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2Q12 | David Herro Market Commentary

David Herro - June 30, 2012

Volatility - tough to stomach, but good for your financial health! The second quarter was dominated by volatility brought on by macro fears largely surrounding Europe and the eurozone economic situation, but slower growth in the U.S. and the emerging markets also weighed in on people’s fears. For a change, events in Japan received almost no attention!

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1Q12 | Bill Nygren Market Commentary

Bill Nygren - March 31, 2012

2012 is off to a great start for stock market investors. The S&P 500 was up 13% for the quarter. In just one quarter the S&P 500 returned more than a seven-year U.S. government bond would have returned over its entire lifetime.

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4Q11 | Bill Nygren Market Commentary

Bill Nygren - December 31, 2011

Something crazy happened the morning of December 13. When I turned on CNBC, the S&P futures were exactly unchanged from their December 12 close. Dead flat. Zero movement. In a normal year, no change would be common or even expected. But in 2011, especially during the second half of the year, days frequently started with stock prices at very different levels from where they were just hours earlier. It became the norm for pre-market prices to be up or down 1% or 2%. Late in the year, S&P 500 volatility exceeded 30%, more than three times the volatility levels of five years ago.

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4Q11 | David Herro Market Commentary

Bill Nygren - December 31, 2011

While both the Oakmark International and International Small Cap Funds had acceptable investment performance in the fourth quarter of 2011, the full year was not good for global equities or for our two Funds, as natural disasters (first in Japan, later in Thailand) and Europe’s sovereign debt crisis took their toll. The short-term challenges cannot be denied, but I remain extremely confident about the medium and long-term future.

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3Q11 | Bill Nygren Market Commentary

Bill Nygren - September 30, 2011

When I studied stock market history in college, I used to think that it would have been so easy to be an investor in the 1950s. The math behind dividend discount models hadn’t yet been widely accepted, and most investors thought that, because equities were riskier than bonds, they needed to have higher yields. Of course, we have learned that equities require a higher expected return than bonds, but that expected growth is a very large component of that return. When equities yield less than bonds, they still usually have the higher expected returns. If only we could again have the opportunity they had in the ’50s! Be careful what you wish for.

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3Q11 | David Herro Market Commentary

David Herro - September 30, 2011

As I write to you, volatility and uncertainty in the market are drawing comparisons to what occurred in 2008-2009. Many pundits and observers are tripping over themselves to come up with the most fearful scenario. With this negative noise level steadily rising, it is understandable the global stocks, including some held in our Funds, are experiencing a period of weakness. Over the last three months alone, international stocks are down almost 20%, and for the year they are down by almost 10%. The U.S. equity market, down less than 9% year to date, is actually one of the better-performing markets.

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2Q11 | Bill Nygren Market Commentary

Bill Nygren - June 30, 2011

Every week seems to bring a new story about how much money is flowing into mutual funds. If we stopped after the headlines, we might wrongly conclude that mutual fund investors are once again positive about the stock market. And, because mutual fund inflows have historically been a contrary indicator, this trend might worry investors.

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2Q11 | David Herro Market Commentary

David Herro - June 30, 2011

During the quarter the market experienced continued instability, despite falling energy prices and Japan slowly beginning to recover from the March earthquake and tsunami disasters. These were two of the three major areas of concern that existed at the beginning of the quarter. Of course, the dominant factor still plaguing global financial markets is the situation in Greece.

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1Q11 | Bill Nygren Market Commentary

Bill Nygren - March 31, 2011

I enjoy reading books about successful organizations. I like to see how their methods overlap with ours and the companies we have investments in. I also like seeing what they do differently than we do to get ideas for how we can improve. While we have learned some things from studying other successful investment firms, I find we learn more from comparisons to non-investment companies. And given my non-work interests, I especially enjoy the comparisons to successful sports organizations.

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1Q11 | David Herro Market Commentary

David Herro - March 31, 2011

The new year brought a degree of optimism as a result of strong economic growth in the emerging markets, as well as recovery in the developed world.

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