Commentary

2Q17 | Bill Nygren
During the quarter, I had the opportunity to answer some questions for Value Investor Insight. What follows is an excerpted version of that Q&A.
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2Q17 | David Herro
The strong performance across our strategies has continued from the post-Brexit rebound thanks to our patience during events such as these along with our investment in companies committed to a Corporate Social Responsibility that puts shareholders first and behaves in a responsive manner.
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Oakmark Equity & Income Fund
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Oakmark Equity and Income Fund: Second Quarter 2017

June 30, 2017

Although the June quarter superficially appeared to extend trends that emerged after the presidential election, a more careful examination shows material changes in the landscape.

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Oakmark Equity and Income Fund: First Quarter 2017

March 31, 2017

Although we are never sure what exactly will cause the gap between price and value to narrow, we are generally confident that it will occur over time.

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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 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 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 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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2015

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 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 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 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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2014

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 Equity and Income Fund: Third Quarter 2014

September 30, 2014

Active management does not always mean high turnover.

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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 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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2013

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 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 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 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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Date of first use: January 24, 2013.

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