Commentary

President's Letter
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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4Q16 | Clyde McGregor
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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4Q16 | Bill Nygren
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
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 Global Fund
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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 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 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 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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2015

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 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 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 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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2014

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 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 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 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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2013

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 Fund: Third Quarter 2013

September 30, 2013

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

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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 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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Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.

Before investing in any Oakmark Fund, you should carefully consider the Fund's investment objectives, risks, management fees and other expenses. This and other important information is contained in a Fund's prospectus and summary prospectus. Please read the prospectus and summary prospectus carefully before investing. For more information, please call 1-800-OAKMARK (625-6275).

OAKMARK, OAKMARK FUNDS, OAKMARK INTERNATIONAL, and OAKMARK and tree design are trademarks owned or registered by Harris Associates L.P. in the U.S. and/or other countries.

Copyright 2017, Harris Associates Securities L.P., Distributor, Member FINRA.
Date of first use: January 24, 2013.

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