Commentary

Oakmark Select Fund
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Oakmark Select Fund: First Quarter 2017

March 31, 2017

While there were no new names added to the portfolio this quarter, we increased our positions in our existing holdings that we felt were still trading at a substantial discount to fair value.

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1Q17 | Bill Nygren Market Commentary

March 31, 2017

I often get asked the question, “What do you think makes a good investment analyst?” Outside of the criteria used by many investment firms, we at Oakmark look for three unique characteristics in all hires.

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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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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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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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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 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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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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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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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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2015

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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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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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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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 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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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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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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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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2014

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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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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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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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 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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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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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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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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2013

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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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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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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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 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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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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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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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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2012

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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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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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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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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2011

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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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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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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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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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).

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Date of first use: January 24, 2013.

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