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release | Global Manager Commentary | Open
An Account
Harris Associates L.P. announced today that The Oakmark Global Fund will re-open to all investors on May 9, 2008. The Oakmark Global Fund, which was launched on August 4, 1999, closed to most new investors on December 15, 2003.
“In the years that the Fund was closed, the desire of existing investors to add to their accounts fully offset the needs of existing investors to sell their shares. Over the past several months that no longer held true,” says Rob Taylor, portfolio manager of The Oakmark Global Fund. Clyde McGregor, also portfolio manager of the Fund says, “We’re excited about the investment opportunities we’re seeing around the world and believe that restoring the balance between purchases and sales is in the best interest of Fund shareholders.”
The Oakmark Global investment philosophy is centered in the belief that superior, long-term results are achieved through investing as owners in quality companies that can be purchased at a significant discount to their true economic value.
The Oakmark Global Fund seeks capital appreciation by investing in a portfolio of approximately 40-60 small- to large-cap companies from around the world.
Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.
Investing in foreign securities presents risks that in some way may be greater than U.S. investments. Those risks include: currency fluctuation; different regulation, accounting standards, trading practices and levels of available information; generally higher transaction costs; and political risks.
