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Oakmark Fund Commentary: Fourth Quarter 2018

December 31, 2018

We continue to believe that the underlying businesses in our portfolio are performing much better than their stock prices indicate, so we find these holdings even more attractively valued than they were prior to the fourth quarter.

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Oakmark Fund Commentary: Third Quarter 2018

September 30, 2018

While the Fund has outperformed the market over longer periods of time, we are not surprised to see shorter periods of underperformance along the way.

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Oakmark Fund Commentary: Second Quarter 2018

June 30, 2018

We believe equities remain the most attractive asset class, and due to the increased number of undervalued companies with misunderstood intangible assets, our research team has produced an impressive number of new investment ideas.

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Oakmark Fund Commentary: First Quarter 2018

March 31, 2018

While we remain focused on long-term business fundamentals as we evaluate potential investments, we don’t mind taking advantage of higher volatility to increase exposure to high-quality businesses at more attractive prices.

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Oakmark Fund Commentary: Fourth Quarter 2017

December 31, 2017

The strong fourth-quarter performance capped off a strong calendar year for the Fund, and we are pleased to report that the Fund hit another all-time high adjusted NAV for the sixth quarter in a row.

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Oakmark Fund Commentary: Third Quarter 2017

September 30, 2017

As value investors, we patiently wait for the gap between a company’s stock price and our estimate of intrinsic value to close, and over the past 12 months, the gaps have narrowed.

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Oakmark Fund Commentary: Second Quarter 2017

June 30, 2017

We are pleased to report that this was the fourth quarter in a row in which the Oakmark Fund hit an all-time high adjusted NAV.

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Oakmark Fund Commentary: First Quarter 2017

March 31, 2017

During the quarter, we added three new positions to the portfolio.

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Oakmark Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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 Fund Commentary: 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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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 2019, Harris Associates Securities L.P., Distributor, Member FINRA.
Date of first use: January 24, 2013.

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