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Oakmark Select Fund Commentary: First Quarter 2019

March 31, 2019

The Fund’s top contributor for the quarter was a commercial real estate services and investment firm, while a retail conglomerate was the largest detractor.

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Oakmark Select Fund Commentary: Fourth Quarter 2018

December 31, 2018

The significant negative price movement in the fourth quarter afforded us opportunities to add four new companies to the portfolio – all of which are well regarded in their respective industries for the quality of their management teams and assets.

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Oakmark Select Fund Commentary: Third Quarter 2018

September 30, 2018

Long-time shareholders understand that we invest in companies that we believe are selling at large discounts to their intrinsic values, and these stocks are often terribly out of favor with other investors. But if we’re right about these companies’ underlying values, then their cash flows should eventually win out, the market will come around to our view, and the stock prices will eventually rise to our estimate of value.

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Oakmark Select Fund Commentary: Second Quarter 2018

June 30, 2018

This quarter, we added a biotech company to the Fund.

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Oakmark Select Fund Commentary: First Quarter 2018

March 31, 2018

We remain steadfast in our mission to focus on maximizing returns over a multi-year, not multi-month, timeframe.

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Oakmark Select Fund Commentary: Fourth Quarter 2017

December 31, 2017

This quarter, we added the world’s largest manufacturer of automotive seating and a telecommunications company to the Fund.

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Oakmark Select Fund Commentary: Third Quarter 2017

September 30, 2017

While there were no new names added to the portfolio this quarter, we are pleased to report the Fund ended the quarter at a new all-time high NAV.

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Oakmark Select Fund Commentary: Second Quarter 2017

June 30, 2017

This quarter, we added an oilfield services company to the Fund.

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Oakmark Select Fund Commentary: 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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Oakmark Select Fund Commentary: 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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Oakmark Select Fund Commentary: Third Quarter 2016

September 30, 2016

In the third quarter, we added a large casino operator to the portfolio.

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Oakmark Select Fund Commentary: 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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Oakmark Select Fund Commentary: 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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Oakmark Select Fund Commentary: 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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Oakmark Select Fund Commentary: 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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Oakmark Select Fund Commentary: 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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Oakmark Select Fund Commentary: 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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Oakmark Select Fund Commentary: Fourth Quarter 2014

December 31, 2014

As the price of many energy-related equities has fallen, their attractiveness has increased.

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Oakmark Select Fund Commentary: 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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Oakmark Select Fund Commentary: 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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Oakmark Select Fund Commentary: 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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Oakmark Select Fund Commentary: 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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Oakmark Select Fund Commentary: 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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Oakmark Select 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...

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Oakmark Select Fund Commentary: 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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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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