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Oakmark Global Fund Commentary: First Quarter 2019

March 31, 2019

We manage your global equity portfolio by rebalancing into the companies that present the best risk-adjusted values and rebalancing out of the companies where that valuation is less attractive, all while staying fully invested with the goal of maximizing long-term, after-tax returns

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Oakmark Global Select Fund Commentary: First Quarter 2019

March 31, 2019

The Fund’s top contributors for the quarter were a dominant retail bank in the U.K. and a U.S.-based oil and gas exploration and production company.

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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 Global Fund Commentary: Fourth Quarter 2018

December 31, 2018

The past year proved to be difficult and volatile for equity investors. But did this downward price movement accurately reflect a change in the fundamentals of the Fund’s investments? We think not.

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Oakmark Global Select Fund Commentary: Fourth Quarter 2018

December 31, 2018

The top contributor to the Fund’s performance was a U.K.-based insurance broker, while the largest detractor was a U.S.-based oil and gas exploration and production company.

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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 Global Fund Commentary: Third Quarter 2018

September 30, 2018

We think that the Global Fund portfolio is unusually attractive today and we have been adding to our personal Fund holdings. We have continued to shift assets from the U.S. allocation to international to take advantage of the exceptional opportunities available abroad.

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Oakmark Global Select Fund Commentary: Third Quarter 2018

September 30, 2018

The Fund’s top contributor for the quarter was a U.K.-based global agricultural and construction equipment manufacturer, while a U.S.-based global producer of industrial, household and medical goods was the largest detractor.

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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 Global Fund Commentary: Second Quarter 2018

June 30, 2018

Our investment process applies a private equity approach to public markets. Like private equity, we value businesses based on their intrinsic value, buy at a substantial discount and sell when they are fully valued. Unlike private equity, we mark our portfolio companies according to current public stock prices.

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Oakmark Global Select Fund Commentary: Second Quarter 2018

June 30, 2018

The top contributor to the Fund’s quarterly performance was a global oil and gas exploration company, while the largest detractor was a company best known for its luxury passenger car business.

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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 Global Fund Commentary: First Quarter 2018

March 31, 2018

Rather than target a particular country (or industry) weight, we focus our efforts on populating the Fund with our best ideas, while also seeking appropriate diversification.

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Oakmark Global Select Fund Commentary: First Quarter 2018

March 31, 2018

The Fund’s top contributor for the quarter was the second largest payment system in the U.S., while a leading global advertising company was the largest detractor.

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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 Global Fund Commentary: Fourth Quarter 2017

December 31, 2017

While it may not feel like it every quarter or year, we are building what we believe is a truly conservative global portfolio of our best ideas, one company at a time, to maximize returns over a multi-year period.

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Oakmark Global Select Fund Commentary: Fourth Quarter 2017

December 31, 2017

The top contributor to the Fund’s quarterly performance was a global agricultural and construction equipment manufacturer, while the largest detractor was a global producer of industrial, household and medical foods.

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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 Global Fund Commentary: Third Quarter 2017

September 30, 2017

We were fairly active this quarter, initiating positions in four equities, one of which is the Fund’s first holding ever to be domiciled in India.

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Oakmark Global Select Fund Commentary: Third Quarter 2017

September 30, 2017

The Fund’s top contributor for the quarter was a global vehicle manufacturer, while a global producer of industrial, household and medical goods was the largest detractor.

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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 Global Fund Commentary: Second Quarter 2017

June 30, 2017

Why do we think that a value-based, all-capitalization global fund is worth of your consideration? Value investing is a discipline that has stood the test of time.

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Oakmark Global Select Fund Commentary: Second Quarter 2017

June 30, 2017

The top contributor to the Fund’s quarterly performance was a global agricultural and construction equipment manufacturer, while the largest detractor was a global producer of industrial, household and medical goods.

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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 Global Fund Commentary: First Quarter 2017

March 31, 2017

We build portfolios in the same manner we would manage our personal capital: We seek to maximize after-tax returns over a multi-year time horizon by concentrating our investments in the most undervalued businesses, managed by capable and properly motivated management teams.

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Oakmark Global Select Fund Commentary: First Quarter 2017

March 31, 2017

The Fund’s top contributor for the quarter was a Swiss luxury goods company, while the largest detractor was a U.S.-based global oil and gas exploration company.

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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 Global Fund Commentary: 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 Select Fund Commentary: Fourth Quarter 2016

December 31, 2016

The largest contributor to the Fund performance this quarter was a U.S. bank, while a French food-products corporation was the Fund’s largest detractor.

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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 Global Fund Commentary: 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 Select Fund Commentary: Third Quarter 2016

September 30, 2016

The top contributor to the Fund’s quarterly performance was a worldwide leader in cement and other building materials, while a global producer of industrial, aviation and medical goods was the Fund’s largest detractor.

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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 Global Fund Commentary: 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 Select Fund Commentary: Second Quarter 2016

June 30, 2016

The Fund’s top contributor for the quarter was a U.S.-based global oil and gas exploration company, while the largest detractor was a Swiss financial services group.

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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 Global Fund Commentary: 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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Oakmark Global Select Fund Commentary: First Quarter 2016

March 31, 2016

The largest contributor to Fund performance this quarter was a U.S. software company, while a Swiss financial services company was the largest detractor to performance.

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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 Global Fund Commentary: 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 Select Fund Commentary: Fourth Quarter 2015

December 31, 2015

The top contributor to the Fund’s quarterly performance was a leading Internet search engine, while a Swiss financial services company was the Fund’s largest detractor.

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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 Global Fund Commentary: 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 Select Fund Commentary: Third Quarter 2015

September 30, 2015

The Fund’s top contributor for the quarter was a U.S. technology company, while the largest detractor was a U.S.-based oil and gas exploration and production company.

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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 Global Fund Commentary: 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 Select Fund Commentary: Second Quarter 2015

June 30, 2015

The largest contributor to Fund performance this quarter was a U.S. technology company, while a South Korean electronics company was the largest detractor to performance.

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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 Global Fund Commentary: 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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Oakmark Global Select Fund Commentary: First Quarter 2015

March 31, 2015

The top contributor to the Fund’s quarterly performance was a U.S.-based online retailer, while a bank in the U.S. was the Fund’s largest detractor.

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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 Global Fund Commentary: 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 Select Fund Commentary: Fourth Quarter 2014

December 31, 2014

The top contributor for the quarter was a U.S.-based technology company, and the largest detractor was a U.S.-based oil and gas exploration and production company.

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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 Global Fund Commentary: 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 Select Fund Commentary: Third Quarter 2014

September 30, 2014

A semiconductor manufacturer was the Fund’s top contributor in the quarter, while the largest detractor from the quarterly return was a manufacturer of agricultural and construction equipment.

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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 Global Fund Commentary: 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 Select Fund Commentary: Second Quarter 2014

June 30, 2014

The Fund’s largest contributor this quarter was a U.S. technology company, and the largest detractor was a U.S. financial services firm.

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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 Global Fund Commentary: 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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Oakmark Global Select Fund Commentary: First Quarter 2014

March 31, 2014

A U.S. financial services company was the top contributor for the quarter, and a Japanese brokerage company was the largest detractor.

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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 Global Fund Commentary: 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 Select Fund Commentary: Fourth Quarter 2013

December 31, 2013

Japan’s second-largest broker was the largest contributor for the year, and the largest detractor was a Japan-based consumer imaging company.

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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 Global Fund Commentary: Third Quarter 2013

September 30, 2013

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

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Oakmark Global Select Fund Commentary: Third Quarter 2013

September 30, 2013

Once again, a Japanese brokerage and a global auto manufactuer led the quarter’s contributors. The top detractor was a Canadian-based oil company.

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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 Global Fund Commentary: 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 Select Fund Commentary: Second Quarter 2013

June 30, 2013

A Japanese brokerage and a global auto manufactuer led the quarter’s contributors while a Japan-based professional and consumer solutions company was the top detractor.

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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 Global Fund Commentary: 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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Oakmark Global Select Fund Commentary: First Quarter 2013

March 31, 2013

A U.S. computer maker and a Japanese brokerage led the quarter’s contributors, while a Swiss freight company and a Canadian oil producer were top detractors.

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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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