The Oakmark Funds are advised by Harris Associates L.P. an autonomous subsidiary of Natixis Investment Managers, L.P.

Learn more about the principles and philosophy behind our funds at HarrisAssoc.com.

Harris Associates

111 South Wacker Drive, Suite 4600
Chicago, Illinois 60606
312-646-3600

The Quarterly Recap

Commentary

Active vs. passive: did funds meet the mark in 2023? | U.S. equity market commentary 4Q23

December 31, 2023

2023 was another rough year for mutual funds and the issue could be that many actively managed funds haven’t been all that “active.”

International markets: two drawdowns and a miss from economists | International equity market commentary 4Q23

December 31, 2023

Two macro themes and economists’ negative outlook caused international market uncertainty, but a focus on research along with a long-term view can help uncover otherwise overlooked opportunities.

Fixed income: the case for active management | Fixed income market commentary 4Q23

December 31, 2023

Today’s investor is inundated with views on short-term market trends and recommendations, but investing often involves nuances and factors that professional management can help address.

Oakmark Fund: Fourth Calendar Quarter 2023

December 31, 2023

As things stand today, we believe the value opportunity is at least as good as it was at the start of 2022. As long-term value investors, this opportunity excites us.

Oakmark Select Fund: Fourth Calendar Quarter 2023

December 31, 2023

We added significantly to information technology stocks early in 2023 as we believed the stocks were priced well below their intrinsic values. These holdings performed well and their stock prices have generally increased faster...

Oakmark Global Fund: Fourth Calendar Quarter 2023

December 31, 2023

The top contributor to the Fund’s performance was a company that specializes in consumer finance, while a top detractor was a life science company with pharmaceuticals, consumer health and crop science divisions.

Oakmark Global Select Fund: Fourth Calendar Quarter 2023

December 31, 2023

A top contributor to the Fund’s performance was a company that specializes in consumer finance, while a top detractor was a life science company with pharmaceuticals, consumer health and crop science divisions.

Oakmark International Fund: Fourth Calendar Quarter 2023

December 31, 2023

The top contributor to the Fund’s performance was a European ultra-low-cost airline, while a European merchant acquirer and payment processor was the top detractor.

Oakmark International Small Cap Fund: Fourth Calendar Quarter 2023

December 31, 2023

A top contributor to the Fund’s performance was an engineering company that specializes in lifting equipment and associated services, while a global mechanical and plant engineering firm for the automotive industry was a top...

Oakmark Equity and Income Fund: Fourth Calendar Quarter 2023

December 31, 2023

During the quarter, we added one new position in a company that we believe is an attractive price for a solid business where management is pursuing shareholder-friendly policies, like cost-cutting and capital return.

Oakmark Bond Fund: Fourth Calendar Quarter 2023

December 31, 2023

In 2024, we will focus on three key themes: credit selection, continuing our shift from historically overvalued asset classes to those that underperformed last year and remain undervalued, and monitoring how an economic slowdown...

Value vs. growth: Then and now | U.S. Equity market commentary 3Q23

September 30, 2023

The optimists who buy exciting businesses regardless of price have been on quite a run, resulting in today’s unusually wide spread of P/E ratios. Following strong outperformance, selling some high P/E stocks to buy...

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