News & Insights from Oakmark

News & Insights

11 Questions with Oakmark’s Bill Nygren and Win Murray

December 07, 2017

Portfolio Managers Bill Nygren and Win Murray answer questions from GuruFocus readers on a variety of subjects, including value investing, Harris Associates’ investment process and current portfolio holdings. 

Hyperlink to full article.

 

 

The holdings mentioned in the article above comprise the following percentages of the funds' total net assets as of 09/30/17:

SECURITY Oakmark Fund Oakmark Select Fund
Alphabet Cl C 3.3% 8.6%
Amazon 0% 0%
Andarko 1.3% 0%
Apache 1.9% 4.1%
Apple 2.5% 0%
Chesapeake Energy 0.5% 2.8%
Citigroup 3.7% 6.2%
Facebook 0% 0%
General Electric 2.6% 5.5%
LinkedIn 0% 0%
Netflix 1.3% 0%

 

Portfolio holdings are subject to change without notice and are not intended as recommendations of individual stocks.

Access the full list of holdings for the Oakmark Fund as of the most recent quarter-end.
Access the full list of holdings for the Oakmark Select Fund as of the most recent quarter-end.

The Price-Earnings Ratio (P/E) is the most common measure of the expensiveness of a stock.

The Price-to-Sales is a stock’s capitalization divided by its sales over the trailing 12 months. The value is the same whether the calculation is done for the whole company or on a per share basis.

The Price to Book Ratio is a stock’s capitalization divided by its book value.

EPS refers to Earnings Per Share and is calculated by dividing total  earnings by the number of shares outstanding.

The Oakmark Fund’s portfolio tends to be invested in a relatively small number of stocks. As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset value than it would if the Fund invested in a larger number of securities. Although that strategy has the potential to generate attractive returns over time, it also increases the Fund’s volatility.

Oakmark Select Fund: The stocks of medium-sized companies tend to be more volatile than those of large companies and have underperformed the stocks of small and large companies during some periods.

Because the Oakmark Select Fund and Oakmark Global Select Funds are non-diversified, the performance of each holding will have a greater impact on the Funds’ total return, and may make the Funds’ returns more volatile than a more diversified fund.

The S&P 500 Total Return Index is a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. All returns reflect reinvested dividends and capital gains distributions. This index is unmanaged and investors cannot invest directly in this index..

The discussion of the Fund’s investments and investment strategy (including current investment themes, the portfolio managers' research and investment process, and portfolio characteristics) represents the Fund’s investments and the views of the portfolio managers and Harris Associates L.P., the Fund’s investment adviser, at the time of this letter, and are subject to change without notice.

The Oakmark Funds are distributed by Harris Associates Securities L.P. Member FINRA. 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 visit oakmark.com or call 1-800-OAKMARK (625-6275).

Copyright©2017 Harris Associates Securities L.P., Member FINRA.

 
 

 

 

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CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standards and Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service.  The CUSIP Database, © 2011 American Bankers Association.  “CUSIP” is a registered trademark of the American Bankers Association.

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 2018, Harris Associates Securities L.P., Distributor, Member FINRA.
Date of first use: January 24, 2013.

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