News & Insights from Oakmark

News & Insights

Bill Nygren on Morningstar’s “The Long View” Podcast

August 07, 2019

Portfolio Manager Bill Nygren appeared on Morningstar’s “The Long View” podcast to talk about Oakmark’s approach to value and the firm’s investment strategy, among other topics.

Listen to the podcast here.

 

 

 

Average Annual Total Returns (as of 06/31/2019)

Fund 3 Month 1 Year 3 Year 5 Year 10 Year Inception
OAKMX 3.22% 0.39% 13.11% 7.76% 14.42% 12.37%
S&P 500 Total Return Index 4.30% 10.42% 14.19% 10.71% 14.70% 9.78%

Gross Expense Ratio (as of 09/30/2018): 0.89%
Net Expense Ratio (as of 09/30/2018): 0.85%
Fund Inception:  08/05/1991

Past performance is no guarantee of future results. The performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted. Total return includes change in share prices and, in each case, includes reinvestment of dividends and capital gain distributions. The investment return and principal value vary so that an investor's shares, when redeemed, may be worth more or less than the original cost.

The holdings mentioned comprise the following percentages of the Oakmark Fund’s total net assets as of 06/30/2019:

Security Title Oakmark Fund Oakmark Select Fund Oakmark Global Select Fund
Ally Financial 2.9% 7.0% 0%
Alphabet Cl C 3.4% 9.2% 7.3%
Amazon 0% 0% 0%
American Intl Group 2.3% 4.5% 4.3%
Anadarko Petroleum 0% 0% 0%
Apache 1.7% 3.1% 3.1%
Bank of America 3.0% 4.7% 6.5%
Bank of New York Mellon 1.7% 0% 0%
Capital One Financial 2.9% 4.3% 0%
Charter Communications Cl A 2.7% 4.7% 5.5%
Chesapeake Energy 0.7% 0% 0%
Citigroup 3.4% 7.1% 5.5%
Concho Resources 1.0% 3.2% 0%
Diamondback Energy 1.0% 0% 0%
EOG Resources 0.9% 0% 0%
HBO 0% 0% 0%
Liberty Media 0% 0% 0%
Netflix 3.4% 4.4% 0%
Occidental 0% 0% 0%
Regeneron Pharmaceuticals 2.3% 4.1% 3.1%
Schwab 0% 0% 0%
SiriusXM 0% 0% 0%
Spotify 0% 0% 0%
State Street 2.0% 0% 0%
Texas Instruments 1.7% 0% 0%
Wells Fargo 1.9% 0% 0%

Portfolio holdings are subject to change without notice and are not intended as recommendations of individual stocks. Current and future portfolio holdings are subject to risk. Portfolio holdings represent only securities held in the U.S. domiciled Oakmark Funds and may not be representative of any other portfolio managed by Harris Associates L.P.

View the full list of Oakmark Fund holdings as of the most recent quarter-end.
View the full list of Oakmark Select Fund holdings as of the most recent quarter-end.
View the full list of Oakmark Global Select Fund holdings as of the most recent quarter-end.

According to Morningstar, the Morningstar Manager of the Year award is presented to portfolio managers based on the managers' (i) "ability to generate exceptional returns;" (ii) "willingness to align their interests with shareholders;" and (iii) "courage to stay with their strategies in order to produce superior risk-adjusted returns in the end."

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

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

Price-to-cash flow is defined as a stock’s capitalization divided by its cash flow for the latest fiscal year.

ROE measures profitablity as a percentage of the money shareholders have invested.

The S&P 500 Total Return Index is a float-adjusted, capitalization-weighted index of 500 U.S. large-capitalization stocks representing all major industries. It is a widely recognized index of broad, U.S. equity market performance. Returns reflect the reinvestment of dividends. This index is unmanaged and investors cannot invest directly in this index.

The 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 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.

Investing in foreign securities presents risks that in some ways may be greater than U.S. investments. Those risks include: currency fluctuation; different regulation, accounting standards, trading practices and levels of available information; generally higher transaction costs; and political risks.

The discussion of the Funds’ investments and investment strategy (including current investment themes, the portfolio managers' research and investment process, and portfolio characteristics) represents the Funds’ investments and the views of the portfolio managers and Harris Associates L.P., the Funds' investment adviser, as of the date written and are subject to change without notice.

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

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