News & Insights from Oakmark

News & Insights

"Companies That Maximize Per Share Value, Even If They Don’t Grow, Will Be Great Bets"

September 1, 2017

Portfolio Manager Bill Nygren answers questions from Outlook Business on a range of topics, including how even the best-known companies can become mispriced, where we’re finding value and what we think the market is missing in many well-known companies.

Read the full article.

 

The holdings mentioned above comprise the following percentages of the funds' total net assets as of 06/30/17:

SECURITY Oakmark Fund Oakmark Select Fund Oakmark Global Select Fund
Alphabet Cl C 3.3% 8.6% 5.8%
Amazon 0% 0% 0%
Apple 2.4% 0% 0%
Gillette 0% 0% 0%
Google 0% 0% 0%
Intel 1.9% 0% 0%
LinkedIn 0% 0% 0%
Mobileye 0% 0% 0%
Oracle 2.5% 4.8% 4.7%

 

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

Click here to access the full list of holdings for the Oakmark Fund as of the most recent quarter-end.
Click here to access the full list of holdings for the Oakmark Select Fund as of the most recent quarter-end.
Click here to access the full list of holdings for the Oakmark Global 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.

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 & 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 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.

 
 

 

 

Note:  The closing NAVs reflect the year-end distributions of Thursday, December 14, 2017. View Historical Distributions.

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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 2017, Harris Associates Securities L.P., Distributor, Member FINRA.
Date of first use: January 24, 2013.

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