News & Insights from Oakmark

News & Insights

David Herro on CNBC (02.05.19)

February 5, 2019

Portfolio Manager David Herro discusses valuations and where he sees key market opportunities on “Squawk on the Street.”

Average Annual Total Returns (as of 12/31/2018):

Fund QTD 1-Year 3-Year 5-Year 10-Year Inception
OAKIX -16.31% -23.43% 2.35% -0.50% 9.79% 8.87%
MSCI World Index ex US -12.78% -14.09% 3.11% 0.34% 6.24% 5.49%

Gross Expense Ratio (as of 09/30/2018): 1.01%
Net Expense Ratio (as of 09/30/2018): 0.96%
Fund Inception:  09/30/1992

Fund QTD 1-Year 3-Year 5-Year 10-Year Inception
OAKGX -16.65% -18.97% 2.53% 1.34% 9.46% 9.01%
MSCI World Index -13.42% -8.71% 6.30% 4.56% 9.67% 4.16%

Gross Expense Ratio (as of 09/30/2018): 1.21%
Net Expense Ratio (as of 09/30/2018): 1.15%
Fund Inception:  08/04/1999

 

The holdings mentioned comprise the following percentages of the Oakmark International Fund’s total net assets as of 12/31/18:

Security Title Oakmark International Fund Oakmark Global Fund
Alphabet Cl C 0% 4.6%
Daimler 3.8% 4.7%
Mastercard Cl A 0% 4.6%

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. The Funds disclaim any obligation to advise shareholders of such changes. Information about portfolio holdings does not represent a recommendation or an endorsement to Fund shareholders or other members of the public to buy or sell any security contained in the Funds’ portfolios. Portfolio holdings are current to the date listed but are subject to change any time. There are no assurances that the securities will remain in the Funds’ portfolios after the date listed or that the securities that were previously sold may not be repurchased.

View the full list of Oakmark International Fund holdings as of the most recent quarter-end here.

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

Oakmark International Geographic Distributions
Percent of Net Assets as of December 31, 2018:

Europe 76.3%
United Kingdom 20.8%
Germany 17.3%
Switzerland 12.0%
France 10.6%
Sweden 5.7%
Netherlands 4.1%
Italy 3.7%
Ireland 2.1%
Asia 12.4%
Japan 5.0%
South Korea 2.4%
Indonesia 2.1%
Taiwan 1.3%
China 1.0%
India 0.6%
Africa 2.9%
South Africa 2.9%
North America 2.7%
Canada 1.6%
United States 1.1%
Australasia 2.3%
Australia 2.3%
Latin America 1.1%
Mexico 1.1%
Emerging Markets 11.4%

Emerging Markets consists of: China, India, Indonesia, Mexico, South Africa, South Korea and Taiwan.

Oakmark Global Geographic Distributions
Percent of Net Assets as of December 31, 2018:

North America 43.2%
United States 43.2%
Europe 39.9%
United Kingdom 15.1%
Germany 13.1%
Switzerland 9.8%
Ireland 1.9%
Asia 6.0%
Japan 4.2%
Taiwan 0.9%
India 0.9%
Aftica 3.3%
South Africa 3.3%
Latin America 2.1%
Mexico 2.1%
Australasia 1.6%
Australia 1.6%
Emerging Markets 7.2%

Emerging Markets consists of: India, Mexico, South Africa and Taiwan.

The MSCI World ex U.S. Index (Net) is a free float-adjusted, market capitalization-weighted index that is designed to measure international developed market equity performance, excluding the U.S. The index covers approximately 85% of the free float-adjusted market capitalization in each country. This benchmark calculates reinvested dividends net of withholding taxes. This index is unmanaged and investors cannot invest directly in this index.

The MSCI World Index (Net) is a free float-adjusted, market capitalization-weighted index that is designed to measure the global equity market performance of developed markets. The index covers approximately 85% of the free float-adjusted market capitalization in each country. This benchmark calculates reinvested dividends net of withholding taxes. This index is unmanaged and investors cannot invest directly in this index.

The Oakmark International and Oakmark Global Funds' portfolio tend 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's will have a greater impact on the Funds' net asset value than it would if the Fund's 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.

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.

According to Morningstar, the Fund Manager of the Decade award, which is a new award from Morningstar, recognizes fund managers who have achieved superior risk-adjusted results over the past 10 years and have an established record of serving shareholders well. While the awards focus on performance over the past decade, Morningstar takes into consideration other factors, including the fund manager’s strategy, approach to risk, size of the fund, and stewardship. Both individual fund managers and management teams are eligible, and being a previous winner of the Morningstar Fund Manager of the Year award isn’t a prerequisite. Morningstar’s fund analysts select the Fund Manager of the Decade award winners based on Morningstar’s proprietary research and in-depth evaluation.

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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This site is intended for residents of the U.S. only. The information on the website does not constitute an offer for products or services or a solicitation of an offer to any person outside of the United States who is prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence.

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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