Oakmark Funds Announce New Co-Portfolio Managers
November 30, 2016
The Oakmark Funds are pleased to announce the addition of new co-portfolio managers to four of the Funds—the Oakmark Global Fund (OAKGX), the Oakmark Global Select Fund (OAKWX), the Oakmark International Fund (OAKIX) and the Oakmark International Small Cap Fund (OAKEX). These management changes are effective as of today.
Oakmark Global Fund
Tony Coniaris, CFA, and Jason Long, CFA, have been named co-portfolio managers of the Global Fund. Tony is currently a portfolio manager for the Oakmark Select Fund, and serves as the co-Chairman for Harris Associates, the adviser to the Funds. Jason is a senior international equity analyst for the firm; this will be his first Oakmark portfolio management position. Tony and Jason join the Global management team of David Herro, CFA, and Clyde McGregor, CFA, who have managed the Fund since 2016 and 2003, respectively.
Oakmark Global Select Fund
Tony Coniaris and Eric Liu, CFA, have been named co-portfolio managers of the Global Select Fund. Eric currently serves as a portfolio manager and senior international investment analyst for Harris Associates; this will be his first portfolio management position with the Oakmark Funds. Tony and Eric will work alongside current co-managers Bill Nygren, CFA, and David Herro, who have been running the Fund since its inception in 2006.
Oakmark International Fund
Mike Manelli, CFA, is joining David Herro in managing the Oakmark International Fund. For the past five years, Mike has been a portfolio manager for the Oakmark International Small Cap Fund along with David, and will retain that responsibility in addition to his new role.
Oakmark International Small Cap Fund
Justin Hance, CFA, Harris’ director of international research, has been added to the International Small Cap Fund team as a co-portfolio manager. Justin, who is new to managing the Oakmark Funds, has been with Harris since 2010. Justin will join current portfolio managers David Herro and Mike Manelli in managing the Fund.
“We are excited to introduce additional portfolio managers to our shareholders,” said Kristi Rowsell, president of the Oakmark Funds. “We have a deep and talented bench at Harris Associates, and are happy to elevate these individuals to more prominent roles with the Oakmark Funds.”
Oakmark Global, Oakmark International and Oakmark International Small Cap Funds: Investing in foreign securities presents risks which 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.
Oakmark Global, Oakmark International Funds and Oakmark International Small Cap Funds: The Funds’ portfolios tend to be invested in a relatively small number of stocks. As a result, the appreciation or depreciation of any one security held will have a greater impact on the Funds’ net asset value than it would if the Funds invest in a larger number of securities. Although that strategy has the potential to generate attractive returns over time, it also increases the Funds’ volatility.
Oakmark International Small Cap Fund: The stocks of smaller companies often involve more risk than the stocks of larger companies. Stocks of small companies tend to be more volatile and have a smaller public market than stocks of larger companies. Small companies may have a shorter history of operations than larger companies, may not have as great an ability to raise additional capital and may have a less diversified product line, making them more susceptible to market pressure.