News & Insights from Oakmark

News & Insights

The Importance of Intangible Assets

September 11, 2018

Portfolio Manager Bill Nygren shares the importance of looking at intangible assets rather than GAAP earnings to determine a company’s value. 

 

 

 

As of 6/30/18, Amgen is not owned in any of the Oakmark funds.

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

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.

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

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