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."
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.
Effective January 26, 2018 the Oakmark International Fund closed to new investors at most third-party intermediaries. The Fund remains open to retirement plans, most investment advisors with existing positions, and any new and existing investors who purchase shares directly from Oakmark.
Current Price to Earnings Ratio
PA stock's capitalization divided by its after-tax earnings over the latest 12-month period. The P/E ratio is an indicator of how much investors are willing to pay for an opportunity to share in firm's future earning potential. For a mutual fund portfolio, the ratio is the weighted-average P/E of the stocks the fund holds.
Projected Price to Earnings
A price-to-earnings ratio that’s based on forecasted 12-month earnings. Our analysts' earnings estimates are used for this calculation.
Average Market Cap
Appropriately weighted and adjusted arithmetic mean of all companies in a portfolio. Market cap is the market price of an entire company on any given day, calculated by multiplying the number of shares outstanding by the price per share.
Weighted Average Market Cap
An average that takes into account the proportional relevance of each component, rather than treating each component equally. Market cap is the market price of an entire company on any given day, calculated by multiplying the number of shares outstanding by the price per share.
Number of Holdings
Total equity (individual stock) holdings in the Fund's portfolio.
Yield
The annual rate of return of an investment paid in dividends or interest, expressed as a percentage. A snapshot of a fund's interest and dividend income, yield is expressed as a percentage of a fund's net asset value, is based on income earned over a certain time period and is annualized, or projected, for the coming year.
Duration
Duration is a measure of the sensitivity of bond prices or a bond portfolio to interest rate movements. Stated in years, duration is a weighted measure of the length of time the bond will pay out. Investors use duration to measure the volatility of the bond or a bond portfolio. The shorter the duration (and the less time an investor needs to wait to receive the bond's payments), the less the bond's price will rise or fall in value when interest rates change.
For example, a 3-year duration means a bond will decrease in value by 3% if interest rates rise one percent, or increase in value by 3% if interest rates fall one percent. Duration is affected by maturity, the bond's coupon, and the time interval between payments.
Beta vs Benchmark
The Beta shown is for the Investor Share Class. Beta is a measure of the magnitude of a portfolio's past share-price fluctuations in relation to the ups and downs of the overall market (or appropriate market index). The market, or index, is assigned a beta of 1.00. A portfolio with a beta of greater than 1 would generally see its share price rise or fall by more than the market, while a portfolio with a beta of less than 1 would have less share price volatility than the market. For Oakmark Equity and Income Fund, beta is measured against the S&P 500 Index. The beta presented is since the inception of each Fund with the exception of The Oakmark International Small Cap Fund, which shows 10-year beta versus the benchmark.
Standard Deviation
The Standard Deviation shown is for the Investor Share Class. Standard Deviation is a measure of the degree to which a fund's return varies from its previous returns, or from the average of all similar funds. The larger the standard deviation, the greater the likelihood (and risk) that a security's performance will fluctuate from the average return. The standard deviation presented is since the inception of the Fund.
Turnover Rate*
An indication of trading activity, it is the percentage of all equity securities owned by a given mutual fund which were sold in the last year. In practical terms, a turnover of 100%, for example, is the percentage of the Fund's portfolio holdings that have changed over the past year.
Annual Operating Expenses*
The amount paid for asset maintenance or the cost of doing business. Fund earnings are distributed after operating expenses are deducted.
Annual Operating Expenses - Gross*
The amount paid for asset maintenance or the cost of doing business. Fund earnings are distributed after operating expenses are deducted.
Annual Operating Expenses - Net*
The amount paid for asset maintenance or the cost of doing business. Fund earnings are distributed after operating expenses are deducted.
Redemption Fee
A fee assessed on shares held 90 days or less. The purpose of this fee is to deter short-term traders, or market timers.