Value investing redefined
The Oakmark family of mutual funds is an extension of Harris Associates’ value-focused approach to investing. For more about our selection of funds, visit Oakmark.com.
The Oakmark family of mutual funds is an extension of Harris Associates’ value-focused approach to investing. For more about our selection of funds, visit Oakmark.com.
Investors seeking exposure to U.S. and international stocks, regardless of their capitalization.
Our bottom-up portfolio construction leads to the selection of approximately 30 to 60 companies from our approved list of U.S. and international stocks. The market capitalization focus is $1 billion and greater at the time of initial purchase. We do not strive for specific country, sector or industry exposure. Instead, these allocations are determined strictly through our stock selection process. Typically, portfolios have no more than 30 percent invested in any country (except U.S.), 25 percent in any industry, and are subject to a seven percent maximum position size at the time of initial purchase.
Foreign currency exposure may be hedged defensively in the Global All Cap Equity strategy for any currencies that we believe are significantly overvalued. Investment in emerging market securities is permitted only in countries that meet our legal standards.
Global All Cap Equity portfolios are composed of securities that we believe trade at a significant discount to our estimate of intrinsic value, have intrinsic values that grow with time and have shareholder-oriented management teams.
Learn more about the investment philosophy and process that guide all strategies at Harris Associates here.
You can expect to receive the highest level of care from our experienced and responsive client services team regardless of the size of the portfolio you entrust with us.
For questions please contact us or call 312-646-3600.
From 10/31/1999 to 09/30/2024
Growth chart is presented Net of Fees.
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. The gross performance presented below does not reflect the deduction of investment advisory fees. All returns reflect the reinvestment of dividends and capital gains and the deduction of transaction costs. The client’s return will be reduced by the advisory fees and other expenses it may incur in the management of its account. The advisory fee, compounded over a period of years, will have an adverse effect on the value of the client’s portfolio.
Harris Associates L.P. (Harris Associates) is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The general partnership interest in Harris Associates is owned by Harris Associates, Inc., a corporate subsidiary of Natixis Investment Managers. The Global All Cap Equity Composite includes all fully discretionary, supervised, all-cap, diversified, global equity accounts in excess of $2 million that permit the use of currency hedging.
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. Benchmark returns are not covered by the report of the independent verifiers.
Harris Associates claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. To receive a list of Harris Associates’ composite descriptions and/or GIPS® compliant performance presentations, please Contact Us.
Returns for periods of less than one year are not annualized.
As of 09/30/2024
Median Market Cap
The capitalization of a company in the middle of the largest and smallest companies held in the 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.
$42,931 M
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.
$150,020 M
Current Price to Earnings Ratio
Current price-to-earnings is defined as a stock’s total capitalization at the indicated date divided by its earnings for the latest fiscal year or trailing twelve months. It may also be known as the "price multiple" or "earnings multiple", and gives a general indication of how expensive or cheap a stock is.
11.5
Projected Price to Earnings
Projected price-to-earnings is defined as a stock’s total capitalization at the indicated date divided by its projected earnings for next year. It is also known as the "price multiple" or "earnings multiple", and gives a general indication of how expensive or cheap a stock is.
10.3
Current Price to Book Ratio
Current Price to Book Ratio is a stock’s capitalization divided by its book value. The trailing P/B ratio uses the current year or most recent available book value and the stock’s price at the indicated date.
1.7
Projected Price to Book
Projected Price to Book Ratio is a stock’s capitalization divided by its book value. The projected P/B ratio uses the forecast book value for next year and the stock’s price at the indicated date.
1.5
Current Price to Cash Flow
Price-to-cash flow is defined as a stock’s total capitalization at the indicated date divided by its cash flow for the latest fiscal year or trailing twelve months. Cash flow is represented by EBITA (Earnings before interest, taxes and amortization) which is a reliable indicator of cash flow and allows for comparability between companies.
8.9
Projected Price to Cash Flow
Price-to-cash flow is defined as a stock’s total capitalization at the indicated date divided by its projected cash flow for next year. Cash flow is represented by EBITA (Earnings before interest, taxes and amortization) which is a reliable indicator of cash flow and allows for comparability between companies.
8.3
Number of Securities
Total equity (individual stock) securities in the strategy's representative portfolio.
46
Portfolio Turnover
An indication of trading activity, it is the percentage of all securities owned by a given portfolio which were sold in the last year. In practical terms, a turnover of 100%, for example, is the percentage of the portfolio's holdings that have changed over the past year.
35%
Dividend Yield
Dividend Yield is a stock’s expected annual dividend divided by the stock’s price at the indicated date, expressed as a percentage.
2.31%
Beta vs. Benchmark
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. The beta presented is since the inception of each strategy with the exception of International Small Cap, which shows 10-year beta versus the benchmark.
Standard Deviation
Standard Deviation is a measure of the degree to which a portfolio's return varies from its previous returns, or from the average of all similar portfolios. 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 strategy.
19.39%
Active Share
Active Share measures the percentage of an equity portfolio that differs from its benchmark. It is calculated using the sum of the absolute value of the differences between the equity weights of the securities in a portfolio and the weights of securities in the portfolio's benchmark, divided by two. A portfolio identical to its benchmark would have an active share of 0%, whereas the more the portfolio diverges from its benchmark, the larger the active share (maximum = 100%).
94.21%
As of 09/30/2024
As of 09/30/2024
Total % in Top 10 Holdings 31.9%
Total # of Holdings 46
Total % in Top 10 Holdings 31.9%
Total # of Holdings 46
Portfolio holdings are subject to change and are not intended as recommendations of individual stocks. Individual security weights may not add to the displayed total due to rounding.
Portfolio holdings are subject to change and are not intended as recommendations of individual stocks. Individual security weights may not add to the displayed total due to rounding.
As of 09/30/2024
Emerging Markets consists of: China and South Korea.
Commentary
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