Bill Nygren on CNBC’s “Squawk on the Street” (03.11.20)

March 11, 2020

Portfolio Manager Bill Nygren was interviewed on CNBC’s “Squawk on the Street” about how to use volatility as an opportunity to rebalance portfolios.

The holdings mentioned comprise the following percentages of the Fund’s total net assets as of 12/31/2019:

Security TitleOakmark FundOakmark Select FundOakmark Global Select Fund
Ally Financial2.9%6.5%0%
Bank of America3.6%5.4%7.1%
Booking Holdings3.2%0%0%
Goldman Sachs1.5%0%0%
JP Morgan Chase0%0%0%
MGM Resorts International1.8%3.5%0%
Wells Fargo2.2%0%0%

Portfolio holdings are subject to change without notice and are not intended as recommendations of individual stocks.

The Oakmark Fund’s portfolio tends 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 will have a greater impact on the Fund’s net asset value than it would if the Fund 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.

Because the Oakmark Select and Oakmark Global Select Funds are non-diversified, the performance of each holding will have a greater impact on the Funds’ total return, and may make the Funds’ returns more volatile than a more diversified fund.

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.

The discussion of the Fund’s investments and investment strategy (including current investment themes, the portfolio managers’ research and investment process, and portfolio characteristics) represents the Fund’s investments and the views of the portfolio managers and Harris Associates L.P., the Fund’s investment adviser, at the time of this publication, and are subject to change without notice.