Portfolio Manager Bill Nygren appeared on the “Value Investing with Legends” podcast to talk about his career in the investment industry along with the firm’s value investment philosophy and process.
Average Annual Total Returns (as of 03/31/2023):
| Fund | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year | Inception |
|---|---|---|---|---|---|---|
| OAKMX | 8.10% | -3.82% | 26.81% | 9.67% | 11.71% | 12.36% |
| S&P 500 Total Return Index | 7.50% | -7.73% | 18.60% | 11.19% | 12.24% | 9.95% |
Fund Inception: 08/05/1991
Expense Ratio: 0.89%
Expense ratios are as of the Fund’s most recent prospectus dated January 28, 2023; actual expenses may vary.
Returns for periods of less than one year are not annualized.
To obtain most recent Oakmark Fund month-end performance data, view it here.
| Fund | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year | Inception |
|---|---|---|---|---|---|---|
| OAKLX | 10.91% | -8.77% | 23.55% | 4.89% | 8.69% | 11.08% |
| S&P 500 Total Return Index | 7.50% | -7.73% | 18.60% | 11.19% | 12.24% | 8.91% |
Fund Inception: 11/01/1996
Expense Ratio: 0.98%
Expense ratios are as of the Fund’s most recent prospectus dated January 28, 2023; actual expenses may vary.
Returns for periods of less than one year are not annualized.
To obtain most recent Oakmark Select Fund month-end performance data, view it here.
| Fund | 3 Month | 1 Year | 3 Year | 5 Year | 10 Year | Inception |
|---|---|---|---|---|---|---|
| OAKWX | 9.10% | -8.93% | 18.02% | 3.82% | 7.27% | 7.13% |
| MSCI World Index | 7.73% | -7.02% | 16.40% | 8.01% | 8.85% | 6.44% |
Fund Inception: 10/02/2006
Expense Ratio: 1.10%
Expense ratios are as of the Fund’s most recent prospectus dated January 28, 2023; actual expenses may vary.
Returns for periods of less than one year are not annualized.
To obtain most recent Oakmark Global Select Fund month-end performance data, view it here.
Past performance is no guarantee of future results. The performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted. The investment return and principal value vary so that an investor’s shares when redeemed may be worth more or less than the original cost.
The holdings mentioned comprise the following percentages of total net assets as of 01/31/2023:
| Security | Oakmark Fund | Oakmark Select Fund | Oakmark Global Select Fund |
|---|---|---|---|
| Alphabet | 3.4% | 8.7% | 10.1% |
| American Airlines | 0% | 0% | 0% |
| Amgen, Inc. | 0% | 0% | 0% |
| Booking Holdings | 2.1% | 0% | 3.6% |
| Capital One Financial | 2.7% | 5.4% | 4.4% |
| General Motors | 2.0% | 0% | 0% |
| Hasbro, Inc. | 0% | 0% | 0% |
| Johnson & Johnson | 0% | 0% | 0% |
| Merck & Co. Inc. | 0% | 0% | 0% |
| Meta Platforms Cl A | 1.0% | 0% | 0% |
| Microsoft | 0% | 0% | 0% |
| Salesforce | 1.4% | 5.6% | 0% |
Portfolio holdings are not intended as recommendations of individual stocks and are subject to change. The Funds disclaim any obligation to advise shareholders of such changes. Information about portfolio holdings does not represent a recommendation or an endorsement to Fund shareholders or other members of the public to buy or sell any security contained in the Funds’ portfolios. Portfolio holdings are current to the date listed but are subject to change any time. There are no assurances that the securities will remain in the Funds’ portfolios after the date listed or that the securities that were previously sold may not be repurchased.
Access the full list of holdings for the Oakmark Fund here.
Access the full list of holdings for the Oakmark Select Fund here.
Access the full list of holdings for the Oakmark Global Select Fund here.
The S&P 500 Total Return Index is a float-adjusted, capitalization-weighted index of 500 U.S. large-capitalization stocks representing all major industries. It is a widely recognized index of broad, U.S. equity market performance. Returns reflect the reinvestment of dividends. This index is unmanaged and investors cannot invest directly in this index.
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.
The price to earnings ratio (“P/E”) compares a company’s current share price to its per-share earnings. 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. Investors should not base investment decisions on any single attribute or characteristic data point.
EBIT is a measure of a firm’s profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses.
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.
Oakmark Select Fund: The stocks of medium-sized companies tend to be more volatile than those of large companies and have underperformed the stocks of small and large companies during some periods.
Oakmark Select Fund: Because the Fund is non-diversified, the performance of each holding will have a greater impact on the Fund’s total return, and may make the Fund’s returns more volatile than a more diversified fund.
Because the Oakmark Global Select Fund is non-diversified, the performance of each holding will have a greater impact on the Fund’s total return, and may make the Fund’s 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.
Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.
The information, data, analyses, and opinions presented herein (including current investment themes, the portfolio managers’ research and investment process, and portfolio characteristics) are for informational purposes only and represent the investments and views of the portfolio managers and Harris Associates L.P. as of the date written and are subject to change and may change based on market and other conditions and without notice.
Certain comments herein are based on current expectations and are considered “forward-looking statements”. These forward looking statements reflect assumptions and analyses made by the portfolio managers and Harris Associates L.P. based on their experience and perception of historical trends, current conditions, expected future developments, and other factors they believe are relevant. Actual future results are subject to a number of investment and other risks and may prove to be different from expectations. Readers are cautioned not to place undue reliance on the forward-looking statements.
Statements concerning financial market trends or other investment strategies are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors. Each investor should evaluate their ability to invest for the long term, especially during periods of downturn in the market. Market outlook and investment strategies are subject to change without notice.
