News

David Herro on CNBC’s “Closing Bell” (09.27.21)

September 27, 2021

Portfolio Manager David Herro discussed what companies may benefit from the reopening of the global economy on CNBC’s “Closing Bell.”

The holdings mentioned comprise the following percentages of total net assets as of 06/30/21:

SecurityOakmark International FundOakmark International Small Cap FundOakmark Global FundOakmark Global Select Fund
Alibaba Group0.9%0%1.2%1.1%
Alibaba Group ADR0.9%0%1.2%1.1%
Allianz3.4%0%3.4%0%
Bayer3.8%0%4.1%4.6%
BMW3.7%0%0%0%
BNP Paribas3.6%0%0%0%
Continental3.2%0%2.9%0%
Credit Suisse Group3.2%0%4.5%5.0%
Credit Suisse Series A0.2%0%0.2%0%
Credit Suisse Series B 144A0.1%0%0.2%0%
Daimler3.6%0%3.5%5.5%
DiDi Global0%0%0%0%
Glencore3.4%0%0%0%
Intesa Sanpaolo4.0%0%0%0%
JD.com0%0%0%0%
Lloyds Banking Group4.2%0%4.7%6.0%
Naspers2.6%0%3.0%0%
Tencent0%0%0%0%
Vipshop Holdings, Ltd. ADR0%0%0%0%

Portfolio holdings are not intended as recommendations of individual stocks and are subject to change.

Access the full list of holdings for the Oakmark International Fund as of the most recent quarter-end.
Access the full list of holdings for the Oakmark International Small Cap Fund as of the most recent quarter-end.
Access the full list of holdings for the Oakmark Global Fund as of the most recent quarter-end.
Access the full list of holdings for the Oakmark Global Select Fund as of the most recent quarter-end.

The 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 The Oakmark International and Oakmark Global Funds’ portfolios tend 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’s will have a greater impact on the Funds’ net asset value than it would if the Fund’s invested in a larger number of securities. Although that strategy has the potential to generate attractive returns over time, it also increases the Funds’ volatility.

The Oakmark International Small Cap 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.

The stocks of smaller companies often involve more risk than the stocks of larger companies. Stocks of small companies tend to be more volatile and have a smaller public market than stocks of larger companies. Small companies may have a shorter history of operations than larger companies, may not have as great an ability to raise additional capital and may have a less diversified product line, making them more susceptible to market pressure.

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 ay 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. This content is not a recommendation of or an offer to buy or sell a security and is not warranted to be correct, complete or accurate.

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.