After two decades of distinguished service, Mike Manelli, Partner and co-portfolio manager of the Oakmark International Fund and the Oakmark International Small Cap Fund, will retire at year-end 2025 and will relinquish his co-portfolio manager duties effective July 1, 2025.
Mr. Manelli is leaving the firm for personal reasons. “My wife has a genetic kidney disease (PKD). Unfortunately, the disease has progressed at a much more rapid pace than we had hoped, and we are now actively in the process of seeking a kidney donor for her. While I’m disappointed to be departing at this time, it’s been a privilege to work with the international team for the past 20 years. I am confident the team will continue its long history of success. I’ll remain a long-term shareholder in both the International and International Small Cap Funds,” said Mr. Manelli.
“Mike has made significant contributions to the firm during his tenure, and he will be sincerely missed,” said David Herro CIO–International Equities. Mr. Herro added, “The firm fully supports Mike’s decision to prioritize his family, and we wish nothing but the best outcome for his wife and family.”
Tony Coniaris, Chairman of Harris | Oakmark and a long-tenured portfolio manager will join David Herro as Co-CIO–International Equities effective April 1, 2025.
“We are thrilled to have Tony join the international team as Co-CIO–International Equities. He has been a steadfast partner for many years, and his depth of experience and extensive understanding of global equity markets will be invaluable,” said David Herro. “This appointment reinforces our team-based portfolio management approach and demonstrates how we value responsible succession planning. Our investment teams are as strong and as deep as they’ve been in our nearly 50-year history.”
Mr. Coniaris and Mr. Herro will continue their co-portfolio manager responsibilities for the Oakmark Global and Global Select Funds, and Mr. Herro will continue to be a portfolio manager of the Oakmark International and International Small Cap Funds. Pending Board approval, Mr. Coniaris’ appointments to portfolios will be announced in due course.
“The strength and depth of our investment teams are a hallmark of Harris | Oakmark. I am honored to take on this new responsibility and work alongside the international equity team. As a co-portfolio manager on our global equity funds and strategies, I have worked closely with the international team for several years and this further formalizes the strong partnership we have. Together, we will continue to deliver exceptional value to our clients,” said Mr. Coniaris.
The Oakmark International Fund seeks long-term capital appreciation by investing across the market cap spectrum in a diversified portfolio of companies located outside the U.S. The Oakmark International Small Cap Fund seeks long-term capital appreciation by investing in common stocks of small-capitalization companies located outside the U.S. The respective strategies’ assets under management were $15.4 billion and $1.3 billion as of December 31, 2024.
ABOUT HARRIS | OAKMARK
The Oakmark Funds are a mutual fund family that utilizes a long-term value investment approach. Oakmark’s investment philosophy centers on the belief that superior long-term results can be achieved through investing in companies priced at a significant discount to what the investment teams believe is a company’s intrinsic value, with strong growth prospects and owner-oriented management teams. The Oakmark Funds’ assets under management totaled approximately $56 billion as of December 31, 2024. More information about the Oakmark Funds is available at oakmark.com.
Harris Associates L.P., a Chicago-based investment management firm founded in 1976, serves as the adviser to the Oakmark Funds. Harris Associates also manages U.S., international and global portfolios for institutional and high-net-worth investors worldwide. Including Oakmark, assets under management at Harris Associates totaled approximately $98 billion as of December 31, 2024. More information about Harris Associates is available at harrisassoc.com.
Investing involves risk including potential loss of principal. There can be no guarantee that an investment will achieve its objectives or provide positive performance over any period of time.
