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.
Institutional investors and clients working through financial professionals to seek a more focused approach to U.S. equities.
A typical U.S. Concentrated portfolio holds approximately 20 names. These are typically stocks with market caps of $1 billion or more when they are purchased. There are no specific sector targets. Allocations are determined entirely through our stock selection process. However, exposure to a single industry typically doesn’t exceed 25 percent, and we generally restrict position size to 10 percent at the time of initial purchase.
We follow the same strict, value-oriented approach to investing that we use with each of our strategies, seeking out substantially underpriced companies with strong business fundamentals and proven shareholder-oriented management teams.
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 12/31/1990 to 09/30/2022
Returns for periods of less than one year are not annualized.
As of 09/30/2022
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.
$58,025 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.
$265,263 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.
14.3
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.
11.9
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.
2.3
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.
2.0
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.
13.4
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.
11.1
Number of Securities
Total equity (individual stock) securities in the strategy's representative portfolio.
26
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.
36%
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.
0.97%
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.
1.025
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.
17.33%
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%).
88.60%
As of 09/30/2022
As of 09/30/2022
Total % in Top 10 Holdings 54.2%
Total # of Holdings 26
Total % in Top 10 Holdings 54.2%
Total # of Holdings 26
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.
Commentary
See All CommentaryConcentrated Strategy
Concentrated Strategy - U.S. markets continued to experience pressure and volatility in the third quarter as investors digested the...