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 Funds

111 South Wacker Drive, Suite 4600
Chicago, Illinois 60606
1-800-OAKMARK (625-6275)

Global Concentrated

Global Concentrated portfolios hold a focused selection of large-cap U.S. and international equities, with portfolios limited to approximately 20 securities.

Strategy’s Best Use:

Investors seeking exposure to a focused selection of large-cap U.S. and international stocks.

Portfolio Construction:

Our bottom-up portfolio construction leads to the selection of approximately 20 attractive large-cap companies from our approved list of U.S. and international stocks. The market capitalization focus is greater than $5 billion at the time of initial purchase. We do not strive for specific country, sector or industry exposure in the Global Concentrated strategy. Instead, these allocations are determined strictly by stock selection. Typically, portfolios have no more than 30 percent invested in any country (except U.S.), 30 percent in any industry and are subject to a 15 percent maximum position size at the time of initial purchase. 

Foreign currency exposure may be hedged defensively in the Global Concentrated strategy for any currencies that we believe are significantly overvalued. Investment in emerging market securities is permitted only in countries that meet our legal standards.

A Value Approach at Its Core:

Global Concentrated portfolios are composed of securities that we believe trade at a significant discount to our estimate of intrinsic value, have intrinsic values that grow with time and have shareholder-oriented management teams. 

Learn more about the investment philosophy and process that guide all strategies at Harris Associates here.

What to Expect as a Client:

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. 

Portfolio Managers

View our Team

Contact Us to Learn More

For questions please contact us or call 312-646-3600.

Commentary

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Global Concentrated Strategy

The fourth quarter of 2019 brought a steady recovery in global markets following the volatility that afflicted indexes around...

Growth of a $10,000 Investment

From 03/31/2007 to 12/31/2019

Growth chart is presented Net of Fees.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. The gross performance presented below does not reflect the deduction of investment advisory fees. All returns reflect the reinvestment of dividends and capital gains and the deduction of transaction costs. The client’s return will be reduced by the advisory fees and other expenses it may incur in the management of its account.  The advisory fee, compounded over a period of years, will have an adverse effect on the value of the client’s portfolio.

Harris Associates L.P. (Harris Associates) is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The general partnership interest in Harris Associates is owned by Harris Associates, Inc., a corporate subsidiary of Natixis Investment Managers. The Global Concentrated Composite includes all fully discretionary, supervised, concentrated, global equity accounts in excess of $2 million that permit the use of currency hedging.

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. Benchmark returns are not covered by the report of the independent verifiers.

Performance Returns

  • Returns % as of 01/31/2020
  • Returns % as of 12/31/2019
Composite Inception: 04/01/2007

Returns for periods of less than one year are not annualized.

Portfolio Characteristics

As of 12/31/2019

Median Market Cap

$55,147 M

Weighted Average Market Cap

$139,750 M

Current Price to Earnings Ratio

14.1

Projected Price to Earnings

11.6

Current Price to Book Ratio

1.5

Projected Price to Book

1.4

Current Price to Cash Flow

10.5

Projected Price to Cash Flow

9.1

Number of Securities

20

Portfolio Turnover

33%

Dividend Yield

2.65%

Beta vs. Benchmark

1.204

Standard Deviation

20.34%

Active Share

97%

Equity Sector Breakdowns

As of 12/31/2019

Top 10 Equities and Equivalents

As of 12/31/2019

Total % in Top 10 Holdings 65.3%

Total # of Holdings 20

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.

Country Allocations

As of 12/31/2019

Emerging Markets consists of: Taiwan.