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)

Japan Equity

With an allocation to the most attractive 15 to 30 mid- to large-cap companies on our approved list of Japanese stocks, Japan Equity portfolios provide a concentrated country focus.

Strategy’s Best Use:

Investors seeking an allocation to a focused selection of mid- to large-cap Japanese stocks.

Portfolio Construction:

Our bottom-up portfolio construction leads to the selection of the 15 to 30 most attractive companies from our approved list of Japanese securities. Generally, these companies have market caps greater than $3 billion. We do not strive for specific sector or industry exposure. Instead, these allocations are determined strictly by stock selection. The portfolios typically have no more than 35 percent in any industry and are limited to a 10 percent maximum position size at the time of initial purchase.

A Value Approach at Its Core:

 Japan Equity portfolios are composed of Japanese securities with a market price that reflects a significant discount to our estimate of their intrinsic value. We also believe that the market value of these securities is likely to grow over time and that they have proven 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

See all Commentary

Japan Strategy

At the start of 2020, it appeared market activity would continue in familiar fashion and would largely support global...

Growth of a $10,000 Investment

From 08/31/2011 to 03/31/2020

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 Japan Unhedged Composite includes all fully discretionary, supervised, diversified, Japan equity accounts in excess of $2 million that do not permit the use of currency hedging.

The MSCI Japan Index (Gross) is designed to measure the performance of the Japanese equity market. The index includes large- and mid-cap stocks and covers approximately 85% of the free float-adjusted market capitalization in Japan. This benchmark calculates reinvested dividends gross of withholding taxes. This index is unmanaged and investors cannot invest directly in this index.

Harris Associates claims compliance with the Global Investment Performance Standards (GIPS®). To receive a list of Harris Associates’ composite descriptions and/or GIPS® compliant performance presentations, please Contact Us.

Performance Returns

  • Returns % as of 05/31/2020
  • Returns % as of 03/31/2020
Composite Inception: 09/01/2011

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

Portfolio Characteristics

As of 03/31/2020

Median Market Cap

$6,664 M

Weighted Average Market Cap

$24,157 M

Current Price to Earnings Ratio

13.7

Projected Price to Earnings

14.8

Current Price to Book Ratio

1.3

Projected Price to Book

1.2

Current Price to Cash Flow

7.6

Projected Price to Cash Flow

7.9

Number of Securities

18

Portfolio Turnover

63%

Dividend Yield

2.64%

Beta vs. Benchmark

1.026

Standard Deviation

14.40%

Active Share

91.00%

Equity Sector Breakdowns

As of 03/31/2020

Top 10 Equities and Equivalents

As of 03/31/2020

Total % in Top 10 Holdings 67.8%

Total # of Holdings 18

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.