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.
High-net-worth families and individuals and related institutions.
As a customized solution with a focus on capital preservation and long-term growth, these portfolios are built to your specific objectives and preferences regarding risk tolerance, current income, liquidity, time horizon and any other considerations you might require. Portfolios will typically hold 15 to 40 stocks and individual bonds, where appropriate.
While each client’s goals may differ, our disciplined, research-based, and value-oriented approach to investing remains the same. As with all our strategies, the Private Client Equity strategy invests in what we see as substantially underpriced companies with strong business fundamentals and proven shareholder-oriented management teams.
Our Private Client Balanced strategy utilizes the same approach to stock selection as our Private Client Equity strategy, but it will also purchase fixed-income instruments (typically Treasury, agency, municipal and/or corporate securities) based on the client’s income, liquidity, and risk preferences. We utilize our value-based research process to identify corporate debt issues that we believe the market underrates. We typically invest in fixed-income holdings of very high quality with short- to intermediate-term maturities.
Our Private Client Advisor Strategy is only available to Registered Investment Advisors (RIAs). This strategy is a way for RIAs to offer separately managed accounts (SMAs) to their clients using our disciplined value approach. These accounts are managed with the same process as our Private Client Equity and Private Client Balanced strategies but with a different fee structure and minimum account size. This strategy is structured so that all portfolios will look identical to one another.
You can expect to receive the highest level of care from our experienced and responsive client service team as we help you pursue your investment goals. You will work with the same Portfolio Manager and Portfolio Associate to ensure there is consistency and familiarity with your unique circumstances. We will also collaborate with your other advisors. Our team regularly communicates or interacts with our clients’ accountants and attorneys to discuss taxation, estate planning, charitable giving, and any other issues that could potentially influence the way we manage the portfolio. Harris Associates L.P. does not provide tax or legal advice. Please consult with a tax or legal professional prior to making any investment decisions.
Partner, Portfolio Manager and Head of Private Wealth Management
312.646.3595
mmangan@harrisassoc.com
Manager, Client Service
312.646.3256
ahavey@harrisassoc.com
Senior Client Service Associate
312.646.3587
acyrus@harrisassoc.com
Senior Client Service Associate and Senior Wealth Planner
312.646.3295
kfeit@harrisassoc.com
Senior Client Service Associate
312.646.3490
ihorvath@harrisassoc.com
Senior Client Service Associate
312.646.3274
kprice3@harrisassoc.com
Senior Client Service Associate
312.646.3309
zzdravkovic@harrisassoc.com
From 12/31/1992 to 03/31/2023
From 12/31/1992 to 03/31/2023
Growth charts are 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 Private Client Equity Composite includes all fully discretionary, supervised, individual or institutional, taxable, domestic, equity accounts in excess of $2 million managed following the Private Client Equity Model. The Private Client Balanced Composite includes all fully discretionary, supervised, individual or institutional, taxable, domestic balanced accounts in excess of $2 million
The S&P 500 Total Return Index is a float-adjusted, capitalization-weighted index of 500 U.S. large-capitalization stocks representing all major industries. It is a widely recognized index of broad, U.S. equity market performance. Returns reflect the reinvestment of dividends. This index is unmanaged and investors cannot invest directly in this index. Benchmark returns are not covered by the report of the independent verifiers.
The Private Client Balanced custom index is comprised of 60% weight given to the S&P 500 Total Return Index and 40% weight given to the Barclays 4-Year Municipal Bond Index and is rebalanced monthly.
Harris Associates claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. To receive a list of Harris Associates’ composite descriptions and/or GIPS® compliant performance presentations, please Contact Us.
Returns for periods of less than one year are not annualized.
Returns for periods of less than one year are not annualized.
As of 03/31/2023
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.
$73,106 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.
$299,729 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.
13.8
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.
13.9
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.
2.2
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.
11.2
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.
10.9
Number of Securities
Total equity (individual stock) securities in the strategy's representative portfolio.
35
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.
33%
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.
1.32%
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.
0.916
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.
15.15%
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%).
84.89%
As of 03/31/2023
As of 03/31/2023
Total % in Top 10 Holdings 35.4%
Total # of Holdings 35
Total % in Top 10 Holdings 35.4%
Total # of Holdings 35
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.
