Portfolio Managers Tony Coniaris and John Sitarz do a deep dive on the cable industry and share why they see value in a communication services company during a “Business Breakdowns” podcast interview.
The holdings mentioned comprise the following percentages of total net assets as of 11/30/2023:
| Security | Oakmark Fund | Oakmark Global Fund | Oakmark Global Select Fund |
|---|---|---|---|
| Altice | 0% | 0% | 0% |
| AT&T | 0% | 0% | 0% |
| Brighthouse | 0% | 0% | 0% |
| Cablevision | 0% | 0% | 0% |
| Charter Communications Cl A | 4.1% | 2.6% | 5.9% |
| Comcast | 0% | 0% | 0% |
| Cox | 0% | 0% | 0% |
| Directv | 0% | 0% | 0% |
| Dish | 0% | 0% | 0% |
| Disney | 0% | 0% | 0% |
| ESPN | 0% | 0% | 0% |
| Iveda | 0% | 0% | 0% |
| Maltese | 0% | 0% | 0% |
| McDonald’s | 0% | 0% | 0% |
| Microsoft | 0% | 0% | 0% |
| Starlink | 0% | 0% | 0% |
| TCI Cable | 0% | 0% | 0% |
| Time Warner Cable | 0% | 0% | 0% |
| Verizon | 0% | 0% | 0% |
| Viber | 0% | 0% | 0% |
The other securities mentioned during the podcast are not held in any of the Oakmark funds above.
Portfolio holdings are not intended as recommendations of individual stocks and are subject to change. The Funds disclaim any obligation to advise shareholders of such changes. Information about portfolio holdings does not represent a recommendation or an endorsement to Fund shareholders or other members of the public to buy or sell any security contained in the Funds’ portfolios. Portfolio holdings are current to the date listed but are subject to change any time. There are no assurances that the securities will remain in the Funds’ portfolios after the date listed or that the securities that were previously sold may not be repurchased.
Access the full list of holdings for the Oakmark Select Fund here.
Access the full list of holdings for the Oakmark Global Fund here.
Access the full list of holdings for the Oakmark Global Select Fund here.
EBITDA refers to Earnings Before the deduction of payments for Interest, Taxes, Depreciation and Amortization which is a measure of operating income.
EBIT is a measure of a firm’s profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses.
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 tends to exhibit less share price volatility than the market.
Oakmark Select Fund: The stocks of medium-sized companies tend to be more volatile than those of large companies and have underperformed the stocks of small and large companies during some periods.
Oakmark Select Fund: Because the Fund is non-diversified, the performance of each holding will have a greater impact on the Fund’s total return, and may make the Fund’s returns more volatile than a more diversified fund.
Oakmark Global Fund: The Fund’s portfolio tends to be invested in a relatively small number of stocks. As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset value than it would if the Fund invested in a larger number of securities. Although that strategy has the potential to generate attractive returns over time, it also increases the Fund’s volatility.
Because the Oakmark Global Select Fund is non-diversified, the performance of each holding will have a greater impact on the Fund’s total return, and may make the Fund’s returns more volatile than a more diversified fund.
Investing in foreign securities presents risks that in some ways may be greater than U.S. investments. Those risks include: currency fluctuation; different regulation, accounting standards, trading practices and levels of available information; generally higher transaction costs; and political risks.
Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.
The information, data, analyses, and opinions presented herein (including current investment themes, the portfolio managers’ research and investment process, and portfolio characteristics) are for informational purposes only and represent the investments and views of the portfolio managers and Harris Associates L.P. as of the date written and are subject to change and may change based on market and other conditions and without notice. This content is not a recommendation of or an offer to buy or sell a security and is not warranted to be correct, complete or accurate.
Certain comments herein are based on current expectations and are considered “forward-looking statements”. These forward looking statements reflect assumptions and analyses made by the portfolio managers and Harris Associates L.P. based on their experience and perception of historical trends, current conditions, expected future developments, and other factors they believe are relevant. Actual future results are subject to a number of investment and other risks and may prove to be different from expectations. Readers are cautioned not to place undue reliance on the forward-looking statements.
Statements concerning financial market trends or other investment strategies are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors. Each investor should evaluate their ability to invest for the long term, especially during periods of downturn in the market. Market outlook and investment strategies are subject to change without notice.
