Portfolio Managers Alex Fitch, Robert Bierig and Mike Nicolas answer shareholder questions ranging from the impact of inflation and AI, to portfolio positioning and sector allocations.
The holdings mentioned comprise the following percentages of total net assets as of 01/31/2025:
| Security | Oakmark Fund | Oakmark Select Fund | Oakmark Equity and Income Fund |
|---|---|---|---|
| Ally Financial | 2.0% | 2.7% | 1.1% |
| Alphabet Cl A | 3.5% | 7.5% | 3.3% |
| Amazon.com | 0% | 0% | 1.7% |
| Bank of America | 2.1% | 0% | 1.6% |
| Capital One Financial | 2.3% | 5.1% | 1.6% |
| Centene | 2.3% | 3.1% | 1.1% |
| Charles Schwab | 3.1% | 5.2% | 2.2% |
| Cisco | 0% | 0% | 0% |
| ConocoPhillips | 2.4% | 3.2% | 1.3% |
| Elevance Health | 1.4% | 0% | 1.6% |
| First Citizens Bcshs Cl A | 2.1% | 6.3% | 0% |
| GE Healthcare Tech | 0.7% | 0% | 0.8% |
| Intercontinental Exchange | 2.7% | 5.0% | 1.7% |
| IQVIA Holdings | 1.7% | 7.1% | 1.7% |
| Lithia Motors Cl A | 0% | 6.4% | 1.4% |
| Netflix | 0% | 0% | 0% |
| Phillips 66 | 2.4% | 4.4% | 1.4% |
| Tesla | 0% | 0% | 0% |
| Wells Fargo | 2.1% | 0% | 0% |
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 Fund here.
Access the full list of holdings for the Oakmark Select Fund here.
Access the full list of holdings for the Oakmark Equity and Income Fund here.
Access the full list of holdings for the Oakmark U.S. Large Cap ETF here.
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 as of January 29, 2025, 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.
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. The S&P 500 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. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® companies with lower price-to-book ratios and lower expected growth values. This index is unmanaged and investors cannot invest directly in this index.
Generally accepted accounting principles (GAAP) comprise a set of accounting rules and procedures used in standardized financial reporting practice. ESG refers to environmental, social, and governance, an investing principle that prioritizes environmental issues, social issues, and corporate governance.
The performance data quoted represents past performance. Past performance is no guarantee of future results and investment return, and principal value of the Fund will fluctuate so that shares when sold may be worth more or less than their original cost. Current performance may be higher or lower than the performance quoted. For the most current month-end performance data, please call 1-800-625-6275. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern time and do not represent the returns an investor would receive if shares were traded at other times. Shares may trade at a premium or discount to the Fund’s net asset value (“NAV”). Returns over one year are annualized. ETF shares are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Investors buy and sell shares on a secondary market.
Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objective will be achieved. Oakmark Fund: Value stocks may fall out of favor with investors and underperform growth stocks during given periods. 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. These and other risk considerations are described in detail in the Fund’s prospectus.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Understanding the risks
Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objective will be achieved. The Fund is actively managed and does not seek to replicate a specific index. Exchange-Traded Fund (ETFs) are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of ETF’s shares may trade at a premium or discount to its net asset value (NAV), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF’s ability to sell its shares. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund. Brokerage commissions will reduce returns. The Fund invests primarily in large capitalization securities, which may be unable to respond quickly to new competitive challenges or opportunities, attain the high growth rate of successful smaller companies, or be out of favor under certain market conditions. The Fund tends to be invested in a relatively focused portfolio of securities, thus the appreciation or depreciation of any one security held will have a greater impact on the Fund’s net asset value versus investing in a larger number of securities. Common stocks are subject to special risks. As a new fund, there is a limited operating history and there can be no assurance it will grow to an economically viable size, in which case it may cease operations and require investors to liquidate or transfer their investments. These and other risk considerations, such as market, sector or industry, large shareholder, and value style, are described in detail in the Fund’s prospectus.
Oakmark Fund: The Fund’s portfolio tends to be invested in a relatively small number of securities. 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. For a list of current top holdings, please see https://oakmark.com/our-funds/oakmark-fund/. Holdings are subject to change.
Because the Oakmark 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.
Oakmark Select Fund: The securities 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. For a list of current top holdings, please see https://oakmark.com/our-funds/oakmark-select/. Holdings are subject to change.
Oakmark Equity and Income: The Oakmark Equity and Income Fund invests in medium- and lower-quality debt securities that have higher yield potential but present greater investment and credit risk than higher-quality securities. These risks may result in greater share price volatility. An economic downturn could severely disrupt the market in medium or lower grade debt securities and adversely affect the value of outstanding bonds and the ability of the issuers to repay principal and interest. The Oakmark Equity and Income Fund’s portfolio tends to be invested in a relatively small number of securities. 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. The securities of medium-sized companies tend to be more volatile than those of large companies and have underperformed the securities of small and large companies during some periods. For a list of current top holdings, please see https://oakmark.com/our-funds/oakmark-equity-and-income/. Holdings are subject to change.
Before investing, carefully consider fund investment objectives, risks, charges and other expenses. For this and other information that should be read carefully, please request a prospectus and summary prospectus by calling 1-800-OAKMARK (625-6275) or visiting oakmark.com/OAKM.
Harris Associates L.P. is the Fund’s investment adviser. The Oakmark ETFs are distributed by Foreside Fund Services, LLC. Harris Associates L.P. and Harris Associates Securities L.P. are not affiliated with Foreside Fund Services, LLC.
Natixis Distribution, LLC (Member FINRA | SIPC) is a marketing agent for the Oakmark Funds and Oakmark ETF.
