New Co-Portfolio Manager for the Oakmark International Fund

August 1, 2023

Eric Liu, co-portfolio manager of the Oakmark Global Select Fund and a senior investment analyst at Harris Associates L.P., adviser to the Oakmark Funds and an affiliate of Natixis Investment Managers, has been appointed co-portfolio manager of the Oakmark International Fund.

Mr. Liu will join current portfolio managers David Herro and Mike Manelli on the management team effective August 1, 2023. Mr. Herro has managed the Fund since its inception in 1992 and Mr. Manelli has managed the Fund since 2016.

“Given Eric’s talent and experience, we welcome him on the Oakmark International management team,” said Mr. Herro. “Moreover, Eric’s competitive drive and investment prowess are good examples of our international team’s depth.”

Mr. Liu joined Harris Associates in 2009 after serving as a research associate at Dodge & Cox and an investment banking analyst at Jefferies & Company. He is a graduate of the University of California Los Angeles and the University of Chicago and is a CFA charterholder.1

The Oakmark International Fund is a diversified fund that seeks capital appreciation by investing in mid- and large-capitalization companies located outside the U.S. The Fund’s assets were $21.2 billion as of June 30, 2023.

The Oakmark Funds are a mutual fund family that utilizes a long-term value investment approach. Oakmark’s investment philosophy centers on the belief that superior long-term results can be achieved through investing in companies priced at a significant discount to what Harris Associates believes is a company’s intrinsic value, with strong growth prospects and owner-oriented management teams. The Oakmark Funds’ assets under management totaled approximately $54 billion as of June 30, 2023. More information about the Oakmark Funds is available at

Harris Associates L.P., a Chicago-based investment management firm founded in 1976, serves as the adviser to the Oakmark Funds. Harris Associates also manages U.S., international and global portfolios for institutional and high-net-worth investors worldwide. Including Oakmark, assets under management at Harris Associates totaled approximately $99 billion as of June 30, 2023. More information about Harris Associates is available at

1CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute.

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.

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.

Before investing in any Oakmark Fund, you should carefully consider the Fund’s investment objectives, risks, management fees and other expenses. This and other important information is contained in a Fund’s prospectus and summary prospectus. Please read the prospectus and summary prospectus carefully before investing. For more information, please call 1-800-OAKMARK (625-6275).