The Oakmark Funds are advised by Harris Associates L.P. an autonomous subsidiary of Natixis Investment Managers, L.P.

Learn more about the principles and philosophy behind our funds at HarrisAssoc.com.

Harris Associates

111 South Wacker Drive, Suite 4600
Chicago, Illinois 60606
312-646-3600

OAYBX

Fund

Oakmark Equity and Income

Inception Date

11/30/2016

Cusip

413838772

Share Class Total Net Assets

$1.0B

Daily Nav

$26.31

(05/27/2020)

Nav Change

0.42

Nav YTD %

10.36%

Objective

Current income and preservation and growth of capital

Oakmark Equity and Income seeks income and preservation and growth of capital. The fund is primarily made up of U.S. equity and fixed-income securities.

Portfolio Managers

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Oakmark Equity and Income

Clyde McGregor discusses the Oakmark Equity and Income Fund

Growth of a $10,000 Investment (Investor Share Class)

From 11/01/1995 to 03/31/2020

Past performance is no guarantee of future results. The performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted. Total return includes change in share prices and, in each case, includes reinvestment of dividends and capital gain distributions. The investment return and principal value vary so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

The graph does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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 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.

Oakmark Equity and Income 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.

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.

The Lipper Balanced Fund Index measures the equal-weighted performance of the 30 largest U.S. balanced funds as defined by Lipper. This index is unmanaged and investors cannot invest directly in this index.

The Bloomberg Barclays U.S. Government/Credit Bond Index measures the non-securitized component of the U.S. Aggregate Index. It includes investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities. This index is unmanaged and investors cannot invest directly in this index.

Commentary

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Oakmark Equity and Income Fund: First Quarter 2020

Market turmoil has affected the Fund’s asset allocation, and we are working to realign the portfolio appropriately. Our most...

Performance Returns

  • Returns % as of 04/30/2020
  • Returns % as of 03/31/2020
Gross Expense Ratio (as of 09/30/2019): 0.78%
Net Expense Ratio (as of 09/30/2019): 0.68%
Fund Inception: 11/30/2016

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

The net expense ratio reflects a contractual advisory fee waiver agreement through January 27, 2021.

Portfolio Characteristics

As of 03/31/2020

Median Market Cap

$20,599 M

Weighted Average Market Cap

$138,467 M

Current Price to Earnings Ratio

13.5

Projected Price to Earnings

9.1

Current Price to Book Ratio

1.1

Projected Price to Book

1.0

Current Price to Cash Flow

11.5

Projected Price to Cash Flow

8.1

Number of Holdings

41

Turnover Rate

13%

Dividend Yield

2.85%

Beta vs. Benchmark

0.914

Standard Deviation

10.00%

30-Day Unsubsidized SEC Yield

2.53%

Duration

2.46

Annual Operating Expenses - Gross*

0.78%

Annual Operating Expenses - Net*

0.68%

*Annual Operating Expenses As of 09/30/2019

Equity Sector Breakdowns

As of 03/31/2020

Top 10 Equities and Equivalents

As of 03/31/2020

Total % in Top 10 Holdings 33.8%

Total # of Holdings 41

Assets Under Mgmt. $8.1B

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.

Fixed Income Sector Breakdowns

As of 03/31/2020

Top 10 Fixed Income

As of 03/31/2020

Total % in Top 10 Holdings 17.0%

Total # of Holdings 209

Assets Under Mgmt. $8.1B

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.

Asset Allocation

As of 03/31/2020

Security Type
Percent of Net Assets
U.S. Equities and Equivalents
53.3%
Corporate Bonds
22.8%
Government and Agencies
16.1%
Cash and Equivalents
2.8%
Non-U.S. Equities and Equivalents
5.0%

Oakmark Funds

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