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

OANLX

Fund

Oakmark Select

Inception Date

11/30/2016

Cusip

413838699

Share Class Total Net Assets

$0.6B

Daily Nav

$40.47

(10/23/2020)

Nav Change

0.26

Nav YTD %

6.69%

Objective

Long-term capital appreciation

Oakmark Select is a non-diversified fund (about 20 stocks) that seeks long-term capital appreciation by generally investing in mid- and large-cap U.S. companies.

Portfolio Managers

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Oakmark Select

Bill Nygren discusses the Oakmark Select Fund

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

From 11/01/1996 to 09/30/2020

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.

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 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.

Commentary

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Oakmark Select Fund: Third Quarter 2020

During the quarter, we bought one new position in the Select Fund, which has been a longstanding holding in...

Performance Returns

  • Returns % as of 09/30/2020
Gross Expense Ratio (as of 09/30/2019): 0.89%
Net Expense Ratio (as of 09/30/2019): 0.82%
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 09/30/2020

Median Market Cap

$36,549 M

Weighted Average Market Cap

$203,901 M

Current Price to Earnings Ratio

27.6

Projected Price to Earnings

15.0

Current Price to Book Ratio

1.7

Projected Price to Book

1.6

Current Price to Cash Flow

22.2

Projected Price to Cash Flow

15.0

Number of Holdings

21

Turnover Rate

30%

Dividend Yield

1.39%

Beta vs. Benchmark

1.057

Standard Deviation

18.77%

Annual Operating Expenses - Gross*

0.89%

Annual Operating Expenses - Net*

0.82%

*Annual Operating Expenses As of 09/30/2019

Equity Sector Breakdowns

As of 09/30/2020

Top 10 Equities and Equivalents

As of 09/30/2020

Total % in Top 10 Holdings 64.6%

Total # of Holdings 21

Assets Under Mgmt. $3.4B

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.

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