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

Mike Manelli- Portfolio Manager- Headshot

Michael L. Manelli, CFA

Partner and Portfolio Manager

Mike Manelli has been a manager of the Oakmark International Small Cap Fund since 2011 and the Oakmark International Fund since 2016.

He is also an investment analyst on the international research team at Harris Associates, which he joined in 2005 after working as a research associate/analyst at Morgan Stanley, and is a vice president of the Oakmark Funds.

Mr. Manelli received a B.B.A. degree in finance from the University of Iowa (2000).

Commentary

Oakmark International Fund: Fourth Quarter 2019

The Fund’s top contributor this quarter was an ultra-low-cost air carrier headquartered in Ireland, while the largest detractor was an advertising and media services company based in France.

Oakmark International Small Cap Fund: Fourth Quarter 2019

The Fund’s top contributor this quarter was a German mechanical and plant engineering firm, while the largest detractor was an Australian company that operates medical centers, pathology laboratories and diagnostic imaging centers.

Oakmark International Fund: Third Quarter 2019

An internet company based in South Korea was the largest contributor to the Fund’s quarterly performance, while a Germany-based company that is one of Europe’s largest manufacturers of tires, automotive parts and industrial products...

We do value investing differently

At Oakmark, we don’t have an opinion about how equities will perform this year, if a recession will start or if the political parties will produce pro-growth candidates for 2020. As long-term investors, we don’t think it matters.