Co-Manager Named for Oakmark International Small Cap Fund
CHICAGO, May 11, 2011 /PRNewswire/ -- Michael L. Manelli, an international equities analyst at Harris Associates L.P., has been promoted to co-manager of the Oakmark International Small Cap Fund (ticker OAKEX).
The promotion was announced today by Kristi L. Rowsell, president of Harris Associates and The Oakmark Funds.
Mr. Manelli, 31, joined Harris Associates in 2005 as an investment analyst on the international equities team. He was named a partner in the firm in 2010.
The Oakmark International Small Cap Fund generally invests in small-capitalization companies located anywhere outside of the U.S. Oftentimes, these companies are unknown to mainstream investors and receive little attention from Wall Street.
Mr. Manelli will co-manage the fund with David G. Herro, chief investment officer for international equities at Harris Associates.
"Mike has been an exceptionally capable member of our investment team during his six years at Harris. He has outstanding judgment and will be a great co-manager for the fund," says Mr. Herro, who has been a manager of the fund since its inception in 1995. "Mike has also shown his value in terms of his client-service work and his mentoring of newer analysts. We see his talents and experience making him an important asset for Oakmark fund shareholders."
Prior to joining Harris Associates, Mr. Manelli spent five years as an analyst at Morgan Stanley, where he provided equity coverage for the North American transportation industry.
He is a graduate of the University of Iowa and is a CFA charterholder®.
About The Oakmark Funds
The Oakmark Funds are an award-winning family of seven value-oriented mutual funds that invest in equity and fixed-income markets around the world while adhering to a long-term philosophy focusing on capital preservation and risk management. The funds are advised by Harris Associates L.P., based in Chicago. The Oakmark Funds had approximately $40 billion in assets under management as of March 31, 2011.
Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.
Investing in foreign securities represents risks which in some way may be greater than in 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.
The stocks of smaller companies often involve more risk than the stocks of larger companies. Stocks of small companies tend to be more volatile and have a smaller public market than stocks of larger companies. Small companies may have a shorter history of operations than larger companies, may not have as great an ability to raise additional capital and may have a less diversified product line, making them more susceptible to market pressure.
Harris Associates Securities L.P., Distributor, Member FINRA.
SOURCE Harris Associates L.P.