CHICAGO, Oct. 29 /PRNewswire/ -- Clyde McGregor has been named co-
portfolio manager of The Oakmark Global Fund. He will replace Greg Jackson,
who is leaving Harris Associates L.P., the Funds' adviser. Jackson, investment
analyst and portfolio manager, is moving back to Utah to be closer to family.
McGregor, who also serves as co-portfolio manager of The Oakmark Equity and
Income Fund, joins Michael Welsh, who has co-managed the Global Fund since its
inception in August 1999.
"We're pleased that Clyde McGregor has agreed to accept additional
responsibilities as co-portfolio manager of The Oakmark Global Fund. Clyde's
experience and excellent track record make him a valuable addition to the
Fund," says Robert Levy, Chairman and Chief Investment Officer of Harris
Associates L.P. "Greg has compiled an enviable track record and has been a
significant contributor to our research effort."
Like all funds in The Oakmark Family, Oakmark Global will continue to be
managed using the same value approach employed since its inception. The Fund
invests in companies around the world that are trading at a significant
discount to estimated intrinsic value, that demonstrate the potential to grow
per-share business value over time, and possess company management whose
interests are aligned with shareholders.
About the Portfolio Managers:
In addition to managing The Oakmark Equity and Income Fund and The Oakmark
Global Fund, Clyde McGregor manages separate accounts for Harris Associates.
Prior to joining Harris Associates in 1981, he was an analyst and portfolio
manager with The Northern Trust Company. Clyde has a M.B.A. in Finance from
the University of Wisconsin-Madison (1977) and a B.A. in Economics and
Religion from Oberlin College (1974). He has twenty-five years of investment
experience and is a CFA charterholder.
Michael Welsh is a Portfolio Manager for The Oakmark International Fund,
The Oakmark International Small Cap Fund, and The Oakmark Global Fund, and
Director of International Research for Harris Associates. Prior to joining
Harris Associates in 1992, Michael was a Senior Associate with Coopers &
Lybrand in their Valuation Services group and a Valuation Services Consultant
with Price Waterhouse. He has a M.B.A. in Finance from Northwestern University
(1993) and a B.S. in Accounting from the University of Kansas (1985). Michael
has sixteen years of investment experience. He is a CFA charterholder and
holds the distinction of Certified Public Accountant.
About Harris Associates L.P.:
Harris Associates was founded in 1976 by experienced investment
professionals to provide investment advice to wealthy individuals and
institutions. Harris Associates' investing philosophy is employed through a
disciplined adherence to a value approach and is based on three tenets: to
invest in companies trading at a significant discount to estimated intrinsic
business value, that consistently grow value over time, and that have
shareholder-oriented management teams. The Oakmark Family of Funds was
introduced in August 1991 to bring the Harris Associates' value philosophy to
a direct mutual fund investment vehicle. As of 9/30/03, Harris Associates'
total assets under management were over $38 Billion.
The Oakmark Funds are distributed by Harris Associates Securities L.P.,
member NASD. For more information visit www.oakmark.com for a prospectus,
which includes information about management fees and expenses and should be
read carefully before investing.
SOURCE Harris Associates L.P.