CHICAGO, Ill., Sept. 29 /PRNewswire/ -- Michael Welsh, co-portfolio
manager for The Oakmark International and Oakmark Global Funds, is retiring
from Harris Associates and will leave the firm in January 2006. He will step
down as a co-portfolio manager of the Funds on September 30, 2005. David Herro
will remain portfolio manager of The Oakmark International Fund. Robert Taylor
will become the co-portfolio manager of The Oakmark Global Fund, joining co-
manager Clyde McGregor. The members of Harris Associates' International
investment team will assume Michael's other portfolio management and research
"It has been a great experience working with Michael throughout the years.
He has made a valuable contribution and will be missed," says David Herro,
Portfolio Manager and Chief Investment Officer of Harris Associates
International Equities. "We continue to focus on the needs of our investors
and are fortunate to have a strong and talented investment team on which to
rely. With Rob's experience managing other global accounts, he was the clear
choice to assume portfolio management responsibilities for The Oakmark Global
The Oakmark International Fund and The Oakmark Global Fund will continue
to be managed using the same value approach employed since each Funds'
inception: investing in companies that are trading at a significant discount
to their 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.
For more information about The Oakmark Funds, including Fund information,
news articles, ratings and rankings, and manager commentary, please visit
ABOUT THE PORTFOLIO MANAGERS
David Herro is Portfolio Manager of The Oakmark International Fund, The
Oakmark International Small Cap Fund, and is Chief Investment Officer of
International Equities at Harris Associates. David has managed international
portfolios since 1986, previously managing an international portfolio for The
State of Wisconsin Investment Board. He also served as a Portfolio Manager for
international equity portfolios with The Principal Financial Group of Des
Moines, Iowa. David, who joined Harris Associates in 1992, has an M.A. in
Economics from the University of Wisconsin-Milwaukee (1985) and a B.S. in
Business/Economics from the University of Wisconsin-Platteville (1983). He has
twenty years investment experience and is a CFA charterholder(R).
Robert Taylor, Director of International Research and Portfolio Manager of
several international and global portfolios, joined Harris Associates in 1994
and has over ten years of investment experience. Rob received his BBA from the
University of Wisconsin-Madison (1994) and is a CFA charterholder(R).
Clyde McGregor is Portfolio Manager of The Oakmark Equity and Income Fund,
The Oakmark Global Fund, and a number of 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 B.A. in
Economics and Religion from Oberlin College (1974) and an M.B.A. in Finance
from the University of Wisconsin-Madison (1977). He has over twenty-seven
years of investment experience and is a CFA charterholder(R).
ABOUT HARRIS ASSOCIATES L.P.
Harris Associates, adviser to The Oakmark Funds, 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, with companies that consistently grow
value over time, and that have shareholder-oriented management teams. The
Oakmark Funds were introduced in August 1991 to bring the Harris Associates'
value philosophy to a direct mutual fund investment vehicle. As of 6/30/05,
Harris Associates' total assets under management were over $60 Billion.
The Oakmark Funds are distributed by Harris Associates Securities L.P.,
member NASD. For more information on The Oakmark Funds, including a
prospectus, which explains management fees and expenses and the special risks
of investing in the Funds, please call 1-800-OAKMARK. Please read it carefully
before investing. An investor should consider a fund's investment objectives,
risks, and charges and expenses carefully before investing. This and other
information about the funds are contained in the fund's prospectus.
SOURCE Harris Associates L.P.