CHICAGO, Dec. 30 /PRNewswire/ -- Harris Associates L.P., investment
adviser to The Oakmark Funds, announced today that John Raitt has been elected
President of The Oakmark Funds, effective January 1, 2004.
Raitt, 49, is President and Chief Executive Officer of Harris Associates.
Previously, he served as the firm's Director of Research for five years and
was a research analyst. Raitt also held the additional title of Chief
Operating Officer from September 2001 to December 2002. He has been with
Harris Associates since 1986.
Completing a transition that began earlier in the year, Raitt will succeed
Robert Levy, who currently serves as Chairman and Chief Investment Officer of
Harris Associates. This change allows Levy to focus his involvement on
day-to-day investment responsibilities, and in leading the firm's investment
John Raitt is a Partner, President and the Chief Executive Officer for
Harris Associates, and President of The Oakmark Funds. He joined Harris
Associates in 1986 where he served as a research analyst, became Director of
Research in early 1998. Prior to joining Harris Associates, John was an
Investment Officer at The Northwestern Mutual Life Insurance Company
responsible for private equity and fixed income investments. He has a B.A. in
Economics from Williams College (1978), a M.B.A. from Northwestern University
(1980). John has over twenty-three years investment experience and is a CFA
Robert Levy is a Partner, Chairman and Chief Investment Officer of Harris
Associates. He is also a Portfolio Manager for both individual and
institutional portfolios. He received a Bachelor of Arts degree from
Vanderbilt University in 1972 and earned his Master of Business Administration
degree from the Wharton School of Business, University of Pennsylvania in
1974. Bob has over twenty-seven years investment experience and is a CFA
ABOUT HARRIS ASSOCIATES L.P.:
Harris Associates L.P., a Chicago-based investment management firm founded
in 1976, serves as the Adviser to The Oakmark Funds and manages separate
accounts for institutional and high net worth investors. As of November 30,
2003, total assets under management were over $43 billion.
Harris Associates' fundamental 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.
To learn more, visit www.harrisassoc.com or www.oakmark.com . The Oakmark
Funds are distributed by Harris Associates Securities L.P., member NASD. For
more information, visit www.oakmark.com for a prospectus, which should be read
carefully before investing.
SOURCE Harris Associates L.P.