Three Oakmark Funds Reopen; PM Rob Taylor to Retire
CHICAGO, July 29, 2016 /PRNewswire/ -- The Oakmark Global Fund (OAKGX), the Oakmark International Fund (OAKIX) and the Oakmark International Small Cap Fund (OAKEX) reopened to all investors effective today. The Funds are advised by Harris Associates L.P., which announced the reopening. In addition, Harris Associates announced the retirement of partner, portfolio manager and senior international investment analyst Robert A. (Rob) Taylor, CFA, effective on or about September 30, 2016. Rob will be resigning from his position co-managing the Oakmark International and the Oakmark Global Funds at that time as well.
The three reopened Funds had been closed to most financial intermediaries since October 2013 (OAKIX) and October 2014 (OAKGX and OAKEX). Existing shareholders, all retirement plans and direct investors have been able to purchase shares of the Funds during this period. All seven Oakmark Funds are now open.
"We're excited about the investment opportunities we're seeing around the world and believe that restoring the balance between purchases and sales is in the best interest of Fund shareholders," said David Herro, portfolio manager of the International and International Small Cap Funds.
Rob has co-managed OAKGX and OAKIX since 2005 and 2008, respectively. Upon Rob's retirement, the Oakmark International Fund will continue to be run by portfolio manager David Herro, who has managed the Fund since its inception. There are no immediate plans to replace Rob as co-manager on the International Fund. David will join portfolio manager Clyde McGregor as co-manager of the Oakmark Global Fund. Clyde has co-managed the Global Fund since 2003.
"Working for Harris Associates for over 20 years and serving on the management team for the Oakmark Funds has been a true honor," said Rob Taylor. "I will miss my colleagues and I believe that they will continue the tradition of excellence and success for many years to come."
The Oakmark Global Fund invests primarily in a diversified portfolio of common stocks of U.S. and non-U.S. companies. The Fund's all-cap mandate allows investment across the market-cap spectrum. The Oakmark International Fund invests in a diversified portfolio of common stocks of non-U.S. companies. The Fund generally focuses on mid- and large-cap companies, though small-cap companies are also eligible for investment. The Oakmark International Small Cap Fund seeks capital appreciation by investing in small-capitalization companies located outside the U.S.
ABOUT OAKMARK AND HARRIS ASSOCIATES
The Oakmark Funds are a $66 billion mutual fund family (as of June 30, 2016) that utilizes a long-term value investment approach. Oakmark's investment philosophy centers on the belief that superior long-term results are achieved through investing in companies priced at a significant discount to their true economic value, with strong growth prospects and owner-oriented management teams. More information about the Oakmark Global Fund, the Oakmark International Fund, and the Oakmark International Small Cap Fund, as well as other funds in the Oakmark family, is available at www.Oakmark.com.
Harris Associates L.P., a Chicago-based investment management firm founded in 1976, serves as the Adviser to the Oakmark Funds. Harris Associates also manages domestic, international and global portfolios for institutional and high-net-worth investors worldwide. Including Oakmark, assets under management at Harris Associates totaled $103 billion as of June 30, 2016. More information about Harris Associates is available at www.HarrisAssoc.com.
SOURCE Harris Associates
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