Click Here for Secure Login. The calendar has flipped to October, and again this year, the city of Chicago is focused on its Cubs. After just concluding a win, best-in-the-MLB season, the Cubs enter the playoffs as the World Series favorite.

Into this highly charged atmosphere, along came Joe Sheehan, a writer for Sports Illustratedwho unwelcomingly inserted some math into the discussion. To win a World Series, a team must win a five-game series followed by two seven-game series.

If all the teams were equal, each would have a one-in-eight chance of winning. So despite starting the playoffs as the overwhelming favorite, the likelihood is that the Cubs will not win the World Series this year. In that environment it is rare to take time to look at the forest instead of each tree.

But right now we have the perfect reason to step back and take such an opportunity. This year marks the 25th anniversary for Oakmark. Our flagship fund started on August 5, In some ways, seems a world away: In other ways—such as Clinton running for President—it seems like just yesterday.

In Chicago ina group of young investment professionals, eager to invest their own capital side-by-side with their clients, convinced the decision makers at Harris Associates to launch a mutual fund using our long-term value approach, and thus Oakmark was born.

The long-term record for investing in equities is so good that it is very difficult to add value by trying to identify the brief periods when stock market returns are unattractive. Operation Desert Storm, global recession, Hillarycare, Fed increasing rates, Oklahoma City bombing, U.

Yes, that all happened, and the market still went up more than ninefold. The second reflection that is equally impressive is the value that was added by consistent application of our disciplined investment approach.

Investment Strategy - Market Commentary & Insights | Raymond James

The quote at the top of the page, which has led off these commentaries for many years, describes how we invest. We search for fundamental value, making the most of opportunities created by short-term investors, and we very patiently wait for other investors to see the value that we thought was hidden.

It is an approach that has led to many disappointing quarters and more disappointing years than we would have liked. But during those times, our faith in the process was unwavering. As we recognize the 25th anniversary for the Oakmark Fund, we have also reached the year milestone for Oakmark Select. The two Funds invest with the same philosophy and are supported by the same team of investment analysts.

Market Commentary | Wells Fargo Investment Institute

The main difference is that Oakmark is much more diversified than Oakmark Select. While the Oakmark Fund typically diversifies its assets across 50 or more stocks, Oakmark Select generally holds only It is almost certain that a stock portfolio will be much more volatile than a stock portfolio, but our expectation is that over time that risk will be rewarded with a higher return.

Since the inception of Oakmark Select on November 1,an Oakmark Fund investment has grown over five times while Oakmark Select has achieved a tenfold increase.

Just as there is no guarantee that the MLB-leading Cubs will break the curse this year, there is no guarantee that a sound investment decision will produce great returns. There is always uncertainty as to the output of any investment process. Thank you to our shareholders who, by entrusting us with the investment of your hard-earned dollars, have allowed us to celebrate 25 years of Oakmark, 20 years of Oakmark Select and 10 years for our newest Fund, Oakmark Global Select.

We are grateful and humbled by the confidence you have expressed in us and endeavor to continue doing the best we can to reward your decision. Nygren, CFA Portfolio Manager oakmx oakmark. View other commentary and letters from Bill here. Current performance may be lower or higher than the performance data quoted.

Click here to access the full list of holdings for the Oakmark Fund as of the most recent quarter-end.

Click here to access the full trader joes locations south florida of holdings for the Oakmark Select Fund as of the most recent quarter-end.

Click here to access the north platte livestock auction results list of holdings for the Oakmark Global Select Fund as winners edge forex trading the most recent quarter-end. Portfolio holdings are subject to change without notice and are not intended as recommendations of trading forex with price action stocks.

All returns reflect reinvested dividends and capital gains distributions. This index us based ecn forex brokers unmanaged and investors cannot invest directly in this index. The stocks of medium-sized companies tend to be more volatile than those of large companies and have underperformed the stocks of small and large companies during some periods.

Investing in foreign securities presents risks that in some ways may be greater than U. This site is intended for august stock market commentary of the U. The information on the website does not constitute an offer for products or services, or a solicitation of an offer to any person outside of the United States who is prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence.

Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods. Before investing in any Oakmark Fund, you should carefully consider the Fund's investment objectives, risks, management fees and other expenses.

This and other important information is contained in a Fund's prospectus and summary prospectus. Please read the prospectus and summary prospectus carefully before investing.

For more information, please call OAKMARK CopyrightHarris Associates Securities L. Date of first use: Harris Advisors Open an Account Contact Us Twitter. Could He Do the Same for Investors? First Quarter Oakmark Fund: Fourth Quarter Oakmark Fund: Third Quarter Oakmark Fund: Second Quarter Oakmark Fund: First Quarter Oakmark Select Fund: Fourth Quarter Oakmark Select Fund: Third Quarter Oakmark Select Fund: Second Quarter Oakmark Select Fund: First Quarter Oakmark Equity and Income Fund: Fourth Quarter Oakmark Equity and Income Fund: Third Quarter Oakmark Equity and Income Fund: Second Quarter Oakmark Equity and Income Fund: First Quarter Oakmark Global Fund: Fourth Quarter Oakmark Global Fund: Third Quarter Oakmark Global Fund: Second Quarter Oakmark Global Fund: First Quarter Oakmark Global Select Fund: Fourth Quarter Oakmark Global Select Fund: Third Quarter Oakmark Global Select Fund: Second Quarter Oakmark Global Select Fund: First Quarter Oakmark International Fund: Fourth Quarter Oakmark International Fund: Third Quarter Oakmark International Fund: Second Quarter Oakmark International Fund: First Quarter Oakmark International Small Cap Fund: Fourth Quarter Oakmark International Small Cap Fund: Third Quarter Oakmark International Small Cap Fund: Second Quarter Oakmark International Small Cap Fund: Want to Open a New Account?

Account Access Click Here for Secure Login Open a New Account Online. Open an Account Make an Account Transaction Request a Prospectus Download Literature View Fund Performance Get Answers to FAQ View Manager's Commentary View Quarterly Fund Reports View Tax Information Sign up for e-delivery for my Oakmark account. Sign Up For Email Updates Subscribe Unsubscribe Change Email. Follow Us On Twitter. Advisors Contact Us Online Security Oakmark at a Glance. We will continue to apply a high level of effort and talent to this challenge.

We will continue to invest with a goal of maximizing long-term, after-tax returns. We will continue our attempts to make investment writing both entertaining and educational. We will continue to invest side-by-side with you in each of our Funds. At Oakmark, we are long-term investors.

We attempt to identify growing businesses that are managed to benefit their shareholders. We will purchase stock in those businesses only when priced substantially below our estimate of intrinsic value. After purchase, we patiently wait for the gap between stock price and intrinsic value to close. About Oakmark Why Oakmark?

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