SEE - Harris Associates Concentrated Strategy Q1 2024 Commentary
2024-05-24 06:35:00 ET
Summary
- Harris Associates is an asset management firm that serves as the investment adviser to the Oakmark Funds. We seek to invest in businesses that are priced at substantial discounts to our estimate of intrinsic value.
- U.S. equities showed strength throughout the first quarter of 2024, aided by excitement surrounding artificial intelligence, encouraging economic data and investor expectations for rate cuts from the U.S. Federal Reserve this calendar year.
- The portfolio’s return was 6.67% (net) for the reporting period. This compares to the S&P 500 that returned 10.56% for the same period.
- While we keep a watchful eye on the macroeconomic environment, we remain focused on our bottom-up, fundamental analysis at the company level when constructing portfolios.