SEE - Oakmark Bond Fund: Q2 2024 Commentary

2024-07-19 05:45:00 ET

Summary

• We are value investors. In constructing portfolios for our clients, we seek out companies that we believe are trading in the market at significant discounts to their underlying value. These businesses must offer significant profit potential and be run by managers who think and act as owners.
• The Fund returned 0.74% versus 0.07% for the benchmark, the Bloomberg U.S. Aggregate Bond Index for the quarter, and 0.44% since inception, versus -2.22% for the benchmark over the same period.
• Approximately 60 basis points of the Fund's outperformance this quarter resulted from security selection.
• Allocation decisions contributed approximately eight basis points to the Fund’s performance, driven by non-agency securitized credit and corporate credit (specifically, leveraged loans).

Portfolio Activity

The Oakmark Bond Fund returned +0.74%* in the second quarter, generating +0.67% of excess returns versus its benchmark, the Bloomberg U.S. Aggregate Bond Index....

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