PINS - Oakmark Fund: Q1 2022 Commentary

• 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.
• We believe in the importance of intensive, fundamental research. Our research process is based on a disciplined quantitative and qualitative screening process.
• The Oakmark Fund generated a -3% return during the first quarter, outperforming the S&P 500 Index’s return of -5%.
• When other investors believe our companies are substantially riskier than we do, options prices will be higher than our estimate of their intrinsic value.

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