LAD - Oakmark Select Fund: First Calendar Quarter 2024 Commentary

2024-04-09 09:45:00 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.
• We believe in the importance of intensive, fundamental research. Our research process is based on a disciplined quantitative and qualitative screening process.
• The Oakmark Select Fund returned 6.22% during the first quarter compared to 10.56% for the S&P 500 Index, giving back a small amount of our strong relative performance over the past few quarters.
• In the first quarter, the largest contributing sectors were financials and energy.
• We were pleased to purchase shares in Deere at a low double-digit multiple of our estimate of normal earnings power.

The Oakmark Select Fund ( OAKLX ) ("the Fund") returned 6.22% during the first quarter compared to 10.56% for the S&P 500 Index, giving back a small amount of our strong relative performance over the past few quarters. Since its inception in November 1996, the Fund has returned an average of 11.93% per year, outperforming the S&P 500 Index's ( SP500 ) annualized total return of 9.62% over the same period....

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