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The Oakmark Select Fund (OAKLX) was down 33% for the quarter, trailing the S&P 500 Index's negative 20% return, in a quarter in which the Russell 1000 Value Index underperformed the Russell 1000 Growth Index by 13%. As Bill Nygren pointed out in his quarterly commentary, what started out as a relatively benign quarter turned terrible from late February onwards.
Our top contributor in the quarter and over the past six months was Regeneron Pharmaceuticals (REGN). The company is at the forefront of developing potential coronavirus treatments. The relative attractiveness of Regeneron stock has