LAD - Oakmark Select 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 Select Fund declined 6% in the first quarter of 2022 compared to a 5% decline in the S&P 500.

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