Oakmark Worldwide Fund : Q2 2024 Commentary

Previous efficiency isn’t any assure of future outcomes. The efficiency knowledge quoted represents previous efficiency. Present efficiency could also be decrease or greater than the efficiency knowledge quoted. Whole return contains change in share costs and, in every case, contains reinvestment of dividends and capital achieve distributions. The funding return and principal worth range in order that an investor’s shares, when redeemed, could also be value kind of than the unique value.

The securities talked about above comprise the next percentages of the Oakmark Worldwide Fund’s whole internet property as of 06/30/2024: Ahold Delhaize 0.9%, Airbus 1.1%, CNH Industrial 3.2%, Continental 2.5%, Daimler Truck Holding 1.6%, Fresenius 2.3%, Lloyds Banking Group 3.3%, Prosus 2.6%, Recruit Holdings 0% and Tencent 0%. Portfolio holdings are topic to vary with out discover and will not be supposed as suggestions of particular person shares.

Entry the total listing of holdings for the Oakmark Worldwide Fund as of the latest quarter-end.

The data, knowledge, analyses, and opinions offered herein (together with present funding themes, the portfolio managers’ analysis and funding course of, and portfolio traits) are for informational functions solely and signify the investments and views of the portfolio managers and Harris Associates L.P. as of the date written and are topic to vary and should change primarily based on market and different circumstances with out discover.

This content material shouldn’t be a advice of or a suggestion to purchase or promote a safety and isn’t warranted to be appropriate, full or correct.

Sure feedback herein are primarily based on present expectations and are thought of “forward-looking statements.” These ahead wanting statements replicate assumptions and analyses made by the portfolio managers and Harris Associates L.P. primarily based on their expertise and notion of historic tendencies, present circumstances, anticipated future developments, and different elements they imagine are related. Precise future outcomes are topic to quite a lot of funding and different dangers and should show to be totally different from expectations. Readers are cautioned to not place undue reliance on the forward-looking statements.

The MSCI World ex USA Index (internet) is a free float-adjusted, market capitalization-weighted index that’s designed to measure worldwide developed market fairness efficiency, excluding the U.S. The index covers roughly 85% of the free float-adjusted market capitalization in every nation. This benchmark calculates reinvested dividends internet of withholding taxes. This index is unmanaged and traders can not make investments straight on this index.

The MSCI EAFE Index (internet) is designed to signify the efficiency of huge and mid-cap securities throughout 21 Developed Markets international locations in Europe, Australasia and the Far East, excluding the U.S. and Canada. The Index covers roughly 85% of the free float-adjusted market capitalization in every of the 21 international locations. This benchmark calculates reinvested dividends internet of withholding taxes. This index is unmanaged and traders can not make investments straight on this index.

Now and again, Harris might decide, primarily based on its evaluation of a selected multi-national issuer, {that a} nation classification totally different from MSCI greatest displays the issuer’s nation of funding danger. In these cases, experiences with nation weights and efficiency attribution will differ from experiences utilizing MSCI classifications. Harris makes use of its personal nation classifications in its reporting processes, and these classifications are mirrored within the included supplies.

The Fund’s portfolio tends to be invested in a comparatively small variety of shares. Consequently, the appreciation or depreciation of anyone safety held by the Fund can have a larger affect on the Fund’s internet asset worth than it could if the Fund invested in a bigger variety of securities. Though that technique has the potential to generate enticing returns over time, it additionally will increase the Fund’s volatility.

Investing in international securities presents dangers that in some methods could also be larger than U.S. investments. These dangers embrace: foreign money fluctuation; totally different regulation, accounting requirements, buying and selling practices and ranges of obtainable data; usually greater transaction prices; and political dangers.

All data offered is as of 06/30/2024 until in any other case specified.

Earlier than investing in any Oakmark Fund, it is best to fastidiously think about the Fund’s funding aims, dangers, administration charges and different bills. This and different necessary data is contained in a Fund’s prospectus and abstract prospectus. Please learn the prospectus and abstract prospectus fastidiously earlier than investing. For extra data, please go to Oakmark.com or name 1-800-OAKMARK (1-800625-6275).

Harris Associates Securities L.P., Distributor, Member FINRA. Date of first use: 07/11/2024

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