BOSTON: Harris Associates L.P., adviser to the Oakmark Funds and an affiliate of Natixis Investment Managers, announced today that the Oakmark International Fund will close to new investors at most third-party intermediaries, effective immediately.
This change will only affect new investors. Existing shareholders of the Oakmark International Fund may continue to purchase additional shares. The Fund will remain open to all retirement plans and certain intermediary-sponsored fee-based programs. Investors may also open new accounts by purchasing shares directly from Oakmark.
“We believe controlling inflows protects existing shareholders by maximizing our investment flexibility,” said David Herro, portfolio manager of the Oakmark International Fund. “With the soft close of the Fund, we are able to continue to safeguard the assets of our current shareholders.”
“We pride ourselves on our commitment to our long-term investment results and our long-term clients,” said Kristi Rowsell, president of The Oakmark Funds. “This change is consistent with our investment philosophy and high level of customer service.”
Oakmark International, which started in September 1992, is a diversified equity portfolio of mid- and large-size international companies. The Fund utilizes a disciplined, fundamental value investment approach.
The Oakmark International Fund returned 29.75% for the one-year period ending December 31, 2017, 10.50% annually for the five-year period, 6.95% annually for the 10-year period and 10.40% annually since its inception on September 30, 1992. Oakmark International had total assets of approximately $43 billion as of December 31.
