Oakmark is the mutual fund family launched in 1991 by Harris Associates, the Chicago deep-value firm founded in 1976 (about $105bn AUM). Bill Nygren runs the flagship Oakmark Fund and David Herro the Oakmark International Fund, buying businesses at large discounts to intrinsic value and holding them like owners — publishing quarterly fund commentaries, market commentaries and insight articles.
This report covers Oakmark Fund's performance through mid-2019. It shows that while the fund gained only 0.39% in the past year, its 10-year average annual return was 14.42%. For everyday investors, this means short-term ups and downs are normal—long-term results matter more. Also, the fund charges an annual fee of 0.85% (for example, $85 on a $10,000 investment), which eats into your returns over time. So, focus on long-term track records and keep an eye on costs.
The Oakmark Fund (Investor Class) reported average annualized total returns as of June 30, 2019: 12.37% since inception on August 5, 1991, 14.42% over 10 years, 7.76% over 5 years, 0.39% over 1 year, and 3.22% over 3 months. In terms of expenses, the gross expense ratio is 0.89%, and the net expense
This section presents the performance and fee structure of the Oakmark Fund (Investor Class) as of June 30, 2019. The report aims to showcase the fund's long-term return record since its inception in 1991 and disclose its operating costs, providing investors with a reference for historical performance and expenses.
The report's core investment argument is that the Oakmark Fund has delivered steady long-term performance, though its recent short-term returns are low, reflecting market volatility. The key conclusion is that investors should focus on long-term performance and be mindful of the impact of fees on returns. A counterintuitive point is that despite a one-year return of only 0.39%, the ten-year return stands at a high 14.42%, highlighting the significant disparity between short-term fluctuations and long-term growth.
The report supports its views with average annual total return data across multiple time horizons and clearly discloses the expense ratio. Key data are as follows:
| Time Horizon | Average Annual Total Return |
|---|---|
| Since Inception (August 5, 1991) | 12.37% |
| 10-Year | 14.42% |
| 5-Year | 7.76% |
| 1-Year | 0.39% |
| 3-Month | 3.22% |
Regarding fees:
Data comparisons show that the long-term (10-year) return (14.42%) is significantly higher than the short-term (1-year) return (0.39%), indicating that the fund has stronger growth potential over the long term but is more susceptible to market volatility in the short term.
This section only covers the Oakmark Fund (Investor Class) as a fund product, without mentioning specific holdings or assets. The fund serves as an investment vehicle, and the report adopts a neutral-to-positive stance on its performance, emphasizing steady long-term results while noting the need to account for short-term volatility and fee impacts.
For investors, the report suggests prioritizing the fund's long-term historical returns (e.g., 10-year 14.42%) over short-term fluctuations (e.g., 1-year 0.39%). Additionally, the expense ratio (net expense ratio of 0.85%) should be factored into cost considerations, as fees can significantly erode returns under long-term compounding. The specific direction is: choose funds with stable long-term performance and low fees, and maintain patient holding periods.