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Oakmark Funds Letters & Research Archive

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.

267 pieces · 2011–2026 · updated every Monday

2026

07-23Why the case for value investing remains strongThis article argues value investing is still strong. Over the past decade, value strategies returned 10-11% annually, but tech stocks stole the spotlight. The S&P 500 has become a concentrated tech fu…→06-30Wrong in the right direction | International equity market commentary 2Q 2026This commentary from Oakmark explains why they haven't sold their holdings in ASML (a chip equipment maker) and Samsung (a memory chip maker) even though AI hype has driven their stocks up. They say t…→06-30The discipline to stay boring | U.S. equity market commentary 2Q 2026This report explains why the Russell 1000 Value Index, a popular value benchmark, no longer reflects true value investing. In early 2026, high-valuation tech stocks like Apple, Amazon, and Intel were…→06-30The certainty trap | Fixed income market commentary 2Q 2026This report warns against the 'certainty trap'—the habit of seeing things as black or white, like assuming AI will either change everything or be a bubble. The reality is a spectrum. For everyday inve…→06-30Oakmark Fund: Second Quarter 2026→06-30Oakmark International Fund: Second Quarter 2026→05-19A disciplined approach to value in fixed incomeOakmark's bond team applies value investing—buying good stuff at a discount—to fixed income. Instead of guessing interest rates, they study each company's ability to repay debt. When markets panic and…→05-12U.S. equities: Volatility creates opportunityThis report says that recent AI fears have caused a panic sell-off in software stocks, even dragging down solid companies. As a result, the difference between winners and losers is as extreme as durin…→05-12International equities: Surprising market shiftsThis report by Oakmark's international equity team explains how AI innovation caused surprising market shifts in early 2026. Many investors piled into AI stocks, leaving other good companies undervalu…→03-31Oakmark Fund: First Quarter 2026This report shows how Oakmark Fund bought high-quality companies like Salesforce, Accenture, and Netflix when the market panicked over AI disruption fears and geopolitical tensions. The fund argues th…→03-31Oakmark International Fund: First Quarter 2026This report explains how Oakmark International Fund navigated the first quarter of 2026. The managers argue that markets are driven by short-term fears and headlines, not company fundamentals. So they…→03-31Why didn’t we do better when value outperformed? | U.S. equity market commentary 1Q 2026Value stocks beat the market in early 2026, but Oakmark’s fund didn’t benefit as expected. Why? The value index was lifted by expensive semiconductor stocks (29 times earnings), not by truly cheap sto…→03-31Painting with a finer brush | Fixed income market commentary 1Q 2026This report says the market is too focused on simple stories—like AI destroying all software companies or private credit becoming the next subprime crisis—ignoring important differences between compan…→03-31Beware of noise, hurry and crowds | International equity market commentary 1Q 2026This report says that in early 2026, markets were noisy and investors rushed to chase AI winners and dump losers, overreacting to short-term news. The author argues that good companies like SAP, a bus…→03-20Energy investing without macro callsThis report from Oakmark says that when investing in energy stocks, don't try to predict oil prices—they swing wildly and are nearly impossible to get right. Instead, focus on the companies themselves…→02-13Why we’re buying software todayOakmark argues that the market is overly fearful about AI's impact on software companies, causing valuations to collapse. But the report says AI will actually make businesses more dependent on establi…→01-22International equities reignite: Finding value in today's marketsThis report says international stocks (like companies in Europe and Japan) have risen a lot recently, but they're still not overpriced. With global growth speeding up, there's room for more gains. For…→01-21U.S. Equities: Finding value in a momentum marketThis report says the U.S. stock market rally is driven by only a handful of hot stocks, leaving many good companies behind. Chasing those popular stocks is risky because they may be overpriced. Meanwh…→

2025

12-31Oakmark Fund: Fourth Quarter 2025This report explains how Oakmark fund beat the market in late 2025 by buying overlooked stocks. They added Warner Bros Discovery (which jumped on buyout offers), AerCap (a plane lessor whose assets ar…→12-31Oakmark International Fund: Fourth Quarter 2025This report summarizes Oakmark International Fund's Q4 2025 moves. The fund underperformed the market that quarter but still made money for the year. The manager believes many international stocks (li…→12-31What goes up | U.S. equity market commentary 4Q 2025This report opens with Newton's quote about things going up eventually coming down. It shows that buying the biggest winners (momentum strategy) has doubled the market's return over the past two years…→12-31Much ado about quality | International equity market commentary 4Q 2025This article explains whether the Oakmark International Fund is shifting toward buying high-quality companies (profitable, low debt, stable earnings). The answer: yes, the fund now holds more of them,…→12-31More than meets the eye: Strong valuations do not mean low risk | Fixed income market commentary 4Q 2025This report uses a skiing analogy: the bond market looks smooth now because credit spreads (the extra interest borrowers pay over safe government bonds) are very tight, signaling low perceived risk. B…→12-04Rethinking the S&P 500: Why value stocks deserve a closer lookThe S&P 500 is now heavily concentrated in a few tech stocks (like Apple, Nvidia) and the IT sector, even more than during the dot-com bubble. For ordinary investors, this means index funds are riskie…→11-24President's LetterOakmark Funds' president wrote an annual letter summarizing 2025. The funds made money overall, but most lagged behind the market—except the bond fund. They stuck to value investing (buying stocks the…→10-15U.S. equities: Could the Russell 1000 Value be a less risky diversifier?This article explains that the S&P 500 index is becoming too concentrated in a few big companies like Apple and Microsoft, which increases risk if those stocks fall. The author suggests using the Russ…→10-14International equities: The shifting opportunity setThis piece from Oakmark argues that international stocks (companies outside the U.S.) look cheaper than U.S. stocks right now, and many foreign economies are improving. For everyday investors, it mean…→09-30Oakmark Fund: Third Calendar Quarter 2025This report covers Oakmark Fund's third quarter 2025 performance. It lagged the S&P 500 but has strong long-term track record. For regular investors, the key takeaway is how they find bargains: they b…→09-30Oakmark International Fund: Third Calendar Quarter 2025This report is Oakmark fund's Q3 2025 update. Despite underperforming, they added stocks because they think good companies are undervalued due to short-term fears like tariffs and regulations. For exa…→09-30The discipline of simplicity in fixed income investing | Fixed income market commentary 3Q 2025This report argues that bond investors should stop trying to predict interest rates or the economy, because those forecasts are almost always wrong. Instead, focus on simple, resilient companies. The…→09-30Insights and enhancements | International equity market commentary 3Q 2025This is a letter from the new co-head of Oakmark's international team, addressing three key concerns for investors: succession, process improvements, and portfolio construction. He says there is no fi…→09-30A conversation with shareholders | U.S. equity market commentary 3Q 2025This Q&A from Oakmark's fund manager answers over 60 shareholder questions about performance, taxes, and market risk. The key insight: they deliberately avoid paying out capital gains, which lets inve…→07-15U.S. equities: Taking on turbulenceThis report explains how Oakmark handles market turmoil. Instead of guessing where interest rates or GDP are headed, they focus on individual companies' true worth. When panicked selling drives prices…→07-14Are your portfolios adequately diversified?This article argues that international stocks (like Europe and Japan) are much cheaper than US stocks—a P/E ratio of 13 vs. 21. (P/E is price divided by earnings, so lower is better.) International st…→06-30Oakmark Fund: Second Calendar Quarter 2025This report explains how Oakmark Fund navigated the tariff panic in the second quarter of 2025. They sold stocks that held up well and bought deeply discounted shares of solid companies like Nike and…→06-30Oakmark International Fund: Second Calendar Quarter 2025This report covers Oakmark International Fund's Q2 2025 performance, where they beat their benchmark. They added to KB Financial (a Korean bank benefiting from governance reforms) and bought ASML (a s…→06-30Uncertainty has a price | Fixed income market commentary 2Q 2025This report argues that uncertainty doesn't necessarily mean lower returns. Using a card game analogy, it shows that a wider range of outcomes can actually have a higher expected value. In April, bond…→06-30Our bottom-up approach to a top-down crisis | U.S. equity market commentary 2Q 2025This report explains how Oakmark used a 'bottom-up' approach (picking stocks based on company value, not the economy) during the 2025 tariff panic. The S&P 500 had its shortest bear market ever—just 5…→06-30Are fundamentals starting to matter again outside the U.S.? | International equity market commentary 2Q 2025This report says U.S. growth stocks have dominated for years, but in 2025 the trend is reversing: the dollar is weakening, Europe's economy is improving, and money is flowing to cheaper international…→04-30NYSE “Floor Talk”: Why active management in today’s marketIn this interview, Oakmark argues that current market conditions favor active stock-picking (where managers choose stocks themselves) over passive index funds. They've launched a new actively managed…→04-07Markets in turmoil: Our views on the tariffsThis Oakmark report argues that tariffs are mostly a negotiating tool, likely to be temporary or reduced. Companies are already taking steps like stockpiling or moving production. For everyday investo…→03-31Oakmark Fund: First Calendar Quarter 2025This report explains how Oakmark Fund beat the market in early 2025 while the S&P 500 fell. Instead of panicking, the fund bought stocks that had dropped too much. It added Marathon Petroleum (the lar…→03-31Oakmark International Fund: First Calendar Quarter 2025This report reviews Oakmark International Fund’s first quarter of 2025. It returned 7.88%, beating the MSCI World ex USA index’s 6.2%. The fund focuses on high-quality international stocks temporarily…→03-31Today’s uncertainty gets priced into the market | Fixed income market commentary 1Q 2025The commentary explains that bond prices finally reflect real risks in early 2025, after years of calm. Spreads (extra yield over safe bonds) widened sharply: high-yield (riskier) bonds by 33%, and so…→03-31The S&P 500 has corrected, now what? | U.S. equity market commentary 1Q 2025The S&P 500 just dropped 10%, and many people are panicking. This report says don't sell in a panic. Over the past 50 years, there have been 20 such drops, and most didn't turn into full-blown bear ma…→03-31Are global markets shifting? | International equity market commentary 1Q 2025This report asks whether global markets are shifting. For the past decade, money piled into a few giant US stocks (like Nvidia and Tesla), making the US account for over 70% of global indexes despite…→

2024

12-31Oakmark Fund: Fourth Calendar Quarter 2024This report covers Oakmark Fund’s Q4 2024 moves. Although the market isn’t cheap, stock valuations vary wildly. They bought firms temporarily out of favor but with solid businesses: health insurer Cen…→12-31Oakmark International Fund: Fourth Calendar Quarter 2024This report explains why Oakmark International Fund lost 8.48% in late 2024, worse than the global market. But the fund manager isn't worried—he thinks his stocks are high-quality and very cheap. The…→12-31Oakmark, still a large company fund | U.S. equity market commentary 4Q 2024This article explains why Oakmark fund was reclassified from 'Large Value' to 'Mid Value' by Morningstar, making investors worry the fund changed strategy. In fact, the threshold for large-cap stocks…→12-31A catalyst for change – closing the valuation gap in international value stocks | International equity market commentary 4Q 2024→09-30Oakmark Fund: Third Calendar Quarter 2024This report explains how Oakmark Fund performed in the third quarter of 2024. It beat the S&P 500, returning 7.38% vs. 5.89%. The fund looks for stocks that are undervalued because of short-term fears…→09-30Oakmark International Fund: Third Calendar Quarter 2024This is Oakmark International Fund's Q3 2024 report. They beat the market by buying unloved consumer stocks—like premium spirits and luxury goods—while everyone else chased a few hot stocks. They thin…→09-30ETFs, interest rates, the election—what shareholders are asking about | U.S. equity market commentary 3Q 2024This article summarizes Oakmark's shareholder Q&A for Q3 2024. Key takeaways: elections have little lasting impact on market returns; higher bond yields (around 5%) make bonds attractive again; their…→09-30Details are where the value is | Fixed income market commentary 3Q 2024This report argues that investors shouldn't waste time predicting elections or the economy. Instead, focus on three things: a company's management (do they act like owners?), its cash flow and balance…→09-30A frank conversation about recent performance—and why we focus on the long term | International equity market commentary 3Q 2024→07-23Two tailwinds for fixed incomeThis piece explains why a bond expert sees higher market swings and more new bonds as opportunities, not just risks. When bond prices jump around, active investors can find bargains. And more supply o…→06-30Oakmark Fund: Second Calendar Quarter 2024This quarterly report from Oakmark Fund covers Q2 2024. The fund lost about 4% while the S&P 500 gained over 4%, so it underperformed in the short term. But the manager argues that today's market is o…→06-30Oakmark International Fund: Second Calendar Quarter 2024This report covers Oakmark International Fund's second quarter of 2024. The fund lost 4.28%, worse than the market's 0.60% drop, mainly due to industrial and consumer stocks like CNH Industrial (farm…→06-30What goes up… keeps going up. But we aren’t buying it. | U.S. equity market commentary 2Q 2024In the first half of 2024, the U.S. stock market rally was driven by a few giant tech stocks (like AI winners). Oakmark fund lagged because it stuck to buying cheap stocks (deep value) instead of chas…→06-30Don't let them scare you out of bonds: The fixed income value proposition must look beyond supply | Fixed income market commentary 2Q 2024Many investors worry that too much government debt will hurt bond returns. This report argues that's not the key factor. What really matters is the real yield (bond return after inflation). Historical…→06-30Amidst elections and volatility in Europe – we see opportunity | International equity market commentary 2Q 2024This article notes that European stocks fell due to political events like the French election, creating opportunities in overlooked value stocks. Meanwhile, AI hype stocks like Nvidia have become extr…→06-27Implications of the recent call for French electionsFrench election jitters caused stocks to drop 8% in a week, but the article argues short-term price swings don't reflect a company's true value (its future cash earnings). Take BNP Paribas: it fell 15…→03-31Oakmark Fund: First Calendar Quarter 2024This report explains how Oakmark Fund adjusted its holdings in early 2024. They sold stocks like Amazon and Meta that had reached fair value, and bought cheaper but strong companies: Deere (farm equip…→03-31Oakmark International Fund: First Calendar Quarter 2024This report explains why the Oakmark International Fund underperformed the market in the first quarter of 2024 but has strong long-term returns. It highlights two key stocks: Daimler Truck, which impr…→03-31Navigating market highs and (avoiding) value traps - U.S. equity market commentary 1Q24Don't sell just because the market hits new highs. Over 50 years, the S&P 500 set new highs 26% of the time; selling each time would have missed a 200x gain. Also watch out for 'value traps' – stocks…→03-31Granolas, Japan and Crypto – why we don’t chase momentum – International equity market commentary 1Q24This commentary explains why Oakmark avoids chasing popular assets like Japanese stocks, European Granolas, and crypto. They believe these assets are overpriced. Instead, they buy undervalued stocks:…→03-31Fixed income: Beyond the noise – a data-first approach - Fixed income market commentary 1Q24This report says: stop obsessing over short-term news like Fed rate cuts or oil prices. Using cold hard data, the author shows bonds today offer much better long-term returns than the past seven years…→02-16International markets: What can past events tell us about how international equities are priced today?This report says European stocks are much cheaper than U.S. stocks right now. Investors were scared about two things: a European gas crisis and rising interest rates. Neither turned out to be a disast…→01-04Going where the value is greater: international equitiesThis report says international stocks, especially cheap 'value stocks' (priced below their true worth), look attractive now. The price gap between value and expensive 'growth stocks' (high-priced, fas…→

2023

12-31Oakmark Fund: Fourth Calendar Quarter 2023In 2023, growth stocks trounced value stocks, but the Oakmark Fund still beat the market by carefully picking cheap, solid companies. The manager says value opportunities today are as good as in early…→12-31Oakmark International Fund: Fourth Calendar Quarter 2023This is a quarterly update from Oakmark International Fund. It highlights two key holdings: Ryanair, a low-cost European airline that raised fares and profits, and Worldline, a French payment processo…→12-31International markets: two drawdowns and a miss from economists | International equity market commentary 4Q23This report reviews two ~20% drops in international stocks in 2022-2023, driven by Europe's gas price spike and US rate hikes to 5%. Oakmark argues that macro panic made good companies like Fresenius…→12-31Fixed income: the case for active management | Fixed income market commentary 4Q23This report warns you not to buy individual bonds yourself, even when high yields look tempting. The risk is real: companies can default (fail to pay back), and historically you only recover 40% on av…→12-31Active vs. passive: did funds meet the mark in 2023? | U.S. equity market commentary 4Q23This report argues that active mutual funds (funds where managers pick stocks, not just track an index) aren't dead—they've just failed to deliver what investors need. Many funds are actually closet i…→11-17More on Growth vs. Value InvestingMany think value investing means buying cheap, struggling companies, while growth means buying expensive, fast-growing ones. This article shows why that split is misleading. Take First Citizens: it tr…→10-30Holding Firm to Value Investing Amid a Turbulent Fixed Income ClimateThis piece explains how value investors find cheap bonds when interest rates rise and markets panic. The key idea: the real risk isn't rising rates but whether a company can pay its debts. If a firm h…→10-26Decide Like an AthleteThis article argues that investors should focus less on 'what to buy' and more on 'why to buy,' just like athletes train their decision-making process. It suggests three habits: make decisions when yo…→09-30Oakmark Fund: Third Quarter 2023 and Fiscal Year-EndThis report reviews Oakmark Fund's 2023 performance. Even though growth stocks far outperformed value stocks, the fund still beat the market. The manager argues that many traditional companies—like he…→09-30Oakmark International Fund: Third Quarter 2023 and Fiscal Year-EndThis report is Oakmark International Fund's year-end summary. The manager explains why they think some European stocks are unfairly cheap: Worldline, a French payment firm, has seen its stock fall due…→09-30Value vs. growth: Then and now | U.S. Equity market commentary 3Q23This report argues that value investing isn't just about buying cheap stocks; it's about buying great businesses at a discount to what they're worth, even if they have high growth. Right now, the gap…→09-30International markets: A tale of three regions | International Equity market commentary 3Q23This report explains why a global fund called Oakmark is betting heavily on European stocks right now. European companies have high earnings yields (around 10%) compared to low government bond yields…→09-30Holding firm to value investing amid a turbulent fixed income climate | Fixed Income market commentary 3Q23This report says bonds have fallen so much that many investors are panicking and switching to cash. But it argues the opposite: U.S. Treasuries and high-quality corporate bonds now offer over 2% annua…→06-30Oakmark Fund: Second Calendar Quarter 2023This report explains how Oakmark Fund performed in the second quarter of 2023, when growth stocks (like tech companies) far outperformed value stocks (like traditional manufacturers and banks). Despit…→06-30Oakmark International Fund: Second Calendar Quarter 2023This is Oakmark International Fund's Q2 2023 letter. The manager explains why they bought more Alibaba when its stock was falling: its core e-commerce business trades at just 5 times earnings, it gene…→06-30The High Price of Low Volatility | U.S. Equity market commentary 2Q23This report challenges the common belief that index funds are low-risk. It points out that funds tracking the NASDAQ 100 or Russell 1000 Growth are heavily concentrated—Microsoft alone can be 13% of t…→06-30Looking back – and forward: Navigating today’s environment | Fixed Income market commentary 2Q23This report argues bonds are becoming attractive again. After big losses in 2022, yields have jumped to 1.5–3 times their 10-year average, and real interest rates are positive for the first time since…→04-27Letters to ShareholdersThis piece argues that most CEO letters to shareholders have become useless—full of generic talk about the pandemic, war, and inflation, but no real details about the company. The author says a well-w…→03-31Oakmark Fund: First Calendar Quarter 2023This is Oakmark Fund's first-quarter 2023 update. The fund returned 8.1%, slightly beating the S&P 500. They sold three stocks that had reached fair value and bought two cheap ones: Kroger (the second…→03-31Oakmark International Fund: First Calendar Quarter 2023This is Oakmark International Fund's Q1 2023 letter to investors. The fund returned 13.9%, beating the global stock market (8.0%), by buying undervalued companies (deep value investing). Manager David…→03-31David Herro Market Commentary | 1Q23This is Oakmark fund manager David Herro's Q1 2023 commentary. His main point: the Silicon Valley Bank failure was an isolated event, not a systemic crisis like 2008. Banks today have much more capita…→03-31Bill Nygren Market Commentary | 1Q23This piece explains why Oakmark Fund bought more bank stocks during the March 2023 banking crisis, instead of panicking. The banks they own are very different from failed ones like Silicon Valley Bank…→03-31Adam Abbas Fixed Income Market Commentary | 1Q23This report explains what happens when interest rates peak. The author argues that recent bank crises (like Silicon Valley Bank's failure) are actually a healthy part of the tightening process. Inflat…→

2022

12-31Oakmark Fund: Fourth Quarter 2022This report covers Oakmark Fund's performance in late 2022. Despite a down market, the fund beat the S&P 500. The manager made some contrarian moves: selling energy stocks after they surged and buying…→12-31Oakmark International Fund: Fourth Quarter 2022This report covers Oakmark International Fund's performance in late 2022. The fund lost 15.7% for the year, but the managers say now is a good time to invest because their stocks trade at only about h…→12-31Bill Nygren Market Commentary | 4Q22This is an interview with Oakmark's Bill Nygren on how they pick stocks. The key idea: analysts don't aim for perfect forecasts; they find where the market is wrong and bet on it. For regular investor…→09-30Oakmark Fund: Third Quarter 2022 and Fiscal Year-EndThis report looks at how the Oakmark Fund performed during the 2022 market downturn. It lost 17.73% in one year, but since its start in 1991, it has averaged 11.94% annual returns, and 11.09% over ten…→09-30Oakmark International Fund: Third Quarter 2022 and Fiscal Year-EndThis report shows the latest performance of the Oakmark International Fund. Over the long term (since 1992) it has averaged 7.63% annual returns, but in the past year it lost over 30%, and the past fi…→09-30David Herro Market Commentary | Third Quarter 2022 and Fiscal Year-EndThis report explains why Oakmark thinks European stocks are a rare bargain in 2022. Companies like BMW and Mercedes-Benz trade at just 4-5 times earnings (very cheap relative to profits) and pay over…→09-30Bill Nygren Market Commentary | Third Quarter 2022 and Fiscal Year-EndThis report explains how 2022's stock and bond losses hit retirees hard, but argues it's rare, not a new normal. The author advises against panic selling, noting that historically, bear markets are fo…→06-30Oakmark Fund: Second Quarter 2022This report covers Oakmark Fund's performance through June 2022. Since its launch in 1991, the fund has delivered solid long-term returns—averaging 12.11% per year (annualized return means the average…→06-30Oakmark International Fund: Second Quarter 2022This report covers the Oakmark International Fund's performance through June 2022. The key takeaway: while the fund lost 22.73% over the past year and 0.42% over five years, it has returned an average…→06-30Bill Nygren Market Commentary | 2Q22This report looks at what happens when the stock market crashes, the economy slows, and inflation is high. The key message: don't panic. Using history, it shows that after a bear market (when stocks d…→06-08Can Wine Make You A Better Investor?This article uses a winemaker's story to explain investing. After an earthquake destroyed 20% of his wine, Tor Kenward didn't give up—he retasted the surviving barrels and created an ultra-premium win…→04-01The Importance of the Long Term for the ESG-Conscious InvestorThis report shows how the Russia-Ukraine war quickly changed views on defense and oil companies—once seen as socially unacceptable, now they're in demand. For regular investors, it means don't use sim…→03-31Oakmark Fund: First Quarter 2022This report covers Oakmark Fund's performance for early 2022. Since 1991, it has averaged about 13% annual returns, but it lost 2.63% in the last three months due to market ups and downs. For regular…→03-31Oakmark International Fund: First Quarter 2022This report covers Oakmark International Fund's performance through March 2022. The fund has done well over the long run—about 8.8% annualized since 1992—but it lost nearly 9% in the past year and qua…→03-31David Herro Market Commentary | 1Q22This report shows how two Oakmark international funds performed in early 2022. Both lost money over the past year and three months, but since their start (one in 1992, the other in 1995) they've avera…→03-31Bill Nygren Market Commentary | 1Q22This report covers Oakmark Fund's performance in early 2022. It lost 2.63% in the last three months, but since 1991 it has averaged 12.94% annual returns, and over 1, 5, and 10 years it's been above 1…→

2021

12-31Oakmark Fund: Fourth Quarter 2021This report shows how the Oakmark Fund performed through late 2021. Since starting in 1991, it averaged 13.15% annual returns. Over the past 10 years, it averaged 15.65% per year, and in 2021 alone it…→12-31Oakmark International Fund: Fourth Quarter 2021This report covers the Oakmark International Fund's performance through late 2021. Since its 1992 launch, it has averaged about 9.23% annual returns, showing steady growth. For regular investors, this…→12-31Bill Nygren Market Commentary | 4Q21This report explains Oakmark's investment philosophy: markets often misprice assets. For example, someone pays $50,000 for something worth between $0 and $500,000, or a near-bankrupt company's stock j…→11-01Regulatory Changes in China and Our Approach to Risk ManagementThis report looks at China's recent internet regulations (like antitrust laws, data privacy rules, and gaming limits for kids) and what they mean for investors. It argues these rules aren't meant to d…→09-30Oakmark Fund: Third Quarter 2021This report covers Oakmark Fund's performance and fees as of September 2021. The fund has done well over the long term, averaging 13.09% annual returns since 1991, and a standout 59.18% in the past ye…→09-30Oakmark International Fund: Third Quarter 2021This report covers the Oakmark International Fund's performance for the third quarter of 2021. While it lost 5% in the last three months, it has averaged about 9% annual returns since 1992, showing th…→09-30David Herro Market Commentary | 3Q21This report compares two international stock funds: one investing in large companies and one in small companies. Over the long term (10+ years), both delivered around 9% annual returns. But recently,…→09-30Bill Nygren Market Commentary | 3Q21This report argues that treating employees, customers, and communities well doesn't have to hurt shareholders. Using examples like Best Buy, General Mills, and Bank of America, it shows that short-ter…→06-30Oakmark Fund: Second Quarter 2021This report covers the Oakmark Fund's performance through June 2021. The fund has a solid long-term track record (13% annual return since 1991), but its recent one-year gain of 66% is unusually high a…→06-30Oakmark International Fund: Second Quarter 2021This report covers the Oakmark International Fund's performance through June 2021. The big news: it returned 54.91% over the past year, far above its long-term average of 9.56% per year since 1992. Th…→06-30Bill Nygren Market Commentary | 2Q21This report explains why corporate governance matters for long-term investors. It argues that instead of checking boxes like whether the CEO is also the chair, you should dig into how management uses…→03-31Oakmark Fund: First Quarter 2021This report shows Oakmark Fund's performance and fees through March 2021. It uses a 'value investing' strategy (buying undervalued, quality stocks) and has done well long-term: 12.93% annualized since…→03-31Oakmark International Fund: First Quarter 2021This report covers the Oakmark International Fund's performance for early 2021. It earned 84.81% in the past year, a huge return, but fees (like management costs) reduce what you keep. Currently, fees…→03-31Bill Nygren Market Commentary | 1Q21This report shows a table of Oakmark Fund's performance from 1991 to March 2021. It averaged about 12.93% annual return over the long term, and a huge 87.43% in the last year. For regular investors, t…→

2020

12-31Oakmark Fund: Fourth Quarter 2020This report looks at the Oakmark Fund's performance through late 2020. Since 1991, it has averaged 12.49% annual returns, similar to its 10-year average, showing steady long-term results. In the last…→12-31Oakmark International Fund: Fourth Quarter 2020This report covers the Oakmark International Fund's performance through end of 2020. Since its 1992 launch, it's returned 9.24% annually—solid long-term. But the past year was just 4.92%, while the la…→12-31David Herro Market Commentary | 4Q20This report compares two Oakmark international stock funds: one investing in large companies, the other in small companies. Since their start, the large-cap fund has a higher long-term annual return (…→12-31Bill Nygren Market Commentary | 4Q20This report looks at how the stock market soared in 2020 (tech stocks up 38%) even as the real economy struggled, similar to the dot-com bubble in 2000. The author argues that some big tech companies…→10-29Why Millennials Should Own Value StocksThis report says millennials (born 1981-1996) love tech growth stocks like Amazon, Microsoft, Apple, and Tesla, but they should actually own value stocks (cheaper companies with solid fundamentals). W…→09-30Oakmark Fund: Third Quarter 2020This report covers Oakmark Fund's performance through September 2020. Since its 1991 launch, it has delivered strong long-term returns, averaging over 11% annually. But in the past year, it only gaine…→09-30Oakmark International Fund: Third Quarter 2020This report covers the Oakmark International Fund's performance for the third quarter of 2020. The fund has a solid long-term track record (8.26% annual return since 1992), but it lost 11.37% in the p…→09-30Bill Nygren Market Commentary | 3Q20This report warns investors not to be fooled by the 'large-cap' label. Many high-market-cap companies, like Zoom (with only $1 billion in sales), are actually small businesses with high risk. In contr…→06-30Oakmark Fund: Second Quarter 2020This report looks at how the Oakmark Fund performed in the second quarter of 2020. Even though it lost 6.67% over one year due to the pandemic crash, it bounced back 23% in just three months. Over 10…→06-30Oakmark International Fund: Second Quarter 2020This report shows how the Oakmark International Fund performed in the second quarter of 2020. The key takeaway: it has a solid long-term track record (8.20% annual return since 1992), but lost 15.15%…→06-30Bill Nygren Market Commentary | 2Q20This report covers the second quarter of 2020, when the market had its fastest crash and rebound ever—but stocks still ended lower. Fund manager Bill Nygren warns against overusing the word 'unprecede…→03-31Oakmark Fund: First Quarter 2020This report covers Oakmark Fund's performance in early 2020, when COVID-19 crashed global markets. The fund lost 30% in three months, but since its 1991 launch, it has averaged nearly 11% annual retur…→03-31Oakmark International Fund: First Quarter 2020This report covers the Oakmark International Fund's performance through March 2020. The fund has a solid long-term annual return of 7.42% since 1992, but it lost 29.51% in the past year and 38.12% in…→03-31David Herro Market Commentary | 1Q20This is Oakmark's take on the 2020 first-quarter market crash. The manager argues that panic drove stock prices down 30-50% for many solid companies, but their intrinsic value (what the business is re…→03-31Bill Nygren Market Commentary | 1Q20This piece explains how Oakmark fund handled the 2020 COVID crash: instead of waiting for the bottom, they sold stocks that hadn't fallen as much and bought ones that dropped more. For regular investo…→03-05Process, Checklists and Bargain HuntingThis article explains how professional investors use checklists and structured processes to make better decisions, just like pilots do before a flight. Even when a stock looks expensive, they still re…→

2019

12-31Oakmark Fund: Fourth Quarter 2019This report looks at how the Oakmark Fund performed by the end of 2019. Since its start in 1991, it has averaged a 12.48% annual return, showing steady long-term growth. But over the last 5 years, ret…→12-31Oakmark International Fund: Fourth Quarter 2019This report covers the Oakmark International Fund's performance through late 2019. The key takeaway: since its 1992 launch, it has averaged 9.40% annual returns, outperforming its 5- and 10-year avera…→12-31David Herro Market Commentary | 4Q19This report explains how Oakmark's international funds still made money in 2019 despite wild market swings from trade wars and Brexit. For regular investors, the key takeaway is that European bank sto…→12-31Bill Nygren Market Commentary | 4Q19This report shows the performance of two Oakmark funds through the end of 2019. Both funds delivered solid long-term returns of about 12% per year over 10+ years, and a strong 27% gain in 2019 alone—m…→09-30Oakmark Fund: Third Quarter 2019This report covers Oakmark Fund's performance through September 2019. Since its 1991 launch, it has averaged 12.17% annual returns—strong long-term. But recent one-year and three-month returns were ne…→09-30Oakmark International Fund: Third Quarter 2019This report looks at how the Oakmark International Fund performed in the third quarter of 2019. It lost 6.41% over the past year, but since it started in 1992, it has averaged a 9.06% annual return. T…→09-30Bill Nygren Market Commentary | 3Q19This is a Q&A with Oakmark fund manager Bill Nygren on value investing. Three key takeaways: First, stay open-minded—constantly challenge your own ideas to avoid stubborn losses. Second, judge managem…→09-19The Weekly MeetingThis article explains how Oakmark's investment team holds weekly meetings to thoroughly vet new ideas. Instead of one person deciding, they discuss together whether a company has long-term advantages,…→06-30Oakmark Fund: Second Quarter 2019This 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, t…→06-30Oakmark International Fund: Second Quarter 2019This report covers the Oakmark International Fund's performance for mid-2019. The fund has a strong long-term record, with a 9.19% annual return since 1992, but it lost 6.53% in the past year due to m…→06-30Bill Nygren Market Commentary | 2Q19This report argues that being a 'generalist' (knowing a bit about many industries) can be better than being a 'specialist' (focusing on just one) in investing. Markets are unpredictable, and specialis…→03-31Oakmark Fund: First Quarter 2019This report looks at how the Oakmark Fund performed in early 2019. Since it started in 1991, it has averaged over 12% annual returns, which is solid. But in the past year, it only gained 0.66%, showin…→03-31Oakmark International Fund: First Quarter 2019This report covers the Oakmark International Fund's performance through early 2019. The key takeaway: over the long term (since 1992), the fund has averaged a solid 9.14% annual return. But in the pas…→03-31Bill Nygren Market Commentary | 1Q19This report argues that despite political turmoil and short-term market swings, stocks remain the best long-term investment. Using data since 1926, it shows the S&P 500 was positive in 73% of years; e…→

2018

12-31Oakmark Fund: Fourth Quarter 2018This report shows Oakmark Fund's performance through late 2018. While it has strong long-term returns (about 12% annualized since 1991), it lost 17.3% in the last quarter and 12.7% for the year. For e…→12-31Oakmark International Fund: Fourth Quarter 2018This report shows how the Oakmark International Fund performed by the end of 2018. Over 26 years, it averaged about 8.87% annual returns, but in the last year it lost 23.43%, and in the last three mon…→12-31David Herro Market Commentary | 4Q18This report explains how professional investors handled the late-2018 market sell-off. The author argues that short-term traders drove prices far below real value—European bank stocks fell to less tha…→12-31Bill Nygren Market Commentary | 4Q18This is a letter from Oakmark fund manager Bill Nygren to investors at the end of 2018, when stocks were falling and his fund was down. Instead of panicking, he saw opportunity. He explains that while…→09-30Oakmark Fund: Third Quarter 2018This report covers Oakmark Fund's performance for the third quarter of 2018. Since its start in 1991, it has averaged a 12.89% annual return, and its fees are low at 0.86%. For regular investors, this…→09-30Oakmark International Fund: Third Quarter 2018This report covers the Oakmark International Fund's performance in the third quarter of 2018. It lost 6.33% over the past year, but since its launch in 1992, it has averaged a 9.71% annual return. For…→09-30Bill Nygren Market Commentary | 3Q18This report compares two Oakmark funds. The Oakmark Fund beat the Oakmark Select Fund over the long term (since launch, 10 years, 5 years) and short term (1 year, 3 months). In the past year, the Oakm…→06-30Oakmark Fund: Second Quarter 2018This report shows how the Oakmark Fund performed from its 1991 launch to June 2018. While it only returned 2.13% in the last three months, its annualized returns over 10 years, 5 years, and since ince…→06-30Oakmark International Fund: Second Quarter 2018This report covers Oakmark International Fund's performance through June 2018. Since its launch in 1992, the fund has averaged nearly 10% annual returns, showing solid long-term growth. But it lost 5%…→06-30David Herro Market Commentary | 2Q18This report looks at two Oakmark international funds as of mid-2018. The large-cap fund has solid long-term returns and gained 5% in the last three months, showing resilience. The small-cap fund, howe…→06-30Bill Nygren Market Commentary | 2Q18This report explains why old-school value investing metrics like book value no longer work. Many valuable things today—brands, customer relationships, R&D—don't appear on balance sheets. Using Gartner…→03-31Oakmark Fund: First Quarter 2018This report looks at how the Oakmark Fund performed in early 2018. The key takeaway: since 1991, it has averaged over 11% annual returns, but it lost 0.88% in the last three months—showing short-term…→03-31Oakmark International Fund: First Quarter 2018This report covers the Oakmark International Fund's performance in early 2018. Since 1992, it has averaged 10.17% annual returns, but it dropped 2.77% in the last three months. For regular investors,…→03-31Bill Nygren Market Commentary | 1Q18This report argues that good investment decisions depend on the process, not the outcome. Just like in poker, a smart move can still lose, but sticking to a solid process pays off over time. For every…→

2017

12-31Oakmark Fund: Fourth Quarter 2017This report shows how the Oakmark Fund performed by the end of 2017. Since it started in 1991, it averaged 13.04% annual returns, and in the last year it made 21.14%. Its fees are low (0.86% net expen…→12-31Oakmark International Fund: Fourth Quarter 2017This report shows how Oakmark International Fund performed from 1992 to 2017. It highlights that long-term investing in international stocks can deliver about 10% annual returns, even though short-ter…→12-31Bill Nygren Market Commentary | 4Q17This is a Q&A with investing legend Bill Nygren. His main message: stop trying to time the market and just hold stocks for the long run. He says the overall stock market isn't cheap, but it's not a bu…→09-30Oakmark Fund: Third Quarter 2017This piece looks at the Oakmark Fund's performance from its 1991 launch through September 2017. It shows that by using value investing (buying undervalued stocks of good companies), the fund consisten…→09-30Oakmark International Fund: Third Quarter 2017This report covers the Oakmark International Fund's performance through September 2017. Since its launch in 1992, it has averaged 10.40% annual returns, but the past year saw a big jump of 34.88%, muc…→09-30David Herro Market Commentary | 3Q17This report shares the Oakmark International Fund's performance for the third quarter of 2017. The fund buys undervalued foreign stocks and holds them for the long term. Since its start in 1992, it ha…→09-30Bill Nygren Market Commentary | 3Q17This report says the stock market's high price-to-earnings (P/E) ratio—how much you pay for each dollar of profit—isn't a reason to panic. The author argues it's misleading because the 2008 financial…→06-30Oakmark Fund: Second Quarter 2017This report shows how the Oakmark Fund performed from its start in 1991 to mid-2017. The key takeaway: by sticking to value investing (buying undervalued stocks) for 26 years, it averaged 12.82% annua…→06-30Oakmark International Fund: Second Quarter 2017This report shows the performance of the Oakmark International Fund from 1992 to mid-2017. The fund has done well over the long term, averaging 10.13% annual returns for 25 years, but its recent one-y…→06-30David Herro Market Commentary | 2Q17This report says that after Brexit, market panic created buying opportunities for patient investors. Stock prices often swing more than a company's real value, so buying good companies at a discount c…→06-30Bill Nygren Market Commentary | 2Q17This is a Q&A with Oakmark fund manager Bill Nygren. He explains his simple stock-picking rule: buy companies trading below their true value, where value is growing, and management works to maximize s…→03-31Oakmark Fund: First Quarter 2017This report shows how Oakmark Fund performed over 26 years (1991–2017) to prove that buying undervalued stocks and holding them long-term works. For regular investors, the key takeaway is not to chase…→03-31Oakmark International Fund: First Quarter 2017This report shows the performance of the Oakmark International Fund from its start in 1992 to early 2017. Over the long term, it returned about 10% per year, but in the last year it jumped 21.68%, whi…→03-31Bill Nygren Market Commentary | 1Q17This article explains what Oakmark really looks for in analysts: teamwork, a value investing mindset (buying undervalued companies), and humility. They don't care about degrees or certifications (like…→

2016

12-31Oakmark Fund: Fourth Quarter 2016This report shows how Oakmark Fund performed through the end of 2016. Since its start in 1991, it has averaged 12.74% annual returns, beating the market. It also did well recently: 18.35% in the past…→12-31Oakmark International Fund: Fourth Quarter 2016This report shows how the Oakmark International Fund performed from 1992 to the end of 2016. The big takeaway: if you held it for 24 years, you earned about 9.66% per year. But over the last 10 years,…→12-31David Herro Market Commentary | 4Q16This report explains how Oakmark profited in 2016 by buying stocks others avoided. While most investors chased 'safe' assets like utilities and consumer staples, driving their prices too high, Oakmark…→12-31Bill Nygren Market Commentary | 4Q16This piece explains how Oakmark Funds grew from a small Chicago firm to a $70 billion giant by sticking to a simple strategy: value investing (buying undervalued stocks) and holding only 20 to 50 stoc…→09-30Oakmark Fund: Third Quarter 2016This report covers Oakmark Fund's performance through September 2016. The key takeaway: since its launch in 1991, the fund has delivered a strong 12.51% annual return, with a low expense ratio of 0.85…→09-30Oakmark International Fund: Third Quarter 2016This report shows Oakmark International Fund's performance from 1992 to 2016. Over 24 years, it averaged 9.49% annual returns, but only 4.46% over the last 10 years—highlighting market ups and downs.…→09-30Bill Nygren Market Commentary | 3Q16This report uses the Chicago Cubs—great regular season but low playoff odds—to show that short-term noise doesn't matter for long-term investing. The key point: holding stocks for decades beats trying…→06-30Oakmark Fund: Second Quarter 2016This report shows how the Oakmark Fund performed by mid-2016. Since 1991, it has averaged over 12% annual returns, but lost about 3% in the past year due to market ups and downs. For regular investors…→06-30Oakmark International Fund: Second Quarter 2016This report shows the performance of the Oakmark International Fund from its 1992 launch to mid-2016. While its long-term annual return is a solid 9.02%, the fund lost 18.25% in the past year and 7.77…→06-30David Herro Market Commentary | 2Q16This piece explains why the 2016 Brexit vote caused a market panic, but the author sees it as a buying opportunity. For regular investors, don't let scary headlines fool you: European bank stocks fell…→06-30Bill Nygren Market Commentary | 2Q16This article explains why actively managed funds (where a manager picks stocks) still matter, even as index funds (cheap funds that track the market) grow popular. The author compares this to how the…→03-31Oakmark Fund: First Quarter 2016This report covers Oakmark Fund's performance in early 2016. It lost 4% over the past year, but since 1991 it has averaged 12.35% annual returns. For everyday investors, the key takeaway is not to pan…→03-31Oakmark International Fund: First Quarter 2016This report shows the performance of the Oakmark International Fund from its start in 1992 to early 2016. Over the long term, it averaged a solid 9.49% annual return, but in the past year it lost 12.3…→03-31Bill Nygren Market Commentary | 1Q16This is a Q&A with investing legend Bill Nygren on how to find great companies and value them. His key point: a great company isn't always a great stock—price matters. He uses non-traditional metrics…→

2015

12-31Oakmark Fund: Fourth Quarter 2015This report looks at how the Oakmark Fund performed through the end of 2015. It lost about 4% in the past year, but since it started in 1991, it has averaged 12.5% annual returns. Over 10 and 5 years,…→12-31Oakmark International Fund: Fourth Quarter 2015This report covers the Oakmark International Fund's performance in late 2015. While it lost about 3.8% that year, it has averaged nearly 10% annual returns since its 1992 launch. For everyday investor…→12-31David Herro Market Commentary | 4Q15This report looks at 2015, a year full of bad news like terror attacks, falling oil prices, and political chaos. The author argues that these short-term events rarely change a company's true long-term…→12-31Bill Nygren Market Commentary | 4Q15This report argues that owning too many stocks in a fund can actually hurt your returns. Instead of spreading money across 100+ stocks, the author says it's better to focus on just 20 or so carefully…→09-30Oakmark Fund: Third Quarter 2015This report looks at how the Oakmark Fund performed in the third quarter of 2015. Since its start in 1991, it has averaged a solid 12.44% annual return, but over the past year it lost 4.87%, and in th…→09-30Oakmark International Fund: Third Quarter 2015This report covers the Oakmark International Fund's performance in the third quarter of 2015. While it lost 13% in the last 3 months and 9% in the last year, it has averaged a 9.6% annual return since…→09-30Bill Nygren Market Commentary | 3Q15This report uses the Chicago Cubs' long rebuild to explain why good investing needs patience. Just like the Cubs lost badly for years before finally winning, a company's improvements often take 3+ yea…→06-30Oakmark Fund: Second Quarter 2015This report covers Oakmark Fund's performance up to mid-2015. It shows that while the fund has a solid long-term track record (12.97% annualized since 1991), its recent returns are much lower: just 3.…→06-30Oakmark International Fund: Second Quarter 2015This is a performance update for the Oakmark International Fund as of mid-2015. Since its 1992 launch, it has delivered strong long-term returns (over 10% annualized), but recently it lost 2.53% over…→06-30David Herro Market Commentary | 2Q15This piece explains why short-term market drops from events like Greece's debt crisis or China's slowdown don't change a company's true value. Greece's economy is tiny (smaller than Czech Republic), a…→06-30Bill Nygren Market Commentary | 2Q15This commentary explains investor Bill Nygren's mid-2015 views. He argues stocks aren't extremely expensive and still beat bonds. He highlights three stocks: AIG (an insurer) trades below its book val…→03-31Oakmark Fund: First Quarter 2015This report covers the Oakmark Fund's performance through March 2015. It lost 0.57% in the last three months, but over the long run it's done well: 13.10% annual return since 1991, and 14.64% over the…→03-31Oakmark International Fund: First Quarter 2015This report looks at the Oakmark International Fund's performance in early 2015. It lost 0.05% over the past year, but since 1992 it has averaged 10.58% annual returns. For regular investors, this mea…→03-31Bill Nygren Market Commentary | 1Q15This report explains why most actively managed funds (where a manager picks stocks) have underperformed index funds (which track the market automatically) in recent years. But Oakmark argues that acti…→

2014

12-31Oakmark Fund: Fourth Quarter 2014This report shows how Oakmark Fund has performed since 1991. Over the past 5 years, it averaged 16.17% annual returns, beating its 10-year (8.78%) and 1-year (11.51%) numbers. That means it did especi…→12-31Oakmark International Fund: Fourth Quarter 2014This report covers the Oakmark International Fund's performance through late 2014. While it lost 5.41% over the past year, its long-term track record is strong: an average annual return of 10.39% sinc…→12-31David Herro Market Commentary | 4Q14This report explains why Oakmark funds lost money in China in 2014 but sees it as a good opportunity. The manager thinks China's anti-corruption campaign (cracking down on corrupt officials) and refor…→12-31Bill Nygren Market Commentary | 4Q14This report explains a frustrating issue: you might owe capital gains tax on a mutual fund even if you didn't sell any shares. In 2014, Oakmark Funds had to distribute large gains because the market h…→09-30Oakmark Fund: Third Quarter 2014This report covers Oakmark Fund's performance through September 2014. Since its launch in 1991, the fund has averaged 13.25% annual returns, which is solid. But in the latest three months, it only gai…→09-30Oakmark International Fund: Third Quarter 2014This report covers the Oakmark International Fund's performance through September 2014. The fund has a strong long-term track record, averaging over 10% annual returns since 1992. But in the past year…→09-30Bill Nygren Market Commentary | 3Q14This report explains why most shareholder lawsuits against corporate takeovers only benefit lawyers, not investors. Using the TRW Automotive buyout as an example, the author argues that if management…→06-30Oakmark Fund: Second Quarter 2014This report shows how Oakmark Fund performed from its start in 1991 to mid-2014. The key takeaway: sticking with value investing (buying undervalued stocks) pays off over time. Since launch, the fund…→06-30Oakmark International Fund: Second Quarter 2014This report reviews Oakmark International Fund's performance through mid-2014. Since its 1992 launch, it has averaged over 11% annual returns, and over the past year it gained nearly 21%. But in the l…→06-30David Herro Market Commentary | 2Q14This quarterly report explains how a fund manager navigated a calm market despite scary headlines like Russia-Ukraine conflict and ISIS. He argues these events don't hurt the long-term value of his ho…→06-30Bill Nygren Market Commentary | 2Q14This report asks whether the US stock market is overvalued. The author says no—valuations are reasonable. Many investors missed the rally since 2009 because they stayed scared. Financial stocks, avoid…→03-31Oakmark Fund: First Quarter 2014This report looks at how Oakmark Fund has performed since 1991. It earned 13.31% per year on average over the long term, and 28.18% in the past year—solid numbers. But it charges a 0.95% annual fee (l…→03-31Oakmark International Fund: First Quarter 2014This report covers the Oakmark International Fund's performance through March 2014. The fund has done well over the long term—11.1% annualized since 1992—and charges a low fee of 0.98%. But recent gro…→03-31Bill Nygren Market Commentary | 1Q14This report uses basketball coach Phil Jackson's Zen philosophy to explain that investment success depends on sticking to a good process and teamwork, not short-term wins or losses. For regular invest…→

2013

12-31Oakmark Fund: Fourth Quarter 2013This report covers Oakmark Fund's performance through late 2013. Since its 1991 launch, it averaged 13.35% annual return, but shot up 37.29% in the past year. Its expense ratio is 0.95%—meaning $95 ye…→12-31Oakmark International Fund: Fourth Quarter 2013This report covers the Oakmark International Fund's performance through late 2013. Since its 1992 launch, it averaged 11.20% annual returns, with a strong 29.34% in the last year. Its expense ratio (a…→12-31David Herro Market Commentary | 4Q13This is a letter from Oakmark's fund manager to investors in late 2013. His main point: ignore scary headlines about Europe and China, and focus on whether stocks are cheap and businesses are solid. H…→12-31Bill Nygren Market Commentary | 4Q13This report uses sports coaching examples to show why you shouldn't judge investment decisions by short-term results. For instance, a 57-yard field goal attempt with only an 18% success rate can still…→09-30Oakmark Fund: Third Quarter 2013This report looks at the Oakmark Fund's performance from 1991 to 2013. The key takeaway: by sticking to value investing (buying undervalued companies), it averaged 12.96% annual returns over 22 years,…→09-30Oakmark International Fund: Third Quarter 2013This report shows the performance of the Oakmark International Fund from 1992 to 2013. The fund has done well over the long term, with an average annual return of about 11%. But in the past year, it j…→09-30Bill Nygren Market Commentary | 3Q13This is a Q&A with Oakmark fund manager Bill Nygren, explaining his value investing approach. His key point: markets often mistake temporary bad news (like weak European car sales or hated bank stocks…→06-30Oakmark Fund: Second Quarter 2013This report covers Oakmark Fund's performance through mid-2013. Since its launch in 1991, it has returned 12.79% annually on average, and over the past year it surged 26.41%. But its expense ratio is…→06-30Oakmark International Fund: Second Quarter 2013This report covers the Oakmark International Fund's performance through mid-2013. It invests in non-US stocks using a 'value investing' approach (buying undervalued companies). Since 1992, it has aver…→06-30David Herro Market Commentary | 2Q13This report says don't let scary economic news fool you—what really matters is a company's ability to make money. The author bought cheap Japanese and European stocks when everyone was worried, and th…→06-30Bill Nygren Market Commentary | 2Q13This report explains why Oakmark remains bullish on stocks despite the recent bond market drop. They argue that bond prices fell mainly due to short-term speculators, not long-term investors. Oakmark…→03-31Oakmark Fund: First Quarter 2013This report shows how the Oakmark Fund performed from its 1991 launch to early 2013. The key takeaway: it delivered solid long-term returns (about 12.7% annualized since inception) and a strong recent…→03-31Oakmark International Fund: First Quarter 2013This report covers the Oakmark International Fund's performance for early 2013. Since its launch in 1992, the fund has averaged 10.52% annual returns, showing solid long-term growth. But the 5-year re…→03-31Bill Nygren Market Commentary | 1Q13This report explains how companies with lots of extra cash can boost shareholder returns through dividends (paying out profits), stock buybacks (reducing shares in circulation), and acquisitions. The…→

2012

12-31Oakmark Fund: Fourth Quarter 2012This report covers Oakmark Fund's performance through late 2012. Since its launch in 1991, it averaged 12.34% annual returns, showing steady long-term growth. In 2012 alone, it jumped 20.97%, beating…→12-31Oakmark International Fund: Fourth Quarter 2012This report shows how the Oakmark International Fund performed through late 2012. The key takeaway: while the 2008 financial crisis dragged its 5-year annual return down to just 3.52%, the fund has de…→12-31David Herro Market Commentary | 4Q12This report shows how two international stock funds performed by the end of 2012. They had strong one-year returns (29% and 18%), but over five years, due to the financial crisis, they averaged only 3…→12-31Bill Nygren Market Commentary | 4Q12This report uses sports examples—like rookie quarterbacks vs. aging MVPs—to argue that in investment management, age and experience are assets, not liabilities. For everyday investors, it means don’t…→09-30Oakmark Fund: Third Quarter 2012This report looks at how the Oakmark Fund performed through September 2012. It made a huge 30.43% in the past year, but its long-term average is about 12.34%. For regular investors, this means short-t…→09-30Oakmark International Fund: Third Quarter 2012This report shows how the Oakmark International Fund performed from 1992 to 2012. Long-term returns are solid (about 10% annualized), but it lost money over the past 5 years (-0.11%) before rebounding…→09-30David Herro Market Commentary | 3Q12This is Oakmark's market commentary for the third quarter of 2012, showing the returns of two international funds over 1, 5, and 10 years. The key takeaway for regular investors: even though these fun…→09-30Bill Nygren Market Commentary | 3Q12This report argues that trying to predict the economy is a losing game. Instead, focus on finding undervalued stocks. For example, bank stocks look risky to many, but their prices are so low that even…→06-30Oakmark Fund: Second Quarter 2012This report covers Oakmark Fund's performance through mid-2012. Since its launch in 1996, it has delivered a solid 12.17% annual return, but lost 3.46% in the latest three months—showing short-term up…→06-30Oakmark International Fund: Second Quarter 2012This report covers the Oakmark International Fund's performance through mid-2012. Since its launch in 1992, it has averaged a 9.49% annual return, but in the past year it lost 13.64%, and over five ye…→06-30David Herro Market Commentary | 2Q12This is a letter from Oakmark's fund manager to investors in mid-2012. The main idea: the European debt crisis and slowing growth in the US and China caused stocks to plunge, but the author thinks the…→06-30Bill Nygren Market Commentary | 2Q12This piece explains a common investor mistake: assuming bonds and high-dividend stocks are 'safe' without checking if they're overpriced. The author shows that buying 30-year Treasury bonds today coul…→03-31Oakmark Fund: First Quarter 2012This report shows how Oakmark Fund has performed since 1991, averaging 12.52% annual returns. Recent 5- and 10-year returns were modest (4.26% and 5.14%), but the fund bounced back with 10.81% over th…→03-31Oakmark International Fund: First Quarter 2012This report looks at how the Oakmark International Fund performed in early 2012. The key takeaway: over the long term (since 1992), it has delivered solid annual returns of about 10%, but short-term r…→03-31Bill Nygren Market Commentary | 1Q12This report argues that despite a big stock market rally in early 2012, it's not too late to invest. Companies have strong cash flows and can boost earnings per share (profit per share) by about 7% an…→

2011

12-31Oakmark Fund: Fourth Quarter 2011This report shows how the Oakmark Fund performed from 1991 to late 2011. The big takeaway: it earned about 12% per year on average over the long run, but short-term returns bounced wildly (like 2% in…→12-31Oakmark International Fund: Fourth Quarter 2011This report shows Oakmark International Fund's performance through 2011. Despite a 14% loss in the past year, it has returned 9.47% annually since its 1992 launch. For everyday investors, this means s…→12-31David Herro Market Commentary | 4Q11This is a letter from Oakmark fund manager David Herro to investors at the end of 2011. Global stocks had a terrible year due to Japan's tsunami, Thailand floods, and Europe's debt crisis. But Herro a…→12-31Bill Nygren Market Commentary | 4Q11This piece explains why 2011 was a volatile but flat market—the S&P 500 swung a lot but ended nearly unchanged, with most stocks moving together, limiting profit from trading. The key point: stocks ar…→09-30Oakmark Fund: Third Quarter 2011This report looks at how the Oakmark Fund performed in the third quarter of 2011. Since it started in 1991, it has earned an average of 11.51% per year, which is good. But in the last year it lost 0.6…→09-30Oakmark International Fund: Third Quarter 2011This report covers the Oakmark International Fund's performance through September 2011. The fund has done well over the long term (averaging 9.41% annual return since 1992), but it lost 20.42% in the…→09-30David Herro Market Commentary | 3Q11This is a fund manager's take during the 2011 panic over European debt. He argues the market overreacted—for example, Italy's household debt is low, its savings rate is double that of the U.S., and it…→09-30Bill Nygren Market Commentary | 3Q11This article says that even though the stock market is very volatile right now (like swinging 2% up and down daily), holding good companies for the long term still pays off. The author thinks this is…→06-30Oakmark Fund: Second Quarter 2011This report shows Oakmark Fund's returns as of mid-2011. Since its start in 1991, it averaged 12.52% per year, but the latest one-year return was a much higher 26.73%. For regular investors, this mean…→06-30Oakmark International Fund: Second Quarter 2011This report shows how an international fund performed over different time periods. For example, it gained 28.62% in the past year, but only 8.95% per year over the past decade. This means short-term b…→06-30David Herro Market Commentary | 2Q11This report looks at the 2011 Greek debt crisis. The author argues that while Greece is only 2.5% of Europe's economy, its debt could hurt European banks because the European Central Bank and banks ho…→06-30Bill Nygren Market Commentary | 2Q11This report says that in 2011, big U.S. stocks were out of favor because they had performed poorly compared to small stocks over the past decade. But the author argues that large companies are now che…→03-31Oakmark Fund: First Quarter 2011This is Oakmark Fund's letter for early 2011. Oil prices jumped 17-24%, and energy stocks soared, but the fund deliberately owned very few of them because they believed high oil prices wouldn't last.…→03-31Oakmark International Fund: First Quarter 2011This report reviews Oakmark International Fund's first quarter of 2011. The fund returned 2%, slightly below the 4% global stock benchmark (excluding the U.S.), but since 1992 it has averaged 11% annu…→03-31David Herro Market Commentary | 1Q11This piece argues that short-term shocks like Middle East unrest and Japan's 2011 earthquake shouldn't derail long-term investing. The author points out that despite many crises over decades, global s…→03-31Bill Nygren Market Commentary | 1Q11This report uses a baseball team's turnaround from worst to first to explain a key investing idea: good management isn't one-size-fits-all. A boss who excels at cutting costs in a factory may fail at…→