Harris Associates L.P. Announces Oakmark Portfolio Manager Changes
CHICAGO, Aug. 1, 2022 /PRNewswire/ -- Harris Associates L.P., adviser to the Oakmark Funds and an affiliate of Natixis Investment Managers, announced portfolio manager changes to the Oakmark Equity and Income Fund, Oakmark Global Fund, Oakmark Global Select Fund, Oakmark Fund, and Oakmark Select Fund.
Effective December 31, 2023, Clyde McGregor will be transitioning his portfolio management duties and stepping off the Oakmark Equity and Income Fund and the Oakmark Global Fund. Mr. McGregor will remain with Harris Associates as an investment leader and portfolio manager in the firm's Private Wealth Management business.
As part of Mr. McGregor's upcoming portfolio transition, Harris Associates is pleased to announce the appointment of the following individuals to co-portfolio manager roles for the Oakmark Funds, effective August 1, 2022.
Michael Nicolas and Alex Fitch will join Clyde McGregor, Colin Hudson and Adam Abbas as co-portfolio managers of the Oakmark Equity and Income Fund. Mr. Nicolas joined Harris Associates in 2013. He has been a co-portfolio manager of the Oakmark Fund since 2020. Mr. Fitch joined Harris Associates in 2011 and is the director of U.S. research.
Colin Hudson and John Sitarz will be named co-portfolio managers of the Oakmark Global Fund with David Herro, Tony Coniaris, Clyde McGregor and Jason Long. Mr. Hudson joined Harris Associates in 2005. He has been a co-portfolio manager of the Oakmark Bond Fund since 2020 and the Oakmark Equity and Income Fund since 2013 and has served on the institutional Global and Global Concentrated Strategy teams since 2012. He is also the co-head of fixed income at Harris Associates. Mr. Sitarz joined Harris Associates in 2013 and has served as a U.S. research analyst.
"First, I'd like to thank Clyde for his immense contribution to the Oakmark Funds," said Tony Coniaris, chairman and portfolio manager. "Good succession planning requires a plan and a deep bench. In this case, Harris Associates and the Oakmark Funds have the luxury of both. We believe these manager additions strengthen our team and best position our clients for success over the next decade and beyond."
Harris Associates is also pleased to announce the following manager appointments: Colin Hudson and John Sitarz will be named co-portfolio managers of the Oakmark Global Select Fund with David Herro, Bill Nygren, Tony Coniaris and Eric Liu.
Robert Bierig will be added as a co-portfolio manager to the Oakmark Fund with Bill Nygren and Michael Nicolas. Mr. Bierig joined Harris Associates in 2012 and is a portfolio manager for several of Harris Associates' investment strategies.
Robert Bierig and Alex Fitch will become co-portfolio managers of the Oakmark Select Fund alongside Bill Nygren and Tony Coniaris.
"The Oakmark Funds' strong performance track records have been primarily due to the strength of our teams—and these additions make the teams stronger than ever," said Bill Nygren, chief investment officer-U.S. equities and portfolio manager. "These individuals, as research analysts, have been contributing to our success for years, and our expectation is that their skill will continue benefitting our shareholders for many years to come."
The new appointments better align portfolio management teams across the business. To that end, Bill Nygren will be transitioning his global portfolio management responsibilities to focus on domestic portfolios. As a result, he will be stepping off the Oakmark Global Select Fund, effective at the end of 2023. Mr. Nygren will continue as chief investment officer-U.S. equities and co-portfolio manager of the Oakmark Fund and the Oakmark Select Fund.
Tony Coniaris will provide continuity on global portfolios alongside David Herro and the global team. Mr. Coniaris will remain a co-portfolio manager of the Oakmark Global Fund and the Oakmark Global Select Fund. In light of these responsibilities, he will be stepping off the Oakmark Select Fund, effective at the end of 2023.
The Oakmark Funds are a mutual fund family that utilizes a long-term value investment approach. Oakmark's investment philosophy centers on the belief that superior long-term results can be achieved through investing in companies priced at a significant discount to what Harris Associates believes is a company's intrinsic value, with strong growth prospects and owner-oriented management teams. The Oakmark Funds' assets under management totaled approximately $50 billion as of June 30, 2022. More information about the Oakmark Funds is available at oakmark.com.
Harris Associates L.P., a Chicago-based investment management firm founded in 1976, serves as the adviser to the Oakmark Funds. Harris Associates also manages U.S., international and global portfolios for institutional and high-net-worth investors worldwide. Including Oakmark, assets under management at Harris Associates totaled approximately $99 billion as of June 30, 2022. More information about Harris Associates is available at harrisassoc.com.
Before investing in any Oakmark Fund, you should carefully consider the Fund's investment objectives, risks, management fees and other expenses. This and other important information is contained in a Fund's prospectus and summary prospectus. Please read the prospectus and summary prospectus carefully before investing. For more information, please call 1-800-OAKMARK (625-6275).
Natixis Investment Managers' multi-affiliate approach connects clients to the independent thinking and focused expertise of more than 20 active managers. Ranked among the world's largest asset managers1 with more than $1.3 trillion assets under management2 (€1.2 trillion), Natixis Investment Managers delivers a diverse range of solutions across asset classes, styles, and vehicles, including innovative environmental, social, and governance (ESG) strategies and products dedicated to advancing sustainable finance. The firm partners with clients in order to understand their unique needs and provide insights and investment solutions tailored to their long-term goals.
Headquartered in Paris and Boston, Natixis Investment Managers is part of the Global Financial Services division of Groupe BPCE, the second-largest banking group in France through the Banque Populaire and Caisse d'Epargne retail networks. Natixis Investment Managers' affiliated investment management firms include AEW; AlphaSimplex Group; DNCA Investments;3 Dorval Asset Management; Flexstone Partners; Gateway Investment Advisers; Harris Associates; Investors Mutual Limited; Loomis, Sayles & Company; Mirova; MV Credit; Naxicap Partners; Ossiam; Ostrum Asset Management; Seeyond; Seventure Partners; Thematics Asset Management; Vauban Infrastructure Partners; Vaughan Nelson Investment Management; and WCM Investment Management. Additionally, investment solutions are offered through Natixis Investment Managers Solutions and Natixis Advisors, LLC. Not all offerings are available in all jurisdictions. For additional information, please visit Natixis Investment Managers' website at im.natixis.com | LinkedIn: linkedin.com/company/natixis-investment-managers.
Natixis Investment Managers' distribution and service groups include Natixis Distribution, LLC, a limited purpose broker-dealer and the distributor of various U.S. registered investment companies for which advisory services are provided by affiliated firms of Natixis Investment Managers, Natixis Investment Managers S.A. (Luxembourg), Natixis Investment Managers International (France), and their affiliated distribution and service entities in Europe and Asia.
1 Cerulli Quantitative Update: Global Markets 2021 ranked Natixis Investment Managers as the 15th largest asset manager in the world based on assets under management as of December 31, 2020.
2 Assets under management ("AUM") of current affiliated entities measured as of March 31, 2022 are $1,320.6 billion (€1,187.6 billion). AUM, as reported, may include notional assets, assets serviced, gross assets, assets of minority-owned affiliated entities and other types of non-regulatory AUM managed or serviced by firms affiliated with Natixis Investment Managers.
3 A brand of DNCA Finance.
SOURCE Harris Associates L.P.
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