(PUB) Morningstar FundInvestor
5
Morningstar FundInvestor
June 2 013
Data through May 31, 2013 Oakmark Equity & Income I
Ticker
Status Yield Total Assets
Mstar Category Moderate Allocation
OAKBX Open
0.9% $18,894 mil
Morningstar Analyst Rating 05-30-13
Investment Style Equity Stock %
Historical Profile Return Risk Rating Above Avg Below Avg Above Avg
61% 60% 56% 51% 63% 68% 66% 74% 75%
„
Manager Change Partial Manager Change
13.0 16.0 19.0 22.0
Morningstar Pillars Process Performance
Growth of $10,000
Positive Positive Positive Positive Neutral
Investment Values of Fund Investment Values of M* MdTgRk
People Parent Price
10.0
¶
NAV Total Return % +/-M* MdTgRk +/-Mstr Md Ag Rk Income Return % Capital Return % Total Rtn % Rank Cat Performance Quartile (within Category) History
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 05-13
Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨
17.99 -2.14 10.16 1.30 -3.44 4.55
22.02 23.21 0.73 -5.93 0.77 22.44
23.50 10.36 -1.12 -3.71
24.98 8.60 1.56 -0.25 1.45 7.15
25.88 10.82 -2.13 -5.17
26.88
21.56
25.54 19.84 -1.93 -7.71
27.74 9.50 -2.83 -5.42 0.88 8.62
27.05 0.64 0.05 2.57 1.35 -0.71
28.50 9.05 -2.99 -5.28 1.01 8.04
30.92 8.49 2.09 -0.42 0.00 8.49
-16.18 11.97
3.34 3.03 2.34
6.01
14.47
0.91 9.45 0.20 0.59 0.92 0.78 27
2.01 8.81 0.50 1.31 0.86 1.88 58
1.44
1.36
-17.62 9.63
18.48
3
24
6
6
4
78
87
39
88
42
Pillar Spectrum Positive
0.24 0.00 0.96 1.71
0.14 0.00 0.93 1.07
0.34 0.20 0.89 1.36 112
0.60 1.51 0.83 2.14
0.39 0.57 0.81 1.93
0.29 0.00 0.85 1.59
0.22 0.00 0.79 1.04
0.38 0.47 0.77 0.93
0.27 0.72 0.78 0.84
0.00 0.00
Income $
§ Negative
¶ Neutral
Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil
. . .
Performance 05-31-13 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
73
48
72
81
67
65
78
91
47
29
2009 2010 2011 2012 2013
-6.03 10.37 10.55 4.52 19.84 4.70 -8.00 5.81 7.44 9.50 4.69 1.17 -12.80 8.97 0.64 7.91 -3.49 3.27 1.41 9.05 6.18 . . . .
2,748
5,172
8,129
17,638 17,461 17,596 18,079 15,609 11,538 12,830 10,851 9,513
Rating and Risk Time Load-Adj
Portfolio Analysis 03-31-13 Total Stocks:52
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
P/E
YTD % Net
Period Return % Rtn vs Cat
Share change since 12-31-12
Sectors
Ratio Return % Assets 10.3 15.36 3.35 14.5 21.61 3.19 17.9 6.12 3.06 16.2 10.88 2.92 22.4 15.84 2.76 17.2 13.94 2.64 17.9 3.16 2.58 . . 10.40 3.00 12.27 3.00
1 Yr 3 Yr 5 Yr
16.04
Trailing
Total
+/- M* +/- Mstr
%Rank Growth of
UnitedHealth Group Inc
Hlth care Industrl Cnsmr Def
Return% MdTgRk Md Ag Rk
Cat
$10,000
9.32 4.56 8.21
-Avg Avg High
+Avg -Avg -Avg
Dover Corporation Nestle SA ADR Devon Energy Corp General Dynamics
3 Mo 6 Mo 1 Yr
4.60 1.58 9.30 1.68 16.04 -0.03 9.32 -1.46 4.56 -0.42 8.21 0.42
0.35 -1.45 -5.52 -3.32 -0.01 -0.44
39 10,460 43 10,930 64 11,604 81 13,065 47 12,498 5 22,013 2 37,184
10 Yr Incept
Energy Industrl
10.75
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Philip Morris Internation
Cnsmr Def
Other Measures
Standard Index Best Fit Index M* MdTgRk Mstar Mid Cap TR
MasterCard Incorporated C Finan Svs
Flowserve Corporation
Industrl
Alpha
-1.9 1.06
-1.3 0.61
9.15
. .
Diageo PLC ADR
Cnsmr Def
Beta
Date of Maturity
Amount
Value % Net $000 Assets
R-Squared
87
95
Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 8.78 69 0.49 27 3.96 34 0.57 24 7.43 4 0.72 21 Potential Capital Gain Exposure: 28% of assets Morningstar’s Take by Shannon Zimmerman 05-30-13 Following the January 2012 retirement of Ed Studzinski, a comanager on Oakmark Equity & Income since March 2000, lead manager Clyde McGregor served as this fund’s sole skipper until April 2013. That’s when Oakmark parent Harris Associates promoted two domestic-equity investment analysts, Colin Hudson and Matt Logan, and the firm’s director of fixed income, Edward J. Wojciechowski, to serve alongside McGregor as comanagers. On average, the fund’s new comanagers have roughly 12.5 years’ experience; McGregor has more than three decades. He joined Harris in 1981 and ranks as the firm’s longest-tenured investment professional. McGregor, who has led this fund since its November 1995 inception, has no plans to retire. The new appointments were made with eventual succession in mind, however, and wisely so. While the fund’s new comanagers are seasoned, only Wojciechowski has prior portfolio management experience. Despite the fund’s new management team, little is likely to change here. McGregor has worked closely
Total Fixed-Income:56 US Treasury Note 1.25%
$000
Standard Deviation
10.33
07-15-20 526,273 628,609 3.35 US Treasury Note 1.375% 07-15-18 532,240 623,386 3.32 US Treasury Note 2.125% 01-15-19 213,829 260,805 1.39 US Treasury Note 1% 09-30-16 199,380 203,103 1.08 Kinetic Concepts 10.5% 11-01-18 47,940 51,895 0.28 Canada Govt 4.25% 12-01-21 36,399 50,499 0.27 Ssif Nev Ltd Partnership 04-14-14 45,090 45,359 0.24 FHLMC 2.25% 03-13-20 25,000 25,322 0.13 FHLMC 2% 08-08-17 24,930 25,103 0.13
Mean
9.32 0.91
Sharpe Ratio
with his new teammates for several years, and given that Harris tapped its director of fixed income for a comanager slot, the fund’s bond exposure likely will remain focused on government and agency debt. That continuity is reassuring in light of the fund’s outstanding long-term track record: Its trailing 10- and 15-year returns through May 28, 2013, rank near the moderate-allocation group’s peak. The fund has been a relative underachiever lately, however. An annualized gain of 4.8% over the last five years lands in the middle of the peer-group pack. The one- and three-year figures are worse, with both buried deep in the category’s bottom half. The fund’s soft patch bears watching, particularly since performance attribution indicates that stock selection, especially among health-care names, has been problematic lately. Investors have little reason to leave the fund, however. Even during its dry spell, absolute returns have been solid, and the manager and strategy behind the fund’s long-haul success are still in place.
Equity Style
Fixed-Income Style Duration: . Quality: . Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon figure provided by fund 1 1
Style: Blend Size: Large-Cap Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs
. . .
Rel Category
15.12 2.08 1.19 7.92 1.76 11.17 3.81 5.74 8.05 7.69
1.07 1.10 0.99 1.16 0.73
2.16%
Sector Weightings
% of Stocks
Rel M* MdTgRk High
3 Year Low
% Rel Category
1.10 3.43 2.65 10.45 1.72
Cyclical 21.79 0.57 BasicMat 0.85 0.15 4 1 CnsmrCyc11.62 1.02 14 9 FinanSvs 9.32 0.55 9 3 Real Est 0.00 0.00 . . Sensitive 50.18 1.30 CommSrvs 0.00 0.00 . . Energy 17.80 1.91 20 14 Industrl 26.66 2.05 27 18 Technlgy 5.72 0.47 6 3 Defensive28.03 1.21 CnsmrDef13.58 1.51 21 14 Hlthcare 14.45 1.43 23 14 Utilities 0.00 0.00 . .
h r t y u j i o p a k s d f
Market Cap % Giant 26.8 Large 30.4 Mid 40.9
Small Micro
1.5 0.4
Avg $mil:
20,225
Address:
Harris Associates LP Chicago, IL 60602-3790 800-625-6275 www.oakmark.com
Minimum Purchase: Min Auto Inv Plan:
$1000 $500
Add: $100 IRA: $1000
Composition - Net
Add: $100
Cash 11.6 Stocks 75.0 Bonds 11.8 Other 1.6 Foreign 14.9
Sales Fees:
No-load
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
Management Fee:
0.75% mx./0.57% mn. Mgt:0.67% Dist: .
11-01-95
Actual Fees:
Harris Associates L.P.
Expense Projections: Income Distribution:
3Yr:$249 Annually
5Yr:$433 10Yr:$966
None
(% of Stock)
Fidelity Retail-NTF, Schwab OneSource
Mutual Funds ß ®
© 2013Morningstar, Inc.All rights reserved. The information herein isnot represented orwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.
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