Oakmark Equity And Income Fund Q4 2024 Commentary

2025-01-16 00:15:00 ET

Summary

• The Fund returned -0.20% versus -1.24% for the Lipper Balanced Fund Index for the quarter, and 9.56% since inception versus 6.97% for the index over the same period.
• The equity portfolio returned 1.28%1 for the quarter versus 2.41% for the S&P 500 Index due in part to our underweight in information technology stocks and weakness in our consumer discretionary holdings.
• The fixed income portfolio returned -2.25%1 for the quarter versus -3.06% for the Bloomberg U.S. Aggregate Bond Index. The Fund allocation was 59.3% in equities, 39.5% in fixed income, and 1.2% cash.
• At the sector level for the equity portfolio, the largest contributors were financials and communication services, while health care and materials detracted from performance.
• While broad market valuations are above historic averages, the wide spread in valuation multiples is providing us with opportunities to invest in a diversified mix of high-quality businesses at attractive prices. We believe this provides our clients with both a margin of safety and the potential for superior future returns.

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