Oakmark Funds recently published its 2019 Q3 investor letter – you can download a copy below.
The recently-completed quarter was not a successful one for the firm. The investment company reported a decline of 2.1% during the third quarter, comparing to a 1.7% gain for the S&P 500. For the year thus far, it has lost 5.7%, again comparing unfavorably to a 4.3% gain for the S&P 500.
In outlining its results, Oakmark disclosed the biggest contributors and detractors of its performance in the quarter. It also offered commentary on the stocks in which it has long positions, while also underlining the rationale for exiting certain positions.
Download a copy of the letter here.