Oakmark Select Fund’s Q4 2022 Investor Letter

Oakmark Funds, an investment management company, released its “Oakmark Select Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned 4.7% in the fourth quarter compared to a 7.6% return for the S&P 500 Index. For the full year 2022, the fund returned -22.7% compared to the -18.1% return for the S&P 500. The firm is disappointed with the performance of the fund. However, they still focus on creating high-conviction portfolio of undervalued companies that will offer attractive risk-adjusted returns and margin of safety over a long period. The largest contributors in the quarter were financials and energy sectors while the consumer discretionary sector detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.