Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Lackluster performance this year to put it mildly. I haven't a clue. First thought because they abandoned treasuries early. Then maybe their heavier weighting in energy. Some have speculated the departure of Studzinski. I think David has alluded to bloat in the past. (maybe all of the above) One of my biggest holds. Fortunately, this year DODBX has taken up the slack.
Despite the miserable performance, and not just this year, Clyde McGregor has managed to get himself all manner of media coverage. Re-open the fund? Gimme a break! I thought the departure of Studzinski was very mysterious and not handled well by management. He had been responsible for the bond sleeve, so it seemed punitive after 2011's poor returns. Who knows? You can be sure M* won't criticize Oakmark or Harris.
I agree about the recent performance. But whatever you say, one cannot deny the fact that McGregor was the only manager of this fund for its first 5 years or so, and the performance of the fund since its inception 17 years ago is one of the best in industry. Until 2007, when the series of major disruptions came to market, it was essentially a smooth straight line up, despite the fact that he did not buy gold:
Comments
http://quote.morningstar.com/fund/chart.aspx?t=OAKBX®ion=USA&culture=en-us