Harris Associates [see profile] promoted Michael Manelli to co-PM of the Oakmark International Small Cap Fund alongside David Herro. Herro has been at the helm of the fund since its launch in November 1995.

Prior to his promotion, Manelli was an international equities analyst. The 31-year-old joined Harris in 2005 and became a partner last year.

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Company Press Release

Co-manager for the Oakmark International Small Cap Fund 5/11/2011

CHICAGO , May 11, 2011—Michael L. Manelli, an international equities analyst at Harris Associates L.P., has been promoted to co-manager of the Oakmark International Small Cap Fund (ticker OAKEX). He will join current manager David Herro, Chief Investment Officer of International Equities, who has managed the International Small Cap Fund since its inception in November 1995.

The promotion was announced today by Kristi L. Rowsell, president of Harris Associates and The Oakmark Funds.

Mr. Manelli, 31, joined Harris Associates in 2005 as an investment analyst on the international equities team. He was named a partner in the firm in 2010.

The Oakmark International Small Cap Fund generally invests in small-capitalization companies located anywhere outside of the U.S. Oftentimes, these companies are unknown to mainstream investors and receive little attention from Wall Street.

“Mike has been an exceptionally capable member of our investment team during his six years at Harris. He has outstanding judgment and will be a great co-manager for the fund,” says Mr. Herro. “Mike has also shown his value in terms of his client-service work and his mentoring of newer analysts. We see his talents and experience making him an important asset for Oakmark fund shareholders.”

Prior to joining Harris Associates, Mr. Manelli spent five years as an analyst at Morgan Stanley, where he provided equity coverage for the North American transportation industry.

He is a graduate of the University of Iowa and is a CFA charterholder®.

For more information about The Oakmark Funds, please visit Fund performance, news, articles and manager commentary.

About The Oakmark International Small Cap Fund: The Oakmark International Small Cap Fund generally invests in small-capitalization companies located anywhere outside of the U.S. Many times, these companies are unknown to mainstream investors and receive little attention from Wall Street. The Oakmark investment philosophy is distinguished by a disciplined adherence to value investing. This philosophy has three basic tenets: to invest in companies trading at a significant discount to estimated intrinsic business value, that consistently grow the value of their assets over time, and have shareholder-oriented management teams.

About The Oakmark Funds and Harris Associates L.P.: The Oakmark Funds are an award-winning family of seven value-oriented mutual funds that invest in equity and fixed-income markets around the world while adhering to a long-term philosophy focusing on capital preservation and risk management. The funds are advised by Harris Associates L.P., based in Chicago. The Oakmark Funds had approximately $40 billion in assets under management as of March 31, 2011.  

Edited by: Hung Tran


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