Harris Associates began when a group of investors claimed Oakmark mutual funds were charging them excessive fees.
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The thousands of Oakmark customers who buy through Schwab appear as a single account on Oakmark's books.
The Oakmark managers note that pre-crisis, banks and other financial service firms traded at about 2x book value.
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Devault also says that the Oakmark Fund (nasdaq: OAKMX - news - people ) looks strong.
The Oakmark Select mutual fund just made a big bet on two of the most toxic stocks of the financial crisis.
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Another standout fund on our list is Oakmark International Small Cap Fund.
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David Herro, who is a portfolio manager at Oakmark and oversees Japanese investments, notes that companies there are getting much better at capital allocation.
Among the biggest buyers were Whitney Tilson of T2 Partners Management, Bill Nygren of Oakmark Select and David Tepper of Appaloosa Management, according to datarama.
That excludes institutional-only funds and those that are closed to new investors, like the excellent Oakmark Select (12% a year since March 2000 and 17% a year since 1997).
In the second quarter, Oakmark bought three new companies for its portfolio: Devon Energy Corporation ( DVN), American International Group ( AIG) and Aon Plc ( AON).
Dell's board "is saying that no better option exists, " said Bill Nygren, manager of the Oakmark Fund and affiliates, which own about 25 million shares of Dell stock.
The list of ETFs is growing every day, but for now, many of the best choices for these sectors can be addressed with mutual funds, namely the Oakmark International Small Cap I ( OAKEX) and the Wasatach Micro Cap Fund ( WMICX), both found on the Forbes Honor Roll.
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