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3 New Comanagers for Oakmark Equity and Income

Harris Associates promotes three members of its research team to join longtime skipper Clyde McGregor on the Silver-rated fund. 

Robert Goldsborough, 04/22/2013

Harris Associates has announced that three comanagers have joined Silver-rated 
Oakmark Equity and Income OAKBX alongside longtime steward Clyde S. McGregor. Effective April 17, Harris' director of fixed income Edward J. Wojciechowski and investment analysts Colin Hudson and Matthew A. Logan will run the moderate-allocation fund along with McGregor.

The announcement comes less than three months after Harris Associates made a similar move on Gold-rated Oakmark Select OAKLX, tapping the firm's director of U.S. equity research Win Murray and senior analyst Tony Coniaris to join longtime skipper Bill Nygren. And last week's move once again gives McGregor some collaboration on Oakmark Equity and Income. On Jan. 1, 2012, Ed Studzinski, who had been a comanager on the fund since 2000, retired from Harris Associates, leaving McGregor as Equity and Income's sole manager.

As was the case with Oakmark Select, we would expect Oakmark Equity and Income's three new comanagers to act primarily as assistant managers to McGregor. That means investors shouldn't expect a change to the contrarian and concentrated style that has driven the fund's appeal and impressive long-term record. Although the fund has had some performance struggles of late, its long-term track record is exemplary, with trailing 10- and 15-year returns ranking in the category's top decile.

And as was the case with Oakmark Select, Harris Associates clearly made the move with an eye toward the future and a smooth, seamless leadership transition. McGregor is 60, and a press release included the ages of the three new comanagers, noting that Hudson is 43, Wojciechowski is 40, and Logan is 29.

In a statement, McGregor acknowledged the addition of some younger blood to the management of the fund. "I have spent the past 15 months attempting to discern how best to position the fund for its long-term future," McGregor said. "I have come to believe that a team approach is the best answer. My three new comanagers bring diversity of skill set, past experience, and even age to this team. The four of us are already collaborating closely. The fact that three such strong candidates are readily available to join me on the Equity and Income Fund testifies to the depth of our investment team."

Associate director of fund analysis Shannon Zimmerman contributed to this report.


Robert Goldsborough is an ETF Analyst at Morningstar.

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