Fund Times: Oakmark Plays It Cool with Hot Money
Firm closes funds to some investors and puts redemption fees on others.
Oakmark Funds is trying to stem the tide of money into some of its offerings.
The fund family's advisor, Chicago-based Harris Associates, said Oakmark International (OAKIX) and Oakmark Global (OAKGX) will close to new investors buying shares through certain broker-dealers and third-party intermediaries at the close of business on Dec. 15. Existing shareholders of the funds and new participants in existing retirement plans that include the offerings may continue to purchase additional shares. Oakmark Funds also will continue selling the funds directly to investors.
Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.