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Oakmark Funds' Value Style Gains Traction Flagship and Select post solid gains for this year, past 12 months.(B)
By Tom Gray
Investor's Business Daily
Fund Manager Bill Nygren makes a point of being patient. He buys out-of-favor stocks and figures the market could take up to five years to discover their true value.
But lately he hasn't had to wait nearly that long for results. Nygren, lead manager of Oakmark and Oakmark Select funds, has been living a contrarian's dream over the past year. As the broad market has tanked, his funds have taken off.
In the year since Nygren took over Oakmark Fund (on March 21, 2000, almost exactly at the market peak), that portfolio jumped 41%. Oakmark Select, where Nygren has been in charge since its start four years ago, rose 32% the past year. The S&P 500 during that time fell about 27%.
Since Dec. 31, Oakmark was up 7.4% going into Monday and Oakmark Select was up 11%.
Nygren's brand of value investing is clearly back in style, and he doesn't expect it to fall out of favor anytime soon. Nor does he think yesterday's techleaders have fallen far enough to be a bargain.
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