Oakmark Equity & Income Posts Letter to Shareholders

Clyde McGregor, manager of the Oakmark Equity & Income fund, has posted his first-quarter letter to shareholders. The fund gained 8 percent in the quarter, exactly the same as the fund benchmark, the Lipper Balanced Fund Index.

In the letter, McGregor discusses the link between low interest rates and the fund's recent volatility; why the fund favors government bonds over corporate bonds; and covers the fund's purchase of several new stocks.

Oakmark Equity & Income is a component of the Bradway Strategic Portfolio, which consists primarily of investments with top money managers.