Oakmark Equity & Income manager Clyde McGregor has posted his third-quarter letter to shareholders.
In the letter, McGregor notes that the three stock sectors where the fund's investments are concentrated - industrial, energy and health care - offer the best value in the market right now. He also explains why the fund holds Treasury Inflation Protected Securities, or TIPS.
For the quarter, the fund gained 3 percent, trailing the benchmark Lipper Balanced Fund Index gain of 5 percent. For the year to date, the fund is up 8 percent vs. the benchmark gain of 11 percent. Since the fund's inception in 1995, it has gained 11 percent annually vs. the benchmark's 7 percent.
Oakmark Equity & Income is a component of the Bradway Strategic Portfolio, which consists primarily of investments with top money managers.
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