Leadership Transition at Harris | Oakmark
Harris | Oakmark is entering a new chapter as it announces significant changes in its investment management team. After two decades of dedicated service, Mike Manelli, Partner and co-portfolio manager of the Oakmark International Fund and the Oakmark International Small Cap Fund, is set to retire by the end of 2025. This transition comes as Mr. Manelli faces personal circumstances that require him to refocus his efforts on his family.
Mike Manelli's Legacy and Contributions
During his tenure, Mike has played a crucial role in shaping the success of the Oakmark International and International Small Cap Funds. His decision to step down is rooted in personal reasons, as he shared the challenges his family is currently facing. "While I’m disappointed to be departing at this time, it’s been a privilege to work with the international team for the past 20 years," he expressed. Mike’s commitment to his role and his colleagues has been evident throughout his career, and he leaves behind a robust legacy.
Support from Harris | Oakmark Leadership
David Herro, CIO–International Equities, expressed how essential Mike has been to the firm, stating, "Mike has made significant contributions to the firm during his tenure, and he will be sincerely missed." The firm echoes this sentiment by fully supporting Mike's choice to prioritize his family, wishing the best for him and his loved ones during this difficult time.
New Leadership Appointments
In light of Mike's upcoming retirement, Tony Coniaris, Chairman of Harris | Oakmark, will take on the role of Co-CIO–International Equities alongside David Herro starting April 1, 2025. Tony's extensive experience and partnership will play a vital role in maintaining the integrity of the investment approach that has defined Harris | Oakmark.
Tony Coniaris: An Integral Addition
"We are thrilled to have Tony join the international team as Co-CIO–International Equities. His depth of experience and extensive understanding of global equity markets will be invaluable," remarked David Herro. This strategic appointment aims to enhance the firm’s commitment to responsible succession planning and team-based portfolio management.
Ongoing Portfolio Management Duties
Alongside his new role, Mr. Coniaris will continue managing the Oakmark Global and Global Select Funds with Mr. Herro. They will ensure the continuity of excellence and maintain strong connections with the international equity team, committed to delivering exceptional value to their clients.
The Oakmark International Funds
The Oakmark International Fund focuses on long-term capital appreciation by investing in a diverse portfolio of companies located outside the U.S. The Oakmark International Small Cap Fund similarly aims for long-term capital gains but concentrates on small-cap companies globally. As of the end of 2024, the assets under management for the respective funds were impressive, with the International Fund at $15.4 billion and the Small Cap Fund at $1.3 billion.
About Harris | Oakmark and Its Philosophy
Harris | Oakmark's mutual fund family is renowned for its long-term value investment strategy. The firm's philosophy hinges on identifying undervalued companies with promising growth potential and management committed to shareholder interests. With around $56 billion assets under management at the end of 2024, Oakmark continues to exemplify its solid investment approach.
Harris Associates: A Trusted Investment Partner
Founded in 1976, Harris Associates serves as the investment adviser to the Oakmark Funds and manages portfolios for a wide array of institutional and high-net-worth clients. The firm's assets under management total roughly $98 billion, indicating its strong market presence and investment acumen.
Frequently Asked Questions
1. Why is Mike Manelli retiring?
Mike Manelli is retiring for personal reasons, particularly to focus on family health issues related to his wife's condition.
2. Who will replace Mike Manelli at Harris | Oakmark?
Tony Coniaris will step into the role of Co-CIO–International Equities, working alongside David Herro.
3. What are the investment focuses of the Oakmark International Funds?
The Oakmark International Fund invests in a range of companies outside the U.S. while the Oakmark International Small Cap Fund focuses specifically on small-cap companies globally.
4. How much in assets do the Oakmark International Funds manage?
As of the end of 2024, the Oakmark International Fund managed $15.4 billion and the Small Cap Fund had $1.3 billion in assets.
5. What is the investment philosophy of Harris | Oakmark?
The firm employs a long-term value investment strategy, targeting companies priced below their intrinsic value with strong growth prospects.
