Leadership Changes at Harris | Oakmark
Harris | Oakmark is undergoing a significant transition with the impending retirement of Mike Manelli, a cornerstone of their international equity management. His departure, set for the end of 2025, follows two decades of dedicated service, marking the end of an era. Mr. Manelli's decision is primarily driven by personal circumstances, as he navigates the challenges posed by his wife's health issues.
In his heartfelt statement, Mr. Manelli expressed deep appreciation for the collaborative efforts of his colleagues, stating, "It has been a privilege to work with the international team during the past 20 years. I genuinely believe the team will continue its legacy of excellence in managing investments." This sentiment highlights his commitment to the firm's success even as he steps back.
New Leadership Structure
With Mr. Manelli moving on, Harris | Oakmark has strategically appointed Tony Coniaris as Co-CIO–International Equities, alongside David Herro, effective April 1, 2025. This decision reflects a proactive approach to succession planning, ensuring continuity and stability within their investment strategies.
David Herro, the Chief Investment Officer of International Equities, praised Mr. Coniaris, stating, "Tony brings substantial expertise and a wealth of experience that will undoubtedly benefit our global equity strategies." This new leadership model illustrates their commitment to a team-based management approach, which has been a hallmark of Harris | Oakmark's operations since its inception.
Commitment to Clients
As Mr. Coniaris and Mr. Herro take on their new roles, they will also maintain their responsibilities as co-portfolio managers for the Oakmark Global and Global Select Funds. Mr. Herro will continue to manage the Oakmark International and International Small Cap Funds. This seamless transition ensures that the investment teams remain robust and focused on delivering exceptional results for clients.
Mr. Coniaris stated, "I am truly honored to take on this role within the international equity team. Throughout my career, collaboration has been key, and I look forward to further strengthening our partnership as we navigate the complexities of global markets together." His commitment to providing exceptional service is evident and aligns with the firm's long-standing investment philosophy.
Investment Philosophy and Strategy
The Oakmark International Fund remains focused on long-term capital appreciation by investing in a diverse portfolio of companies located outside the United States. The strategy emphasizes investing across the market cap spectrum, which allows for greater flexibility in capturing market opportunities. Similarly, the Oakmark International Small Cap Fund seeks to invest in high-potential small-cap companies external to the U.S. Each fund represents a critical pillar of Harris | Oakmark's approach to international investing.
As of year-end 2024, the Oakmark International Fund managed assets totaling approximately $15.4 billion, while the Oakmark International Small Cap Fund accounted for assets around $1.3 billion. These figures reflect the growing trust that investors place in Harris | Oakmark's ability to navigate global market challenges.
About Harris | Oakmark
Harris | Oakmark operates from a foundation of long-term value investment principles. With a significant AUM of about $56 billion, the Oakmark Funds have established a commitment to seeking out undervalued companies that demonstrate strong growth prospects and management excellence. This investment philosophy underpins Harris | Oakmark's successful track record.
Founded in 1976, Harris Associates L.P. is based in Chicago and serves as the adviser to the Oakmark Funds. The firm's wide-ranging expertise includes managing both U.S. and international portfolios for institutional investors and high-net-worth individuals. As of December 31, 2024, Harris Associates reported combined assets of around $98 billion, highlighting its reputation as a leader in the investment management field.
Frequently Asked Questions
What prompted Mike Manelli's retirement?
Mike Manelli has decided to retire due to personal reasons, particularly surrounding his wife's health issues.
Who will take over Mr. Manelli's responsibilities?
Tony Coniaris has been appointed as Co-CIO of International Equities alongside David Herro.
What is the primary focus of the Oakmark International Fund?
The fund aims for long-term capital appreciation by investing in a diversified portfolio of non-U.S. companies.
How much does Harris | Oakmark currently manage?
Harris | Oakmark manages approximately $56 billion in assets as of the end of 2024.
What distinguishes Harris | Oakmark's investment philosophy?
The firm adheres to a long-term value investing strategy, focusing on companies priced below their intrinsic value with strong growth potential.
