Henry Berghoef is stepping down as co-manager of the Oakmark Select Fund (OAKLX) and will retire from Harris Associates L.P., the fund's advisor, effective July 31.
William Nygren will continue as portfolio manager of Oakmark Select. A co-manager for the Oakmark Select Fund is expected to be named within the next year, according to the firm. Other members of the Harris Associates team of investment analysts will assume Berghoef's research responsibilities.
Berghoef joined Harris Associates as an investment analyst in 1994 and was director of U.S. research from 2003 to 2011. He has co-managed Oakmark Select since 2000. "I thank my colleagues and will miss them, but have every confidence the firm's great value tradition and service to our clients will continue," stated Berghoef.
The Oakmark Funds managed $42 billion in assets as of March 31.