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Bill Nygren : Fourth Quarter Manager Commentary

By admin - Posted on January 15th, 2007
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The Oakmark Fund had a very strong fourth quarter and year, up 8% and 18% respectively. Both numbers are in excess of the gains achieved by the S&P 500. Bill Nygren believes that Liberty Capital is selling at a large discount to its asset value, and now its primary asset is DirectTV. So Oakmark sold the majority of their DirectTV shares and increased our position in Liberty Capital. We believe that Liberty Capital deserves to sell at a smaller discount to value, and further, if DirectTV goes up more, so does Liberty’s value. The quarter’s only new purchase was Medtronic (MDT).

Read Oakmark Fund Fourth Quarter Letter to Shareholders.

Read Oakmark Select Letter to Shareholders.

 

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