Harris Associates

Harris Associates L.P. is a Chicago-based investment company that has $99 billion under management in assets as of June 30, 2023. Harris manages long-only U.S. equity, international equity, and global equity strategies which are offered through its mutual fund company, the Oakmark Funds, and other types of vehicles. Harris is wholly owned by Natixis Investment Managers, an American-French financial services firm that is principally owned by BPCE. Harris Associates retains full control of investment decisions, investment philosophy, and day-to-day operations. History Harris Associates was founded in 1976 by Victor Morgenstern, Myron Szold, Roger Brown, Ralph Wanger, Joe Braucher, Peter Foreman, Ed Neisser and Earl Rusnak, who had previously worked in the private investment office of Chicago entrepreneur Irving Harris. Irving Harris was not directly related to the Norman Harris who established Harris Bank.. Investment philosophy Harris Associates is considered to be a value investor. The investment process entails investing in businesses that are trading at a discount to intrinsic value. The intrinsic value is based on a discounted cash flow analysis that takes into account the quality of management and the company's ability to grow. According to research by Morningstar in April 2013 which analyzed the performance of the seven Oakmark funds over a five-year period, four were ranked in at least the top 2% in their relevant categories. Investment managers As of 2020, notable investment managers include Bill Nygren, who joined in 1983 is known for a value investing approach.