Oct. 4 (Bloomberg) -- David Herro’s Oakmark International Fund, which has more than doubled in size this year, will close to some new investors to preserve returns at the top-performing stock fund.
The change will immediately affect new investors at most third-party intermediaries, Chicago-based Harris Associates LP, adviser to the Oakmark Funds, said today in an e-mailed statement. Existing shareholders and participants in retirement plans will still be able to add money to their accounts.
Herro, who in 2010 was named international stock-fund manager of the decade by Morningstar Inc., attracted $8.2 billion to his fund in the first eight months of 2013, according to data from the Chicago-based research firm. The $24.5 billion Oakmark International Fund beat 94 percent of peers this year and 96 percent over the past five years, according to data compiled by Bloomberg. The fund had about $11 billion in assets at the end of 2012, the data show.
Harris Associates manages $106 billion, including $64 billion in Oakmark Funds. Oakmark is known for its value- oriented style, which means its portfolio managers seek to buy underpriced securities.
--Editors: Sree Vidya Bhaktavatsalam, Josh Friedman