Harris Associates will close its midcap value and concentrated value separate-account strategies Sept. 30, Thomas J. Baron, director, marketing and client relations, told institutional investors in a letter accompanying second-quarter performance results. Existing clients will be able to add to existing mandates, and current discussions and manager searches for the strategies will be honored, Mr. Baron said.
The concentrated value strategy composite returned -0.1% for the year ended June 30, an annualized 8.9% for the three-year period and an annualized 15.9% for the five years. The midcap value strategy composite returned 9.6% for one year, an annualized 13.3% for the three-year period and an annualized 13.5% for the five years. The Russell Midcap Value index returned 1.9% for the year, an annualized 5.2% for the three years and an annualized 9.1% for the five years ended June 30.