Harris Associates will close its Oakmark Small Cap Fund on Sept. 30. The firm's management had not been satisfied with its performance, said Kelly Martin, Harris spokeswoman. The fund had about $350 million in assets under management as of July 31. It returned an annualized 5.5% for three years ended June 30, and 6.47% for the five-year period, compared with 12.2% and 12.8%, respectively, for the benchmark Russell 2000 value index.
Investors in the fund will have the option of redeeming their shares or moving their assets into any other Oakmark fund.
Fund co-manager Ed Studzinski will remain co-manager of the Oakmark Equity & Income fund; the other co-manager, Jim Benson, will continue as an analyst at the firm.