Harris Associates Q2 2024 Global Strategy Commentary

Past performance is no guarantee of future results. The investment return and principal value of this portfolio and any particular holdings may fluctuate. Portfolio holdings are subject to change without notice.

The specific securities identified and described in this report do not represent all securities purchased, sold or recommended to advisory clients. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time this report is received or that the securities sold have not been redeemed. It should not be assumed that any of the securities, transactions or holdings discussed herein have been or will prove to be profitable.

The information, data, analysis and opinions presented herein (including current investment themes, the portfolio managers’ investment research and process and portfolio characteristics) are for informational purposes only and represent the investments and views of the portfolio managers and Harris Associates LP as as of the date of writing and are subject to change without notice. This content is not a recommendation or an offer to buy or sell any security and is not guaranteed to be correct, complete or accurate. Data are in US dollars unless otherwise indicated.

Certain comments herein are based on current expectations and are considered “forward-looking statements.” These forward-looking statements reflect assumptions and analyzes made by the portfolio managers and Harris Associates LP based on their experience and perception of historical trends, current conditions, expected future developments and other factors they believe to be relevant. Actual future results are subject to a number of investment and other risks and may differ from expectations. Readers are cautioned not to place undue reliance on forward-looking statements.

The MSCI World Index (NET) is a market capitalization-weighted, float-adjusted index that is designed to measure global equity market performance of developed markets. The index covers approximately 85% of the free float-adjusted market capitalization of each country. This benchmark calculates reinvested dividends net of withholding taxes. This index is not managed and investors cannot invest directly in this index.

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