Bill Nygren

Oakmark Select Fund 2Q15 Letter: Chesapeake Energy Hurts

Oakmark Select Fund's letter to investors for the second quarter ended June 30, 2015.

The Oakmark Select Fund was essentially flat for the quarter, as was the S&P 500 Index.  Three quarters into our fiscal 2015, the Oakmark Select Fund has returned 2%, compared to 6% for the S&P 500 Index.  Our best performers in the quarter were Amazon, up 17%, and a number of our financials, including AIG, which increased by more than 10%. Our worst performing names were Calpine and Chesapeake Energy, both of which declined by more than 20%.  From a sector . . .

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