Harris Associates L.P., a Chicago-based investment management firm founded in 1976, manages U.S., global and international strategies. We seek to invest in businesses that are priced at substantial discounts to our estimate of intrinsic value. We think this approach provides us with a “margin of safety,” which reduces risk and allows for above- average returns over time. We view every stock purchase as if we are buying a piece of a business and seek to invest with management teams that are well-aligned with shareholders. And we believe our clients should demand the same from their investment managers.

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Harris Associates is an affiliate of Natixis Investment Managers.

We adhere to a fundamental, bottom-up idea generation process. It starts with our generalist analysts who rely on intensive fundamental research across industries to identify investment opportunities. Ideas that meet our business and management criteria are then vetted by the investment committee. During this time, our investment professionals debate the merits of the ideas and our seasoned investment committee members vote on the outcome. The investment opportunities that make it through this rigorous process are then used to build portfolios for our clients, one investment at a time.

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We believe our bottom-up research process allows us to identify some of the most attractive investment opportunities in the market. We invest in them based on the strength of our conviction so our best ideas can have a meaningful impact on portfolio performance. We think focusing on our best ideas minimises risk and maximses return potential over the long run.

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What you can expect:

• Active management: Allocations result from our bottom-up process, not attempts to match a benchmark
• High conviction: Investing only in our best ideas leads to a focused portfolio (generally 20-70 stocks)
• Consistency: Throughout our history, we have implemented a consistent investment philosophy