Separate Accounts
Harris Associates has managed separate accounts for over thirty years. Our clients - wealthy individuals, families, foundations, endowments, and pension funds - benefit from our substantial experience in meeting the needs of these diverse groups. We are particularly proud of our long-standing client relationships.

Using a firm-wide, consistent investment philosophy and process, our portfolio managers build each separate account portfolio stock by stock. Because client needs and market conditions constantly change, the separate account relationship is dynamic. Our portfolio managers are skilled at adjusting portfolios to accommodate such changes.

Equity Accounts
Our equity portfolios are generally composed of securities we believe have attractive valuations, excellent appreciation potential, a high degree of management ownership and limited downside risk. Historically, this approach has successfully yielded above average, long-term investment returns with below-average volatility and risk.

From Harris Associates' list of approved stocks, our portfolio managers construct focused, customized portfolios based on a client's assets, liquidity needs, tax status, and willingness to accept risk. We monitor each client portfolio continuously to ensure conformance with stated goals.

Balanced Accounts
Harris Associates' balanced accounts are positioned to preserve capital while also providing capital appreciation. Although most of these portfolios have significant exposure to equities, fixed income instruments (typically Treasury, Agency, or municipal securities) are utilized to best satisfy client income, liquidity, and risk preferences. In addition, we rely on our value-based research process to identify corporate issues that the market underrates. On average, our fixed income holdings are typically of very high quality and short to intermediate term maturity.

International Accounts
Our international team searches in both established and emerging markets for businesses priced at a substantial discount to our estimation of their true value, that are run by managements likely to enhance and grow that value. Our international analysts spend a considerable portion of their time inspecting facilities and meeting with top executives to find new ideas and monitor existing holdings. We emphasize company rather than country selection.