#United States #Chicago #Oakmark International #Tony Coniaris #Fund Management

Mike Manelli's Retirement at Harris | Oakmark: A Transition for the International Equity Leadership

In a significant move for the Harris | Oakmark investment team, long-term partner and co-portfolio manager Mike Manelli has announced his retirement, scheduled for the end of 2025. With a career spanning two decades, Manelli’s departure marks the end of an era for the Oakmark International Fund and the Oakmark International Small Cap Fund.

Manelli revealed that personal circumstances prompted his decision, particularly his wife's health struggles due to a genetic kidney condition. He shared, “My wife has a genetic kidney disease (PKD). Unfortunately, the disease has progressed at a much more rapid pace than we had hoped, and we are now actively in the process of seeking a kidney donor for her.” While saddened by the timing of his departure, he expressed gratitude for his experiences and confidence in the team’s ability to uphold the fund's legacy of success. “I’ve been privileged to work with the international team for the past 20 years,” he affirmed.

David Herro, Chief Investment Officer of International Equities, highlighted Manelli’s immense contributions during his tenure and underscored the firm’s full support of his decision to prioritize his family’s well-being. “Mike has made significant contributions to the firm during his tenure, and he will be sincerely missed,” said Herro.

As part of the transition plan, Tony Coniaris, present Chairman of Harris | Oakmark and another experienced portfolio manager, will step in alongside Herro as Co-CIO of International Equities, effective April 1, 2025. This strategic decision reflects the firm’s commitment to responsible succession planning and maintaining the strength of their investment teams. Herro remarked, “We are thrilled to have Tony join the international team as Co-CIO. He has been a steadfast partner for many years.”

Coniaris is set to continue his co-portfolio manager responsibilities for the Oakmark Global and Global Select Funds while also taking on new responsibilities alongside Herro for the International Funds. Anticipating his new role, Coniaris stated, “The strength and depth of our investment teams are a hallmark of Harris | Oakmark. I am honored to take on this new responsibility.”

The Oakmark International Fund aims for long-term capital appreciation through a diverse portfolio of companies outside the U.S., with assets under management reaching $15.4 billion by the end of 2024. Meanwhile, the Oakmark International Small Cap Fund focuses on smaller capitalization companies, holding $1.3 billion in assets.

Harris | Oakmark, known for its long-term value investment approach, grows its mutual fund family centered on investing in companies perceived to be significantly undervalued yet possessing strong growth potential. With approximately $56 billion in assets under management as of December 31, 2024, the firm continues to cater to both institutional and high-net-worth investors globally.

As Harris | Oakmark prepares for a new chapter, the investment community watches closely. The firm's resilience in maintaining leadership and adapting to changes bodes well for its clients and stakeholders.

For more information on Harris | Oakmark and its investment strategies, visit oakmark.com.

Summary

Mike Manelli’s retirement signals a pivotal change at Harris | Oakmark as the firm enters a new phase in its management structure. With Tony Coniaris stepping up, the integrity and continuity of the international equity team appear firmly in place, ensuring ongoing service and value for investors. As personal and professional spheres intersect, the firm’s prioritized approach to leadership transitions and client service reflects a maturity shaped by nearly 50 years in the investment landscape.