In a recent interview with Value Investor Insight reviewed by ValueWalk, well-known fund manager David Herro of Harris Associates discusses the evolution of his investing philosophy as well as what value means to him today. He also offers some insights into his current favorite sectors and companies. Of note, Herro was named Morningstar’s Foreign Equity Manager of the Decade in 2010.
David Herro notes the high level of economic turbulence in markets today. “There’s always a lot going on,” he says, “but we’re probably closer to a peak than a trough on that front right now.”
He has run the Oakmark International Fund since 1992, and has produced a net annualized 10.6% compared to 6.4% for the MSCI World Index (ex U.S.). Sectors Herro is investing in right now include luxury autos, farm machinery, asset management and private banking.Avoiding value traps