Harris Associates, which advises the Oakmark International Fund, said on Thursday it has increased the fund’s holding in mining and commodity group Glencore Plc to more than 5 percent.
In an interview with Reuters, Harris Associates’ David Herro said the fund is not taking an activist position with Glencore, and that it is happy with its management.
“We think it’s a high quality business, trading at an artificially low price,” said Herro, portfolio manager and chief investment officer for international equity. “We think management is fine, and we think the copper position is good.”
Oakmark held 0.77 percent of Glencore as of June 30, according to Thomson Reuters data. As of mid-August, Oakmark had built a position of around 4.5 percent and in the last few days has increased that to more than 5 percent, Herro said.