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OAKIX recently re-opened to new investors while FMIJX is about to close. Both describe themselves as value funds. One seems to be finding values while the other can't and has accumulated a large cash stake. Go figure.
The boatload of new assets have resulted, thus far, in an increase in OERs and a slackening in relative performance. I own it; I'm not thrilled. Big paydays for Met West though, I'm sure.
In light of the fact that OERs for all Oakmark funds increased from 2015 to 2016, while AUM dropped, one can understand the rationale underlying this change.
