XML 1018 R13.htm IDEA: XBRL DOCUMENT v3.6.0.2
Label Element Value
Oakmark Select Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Oakmark Select Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Oakmark Select Fund seeks long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment) None
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Jan. 28, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 38.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:
Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund invests primarily in common stocks of U.S. companies. The Fund is non-diversified, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. The Fund could own as few as twelve securities, but generally will have approximately twenty securities in its portfolio and as a result, a higher percentage of the Fund's total assets may also be invested in a particular sector or industry. The Fund generally invests in the securities of large- and mid-capitalization companies.


The Fund uses a value investment philosophy in selecting equity securities. This investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of its intrinsic or true business value. By "true business value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is their true business value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value philosophy to identify companies that it believes have discounted stock prices compared to the companies' true business values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of these attributes: (1) free cash flows and intelligent investment of excess cash; (2) earnings that are growing and are reasonably predictable; and (3) high level of company management ownership.


Key Tenets of the Oakmark Investment Philosophy:


1.  Buy businesses that are trading at a significant discount to the Adviser's estimate of the company's intrinsic value. At the time the Adviser buys a company, the Adviser wants the company's stock to be inexpensive relative to what it believes the entire business is worth.


2.  Invest with companies expected to grow shareholder value over time. Value investors can sometimes fall into the trap of buying a stock that is inexpensive for a reason—because the company just does not grow. The Adviser looks for good quality, growing businesses with positive free cash flow and intelligent investment of cash.


3.  Invest with management teams that think and act as owners. The Adviser seeks out companies with management teams that understand the dynamics of per share value growth and are focused on achieving such growth. Stock ownership and incentives that align managements' interests with those of shareholders are key components of this analysis.


In making its investment decisions, the Adviser uses a "bottom-up" approach focused on individual companies, rather than focusing on specific economic factors or specific industries. To facilitate its selection of investments that meet the criteria described above, the Adviser uses independent, in-house research to analyze each company. As part of this selection process, the Adviser's analysts typically visit companies and conduct other research on the companies and their industries.


Once the Adviser identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of the additional qualities mentioned above, the Adviser may consider buying that stock for the Fund. The Adviser usually sells a stock when the price approaches its estimated worth. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals.
Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As an investor in the Fund, you should have a long-term perspective and be able to tolerate potentially wide fluctuations in the value of your Fund shares. Your investment in the Fund is subject to risks, including the possibility that the value of the Fund's portfolio holdings may fluctuate in response to events specific to the companies in which the Fund invests, as well as economic, political or social events in the U.S. or abroad. As a result, when you redeem your Fund shares, they may be worth more or less than you paid for them.


Although the Fund makes every effort to achieve its objective, it cannot guarantee it will attain that objective. The principal risks of investing in the Fund are:


Market Risk. The Fund is subject to market risk—the risk that securities markets and individual securities will increase or decrease in value. Market risk applies to every market and every security. Security prices may fluctuate widely over short or extended periods in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment.


In addition, securities markets tend to move in cycles. If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results of the companies in which the Fund invests. The magnitude of up and down price or market fluctuations over time is sometimes referred to as "volatility," which, at times, can be significant. In addition, different asset classes and geographic markets may experience periods of significant correlation with each other. As a result of this correlation, the securities and markets in which the Fund invests may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate to such securities, the securities' issuer or the markets in which they trade.


Common Stock Risk. Common stocks are subject to greater fluctuations in market value than other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions. The rights of common stockholders are subordinate to all other claims on a company's assets including, debt holders and preferred stockholders; therefore, the Fund could lose money if a company in which it invests becomes financially distressed.


Value Style Risk. Investing in "value" stocks presents the risk that the stocks may never reach what the Adviser believes are their full market values, either because the market fails to recognize what the Adviser considers to be the companies' true business values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.


Non-Diversification Risk. A non-diversified fund (generally, a fund that may invest in a limited number of issuers) may be subject to greater risk than a diversified fund because changes in the financial condition or market assessment of a single issuer may cause greater fluctuation in the value of a non-diversified Fund's shares. Lack of broad diversification also may cause a non-diversified fund to be more susceptible to economic, political or regulatory events than a diversified fund. A non-diversification strategy may increase the Fund's volatility and may lead to greater losses.


Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular sector or industry, changes affecting that sector or industry, or the perception of that sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large and medium) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller companies. Smaller companies may be more volatile due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about such companies, and their stocks may have a more limited trading market than stocks of larger companies.


Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time.
Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus A non-diversified fund (generally, a fund that may invest in a limited number of issuers) may be subject to greater risk than a diversified fund because changes in the financial condition or market assessment of a single issuer may cause greater fluctuation in the value of a non-diversified Fund's shares. Lack of broad diversification also may cause a non-diversified fund to be more susceptible to economic, political or regulatory events than a diversified fund. A non-diversification strategy may increase the Fund's volatility and may lead to greater losses.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE INFORMATION
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class (formerly Class I) Shares from year to year. The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follow, is not an indication of how the Fund will perform in the future. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. No performance information is presented for Advisor Class Shares and Institutional Class Shares because there were no Advisor Class Shares or Institutional Class Shares outstanding as of December 31, 2015. Updated performance information is available at Oakmark.com or by calling 1-800-OAKMARK.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess No performance information is presented for Advisor Class Shares and Institutional Class Shares because there were no Advisor Class Shares or Institutional Class Shares outstanding as of December 31, 2015.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-OAKMARK
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress oakmark.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follow, is not an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Since 2006, the highest and lowest quarterly returns for the Fund's Investor Class (formerly Class I) Shares were:
• Highest quarterly return: 25.7%, during the quarter ended June 30, 2009
• Lowest quarterly return: -20.2%, during the quarter ended December 31, 2008
Year-to-date performance as of September 30, 2016: 4.54%
Year to Date Return, Label rr_YearToDateReturnLabel Year-to-date performance
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 4.54%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 25.70%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (20.20%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (does not reflect the deduction of fees, expenses or taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Investor Class (formerly Class I) shares. After-tax returns for Service Class (formerly Class II) shares will vary from returns shown for Investor Class (formerly Class I).
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts. In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown only for Investor Class (formerly Class I) shares. After-tax returns for Service Class (formerly Class II) shares will vary from returns shown for Investor Class (formerly Class I).
Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2015
Oakmark Select Fund | S&P 500 Index (does not reflect the deduction of fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.38%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 12.57%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.31%
Oakmark Select Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.87%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.18%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.05%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.07% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.98%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 100
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 312
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 542
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,201
Annual Return 2006 rr_AnnualReturn2006 13.60%
Annual Return 2007 rr_AnnualReturn2007 (14.04%)
Annual Return 2008 rr_AnnualReturn2008 (36.22%)
Annual Return 2009 rr_AnnualReturn2009 52.46%
Annual Return 2010 rr_AnnualReturn2010 13.24%
Annual Return 2011 rr_AnnualReturn2011 2.15%
Annual Return 2012 rr_AnnualReturn2012 21.74%
Annual Return 2013 rr_AnnualReturn2013 36.52%
Annual Return 2014 rr_AnnualReturn2014 15.39%
Annual Return 2015 rr_AnnualReturn2015 (3.58%)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (3.58%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 13.56%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.34%
Oakmark Select Fund | Investor Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (3.65%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 12.31%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.36%
Oakmark Select Fund | Investor Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (1.97%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 10.92%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.95%
Oakmark Select Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.87%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.11% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.98%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.07% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.91%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 93
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 290
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 504
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,120
Oakmark Select Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.87%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.02% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.89%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.07% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.82%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 84
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 262
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 455
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,014
Oakmark Select Fund | Service Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.87%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.52%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.39%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.07% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.32%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 134
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 418
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 723
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,590
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (3.94%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 13.22%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.04%
[1] Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.07% of its management fee otherwise payable to it by the Fund through January 28, 2018. This arrangement may only be modified or amended with approval from the Fund and the Adviser.
[2] "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary.