On the U.S. side, we sold EOG Resources (EOG, Financial) to harvest a tax loss. We continue to believe that EOG is one of the best positioned energy producers, but current economic activity has not rewarded that position. In our June letter, we wrote about the takeover offer that another holding, CoreLogic, had received. Because of this offer, the stock attained a price close to our estimate of intrinsic value and we sold our shares to purchase more attractive names.
From David Herro (Trades, Portfolio)'s Oakmark Global Fund third-quarter 2020 shareholder commentary.
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