Sanborn Out at Oakmark -- a Reflection of Value Investing Under Siege

Robert Sanborn, one of the most high-profile practitioners of value investing, is stepping down from the $2.7 billion (OAKMX Quote)Oakmark fund, which he's managed since its 1991 inception.

He was replaced Tuesday by Bill Nygren, manager of the $1.6 billion (OAKLX Quote)Oakmark Select fund, and Kevin Grant, a senior analyst who's worked with Sanborn.

Oakmark also named senior analyst Henry Berghoef co-manager of Oakmark Select and said Edward Studzinski will join Clyde McGregor as co-manager of (OAKBX Quote)Oakmark Equity Income. ...