| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.86% | 4.8% | 14.1% |
The Oakmark Fund generated strong absolute returns in 2025 but trailed the S&P 500 as momentum investing dominated markets. A simple strategy of buying stocks in the top quintile of trailing returns produced 36% gains versus 18% for the S&P 500, marking the second strongest momentum period since 1998 after the dot-com bubble. This momentum has driven the S&P 500's P/E ratio from 17 to 22 times earnings since 2022, while the average stock multiple increased only modestly. The Oakmark Fund trades at 13 times earnings with less than 5% technology exposure, compared to the S&P 500's 35% technology weighting and 22 times multiple. The fund's correlation to the S&P 500 has reached its lowest level since the dot-com era, providing maximum diversification benefit. Management believes the momentum trend will eventually reverse, positioning Oakmark favorably for 2026 and beyond as value stocks catch up to their expensive growth counterparts.
The current momentum-driven market has created an unusual opportunity for value investors, as the Oakmark Fund trades at historically attractive valuations relative to the increasingly concentrated and expensive S&P 500.
The manager believes momentum trends will eventually reverse, positioning Oakmark well for 2026 and beyond as value stocks catch up to growth. The fund's low correlation and valuation relative to the S&P 500 creates an opportunity to increase expected returns while lowering risk.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 8 2026 | 2025 Q4 | - | Concentration, diversification, large cap, momentum, risk, technology, value | - | Oakmark Fund trails S&P 500 in 2025 as momentum investing dominates, but trades at attractive 13x P/E versus market's 22x. Fund maintains minimal technology exposure while S&P 500 reaches dot-com-like concentration levels. Management expects momentum reversal will favor value stocks in 2026, creating opportunity to increase returns while reducing risk. |
| Oct 10 2025 | 2025 Q3 | BLK, C, CHTR, CNC, GOOGL, KDP, KVUE, TRGP, UNP, WBD | energy, financials, healthcare, Railroads, technology, value |
TRGP US UNP US |
Oakmark Fund's value approach delivered mixed Q3 results with energy and financials outperforming while healthcare lagged. Strong Alphabet performance from AI-driven growth offset Centene's guidance cut. New purchases of Targa Resources and Union Pacific at attractive valuations demonstrate continued discipline in finding quality businesses trading below intrinsic value across diverse industries. |
| Jul 17 2025 | 2025 Q2 | AMZN, BWA, C, COP, CRM, CVS, FI, GOOGL, GPN, KR, NKE, SCHW, ZBH | AI, Buybacks, financials, large cap, technology, US, value |
C GPN AMZN NKE CRM ZBH AMZN NKE CRM ZBH |
Oakmark Fund leveraged Q2 tariff volatility to reposition toward higher risk-adjusted opportunities, adding Amazon, Nike, Salesforce, and Zimmer Biomet at attractive valuations. Citigroup led performance on strong earnings and buyback acceleration. The fund maintains its disciplined value approach, purchasing quality companies at meaningful discounts to intrinsic value while benefiting from market dislocations. |
| Mar 31 2025 | 2025 Q1 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | Corrections, large cap, Market Timing, rebalancing, value | - | Oakmark's Nygren views the Q1 2025 correction as a typical buying opportunity, not a reason to panic. Historical data shows 75% of 10% corrections were profitable after one year. The manager advocates rebalancing during volatility rather than market timing, emphasizing that economic forces trump political concerns and long-term equity investing rewards patient investors. |
| Dec 31 2024 | 2024 Q4 | ABNB, CE, CG, CNC, CRM, DIS, EBAY, ELV, GEHC, GM, GS, HLT, IQV, KDP, MO, PHM, TFC, WFC | Banking, Buybacks, financials, healthcare, large cap, Quality, technology, value |
WFC CNC ABNB CG ELV GEHC KDP |
Oakmark Fund delivered solid Q4 performance while maintaining its value-focused approach of buying quality businesses at attractive prices. Wells Fargo led contributions on strong fundamentals and massive buybacks, while Centene detracted on overblown political concerns. New purchases across healthcare, technology, and consumer sectors reflect continued opportunity finding despite elevated market valuations. |
| Sep 30 2024 | 2024 Q3 | APA, AXP, CBRE, CSCO, FBIN, FI, GOOGL, GPC, MCO, MRK, SCHW | financials, industrials, large cap, Pharmaceuticals, real estate, value |
GPC MRK |
Oakmark Fund outperformed with 7.38% quarterly returns, driven by financials and industrials. The value-focused strategy continues finding opportunities in the wide spread between high and low P/E stocks. New positions in Genuine Parts and Merck reflect disciplined value investing, while successful exits from American Express and Moody's demonstrate effective capital allocation. |
| Jun 30 2024 | 2024 Q2 | ACN, BAC, CHTR, COP, CRBG, CSCO, FCNCA, GE, GM, GME, GOOGL, HD, HON, IBM | AI, Buybacks, growth, large cap, momentum, P/E Ratios, technology, value |
GOOGL GM |
Oakmark Fund's deep value positioning led to significant underperformance as growth and momentum dominated markets. Trading at 11x forward P/E versus 21x for S&P 500, the fund sees compelling opportunities in discounted large caps. Manager draws dotcom parallels, questioning AI valuations sustainability while highlighting share buybacks as value catalysts. |
| Apr 15 2024 | 2024 Q1 | AAL, AMZN, CHTR, DAL, DE, GM, HCA, HLT, JNJ, KR, KVUE, META, UAL, WBD | Agriculture, Airlines, consumer discretionary, financials, healthcare, value |
DE DAL KVUE |
Oakmark Fund delivered solid Q1 returns through disciplined value investing, adding to discounted holdings while initiating positions in Deere, Delta Air Lines, and Kenvue. The fund sold five positions that reached fair value and continues finding opportunities in quality businesses trading below intrinsic value estimates. |
| Aug 1 2024 | 2023 Q4 | APA, BAX, BLK, CHTR, COF, CSL, DHR, GOOGL, KKR, META, PH, PHM, PINS, SCHW, VEEV | Asset Management, financials, large cap, US, value | BLK | Oakmark Fund outperformed the S&P 500 in Q4 and full year 2023 despite severe value headwinds. The managers view current conditions as creating compelling value opportunities similar to early 2022, with higher rates and wider multiple dispersion favoring their approach. They added BlackRock as an attractively valued market leader while harvesting gains from positions reaching fair value. |
| Sep 30 2023 | 2023 Q3 | BAC, CHTR, CNC, COF, COP, CSCO, CTVA, CVS, DHR, GM, META, ORCL, PSX, SCHW | energy, financials, healthcare, large cap, technology, value |
DHR CTVA CNC DIPSX CSCO CVS |
Oakmark Fund delivered 27.84% fiscal year returns despite value headwinds, adding six new positions in quality companies facing temporary pressures. Holdings include healthcare leaders Centene and CVS, energy infrastructure plays ConocoPhillips and Phillips 66, plus technology stalwarts Cisco and life sciences leader Danaher, all trading at attractive discounts to intrinsic value. |
| Jun 30 2023 | 2023 Q2 | AMZN, BAX, CE, CSL, FCNCA, GOOGL, IQV, TFC, WBD | Building Materials, healthcare, normalized earnings, Regional Banks, Specialty Chemicals, Traditional Value, value |
BAX CSL ACEL FCNCA IQV |
Oakmark Fund pivoted from growth back to traditional value investing, eliminating positions like Adobe and Netflix while adding five new holdings including Baxter, Carlisle, and First Citizens BancShares. Despite value underperforming growth by 2400 basis points, managers found attractively priced companies trading at low multiples of normalized earnings power. |
| Mar 31 2023 | 2023 Q1 | GOOGL, MSFT | AI, banks, large cap, technology, value | GOOGL | Nygren increased bank holdings after March selloff, focusing on large institutions with insured deposit funding that avoided duration mismatches of failed banks. Maintained Alphabet as largest holding despite AI competition fears, viewing Google's search dominance and R&D investments as sustainable advantages. Both themes reflect value opportunities in quality franchises trading below intrinsic value. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
MomentumThe past two years have rewarded momentum investing, with the top momentum quintile returning 91% versus 47% for the S&P 500. This period ranks as the second-strongest for momentum since 1998, only behind the dot-com bubble. The manager notes this creates challenges for value-oriented strategies like Oakmark. |
Momentum Performance Quintile Returns |
ValueThe manager emphasizes Oakmark's value approach of buying at discounts to fair value, which has underperformed during the recent momentum period. However, they believe this positioning creates attractive risk-adjusted opportunities going forward, with the fund trading at 13 times earnings versus 22 times for the S&P 500. |
Value Discount Fair Value P/E Ratio | |
Risk AppetiteThe manager argues that the S&P 500 has become much riskier due to high concentration and elevated valuations, making it more like a concentrated growth fund than a diversified index. They position Oakmark as providing better risk-adjusted returns and portfolio diversification benefits. |
Risk Concentration Diversification Volatility | |
| 2025 Q3 |
ValueThe fund continues to find attractive opportunities to invest in high-quality, undervalued businesses across various industries. They purchased Union Pacific at a meaningful discount to intrinsic value and Targa Resources at a discount to peers based on normalized earnings power. |
Undervalued Intrinsic Value Discount Quality Normalized Earnings |
AIAlphabet's AI leadership is driving further upside across the portfolio, with Cloud growth accelerating thanks to robust demand for AI workloads. Innovations in the Google Search experience are driving both engagement and revenue benefits. |
Cloud Growth AI Workloads Search Innovation Technology Leadership | |
EnergyEnergy was one of the largest contributors to performance during the quarter. The fund purchased Targa Resources, a leading midstream natural gas and NGL company that benefits from meaningful cost advantages and significant barriers to entry. |
Midstream Natural Gas NGLs Cost Advantages Barriers to Entry | |
RailroadsUnion Pacific represents an attractive industry underpinned by irreplaceable infrastructure, strong pricing power, and minimal risk of technological disruption. The company is led by an exceptional CEO who has driven significant cultural and operational improvements. |
Infrastructure Pricing Power Operational Improvements Leadership | |
| 2025 Q2 |
ValueThe fund focuses on purchasing stocks at meaningful discounts to intrinsic value estimates. During tariff-related market turmoil, they repositioned toward stocks offering greater risk-adjusted return potential, reducing holdings where prices held up well and adding where prices declined more than their view of intrinsic value. This opportunistic approach enhances margin of safety and potential returns. |
Intrinsic Value Discount Margin of Safety Risk-Adjusted Opportunistic |
BuybacksShare repurchases are highlighted as a key return driver across multiple holdings. Citigroup stepped up share buybacks with management projecting further increases. Global Payments is expected to return close to one third of its current market cap to shareholders over the next three years, with capital returns growing meaningfully thereafter. |
Share Repurchases Capital Returns Shareholder Returns Share Buybacks | |
AIArtificial intelligence is viewed as a transformative technology that will improve operational efficiency and drive growth. Amazon is expected to use AI to enhance operational efficiency, improve customer experience, and fuel long-term demand growth at AWS. Salesforce leverages its unique position to help businesses deploy AI solutions. |
Artificial Intelligence Operational Efficiency AWS Business Transformation | |
| 2025 Q1 |
ValueThe manager advocates for value investing principles, emphasizing buying after market corrections when prices decline. Historical data shows strong returns following 10% market corrections, with 75% of cases profitable after one year. |
Rebalancing Corrections Historical Returns Undervalued Portfolio Weighting |
| 2024 Q4 |
ValueThe fund focuses on investing in high-quality businesses at attractive prices despite broad market valuations being above historic averages. The wide spread in valuation multiples provides opportunities for superior future returns with a margin of safety. |
Valuation Discount Margin of Safety Quality Attractive Prices |
Managed CareThe fund sees managed care as an attractive industry because health expenditures historically outpace GDP and the short business cycle allows companies to quickly correct underwriting mistakes. Current headwinds from reimbursement rate mismatches are viewed as transitory. |
Healthcare Underwriting Reimbursement Medical Costs Profitability | |
BuybacksWells Fargo repurchased $3.5 billion in shares during the quarter, bringing full-year repurchases to roughly $16 billion. Share repurchases are highlighted as a key value creation mechanism for the bank. |
Share Repurchases Capital Return Value Creation Banking Capital Allocation | |
| 2024 Q3 |
ValueThe fund continues to find attractive investment opportunities amid an unusually wide spread between high P/E and low P/E stocks. They focus on companies trading at sizeable P/E discounts to peers and the broader market, viewing these as attractive entry points. |
Value Discount P/E |
PharmaceuticalsMerck represents a global pharmaceutical opportunity with leading oncology, vaccine and animal health franchises. The fund sees value in Keytruda's patent expiration concerns being overblown, with discounted cash flows from existing products covering the entire stock price. |
Pharmaceuticals Oncology Keytruda | |
| 2024 Q2 |
ValueOakmark Fund has its lowest Morningstar value score ever at 73, much deeper in value territory than the Russell 1000 Value Index. The fund finds low P/E stocks at barely half the market multiple unusually attractive, with an average forward P/E of 11 times compared to 15 for Russell 1000 Value and 21 for the S&P 500. |
P/E Ratios Valuation Russell 1000 Value Price-to-Book Undervalued |
GrowthGrowth stocks significantly outperformed value in the first half of 2024, with Russell 1000 Growth up 21% versus Russell 1000 Value at only 7%. The manager questions whether high-priced growth stocks can maintain their growth rates or high relative P/E ratios beyond seven years, citing historical technology transformation disappointments. |
Russell 1000 Growth P/E Expansion Technology Momentum Outperformance | |
AIThe manager draws parallels between current AI excitement and past technology transformations like computers and the Internet. He notes that during the computer boom, IBM and the Seven Dwarfs all disappointed, and during the dotcom era, AOL and Yahoo became nearly worthless while Cisco lost 80% relative to the S&P 500. |
Technology Dotcom Bubble Computers Internet | |
BuybacksShare repurchases are highlighted as a key catalyst for value realization. General Motors announced repurchases of 20% of outstanding shares followed by another 11%, resulting in consensus 2025 EPS rising 25% while the auto industry average declined nearly 10%. Low P/E companies are redirecting capital to fund share repurchases. |
Share Repurchase Capital Allocation EPS Growth General Motors Value Creation | |
MomentumMomentum was unusually strong in the first half, with stocks that performed well in the preceding year outperforming poor performers by 35 percentage points. Oakmark typically buys stocks after they decline, with only two holdings in Morgan Stanley Momentum portfolios representing just 3% of assets. |
Morgan Stanley Performance Contrarian Stock Selection Relative Performance | |
| 2024 Q1 |
ValueThe fund focuses on purchasing stocks trading at meaningful discounts to intrinsic value estimates. They bought additional shares of underperforming holdings and are finding attractive opportunities amid growth stock outperformance to start the year. |
Intrinsic Value Discount Undervalued Compelling Attractive |
AgricultureDeere is positioned to benefit from increasing world population and food demand while agricultural land and labor decline. Farms will need to become more productive, favoring Deere's technological capabilities and market position. |
Food Demand Productivity Technology Equipment | |
AirlinesDelta Air Lines represents the premium brand among major US airlines with industry-leading operational performance, optimal hubs, and strong loyalty programs. The company trades at attractive valuations in an out-of-favor industry. |
Premium Brand Operational Performance Hubs Loyalty | |
| 2023 Q4 |
ValueDespite value facing headwinds versus growth in 2023, with the Russell 1000 Growth Index outperforming Value by 31 percentage points, the managers believe the value opportunity is at least as good as it was at the start of 2022. They view the current setup of higher interest rates and wider P/E multiple dispersion as favorable for value investing. |
Value Growth Multiples Dispersion Opportunity |
Asset ManagersThe fund initiated a position in BlackRock, the largest asset manager, when its stock sold off on fears about higher interest rates hurting economic activity. BlackRock's ETF business iShares outgrows competitors due to strong brand and product breadth, while its active management business leads in fixed income, multi-asset, sustainable investing and alternatives. |
BlackRock ETFs iShares Active Management Alternatives | |
| 2023 Q3 |
ValueThe fund focuses on finding cheap stocks on traditional value metrics amid a challenging environment where growth has outperformed value by 2,300 basis points year to date. The manager emphasizes investing in companies trading at discounts to intrinsic value estimates. |
Discount Intrinsic Cheap Multiple Valuation |
HealthcareSignificant investments in healthcare companies including Centene (managed care), CVS Health (diversified healthcare conglomerate), and Danaher (life sciences tools and diagnostics). The sector benefits from secular tailwinds and government program growth. |
Managed Care Medicaid Medicare Life Sciences Diagnostics | |
EnergyEnergy was a top contributing sector with holdings in ConocoPhillips and Phillips 66. The fund sees value in integrated downstream energy companies benefiting from tight refining margins and advantaged midstream assets. |
Refiners Midstream Downstream Margins Cash Flow | |
| 2023 Q2 |
ValueThe fund is finding cheap stocks on traditional value metrics despite value underperforming growth by 2400 basis points. Many new positions fall into traditional value category, replacing faster-growing stocks that outperformed this year. |
Value Traditional Cheap Metrics |
HealthcareInitiated positions in Baxter International (medical devices) and IQVIA (clinical trials and healthcare technology). Both companies face temporary headwinds but offer attractive normalized earnings multiples. |
Medical Devices Clinical Trials Healthcare Technology | |
Regional BanksAdded First Citizens BancShares after its acquisition of Silicon Valley Bank created opportunity. The bank has strong operating results, prudent lending history, and attractive geographic footprint. |
Regional Banks Acquisitions Deposits | |
Building MaterialsInvested in Carlisle Companies, the largest US commercial roofing manufacturer. Believes price increases will be retained due to company's reputation and industry characteristics despite investor fears of reversal. |
Roofing Construction Materials Pricing | |
Specialty ChemicalsAdded Celanese despite market concerns about leverage from DuPont acquisition. Company has unmatched cost position in acetic acid and engineered polymers, expected to generate significant cash flow. |
Acetic Acid Polymers Cyclical | |
| 2023 Q1 |
Regional BanksNygren differentiates Oakmark's bank holdings from failed institutions like Silicon Valley Bank and Signature Bank. Their banks are majority funded by insured deposits with less flight risk, didn't make large bets on long-term bonds, and maintain positive book values after marking securities to market. He increased bank holdings in March, viewing them as cheap at single-digit P/E ratios and below book value. |
Banks Deposits Duration Consolidation Book Value |
AINygren discusses ChatGPT's capabilities and limitations through testing both ChatGPT and Google's Bard. He believes investors incorrectly interpreted ChatGPT's launch as showing Google was behind on AI, when Alphabet's years of high R&D spending likely makes it the leader. Alphabet has more to lose with 89% search market share versus Microsoft's 6%. |
ChatGPT Search Technology Competition |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Mar 31, 2023 | Fund Letters | Oakmark Fund | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, Chatbot, market share, premium multiple, R&D investment, search engine, technology | Login |
| Oct 10, 2025 | Fund Letters | William C. Nygren | UNP US | Union Pacific Corp. | Industrials | Railroads | Bull | NYSE | efficiency, infrastructure, Logistics, merger, Pricing, Rail, Value | Login |
| Oct 10, 2025 | Fund Letters | William C. Nygren | TRGP US | Targa Resources Corp. | Energy | Midstream | Bull | NYSE | cashflow, dividend, energy, Gas, infrastructure, midstream, valuation | Login |
| Jul 17, 2025 | Fund Letters | William C. Nygren | C | Citigroup Inc. | Financials | Diversified Banks | Bull | New York Stock Exchange | Banks, buybacks, Regulation, restructuring, valuation | Login |
| Jul 17, 2025 | Fund Letters | William C. Nygren | GPN | Global Payments Inc. | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | Acquisitions, capital returns, Fintech, Payments, synergies | Login |
| Jul 17, 2025 | Fund Letters | William C. Nygren | AMZN | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | AI, cloud, ecommerce, Logistics, network effects, scale | Login |
| Jul 17, 2025 | Fund Letters | William C. Nygren | NKE | NIKE, Inc. | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | New York Stock Exchange | Apparel, Brand, consumer, Footwear, Margins, turnaround | Login |
| Jul 17, 2025 | Fund Letters | William C. Nygren | CRM | Salesforce, Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | AI, CRM, Margins, SaaS, Software, transformation | Login |
| Jul 17, 2025 | Fund Letters | William C. Nygren | ZBH | Zimmer Biomet Holdings, Inc. | Health Care | Health Care Equipment & Supplies | Bull | New York Stock Exchange | aging, healthcare, Medical devices, Orthopedics, robotics, turnaround | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Fund | AMZN | Amazon | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AI, AWS, Cloud computing, e-commerce, growth, Moat, network effects, retail, technology | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Fund | NKE | Nike | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Apparel, Athletic Footwear, Brand, CEO, discount, Distribution, innovation, Margins, turnaround | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Fund | CRM | Salesforce | Information Technology | Software | Bull | NYSE | AI, CRM, enterprise, Margins, productivity, Put Writing, SaaS, Software, transformation | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Fund | ZBH | Zimmer Biomet | Health Care | Health Care Equipment & Supplies | Bull | NYSE | Aging Population, brand loyalty, Demographics, healthcare, innovation, Medical devices, Orthopedics, Pure-Play, robotics | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Fund | WFC | Wells Fargo & Company | Financials | Banks | Bull | NYSE | Bank, capital return, Diversified Financial Services, Efficiency Ratio, fee income, Regulatory Relief, share repurchase, US | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Fund | CNC | Centene Corporation | Health Care | Health Care Services | Bull | NYSE | EPS growth, Government Programs, Health Care Services, managed care, political risk, Returns on Capital, US, valuation discount | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Fund | ABNB | Airbnb, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Alternative Accommodations, Global, growth investments, network effects, online marketplace, Paid Placement, Platform business, Travel | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Fund | CG | The Carlyle Group Inc. | Financials | Capital Markets | Bull | NASDAQ | Alternative Asset Manager, brand recognition, new management, Platform Diversification, Private Credit, private equity, Retail Channel, valuation discount | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Fund | ELV | Elevance Health, Inc. | Health Care | Health Care Services | Bull | NYSE | Depressed valuation, Disciplined Underwriting, End Market Diversification, Health Care Services, managed care, Pricing power, Scale Advantages, US | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Fund | GEHC | GE HealthCare Technologies Inc. | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | AI-Enabled Software, China exposure, margin expansion, medical technology, Precision Care, Self-Help Story, spinoff, Standalone Company | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Fund | KDP | Keurig Dr Pepper Inc. | Consumer Staples | Beverages | Bull | NASDAQ | Beverages, brand strength, Distribution Advantages, Flavored Soft Drinks, Household Penetration, market share, Single-serve Coffee, valuation discount | Login |
| Sep 30, 2024 | Fund Letters | Oakmark Fund | GPC | Genuine Parts Company | Consumer Discretionary | Specialty Retail | Bull | NYSE | automotive parts, defensive, Fragmented Market, Industrial distribution, NAPA, Replacement Parts, Scale Advantages, Value | Login |
| Sep 30, 2024 | Fund Letters | Oakmark Fund | MRK | Merck & Co Inc | Health Care | Pharmaceuticals | Bull | NYSE | Animal Health, cash flow, Keytruda, Oncology, patent expiration, pharmaceuticals, pipeline, vaccines | Login |
| Jun 30, 2024 | Fund Letters | Oakmark Fund | GM | General Motors Company | Consumer Discretionary | Automobile Manufacturers | Bull | NYSE | automotive, capital allocation, Cyclical, manufacturing, Share Buybacks, US Auto Industry, Value | Login |
| Jun 30, 2024 | Fund Letters | Oakmark Fund | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Cloud computing, digital advertising, growth, Internet Search, large-cap, Mega Cap, technology | Login |
| Mar 31, 2024 | Fund Letters | Oakmark Fund | KVUE | Kenvue Inc. | Consumer Staples | Personal Products | Bull | NYSE | brand portfolio, Consumer-health, efficiency, market share, Marketing, product development, spinoff, turnaround, Value | Login |
| Mar 31, 2024 | Fund Letters | Oakmark Fund | DE | Deere & Company | Industrials | Agricultural & Farm Machinery | Bull | NYSE | Agricultural Equipment, Cyclical, Demographics, Manufacturer, market share, productivity, technology, Value | Login |
| Mar 31, 2024 | Fund Letters | Oakmark Fund | DAL | Delta Air Lines | Industrials | Airlines | Bull | NYSE | Airlines, Hub Strategy, loyalty program, Operational Performance, Out-of-favor, Premium Brand, Returns on Capital, Value | Login |
| Dec 31, 2023 | Fund Letters | Oakmark Fund | BLK | BlackRock | Financials | Asset Management & Custody Banks | Bull | NYSE | alternative assets, asset management, Below-Market Multiple, ETF, fixed income, growth, iShares, Sustainable Investing, Value | Login |
| Sep 30, 2023 | Fund Letters | Oakmark Fund | CSCO | Cisco Systems | Information Technology | Communications Equipment | Bull | NASDAQ | IT infrastructure, Networking, recurring revenue, Security, Software Transition, Splunk Acquisition, Technology leader, Trough Valuation | Login |
| Sep 30, 2023 | Fund Letters | Oakmark Fund | CTVA | Corteva Inc. | Materials | Fertilizers & Agricultural Chemicals | Bull | NYSE | agriculture, barriers to entry, commodity prices, Crop protection, Defensible Business, Inventory Destocking, R&D pipeline, Seeds | Login |
| Sep 30, 2023 | Fund Letters | Oakmark Fund | CNC | Centene Corporation | Health Care | Managed Health Care | Bull | NYSE | Government Programs, Healthcare Insurance, managed care, Market Share Leader, Medicaid, Medicare Advantage, secular tailwinds, turnaround | Login |
| Sep 30, 2023 | Fund Letters | Oakmark Fund | DIPSX | Phillips 66 | Energy | Oil & Gas Refining & Marketing | Bull | NYSE | cash flow, Downstream, energy infrastructure, integrated energy, midstream, Normalized Earnings, refining, shareholder returns | Login |
| Sep 30, 2023 | Fund Letters | Oakmark Fund | DHR | Danaher Corporation | Health Care | Life Sciences Tools & Services | Bull | NYSE | capital allocation, Channel Destocking, COVID Recovery, diagnostics, Discount Valuation, Healthcare Tools, life sciences | Login |
| Sep 30, 2023 | Fund Letters | Oakmark Fund | CVS | CVS Health | Health Care | Health Care Services | Bull | NYSE | Free Cash Flow, Healthcare Conglomerate, Legislative Concerns, managed care, market leader, Medicare Advantage, Pharmacy Benefits, Retail Pharmacy | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Fund | BAX | Baxter International Inc. | Health Care | Health Care Equipment | Bull | NYSE | defensive, Healthcare Equipment, Margin recovery, Medical devices, Normalized Earnings, Value | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Fund | CSL | Carlisle Companies Incorporated | Materials | Building Products | Bull | NYSE | Building materials, Commercial Roofing, construction, market leader, Pricing power, Value | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Fund | ACEL | Celanese Corp. | Materials | Chemicals | Bull | NYSE | Acetic Acid, Chemicals, Cost Leader, Cyclical, Engineered Polymers, Normalized Earnings, Value | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Fund | FCNCA | First Citizens BancShares, Inc. | Financials | Regional Banks | Bull | NASDAQ | low-cost deposits, regional bank, Silicon Valley Bank, Southeast, tangible book value, Value, West Coast | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Fund | IQV | IQVIA Holdings Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | Biotech, Clinical trials, Cro, Digital Capabilities, life sciences, personalized medicine, Real-world Evidence | Login |
| TICKER | COMMENTARY |
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