| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.45% | 5.2% | 21.2% |
| 2025 |
|---|
| 21.2% |
The Oakmark Global Fund delivered strong performance in Q4 2025, outperforming the MSCI World Index for the quarter, year, and since inception with a 5.23% quarterly return and 21.17% annual return. The fund maintains a global approach with 51.2% allocation to the US, 39.0% to Europe ex-UK, and selective emerging market exposure at 4.3%. Technology and healthcare were the primary performance drivers, led by Samsung Electronics which benefited from semiconductor recovery and strength in High Bandwidth Memory products. The managers capitalized on market dislocations to add quality companies like Gartner and Mondelez at attractive valuations. Key detractors included Alibaba, despite strong core e-commerce performance, due to Quick Commerce investment spending. The portfolio reflects a value-oriented approach, targeting companies with strong competitive positions trading at discounts to intrinsic value. Looking forward, the managers remain confident in their holdings' long-term prospects while continuing to seek opportunities created by short-term market fears and commodity-related margin pressures.
The fund focuses on identifying undervalued global companies with strong competitive positions and long-term growth potential, taking advantage of market inefficiencies to purchase quality businesses at discounted valuations.
The managers express confidence in their portfolio companies' long-term growth prospects despite near-term challenges. They emphasize taking advantage of market dislocations to purchase quality companies at attractive valuations.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 13 2026 | 2025 Q4 | 005930.KS, BABA, CHTR, CNHI, DSV.CO, GM, IQV, IT, MBG.DE, MDLZ | consumer, global, healthcare, Performance, semiconductors, technology, value |
005930 KS BABA IT MDLZ |
Oakmark Global delivered strong Q4 performance with 21.17% annual returns, outperforming benchmarks. Samsung led gains on semiconductor recovery while Alibaba detracted despite solid fundamentals. The team added Gartner and Mondelez at attractive valuations during market dislocations. The value-focused global strategy continues targeting quality companies with strong competitive positions trading below intrinsic value. |
| Oct 10 2025 | 2025 Q3 | AMZN, BABA, CHTR, CNC, CNHI, CRM, DASTY, GOOGL, HEXAB.ST, KER.PA, MOH, STJ.L, TRGP | energy, Europe, global, healthcare, Luxury, technology, value | - | Oakmark Global underperformed in Q3 but added quality European technology names at cyclical lows. Kering drove performance on new leadership while Molina Healthcare detracted on temporary Medicaid headwinds. New purchases include Dassault Systèmes, Hexagon, Salesforce, and Targa Resources - all high-quality businesses trading at attractive valuations with clear catalysts for improvement. |
| Jun 30 2025 | 2025 Q2 | 3626.T, ADS.DE, AHT.L, AKZA.AS, ALV.DE, BAYN.DE, BDX, BMW.DE, BNP.PA, BUD, COP, DSV.CO, FI, IQV, KDP, LBRDK, LLOY.L, MOH | financials, global, healthcare, industrials, Logistics, Trade Policy, value |
DSV.CO BDX ADS.DE AHT.L BMW.DE BNP.PA KDP MOH |
Oakmark Global used tariff-driven volatility to reposition the portfolio, adding six new holdings including Adidas, BMW, and BNP Paribas at attractive valuations. DSV's logistics consolidation story drove outperformance while healthcare equipment faced headwinds. The managers maintain their disciplined value approach, purchasing quality global companies at discounts to intrinsic value for long-term returns. |
| Mar 31 2025 | 2025 Q1 | ABNB, AIG, BNR.DE, DEO, ETSY, GOOGL, KER.PA, KR, LYG, NVS, PHM, PUK, RI.PA, SYY | discount, Europe, financials, global, Quality, undervalued, value |
ABNB BNR.DE RI.PA SYY |
Oakmark Global outperformed by 618bp in Q1 through disciplined value investing in quality companies trading below intrinsic value. Strong performance from financials led by Lloyds Banking Group offset Alphabet weakness. New positions in Airbnb, Brenntag, Pernod Ricard, and Sysco capitalize on travel growth, chemical cycle recovery, premium spirits barriers, and foodservice distribution trends. |
| Dec 31 2024 | 2024 Q4 | A, BAYRY, BDX, CAP.PA, CNC, COF, DSV.CO, DTG.DE, ELV, GM, GOOGL, IPG, MTN | consumer discretionary, Europe, financials, global, healthcare, Restructuring, value |
COF BAYRY BDX DSV.CO ELV MTN |
Oakmark Global underperformed in Q4 but maintains long-term outperformance through disciplined value investing. Capital One drove gains on deregulation hopes while Bayer weighed on performance amid litigation and guidance concerns. The fund added four new positions at attractive valuations, maintaining conviction in quality businesses facing temporary headwinds with strong long-term value creation potential. |
| Sep 30 2024 | 2024 Q3 | 005930.KS, 3739.T, AKZA.AS, BABA, BAYN.DE, CSCO, DEO, GOOGL, KER.PA, SAP, SJP.L, TPK.L | Coatings, financials, global, healthcare, Luxury, technology, value |
SJP.L KER.PA AKZA.AS DGE.L 9751.T |
Oakmark Global outperformed in Q3 with St. James's Place leading gains on regulatory clarity while Kering faced China headwinds. New positions in Akzo Nobel, Diageo, and TIS Inc reflect the fund's value approach of buying quality franchises at discounted valuations with clear margin expansion or structural growth catalysts ahead. |
| Jun 30 2024 | 2024 Q2 | CNHI, DE, ETSY, GOOGL, IQV, KKR, LLOY.L, NVST | Agriculture, Communication Services, global, industrials, technology, value |
DE ETSY |
Oakmark Global underperformed in Q2 but maintains conviction in value-oriented positioning across agricultural equipment, technology, and e-commerce. The fund added Deere and Etsy at attractive valuations while Alphabet contributed through AI innovation. Despite cyclical headwinds in agriculture and CEO changes at CNH Industrial, managers see structural long-term trends supporting their thesis across global markets. |
| Apr 15 2024 | 2024 Q1 | BAYN.DE, CHTR, CNC, CRBG, CRM, DHR, DTG.DE, GM, MBG.DE, STJ.L | Autos, Europe, global, healthcare, value |
DTG.DE STJ.L CNC |
Oakmark Global Fund returned 4.35% in Q1, led by Daimler Truck's strong margin guidance and execution. St. James's Place detracted due to fee structure issues. The fund added Centene, a health insurer with government program exposure trading at attractive 9x earnings, while selling Danaher. Portfolio remains globally diversified with US and European focus. |
| Aug 1 2024 | 2023 Q4 | A, AMZN, BAYRY, CHTR, COF, GOOGL, KKR, KR, ORCL, RHHBY, RYAAY | consumer, financials, global, healthcare, Pharmaceuticals, technology, value |
COF BAYRY 0A53LN 005930 KR RHHBY |
Oakmark Global delivered solid absolute returns of 17.25% in 2023 through disciplined value investing in quality businesses trading below intrinsic value. New positions in Agilent, Kroger, and Roche highlight the fund's focus on transformed companies facing temporary headwinds. Strong stock selection in financials and technology offset pharmaceutical disappointments, maintaining the fund's long-term outperformance track record. |
| Oct 10 2023 | 2023 Q3 | ALV.DE, AMZN, BC, CHTR, CNHI, COP, CSCO, FLS, GOOGL, IPG, NVST, ORCL, PH, PRU.L, STJ.L, THC | Cloud, global, Networking, software, technology, Telecommunications, value |
CHTR STJ.L ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ABC CSCO |
Oakmark Global delivered strong fiscal year returns of 26.88% through concentrated value investing in undervalued global companies. Technology holdings like Oracle and Charter Communications drove performance with strong cloud and broadband growth. New positions in Brunswick and Cisco reflect the managers' focus on quality franchises trading at attractive valuations despite recession fears creating market opportunities. |
| Jun 30 2023 | 2023 Q2 | AIG, AMZN, ARNC, BABA, BAC, BUD, CNHI, COP, CRBG, CWK, DHR, GLEN.L, GOOGL, IQV, MBG.DE, NOV, ORCL, RYAAY, THC | energy, global, insurance, Life Sciences, technology, value |
CRBG DHR IQV |
Oakmark Global delivered solid Q2 performance while maintaining YTD outperformance since inception. The fund added three new positions in undervalued life sciences and insurance companies - Corebridge Financial, Danaher, and IQVIA Holdings - while exiting four positions that approached sell targets or faced management concerns. Portfolio remains globally diversified with emphasis on discounted quality companies. |
| Mar 31 2023 | 2023 Q1 | AIG, BAC, BAYRY, CAP.PA, COF, COP, GLEN.L, GOOGL, ICE, MA, NOV, NVST, TEL | Banking, financials, global, Opportunistic, value |
AIG CAP FP COF COP DICE NVST |
Oakmark Global delivered 10.5% in Q1 2023 by opportunistically buying quality financials during banking sector turmoil. Added six new positions including AIG and Capital One at attractive valuations while selling seven holdings due to price-value convergence. Strong performance driven by disciplined value approach and geographic diversification across developed markets. |
| Dec 31 2022 | 2022 Q4 | KKR | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI continued as a major market theme with over 300 S&P 500 companies mentioning artificial intelligence on earnings calls. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. Oracle faced concerns about OpenAI backlog concentration risk and significant debt required for datacenter commitments. |
Artificial Intelligence Data Centers Capital Spending Revenue Circularity Infrastructure |
Trade PolicyTrade relations between the U.S. and China remained a key market focus with tensions flaring over tariff escalations and export controls. China dramatically expanded export controls on rare earth minerals while the U.S. threatened 100% tariffs in retaliation. A one-year trade truce was ultimately reached between Presidents Trump and Xi Jinping. |
Tariffs China Export Controls Rare Earth Minerals Trade Relations | |
CryptoThe fund added Coinbase Global as a new position, viewing it as the dominant player in the U.S. cryptocurrency market with over 65% trading volume share. Recent regulatory clarity from the GENIUS Act and anticipated CLARITY Act are expected to boost institutional adoption and trading volumes. |
Cryptocurrency Regulatory Clarity Trading Volumes Institutional Adoption Market Share | |
Infrastructure SpendingThe fund added APi Group, which benefits from government incentives including the Infrastructure Investment and Jobs Act and CHIPS Act that contribute to increased infrastructure spending and growth opportunities. The company operates in fire safety, security, and specialty infrastructure solutions with substantial recurring revenue. |
Infrastructure Investment CHIPS Act Fire Safety Recurring Revenue Government Incentives | |
| 2025 Q3 |
LuxuryKering was the top contributor during the quarter, rising in anticipation of new CEO leadership and Gucci's debut collection. While revenue trends remain negative, they are improving, and new leadership is expected to build on recent investments to strengthen luxury houses and return the group to growth. |
Luxury Goods Fashion Brand Management European Luxury Consumer Discretionary |
Managed CareMolina Healthcare was the top detractor after reporting challenging second-quarter results and reducing full-year earnings guidance due to cost pressures in Medicaid and Marketplace businesses. The manager believes current headwinds are temporary rather than structural and expects meaningful earnings recovery. |
Healthcare Medicaid Insurance Government Programs Cost Management | |
CloudDassault Systèmes operates in virtual twin technology enabling digital simulation, while Salesforce offers front office productivity software. Both companies are benefiting from cloud migration trends, with Dassault modernizing its platform and Salesforce improving margins through operational discipline and AI deployment. |
Software Digital Transformation SaaS Enterprise Software Technology | |
Natural GasTarga Resources is a leading midstream natural gas and NGLs company controlling 90% of fractionation capacity at Mont Belvieu. The company generates approximately 90% of earnings through multi-year fee-based arrangements, providing protection against oversupply while benefiting from cost advantages and barriers to entry. |
Midstream Energy Infrastructure Natural Gas Liquids Fee-Based Energy | |
| 2025 Q2 |
Trade PolicyPresident Trump's Liberation Day announcement led to significant market volatility with companies perceived as more impacted by tariffs falling meaningfully while others held up better. The fund used this volatility to trim positions that performed well and buy companies where the discount to intrinsic value widened significantly. |
Tariffs Volatility Positioning |
ValueThe fund consistently focuses on purchasing shares at discounts to intrinsic value estimates. Multiple new positions were initiated when stocks traded below the managers' assessment of fair value due to various market concerns including tariff impacts, macro headwinds, and industry-specific challenges. |
Intrinsic Value Discount Valuation | |
LogisticsDSV was the top contributor as the Denmark-headquartered freight forwarding and logistics company benefited from positive investor reaction to the D.B. Schenker deal and strong Air and Sea segment performance. The managers view freight forwarding as a high-growth, return-generative business with an asset-lite model. |
Freight Forwarding Asset-lite Synergies | |
| 2025 Q1 |
ValueThe fund focuses on purchasing shares at discounts to intrinsic value estimates, with multiple examples of buying companies below fair value including Airbnb, Brenntag, Pernod Ricard, and Sysco. Management emphasizes finding above-average companies at below-average prices. |
Undervalued Discount Intrinsic Value Fair Value Mispriced |
AlcoholSignificant investment in premium spirits through Pernod Ricard, the second largest producer globally with over 240 brands. The company benefits from high barriers to entry in brown spirits due to aged inventories and has leading exposure to attractive whiskey and Cognac categories. |
Spirits Premium Whiskey Cognac Beverages | |
TravelNew investment in Airbnb capitalizes on global travel growth and alternative accommodations taking market share. The company benefits from strong network effects and has a long growth runway in the attractive global travel market. |
Accommodations Tourism Network Effects Marketplace Hospitality | |
Food DistributionInvestment in Sysco Corporation, one of the largest food service distribution companies globally. The industry benefits from secular shift to food away from home and scale advantages in procurement and operational efficiency. |
Foodservice Distribution Restaurants Scale Procurement | |
| 2024 Q4 |
Managed CareThe industry faces headwinds due to mismatches between reimbursement rates and medical costs, but this is expected to prove transitory. Changes to pricing and plan designs will help realign profit trends over time, though a return to normal profitability will take a few years. |
Healthcare Insurance Reimbursement Medical Costs Profitability |
LogisticsDSV is an exceptionally well-managed freight forwarder with industry leading profit margins. The company recently acquired Schenker, which will expand capabilities and offer attractive synergies. DSV has created shareholder value by successfully acquiring and integrating companies in this fragmented market. |
Freight Transportation Acquisitions Synergies Integration | |
AgricultureBayer faces challenges in crop protection portfolio and temporary regulatory issues. The company is kicking off a deep restructuring of crop protection to help offset pressures and drive recovery. Agriculture business profitability is expected to decline in 2025. |
Crop Protection Regulatory Restructuring Profitability | |
| 2024 Q3 |
LuxuryKering faced challenges as revenue trends deteriorated in the final weeks of Q2 2024, with store traffic hurt by lack of new client recruitment amplified by challenging macro environment, particularly in China. Despite new Gucci Creative Director's collections resonating with existing customers, the company issued weak guidance for remainder of 2024. |
Luxury China Consumer |
CoatingsAkzo Nobel is positioned to benefit from strong pricing power inherent to coatings companies and company-specific self-help initiatives. With price increases now landing, the group reported significant margin improvement in 2023, with expectations for another year of margin growth in 2024 to return margins to historical levels. |
Coatings Pricing Margins | |
BeveragesDiageo's scale as a market leader provides meaningful competitive advantages in distribution and marketing, enabling higher investment than peers while generating strong returns on capital. The company's portfolio is well diversified by geography and category, helping mitigate earnings volatility from economic cyclicality and shifting consumer preferences. |
Beverages Distribution Scale | |
| 2024 Q2 |
Ag EquipmentThe fund invested in agricultural equipment manufacturers Deere & Company and CNH Industrial, viewing them as positioned to benefit from long-term trends of increasing food demand and declining agricultural land/labor. These companies are seen as technological leaders that can help farms become more productive through cycles. |
Agriculture Equipment Technology Productivity Cycles |
E-commerceThe fund purchased Etsy, a global marketplace for unique and creative goods, believing investors are too focused on near-term growth timing while ignoring positive long-term outlook. The company has transformed under CEO Josh Silverman since 2017 into a higher margin, faster-growing enterprise with international expansion potential. |
Marketplace International Growth Margins Platform | |
AIAlphabet was highlighted as a top contributor, with the fund expecting the company's new AI-powered features showcased at Google I/O conference to increase product value to users. Management's cost reduction initiatives are expected to improve operating efficiency and lead to faster earnings growth. |
Technology Features Efficiency Growth Innovation | |
| 2024 Q1 |
AutosDaimler Truck Holding was a top contributor with strong Q4 results and 2024 margin guidance exceeding expectations. Management's decisive actions improved pricing, service penetration, and cost flexibility, with Mercedes-Benz segment increasing adjusted EBIT margin from less than 1% in 2019 to over 10% last year. |
Trucks Margins Pricing Europe |
Managed CareCentene was purchased as a new position, specializing in government-sponsored programs including Medicaid, Marketplace and Medicare Advantage. Each program benefits from long-term secular tailwinds, with Centene holding top market share in Medicaid and Marketplace programs. |
Medicaid Medicare Government Healthcare | |
| 2023 Q4 |
ValueThe fund focuses on purchasing shares of high-quality businesses at discounts to intrinsic value, as demonstrated with Agilent trading at a discount to life science peers and Kroger trading at just 10x estimated next year's EPS despite strong competitive positioning. |
Intrinsic Value Discount Quality Valuation Undervalued |
PharmaceuticalsSignificant exposure to pharmaceutical companies including Bayer and Roche Holding, with focus on pipeline development, drug innovation capabilities, and navigating regulatory challenges in late-stage trials. |
Drug Development Pipeline Innovation Regulatory Biotech | |
TechnologyHoldings in technology companies like Alphabet, Amazon, and Oracle, with emphasis on cloud infrastructure business acceleration and enterprise software transformation over long investment horizons. |
Cloud Enterprise Software Digital Transformation Infrastructure SaaS | |
| 2023 Q3 |
CloudOracle's cloud business is showing strong momentum with infrastructure cloud services growing 72% and strategic back office cloud reaching $6.9 billion in run-rate revenue. The company signed several deals greater than $1 billion in total value during the quarter and booked an additional $1.5 billion in the first week of the second quarter. |
Oracle Infrastructure Revenue Growth Enterprise Software SaaS |
BroadbandCharter Communications demonstrated strong performance with broadband subscriptions growing by 77,000 sequentially, beating consensus expectations and roughly doubling year-over-year growth. The company's mobile net adds were strong at 648,000, benefiting from the Spectrum One launch which includes one free mobile line for 12 months. |
Charter Subscriptions Mobile Telecommunications Growth | |
NetworkingCisco Systems is transitioning from selling mainly transactional hardware to more software and subscriptions, which is expected to accelerate growth, improve operating margins and build recurring revenue. The company announced its intention to acquire Splunk, adding to its strong position in the security market. |
Cisco Software Subscriptions Security M&A | |
| 2023 Q2 |
Life Science ToolsThe fund initiated positions in Danaher and IQVIA Holdings, both leaders in life sciences. Danaher maintains a portfolio focused on bioprocessing, life science tools, genomics and diagnostics with secular growth opportunities. IQVIA is positioned at the heart of trends toward advanced therapeutics and personalized medicine as the most levered CRO to decentralized clinical trials. |
Bioprocessing Genomics Diagnostics Clinical Trials CRO |
InsuranceThe fund initiated a position in Corebridge Financial, a life and retirement company spun off from AIG. The company has extensive relationships with financial institutions and operates a high-performing life insurance business. Trading at around five times normalized distributable cash flow, the stock is viewed as highly attractive despite ownership overhang. |
Life Insurance Retirement Variable Annuity Distributable Cash Flow | |
| 2023 Q1 |
Regional BanksBanking sector turmoil created opportunities as Silicon Valley Bank and Signature Bank failed due to duration risk and uninsured deposits. The fund added two new financials with strong balance sheets at attractive prices after sector-wide selloff. |
Banks Credit Deposits Duration |
ValueFund actively bought quality companies at discounted valuations during market volatility. Multiple purchases made when price and value converged favorably, including financials painted with too broad a brush. |
Valuation Discount Quality Opportunity |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 13, 2026 | Fund Letters | David G. Herro | 005930 KS | Samsung Electronics Co., Ltd. | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, Margins, Memory, recovery, semiconductors | Login |
| Jan 13, 2026 | Fund Letters | David G. Herro | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Neutral | New York Stock Exchange | AI, cloud, ecommerce, Margins, Subsidies | Login |
| Jan 13, 2026 | Fund Letters | David G. Herro | MDLZ | Mondelēz International, Inc. | Consumer Staples | Packaged Foods | Bull | NASDAQ | brands, inflation, Margins, Pricing, Snacking | Login |
| Jan 13, 2026 | Fund Letters | David G. Herro | IT | Gartner, Inc. | Information Technology | IT Consulting & Other Services | Bull | New York Stock Exchange | AI, cashflow, research, Subscriptions, valuation | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Global Fund | DSV.CO | DSV A/S | Industrials | Air Freight & Logistics | Bull | Copenhagen Stock Exchange | acquisition, Air Freight, Asset-lite, Denmark, Freight Forwarding, growth, Logistics, Sea Freight, synergies | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Global Fund | BDX | Becton, Dickinson and Company | Health Care | Health Care Equipment | Bull | NYSE | China, Healthcare Equipment, innovation, manufacturing, Margins, Medical devices, operational improvements, pharmaceuticals | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Global Fund | ADS.DE | adidas AG | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | XETRA | Apparel, Athletic Footwear, Brand, Distribution, Germany, margin expansion, Sportswear, tariffs, turnaround | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Global Fund | AHT.L | Ashtead Group plc | Industrials | Trading Companies & Distributors | Bull | London Stock Exchange | Construction Equipment, Equipment Rental, market share, North America, oligopoly, Reshoring, tariffs, UK, value creation | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Global Fund | BMW.DE | Bayerische Motoren Werke AG | Consumer Discretionary | Automobiles | Bull | XETRA | Brand Equity, China, Electric Vehicles, Germany, Localization, Luxury Cars, Neue Klasse, Premium Automobiles, tariffs | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Global Fund | BNP.PA | BNP Paribas SA | Financials | Banks | Bull | Euronext Paris | Acquisitions, Deposit Franchise, Diversified Banking, European Bank, france, Global Banking, Interest rates, operating leverage | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Global Fund | KDP | Keurig Dr Pepper Inc. | Consumer Staples | Beverages | Bull | NASDAQ | Beverages, brand portfolio, distribution network, Household Penetration, market share, North America, Single-serve Coffee, Soft Drinks | Login |
| Jun 30, 2025 | Fund Letters | Oakmark Global Fund | MOH | Molina Healthcare, Inc. | Health Care | Health Care Providers & Services | Bull | NYSE | Government Programs, Healthcare services, managed care, Margins, Medicaid, Medicare, operational excellence, Redetermination | Login |
| Mar 31, 2025 | Fund Letters | Oakmark Global Fund | ABNB | Airbnb Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Alternative Accommodations, growth, network effects, online marketplace, Platform Monetization, Travel | Login |
| Mar 31, 2025 | Fund Letters | Oakmark Global Fund | BNR.DE | Brenntag SE | Materials | Trading Companies & Distributors | Bull | XETRA | chemical distribution, Cyclical Recovery, market leader, restructuring, specialty chemicals, Value | Login |
| Mar 31, 2025 | Fund Letters | Oakmark Global Fund | RI.PA | Pernod Ricard SA | Consumer Staples | Distillers & Vintners | Bull | Euronext Paris | Aged Inventory, barriers to entry, Brown Spirits, Emerging markets, Family-owned, premium spirits, premiumization | Login |
| Mar 31, 2025 | Fund Letters | Oakmark Global Fund | SYY | Sysco Corporation | Consumer Staples | Food Distributors | Bull | NYSE | Food Service Distribution, Independent Restaurants, operational efficiency, Scale Advantages, secular trends, Value | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Global Fund | COF | Capital One Financial | Financials | Consumer Finance | Bull | NYSE | banking, consumer finance, credit cards, Deregulation, financials, merger, Reserve Release | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Global Fund | BAYRY | Bayer | Materials | Diversified Chemicals | Bull | OTC | agriculture, CEO transition, Chemicals, Germany, litigation, pharmaceuticals, restructuring, turnaround | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Global Fund | BDX | Becton, Dickinson and Company | Health Care | Health Care Equipment | Bull | NYSE | Healthcare Equipment, innovation, Manufacturing Scale, market leader, medical technology, valuation opportunity | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Global Fund | DSV.CO | DSV | Industrials | Air Freight & Logistics | Bull | Copenhagen Stock Exchange | Acquisitions, Denmark, Freight Forwarding, Logistics, market consolidation, profit margins, Transportation | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Global Fund | ELV | Elevance Health | Health Care | Managed Health Care | Bull | NYSE | contrarian, health insurance, healthcare, managed care, Scale Advantages, underwriting, valuation | Login |
| Dec 31, 2024 | Fund Letters | Oakmark Global Fund | MTN | Vail Resorts | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bull | NYSE | contrarian, Mountain Assets, oligopoly, Pricing power, Season Pass, Ski Resorts, Tourism | Login |
| Sep 30, 2024 | Fund Letters | Oakmark Global Fund | DGE.L | Diageo | Consumer Staples | Distillers & Vintners | Bull | London Stock Exchange | Beverages, defensive, Destocking, Global distribution, market leader, premium brands, Spirits, UK | Login |
| Sep 30, 2024 | Fund Letters | Oakmark Global Fund | 9751.T | TIS Inc | Information Technology | IT Services | Bull | Tokyo Stock Exchange | capital allocation, Digital transformation, Digitization, Engineering Talent, IT services, Japan, System Integration | Login |
| Sep 30, 2024 | Fund Letters | Oakmark Global Fund | SJP.L | St. James's Place | Financials | Asset Management & Custody Banks | Bull | London Stock Exchange | asset management, cost savings, Fee Reset, Regulatory, turnaround, UK, wealth management | Login |
| Sep 30, 2024 | Fund Letters | Oakmark Global Fund | KER.PA | Kering | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | Brand management, China, Creative Director, Cyclical, france, Luxury goods, Store Traffic | Login |
| Sep 30, 2024 | Fund Letters | Oakmark Global Fund | AKZA.AS | Akzo Nobel | Materials | Specialty Chemicals | Bull | Euronext Amsterdam | Coatings, Industrial Efficiency, Margin recovery, Netherlands, Paints, Pricing power, specialty chemicals, Value | Login |
| Jun 30, 2024 | Fund Letters | Oakmark Global Fund | ETSY | Etsy Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | CEO Transformation, Creative Goods, Discount Valuation, e-commerce, growth, international expansion, marketplace, Post-Pandemic Recovery | Login |
| Jun 30, 2024 | Fund Letters | Oakmark Global Fund | DE | Deere & Company | Capital Goods | Agricultural & Farm Machinery | Bull | NYSE | Agricultural Equipment, Brazil, capital allocation, Cyclical, Manufacturer, market share, North America, Technology leader, Value | Login |
| Mar 31, 2024 | Fund Letters | Oakmark Global Fund | DTG.DE | Daimler Truck Holding | Capital Goods | Machinery | Bull | XETRA | Buses, commercial vehicles, Cyclical, Equity, Germany, margin expansion, spin-off, trucks, turnaround | Login |
| Mar 31, 2024 | Fund Letters | Oakmark Global Fund | STJ.L | St. James's Place | Diversified Financials | Asset Management & Custody Banks | Bull | London Stock Exchange | asset management, Client Reimbursements, contrarian, Equity, Fee Structure, Operational Issues, UK, wealth management | Login |
| Mar 31, 2024 | Fund Letters | Oakmark Global Fund | CNC | Centene Corporation | Health Care | Health Care Services | Bull | NYSE | Equity, Government Programs, health insurance, Healthcare services, market leader, Medicaid, Medicare Advantage, secular growth, Value | Login |
| Dec 31, 2023 | Fund Letters | Oakmark Global Fund | COF | Capital One Financial | Financials | Consumer Finance | Bull | NYSE | banking, consumer finance, credit cards, deposit base, financial services, Technology investment, Value Management | Login |
| Dec 31, 2023 | Fund Letters | Oakmark Global Fund | BAYRY | Bayer | Health Care | Pharmaceuticals | Bull | OTC | CEO transition, Consumer-health, Crop Science, life sciences, litigation risk, pharmaceuticals, pipeline development, Value Investment | Login |
| Dec 31, 2023 | Fund Letters | Oakmark Global Fund | 0A53LN | Agilent Technologies | Health Care | Life Sciences Tools & Services | Bull | NYSE | Analytical instruments, business transformation, diagnostics, Life Sciences Tools, margin expansion, market share gains, recurring revenue | Login |
| Dec 31, 2023 | Fund Letters | Oakmark Global Fund | 005930 KR | Kroger | Consumer Staples | Food & Staples Retailing | Bull | NYSE | consumer staples, E-commerce Adaptation, grocery retail, Merger Catalyst, Omnichannel, Scale Advantages, shareholder returns | Login |
| Dec 31, 2023 | Fund Letters | Oakmark Global Fund | RHHBY | Roche Holding | Health Care | Pharmaceuticals | Bull | OTC | diagnostics, drug development, healthcare, Innovation Engine, pharmaceuticals, Pipeline Value, R&D investment | Login |
| Sep 30, 2023 | Fund Letters | Oakmark Global Fund | ABC | Brunswick Corporation | Consumer Discretionary | Leisure Products | Bull | NYSE | Accessories, aftermarket, Cyclical, manufacturing, Marine, Mercury, Outboard Engines, Parts | Login |
| Sep 30, 2023 | Fund Letters | Oakmark Global Fund | CSCO | Cisco Systems | Information Technology | Communications Equipment | Bull | NASDAQ | Hardware, IT infrastructure, Networking, Security, Software, Splunk, Subscriptions, technology | Login |
| Sep 30, 2023 | Fund Letters | Oakmark Global Fund | CHTR | Charter Communications | Communication Services | Cable & Satellite | Bull | NASDAQ | broadband, cable, media, Mobile, Spectrum, Subscriber Growth, telecommunications | Login |
| Sep 30, 2023 | Fund Letters | Oakmark Global Fund | STJ.L | St. James's Place | Financials | Asset Management & Custody Banks | Bull | London Stock Exchange | asset management, Capital-light, Fee Compression, Pension Reform, Regulatory, UK, wealth management | Login |
| Sep 30, 2023 | Fund Letters | Oakmark Global Fund | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Oracle Corporation | Information Technology | Systems Software | Bull | NYSE | Cloud computing, Database, Digital transformation, Enterprise software, infrastructure, SaaS, Software | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Global Fund | CRBG | Corebridge Financial | Financials | Life & Health Insurance | Bull | NYSE | AIG, education market, life insurance, Retirement Services, spin-off, Value, Variable Annuity | Login |
| Jun 30, 2023 | Fund Letters | Oakmark Global Fund | DHR | Danaher Corporation | Health Care | Life Sciences Tools & Services | Bull | NYSE | biologics, Bioprocessing, COVID Headwinds, diagnostics, Genomics, life sciences, operational excellence | Login |
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| TICKER | COMMENTARY |
|---|---|
| 005930.KS | Samsung Electronics was the top contributor during the quarter. The South Korea-headquartered tech company's stock price rose as earnings staged a sharp recovery due to strength in its core semiconductor business. We recently met with the company in South Korea and were reassured by its confidence in its High Bandwidth Memory product lineup, which has continued to improve under new management. We continue to believe Samsung is one of the world's leading semiconductor companies with a long runway for future growth. |
| BABA | Alibaba Group was the top detractor during the quarter. The China-headquartered technology conglomerate's stock price declined as it reported mixed results. The core E-commerce business continues to perform well, and Cloud revenue growth is accelerating. However, the company's earnings were negatively impacted due to significant spending on subsidies to grow their Quick Commerce business, in our opinion. We believe losses from Quick Commerce will be reduced over time and continue to believe the company is well-positioned for long-term growth, having been one of the early investors in Chinese AI. Over time, we think it can leverage its advanced capabilities and leading market position to unlock further value. |
| CHTR | Charter Communications Cl A was listed among the top detractors for the quarter. |
| CNHI | CNH Industrial was listed among the top detractors for the quarter. |
| DSV.CO | DSV was listed among the top contributors for the quarter. |
| GM | General Motors was listed as a final sale during the quarter. |
| IQV | IQVIA Holdings was listed among the top contributors for the quarter. |
| IT | Gartner is a global leader in research services, with a long history of delivering valuable insights and data to business and technology leaders. In our view, the company has the best brand in IT research, supported by its scale and a compelling customer value proposition. These advantages have driven a long history of strong organic growth and robust free-cash-flow conversion. The stock price has declined meaningfully from recent highs due to investor concerns surrounding AI-related disruption. We believe these concerns are overstated. In our view, Gartner is well-positioned to reaccelerate organic growth due to continued high customer engagement and the large opportunity to sell to new and existing customers. We took advantage of the opportunity to buy shares in this well-managed company at a bargain price. |
| MBG.DE | Mercedes-Benz Group was listed as a final sale during the quarter. |
| MDLZ | Mondelēz International is a global snacking powerhouse with leading market share positions in crackers, cookies and chocolate. The brand portfolio houses iconic names like Cadbury, Milka, Toblerone, Oreo and Ritz. Mondelēz possesses a unique global footprint that over-indexes to snacking occasions. Snacking is an advantaged category that benefits from robust pricing power, low private label competition and rising per capita consumption. We believe these attributes will help Mondelēz sustain industry-leading growth. A rapid rise in commodity costs has temporarily depressed margins, masking the company's true earnings power. We believe Mondelēz's strong pricing power and commodity relief will help improve margins. The short-term fears surrounding commodity inflation allowed us to purchase shares at a discounted valuation relative to history, peers and the broader market. |
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