The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
Harris Oakmark U.S. Concentrated Strategy generated an 11.60% net return during the third quarter of 2026, significantly outpacing the benchmark Russell 1000 Value Index, which returned 2.61% over the same duration. For the year-to-date period, the fund registered a 12.19% net return. Market breadth broadened beyond a narrow cohort of mega-cap technology names, even as information technology and healthcare served as primary market performance drivers while industrials and consumer discretionary lagged. Macroeconomic crosscurrents continue to shape the broader operating landscape, characterized by uncertainty regarding the path of benchmark interest rates, persistent inflation dynamics, elevated energy pricing, and ongoing investor scrutiny regarding the durability of extensive enterprise AI-related capital spending. The strategy maintains an investment posture centered on taking advantage of market dislocations by targeting high-quality business franchises selling at sizable discounts to long-term intrinsic value. During the quarter, portfolio actions included establishing new long equity positions in Meta Platforms and Rocket Companies at attractive valuation multiples. Conversely, the manager fully exited holdings in Molina Healthcare, following sustained operating margin degradation in its individual Marketplace segment, and Phillips 66. Key quarterly performance contributors included software and analytics providers Paycom, Salesforce, and IQVIA Holdings, while Keurig Dr Pepper and Brunswick Corporation detracted from absolute results.
The strategy seeks to build long-term capital by investing in high-quality, cash-generative businesses that trade at substantial discounts to intrinsic value and possess durable competitive advantages.
Markets face crosscurrents including questions around elevated AI-related capital spending sustainability, rising energy prices, and persistent inflation driving interest rate uncertainty, yet market leadership has encouragingly broadened beyond mega-cap tech.
High Conviction Bullish
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