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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Oakmark Fund underperformed the S&P 500 Index in Q2 2026, returning 2.45% versus 15.20% for the benchmark, as the market's narrow leadership favoring AI-related companies persisted. The fund remains committed to its value investment philosophy, focusing on businesses trading at meaningful discounts to intrinsic value rather than chasing popular themes. Delta Air Lines was the top contributor, benefiting from improved industry rationality in passing through higher fuel costs and strong travel demand in premium segments. ConocoPhillips was the top detractor as crude prices eased after spiking due to the Iran War, though fundamentals remain solid. The fund initiated two new positions: Booking Holdings at a ten-year trough valuation despite overblown AI disruption concerns, and Equitable Holdings at less than 6x estimated 2027 distributable cash flow ahead of its accretive merger with Corebridge Financial. The managers exited Accenture, EOG Resources, Marathon Petroleum, and Warner Bros Discovery. Industrials and financials were the largest contributors at the sector level, while information technology and energy detracted.
The Oakmark Fund maintains a disciplined value investment approach, focusing on businesses trading at meaningful discounts to intrinsic value rather than chasing popular market themes such as AI. The fund initiated positions in Booking Holdings at a ten-year trough valuation and Equitable Holdings at less than 6x estimated 2027 distributable cash flow, both at meaningful discounts to intrinsic value. Despite underperforming the S&P 500 in Q2 2026, the fund continues to see attractive opportunities in select areas including airlines, online travel, and financial services, while avoiding overvalued AI-related equities.
The fund continues to adhere to its value investment philosophy, focusing on businesses trading at meaningful discounts to intrinsic value rather than chasing popular market themes. The managers see Delta Air Lines as especially well positioned to benefit from improved airline industry profitability. ConocoPhillips is expected to deliver growth from its geographically diverse energy portfolio. Booking Holdings was purchased at a ten-year trough valuation despite concerns about AI disruption, which the managers view as overblown. Equitable Holdings is expected to benefit from its merger with Corebridge Financial and trades at an attractive valuation relative to its earnings quality.
As of Jul 15, 2026
Founded in 1976, Harris Associates L.P. operates as an autonomous subsidiary of Natixis Investment Managers and manages the Oakmark Funds family launched in 1991. The firm is led by seasoned investment professionals including Bill Nygren (CIO since 1983, managing Oakmark Fund since 2000), David Herro (international CIO since 1990s, multiple Morningstar Manager of Year awards), and Tony Coniaris (Co-CIO International). The management team demonstrates strong alignment of interests through significant personal investment in the funds they manage. Harris Associates has built a reputation for disciplined value investing with concentrated portfolios and contrarian positioning when opportunities arise.
Quality Value / Growth
Lead Portfolio Manager
William C. Nygren
Managing Partner
Moderate Conviction Bullish
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