| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 0.095 | 0.052 | 0.212 |
| 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 |
Samsung Electronics was the top contributor as earnings staged a sharp recovery due to strength in its core semiconductor business. The company's High Bandwidth Memory… |
| Oct 10 2025 | 2025 Q3 | CRM, DSY FP, HEX NO, KER FP, MOH, TRGP | Digitalization, energy, Luxury, software, value | - | The fund discusses positioning in global luxury brands recovering under new leadership, investments in virtual twin and AI software companies, and selective exposure to energy… |
| Jun 30 2025 | 2025 Q2 | - | consumer, financials, industrials, value | - | - |
| Mar 31 2025 | 2025 Q1 | ABNB, GOOGL, LYG, RI FP, SYY | - | - | - |
| Dec 31 2024 | 2024 Q4 | BAYN GR, BDX, COF, DSV CN, ELV, MTN | - | - | - |
| Sep 30 2024 | 2024 Q3 | 3626 JP, AKZOF, DEO, KER FP, STJ LN | - | - | - |
| Jun 30 2024 | 2024 Q2 | CNH, DE, ETSY, GOOG | - | - | - |
| Apr 15 2024 | 2024 Q1 | CNC, DTG GR, STJ LN | - | - | - |
| Aug 1 2024 | 2023 Q4 | A, BAYN GR, COF, KR, ORCL, ROG SW | - | - | - |
| Oct 10 2023 | 2023 Q3 | 0R0K LN, BC, CHTR, GOOG, ORCL, SJPETLD LN | - | - | - |
| Jun 30 2023 | 2023 Q2 | CRBG, DHR, IQV | - | - | - |
| Mar 31 2023 | 2023 Q1 | AIG, CAP FP, COF, COP, ICE, NVST | - | - | - |
| Dec 31 2022 | 2022 Q4 | KKR | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
E-commerceThe portfolio maintains exposure to e-commerce platforms and enablement technologies through holdings like Amazon and Shopify. The fund views e-commerce as benefiting from secular shifts in consumer behavior and continued digital commerce adoption across retail categories. |
Platforms Digital Retail Consumer Technology |
FoodMondelez International is a global snacking powerhouse with leading market share positions in crackers, cookies and chocolate. The company possesses a unique global footprint that over-indexes to snacking occasions, benefiting from robust pricing power, low private label competition and rising per capita consumption. |
Snacking Consumer Pricing Power Global Brands | |
SemiconductorsMACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. |
Demand Competition Connectivity Customer Concentration | |
| 2025 Q3 |
EnergyEnergy plays a central role in the manager's analysis, both as a historical lesson from 2014-15 oil collapse and as a current constraint on AI infrastructure. Data centers have become massive electricity consumers with economics highly sensitive to power pricing and grid reliability. Rising electricity prices in data-center-heavy regions and utility challenges in expanding capacity create physical constraints that complicate AI scalability assumptions. |
Data Centers Grid Utilities Power Infrastructure |
LuxuryNew investment in Swatch represents exposure to luxury watch brands including Omega, Longines, Tissot, and others. The investment thesis is based on tangible assets including Swiss real estate and the potential for operating leverage when luxury demand recovers from current structural pressures. |
Watches Swiss Brands Premium Recovery | |
Software |
||
| 2025 Q2 |
ConsumerThe consumer segment includes DJL Petfoods (pet food ingredients distributor) and TSDC Wholesale (food and grocery wholesale). DJL exemplifies RDCP 2.0 characteristics as an asset-light but infrastructure-critical business with long-standing customer relationships, exceptional retention rates, and exposure to growing pet ownership and premiumisation trends. These businesses benefit from structural advantages and recurring revenue streams. |
Pet Care Food Distribution Consumer Staples Wholesale Distribution |
FinancialsEuropean banks have been rehabilitated after years in purgatory, with returns of 77% in 2025. Return on equity has normalized above 12% following exit from ultra-low rates, while capital positions have been rebuilt. However, supportive factors are well-appreciated by markets, reflected in significant valuation re-rating. |
Banks Return On Equity Interest Rates Capital Valuations | |
IndustrialsThe fund increased exposure to high-quality industrial businesses with potential for cyclical upturn. Added Quanta Services for AI data center build-out, Hubbell for electrical grid upgrades, Old Dominion for freight cycle recovery, and Waste Connections for secondary market focus. |
Infrastructure Automation Transportation Electrical Equipment Waste Management |
| 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 | IT | Gartner, Inc. | Information Technology | IT Consulting & Other Services | Bull | New York Stock Exchange | AI, cashflow, research, Subscriptions, valuation | 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 |
| TICKER | COMMENTARY |
|---|---|
| 005930.KS | Selected technology-related companies held across several of our funds contributed for the quarter, particularly established franchises such as Samsung Electronics and Alphabet (Google). While the shares of both companies soared upward in price during the year, we believe they remain reasonably valued relative to their near-term growth prospects. |
| BABA | our Asian investments performed strongly with Alibaba and Jardine Matheson up 63% |
| CHTR | Charter Communications was sold during the quarter as it was not tracking to plan. |
| CNHI | CNH Industrial detracted across the Funds, reflecting investors' continued concerns about the downturn of the Ag cycle and its impact on end-market demand. CNH remains significantly undervalued in our view, and we are adding to our position opportunistically. We took advantage of a pricing opportunity and added to CNH Industrial, which is now a top 10 holding in all four funds. |
| DSV.CO | DSV A/S was one of the top five winners for the quarter. |
| GM | For insight into the real economy operating beneath this AI and data center boom, we must look elsewhere within the S&P 500, including bellwethers like General Motors |
| IQV | IQVIA contributed meaningfully as fears around biotech funding and clinical activity began to ease. While sentiment toward the sector remains fragile, the company's role as a mission-critical infrastructure to drug development remains unchallenged. The first leg of the industry's recent rally was sparked by stabilization, rewarding patience through a prolonged industry downturn. We expect the next leg to gain steam as the recovery accelerates. |
| 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. |
| MDLZ | Mondelez 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. Mondelez 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 Mondelez sustain industry-leading growth. A rapid rise in commodity costs has temporarily depressed margins, masking the company's true earnings power. We believe Mondelez'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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