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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 13, 2026
Oakmark Global Fund (Investor Class) delivered a net return of 1.68% for the third quarter of 2026, bringing its year-to-date net return to 3.56%, trailing the MSCI World Index's quarterly net return of 1.88% and YTD advance of 11.75%. Sector performance was propelled by gains in information technology and financials, while consumer discretionary and industrials acted as primary detractors. Geographically, the fund maintained significant exposures of 50.6% in the United States, 33.9% in Europe ex-U.K., 4.8% in Asia ex-Japan, and 4.8% in emerging markets, with top country-level contributions originating from the U.S., Germany, and Switzerland. The investment team highlighted an ongoing market bifurcation wherein a narrow cohort of mega-cap U.S. technology companies dominated headline index returns, while non-U.S. developed and emerging equity markets grappled with currency headwinds, economic deceleration, and geopolitical friction. Oakmark views these macro-driven divergences constructively, arguing that broad market skittishness has created compelling entry multiples for fundamentally resilient, cash-generative franchises priced at deep discounts to intrinsic business value. Portfolio turnover featured two new long additions and four complete divestitures. The managers initiated positions in Meta Platforms (1.9% of net assets) and Japanese pharmacy operator Sugi Holdings (1.8%), while harvesting gains and fully liquidating stakes in ConocoPhillips, Deere, Gartner, and Prudential. Top contributor IQVIA Holdings (3.3%) rallied on double-digit bookings growth, whereas European freight logistics leader DSV (2.6%) detracted following execution challenges in its Road freight unit.
Capitalize on global equity mispricings by investing in well-managed, cash-generative franchises trading at meaningful discounts to intrinsic value.
Patient investors are well-positioned to benefit over time as the prevailing gap between market prices and intrinsic business value narrows, particularly across international markets and selective value sectors.
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