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 |
|---|---|---|---|---|---|---|
The Oakmark Global Fund returned 7.89% in Q2 2026, underperforming the MSCI World Index but maintaining outperformance since inception. The portfolio remains concentrated in the U.S. (52.1%), Europe ex U.K. (35.5%), and the U.K. (5.6%), with emerging markets at 4.9%. Samsung Electronics was the top contributor, rallying on record profits driven by AI-related semiconductor demand, particularly in high-bandwidth memory where supply trails demand. BMW was the top detractor after cutting guidance on weaker Chinese demand and Middle East impacts, though the managers view the Neue Klasse launch positively long-term. The Fund initiated five new positions in quality businesses trading at discounts: AstraZeneca (pharmaceuticals facing regulatory concerns), Cooper Companies (medical devices), LVMH (luxury goods pressured by China weakness), Owens Corning (building products), and Symrise (specialty chemicals). The managers continue evaluating companies based on competitive advantages and long-term cash flows rather than speculating on AI trends, finding selective opportunities where near-term headwinds have created attractive valuations for patient capital.
The Oakmark Global Fund seeks to invest in high-quality businesses with durable competitive advantages that are trading at significant discounts to intrinsic value, with a focus on companies where near-term headwinds or regulatory concerns have created attractive entry points for patient, long-term investors.
The managers continue to focus on investing in quality businesses with competitive advantages trading at discounts to intrinsic value. They are finding selective opportunities across sectors including pharmaceuticals, medical devices, luxury goods, building products, and specialty chemicals where near-term headwinds have created attractive entry points. The team remains patient and disciplined, avoiding speculation on AI winners and losers while maintaining a long-term perspective on value realization.
As of Jul 15, 2026
The fund is managed by five experienced portfolio managers led by David G. Herro (joined 1992) and Tony Coniaris (joined 1999, promoted to Co-CIO International Equities in 2025), along with Eric Liu (joined 2009), M. Colin Hudson, and John Sitarz. Harris Associates L.P. was founded in 1976 and operates as an autonomous subsidiary of Natixis Investment Managers while maintaining full control over investment decisions. The firm manages approximately $96-114 billion in total assets and has built a reputation for disciplined value investing across global markets. Recent leadership transitions include Tony Coniaris's promotion to Co-CIO and Mike Manelli's retirement, demonstrating the firm's commitment to succession planning and supporting team members during personal challenges.
Harris Associates follows a disciplined value investing philosophy, seeking to invest in businesses that are priced at substantial discounts to their estimate of intrinsic value. The firm employs discounted cash flow analysis to identify investments trading below intrinsic value, with careful consideration for management quality and growth prospects. The investment process begins with bottom-up idea generation through generalist analysts who conduct intensive fundamental research, followed by vetting through experienced investment committees to build focused portfolios of 20-70 high-conviction stocks. Harris Associates treats stock purchases as business ownership, favoring companies with management teams aligned with shareholders, setting buy targets at substantial discounts to intrinsic value and sell targets near intrinsic value.
Lead Portfolio Manager
David G. Herro
Managing Partner
Moderate Conviction Bullish
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