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 Select Fund returned 3.76% in Q2 2026, underperforming the MSCI World Index which returned 13.76%. The fund maintains a concentrated global portfolio with 61.2% in the U.S., 26.0% in Europe ex U.K., and 10.0% in the U.K. BNP Paribas was the top contributor, delivering better-than-expected results with strong capital build positioning the bank to accelerate shareholder returns. The fund views BNP shares as attractive with limited exposure to France's challenged economy. Intercontinental Exchange was the top detractor as the market worried about AI disruption and new competition, concerns the fund views as unfounded given ICE's strong network effects and double-digit earnings growth. The fund added SAP, a global enterprise software leader, at what it views as a considerable discount to intrinsic value. The fund believes market concerns about AI rendering enterprise software obsolete underestimate SAP's irreplaceable role in client technology ecosystems. Health care and consumer staples were the largest sector contributors while consumer discretionary and information technology detracted.
The fund invests in high-quality global businesses trading at compelling valuations relative to intrinsic value, focusing on competitive advantages and long-term cash-flow potential rather than market narratives.
The fund continues to evaluate companies based on competitive advantages, long-term cash-flow potential, and valuation relative to intrinsic value rather than attempting to predict winners and losers in AI. The fund sees attractive opportunities in select names where market concerns appear overblown.
As of Jul 15, 2026
The Oakmark Global Select Fund is managed by a highly experienced team led by David G. Herro, CFA, who serves as Co-Chief Investment Officer for international equities and has managed multiple Oakmark funds since the 1990s, earning recognition as Morningstar's International Stock Fund Manager of the Year in 2006 and 2016, as well as Fund Manager of the Decade for 2000-2009. Eric Liu, CFA, has managed the Global Select Fund specifically since 2016, while Tony Coniaris serves as Co-Chairman and recently became Co-CIO for International Equities in April 2025. The team operates under Harris Associates L.P., a firm established in 1975 that has provided customized wealth management services since 1976 and currently manages approximately $93.75 billion in discretionary assets as an autonomous subsidiary of Natixis Investment Managers within France's BPCE banking group.
The Oakmark Global Select Fund employs a bottom-up value investment philosophy seeking securities priced below their intrinsic value through fundamental research. The fund invests primarily in a concentrated, non-diversified portfolio of U.S. and non-U.S. common stocks, typically holding about 20-30 individual securities focused on large-cap companies. The management team emphasizes long-term capital appreciation rather than short-term market timing, utilizing Stock Selection Groups and Approved Lists for security selection. As long-term investors, the fund does not attempt to predict market cycles or political outcomes, instead focusing on identifying undervalued securities with strong fundamental characteristics. The strategy accepts higher volatility in exchange for the potential benefits of concentration, where each holding has greater impact on total returns compared to more diversified approaches.
Lead Portfolio Manager
Tony Coniaris
Managing Partner
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
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Opportunity Density
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Top Conviction Themes
Key Catalysts
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