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 Select Fund underperformed the S&P 500 Index during Q2 2026, returning 9.39% versus the benchmark's 15.20%, as the market's narrow leadership favoring AI beneficiaries persisted. The fund's value-oriented approach led it to avoid chasing popular themes, instead focusing on businesses trading at meaningful discounts to intrinsic value. Health care and consumer staples were the largest contributors to performance, while information technology and energy detracted. Centene was the top contributor, rallying sharply on better-than-expected results as medical cost trends show signs of stabilizing after two years of pressure. The managers expect easing medical costs combined with improving reimbursement rates to drive meaningful earnings recovery in managed care. Intercontinental Exchange was the top detractor due to market concerns about AI disruption, which the fund views as unfounded given the company's strong network effects and double-digit earnings growth. The fund made no new purchases during the quarter and exited positions in Deere and Warner Bros Discovery, maintaining its disciplined, concentrated approach.
The fund maintains a disciplined value investment approach, focusing on businesses trading at meaningful discounts to intrinsic value rather than chasing popular market themes like AI. Despite quarterly underperformance due to narrow market leadership, the managers see attractive opportunities in out-of-favor sectors like managed care, where they expect a cyclical earnings recovery driven by stabilizing medical costs and improving reimbursement rates.
The fund expects a meaningful earnings recovery in the managed care sector in the coming years driven by easing medical costs, improving reimbursement rates, and company-specific expense initiatives. The managers remain committed to their value investment philosophy, focusing on businesses trading at meaningful discounts to intrinsic value rather than chasing popular market themes. They view current market concerns about AI disruption to certain holdings as not credible and continue to see long runways for growth in their portfolio companies.
As of Jul 15, 2026
Harris Associates L.P. has provided tailored investment solutions since 1976, managing approximately $93.75 billion in total discretionary assets across 2,347 clients. The firm operates as an autonomous subsidiary of Natixis Investment Managers and is based in Chicago, Illinois. With nearly five decades of experience, Harris Associates has established itself as a prominent value-oriented investment manager with a systematic approach to identifying undervalued securities across various market sectors.
The Oakmark Select Fund employs a concentrated value investing strategy, seeking to invest only when securities are priced substantially below intrinsic value. The fund typically holds 20-30 carefully selected mid- and large-cap U.S. companies, with portfolio managers conducting deep fundamental analysis before making investment decisions. This non-diversified approach allows for greater conviction in individual positions but also creates higher volatility and concentration risk. The investment team focuses on long-term capital appreciation rather than short-term market movements.
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