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 |
|---|---|---|---|---|---|---|
As of Oct 13, 2026
During the third quarter of 2026, the Oakmark Select Fund (Investor Class) returned 11.50% net of fees, outperforming the benchmark S&P 500 Index return of 2.30% and the Russell 1000 Value Index return of 2.61%. Year-to-date, the fund has generated a net return of 12.22%. Sector performance was propelled by robust contributions from information technology and health care holdings, whereas positions in consumer staples and real estate detracted from relative performance. From a macroeconomic perspective, the managers observe that overall equity index returns continue to be heavily dominated by a narrow cohort of mega-cap U.S. companies. However, this extreme market concentration creates attractive valuation dislocations across uncrowded areas of the broader market. Oakmark remains disciplined in underwriting high-quality franchises trading at meaningful discounts to intrinsic value, maintaining a constructive outlook as the pricing spread between underlying corporate value and market quotation narrows. Portfolio activity reflected selective capital redeployment into mispriced market leaders. Oakmark initiated new purchases in Meta Platforms (3.5% weighting) and Rocket Companies (2.2% weighting), capitalizing on sentiment-driven weakness surrounding artificial intelligence expenditures and cyclical trough mortgage originations, respectively. Simultaneously, the fund completely liquidated its position in Phillips 66.
Capitalize on market concentration and cyclical dislocations by taking concentrated positions in durable, well-managed businesses trading at substantial discounts to intrinsic value.
Patient investors are well-positioned to benefit as the valuation gap between stock prices and intrinsic value narrows over time, particularly outside the market's most crowded mega-cap holdings.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Oakmark Select Fund or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.