Oakmark Select Fund

Investor Summary

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.

Fund Strategy

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.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
11.96%	8.4%	14.3%

2025
14.3%

Executive Summary

The Oakmark Select Fund delivered strong performance in Q4 2025, outperforming the S&P 500 with an 8.42% quarterly return driven by successful value investing in undervalued companies. Warner Bros Discovery was the top contributor as multiple acquisition offers created a bidding war, with Netflix acquiring the Streaming and Studios business while Paramount Skydance offered $30 per share for the entire company. The fund added Targa Resources, a leading midstream natural gas company controlling 90% of fractionation capacity at Mont Belvieu hub, purchasing shares at a discount despite Permian production uncertainty. Communication services and financials were the largest sector contributors while industrials detracted. Paycom Software declined alongside application software peers but management maintains conviction in the company's growth runway and AI resilience. The portfolio managers continue finding attractive opportunities in undervalued companies across various industries, particularly in areas left behind by the momentum rally, maintaining their disciplined value approach.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jan 13 2026	2025 Q4	CHTR, EFX, GLIBA, GOOGL, IQV, LBRDK, NFLX, PAYC, TRGP, WBD	large cap, M&A, Media, Midstream, undervalued, value	WBD PAYC TRGP	Oakmark Select outperformed with 8.42% quarterly returns driven by Warner Bros Discovery's bidding war and strategic value investing. The fund added Targa Resources at attractive valuations while maintaining conviction in undervalued companies across industries. Strong performance in communication services and financials offset industrial sector weakness, demonstrating successful contrarian positioning in overlooked value opportunities.
Oct 10 2025	2025 Q3	CRM, GOOGL, IQV, KDP, MOH, WBD	Beverages, Media, mid cap, Quality, undervalued, value	-	Oakmark Select underperformed in Q3 due to tech underweight and mid-cap overweight but managers remain confident in finding quality, undervalued opportunities. Media drove gains via Warner Bros Discovery's acquisition speculation while beverages detracted through Keurig Dr Pepper's complex coffee acquisition. Fund maintains value discipline across diverse industries despite sector allocation headwinds.
Jun 30 2025	2025 Q2	ABNB, CNC, COF, COP, CRL, CRM, FCNCA, GOOGL, ICLR, IQV, KDP, PAYC, SCHW	financials, healthcare, Opportunistic, technology, value, volatility	GOOGL IQV CRL ICLR CRM	Oakmark Select leveraged Q2 market volatility to reposition toward higher risk-adjusted returns, reducing resilient names while adding to quality companies trading below intrinsic value. Healthcare services faced headwinds from policy uncertainty, while technology holdings like Alphabet benefited from solid AI investment progress and margin expansion.
Mar 31 2025	2025 Q1	CRM, DE, FI, GOOGL, HWM, ICE, IQV, KDP, LAD, MOH, PHM	financials, healthcare, industrials, large cap, technology, US, value	MOH	Oakmark Select outperformed in Q1 2025 despite negative returns, driven by financials and industrials strength. The fund is opportunistically repositioning during market weakness, adding Molina Healthcare at attractive valuations amid temporary Medicaid policy headwinds. Strong conviction in quality businesses like Alphabet and ICE, viewing current dislocations as opportunities to acquire shares below intrinsic value.
Dec 31 2024	2024 Q4	ABNB, CNC, COP, CRM, EFX, FCNCA, FI, IQV, KDP, PAYC, PSX, WFC	energy, financials, healthcare, large cap, Quality, technology, value	PAYC IQV ABNB EFX KDP	Oakmark Select outperformed in Q4 with a 6.01% return, driven by value investing in quality businesses at attractive prices. Strong performance from cloud leader Paycom and new positions in Airbnb, Equifax, and Keurig Dr Pepper highlight the fund's ability to find opportunities despite elevated market valuations.
Sep 30 2024	2024 Q3	APA, CBRE, GOOGL, ICE, LAD, SCHW	financials, large cap, real estate, US, value	CBRE GOOGL	Oakmark Select outperformed with an 8.07% quarterly return driven by real estate and financials exposure. CBRE Group led gains on strong earnings and management optimism about cyclically resilient growth. Alphabet detracted on antitrust concerns, though managers view the impact as temporary. No portfolio changes were made as the team continues finding undervalued opportunities across industries.
Jun 30 2024	2024 Q2	AXP, CNC, EOG, FCNCA, GOOGL, IQV, KKR, LAD, PAYC, SCHW	Communication Services, financials, healthcare, industrials, large cap, technology, value	CNC	Oakmark Select underperformed in Q2 as growth stocks outperformed, but managers see this as creating value opportunities. Alphabet contributed on strong results and AI progress while Paycom detracted on weak results despite attractive 4x revenue valuation. New position in Centene at single-digit P/E offers exposure to secular healthcare tailwinds. Long-term value focus remains intact.
Apr 15 2024	2024 Q1	CHTR, DE, FCNCA, KKR, LAD, LBRDK	Agriculture, Banking, energy, financials, value	DE	Oakmark Select underperformed in Q1 but maintains strong long-term track record through disciplined value investing. The fund added Deere as a new position, capitalizing on agricultural equipment demand driven by productivity needs. Despite reducing financials exposure after strong performance, managers see continued bargains in the sector and attractive value opportunities emerging amid growth stock outperformance.
Aug 1 2024	2023 Q4	APA, AXP, CBRE, CHTR, COF, EOG, FCNCA, GOOGL, MPC, ORCL, PAYC, PSX, VLO	energy, financials, real estate, technology, value	AXP PAYC DIPSX	Oakmark Select delivered exceptional 43% annual returns through concentrated value investing, outperforming despite headwinds for value stocks. The fund actively rebalanced from appreciated tech holdings into financials and energy, adding American Express for its network advantages, Paycom during temporary weakness, and Phillips 66 for stable non-refining cash flows at attractive normalized multiples.
Sep 30 2023	2023 Q3	CHTR, COF, FCNCA, GOOGL, IQV, META, ORCL	financials, healthcare, large cap, stock selection, technology, value	IQV	Oakmark Select delivered strong fiscal year returns of 30.59% despite value headwinds, outperforming the S&P 500. The concentrated fund added IQVIA at attractive valuations while maintaining its disciplined value approach. Management expects continued outperformance from stock selection despite growth significantly outpacing value year-to-date.
Jun 30 2023	2023 Q2	APA, COP, FCNCA, LAD, WBD	consumer discretionary, energy, financials, large cap, value	COP	Oakmark Select outperformed with 12.4% quarterly returns by focusing on intrinsic value rather than traditional value metrics. Added ConocoPhillips during energy sector weakness, viewing it as undervalued despite strong fundamentals and shareholder return potential. Traditional value underperformance creating new opportunities in quality businesses at discounted prices.
Mar 31 2023	2023 Q1	ALSN, APA, C, CRM, FCNCA, NFLX, SCHW, WFC	Banking, Crisis, financials, opportunity, value	SCHW FCNCA	Oakmark Select outperformed with 10.9% returns by opportunistically buying quality banks during the Silicon Valley Bank crisis. They initiated Charles Schwab and increased First Citizens and Wells Fargo positions while selling less attractive holdings. The disciplined value approach focuses on quality franchises at attractive multiples, with First Citizens' SVB acquisition exemplifying successful contrarian positioning.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jan 13 2026

2025 Q4

CHTR, EFX, GLIBA, GOOGL, IQV, LBRDK, NFLX, PAYC, TRGP, WBD

large cap, M&A, Media, Midstream, undervalued, value

WBD
PAYC
TRGP

Oakmark Select outperformed with 8.42% quarterly returns driven by Warner Bros Discovery's bidding war and strategic value investing. The fund added Targa Resources at attractive valuations while maintaining conviction in undervalued companies across industries. Strong performance in communication services and financials offset industrial sector weakness, demonstrating successful contrarian positioning in overlooked value opportunities.

Oct 10 2025

2025 Q3

CRM, GOOGL, IQV, KDP, MOH, WBD

Beverages, Media, mid cap, Quality, undervalued, value

Oakmark Select underperformed in Q3 due to tech underweight and mid-cap overweight but managers remain confident in finding quality, undervalued opportunities. Media drove gains via Warner Bros Discovery's acquisition speculation while beverages detracted through Keurig Dr Pepper's complex coffee acquisition. Fund maintains value discipline across diverse industries despite sector allocation headwinds.

Jun 30 2025

2025 Q2

ABNB, CNC, COF, COP, CRL, CRM, FCNCA, GOOGL, ICLR, IQV, KDP, PAYC, SCHW

financials, healthcare, Opportunistic, technology, value, volatility

GOOGL
IQV
CRL
ICLR
CRM

Oakmark Select leveraged Q2 market volatility to reposition toward higher risk-adjusted returns, reducing resilient names while adding to quality companies trading below intrinsic value. Healthcare services faced headwinds from policy uncertainty, while technology holdings like Alphabet benefited from solid AI investment progress and margin expansion.

Mar 31 2025

2025 Q1

CRM, DE, FI, GOOGL, HWM, ICE, IQV, KDP, LAD, MOH, PHM

financials, healthcare, industrials, large cap, technology, US, value

MOH

Oakmark Select outperformed in Q1 2025 despite negative returns, driven by financials and industrials strength. The fund is opportunistically repositioning during market weakness, adding Molina Healthcare at attractive valuations amid temporary Medicaid policy headwinds. Strong conviction in quality businesses like Alphabet and ICE, viewing current dislocations as opportunities to acquire shares below intrinsic value.

Dec 31 2024

2024 Q4

ABNB, CNC, COP, CRM, EFX, FCNCA, FI, IQV, KDP, PAYC, PSX, WFC

energy, financials, healthcare, large cap, Quality, technology, value

PAYC
IQV
ABNB
EFX
KDP

Oakmark Select outperformed in Q4 with a 6.01% return, driven by value investing in quality businesses at attractive prices. Strong performance from cloud leader Paycom and new positions in Airbnb, Equifax, and Keurig Dr Pepper highlight the fund's ability to find opportunities despite elevated market valuations.

Sep 30 2024

2024 Q3

APA, CBRE, GOOGL, ICE, LAD, SCHW

financials, large cap, real estate, US, value

CBRE
GOOGL

Oakmark Select outperformed with an 8.07% quarterly return driven by real estate and financials exposure. CBRE Group led gains on strong earnings and management optimism about cyclically resilient growth. Alphabet detracted on antitrust concerns, though managers view the impact as temporary. No portfolio changes were made as the team continues finding undervalued opportunities across industries.

Jun 30 2024

2024 Q2

AXP, CNC, EOG, FCNCA, GOOGL, IQV, KKR, LAD, PAYC, SCHW

Communication Services, financials, healthcare, industrials, large cap, technology, value

CNC

Oakmark Select underperformed in Q2 as growth stocks outperformed, but managers see this as creating value opportunities. Alphabet contributed on strong results and AI progress while Paycom detracted on weak results despite attractive 4x revenue valuation. New position in Centene at single-digit P/E offers exposure to secular healthcare tailwinds. Long-term value focus remains intact.

Apr 15 2024

2024 Q1

CHTR, DE, FCNCA, KKR, LAD, LBRDK

Agriculture, Banking, energy, financials, value

Oakmark Select underperformed in Q1 but maintains strong long-term track record through disciplined value investing. The fund added Deere as a new position, capitalizing on agricultural equipment demand driven by productivity needs. Despite reducing financials exposure after strong performance, managers see continued bargains in the sector and attractive value opportunities emerging amid growth stock outperformance.

Aug 1 2024

2023 Q4

APA, AXP, CBRE, CHTR, COF, EOG, FCNCA, GOOGL, MPC, ORCL, PAYC, PSX, VLO

energy, financials, real estate, technology, value

AXP
PAYC
DIPSX

Oakmark Select delivered exceptional 43% annual returns through concentrated value investing, outperforming despite headwinds for value stocks. The fund actively rebalanced from appreciated tech holdings into financials and energy, adding American Express for its network advantages, Paycom during temporary weakness, and Phillips 66 for stable non-refining cash flows at attractive normalized multiples.

Sep 30 2023

2023 Q3

CHTR, COF, FCNCA, GOOGL, IQV, META, ORCL

financials, healthcare, large cap, stock selection, technology, value

IQV

Oakmark Select delivered strong fiscal year returns of 30.59% despite value headwinds, outperforming the S&P 500. The concentrated fund added IQVIA at attractive valuations while maintaining its disciplined value approach. Management expects continued outperformance from stock selection despite growth significantly outpacing value year-to-date.

Jun 30 2023

2023 Q2

APA, COP, FCNCA, LAD, WBD

consumer discretionary, energy, financials, large cap, value

COP

Oakmark Select outperformed with 12.4% quarterly returns by focusing on intrinsic value rather than traditional value metrics. Added ConocoPhillips during energy sector weakness, viewing it as undervalued despite strong fundamentals and shareholder return potential. Traditional value underperformance creating new opportunities in quality businesses at discounted prices.

Mar 31 2023

2023 Q1

ALSN, APA, C, CRM, FCNCA, NFLX, SCHW, WFC

Banking, Crisis, financials, opportunity, value

SCHW
FCNCA

Oakmark Select outperformed with 10.9% returns by opportunistically buying quality banks during the Silicon Valley Bank crisis. They initiated Charles Schwab and increased First Citizens and Wells Fargo positions while selling less attractive holdings. The disciplined value approach focuses on quality franchises at attractive multiples, with First Citizens' SVB acquisition exemplifying successful contrarian positioning.

QUARTER	THEMES	TAGS
2025 Q4	AI AI developments from major companies are causing rapid market changes and stock price declines for quality businesses. The manager sees AI creating disruption across white collar work including finance, law, software development, and insurance. Software companies face particular headwinds from fewer seats, lower pricing power, and competition from AI-first upstarts.	Artificial Intelligence Software Disruption White Collar Automation
	Software Software companies are experiencing significant declines as the market reassesses AI impacts. The manager notes three vectors affecting valuations: fewer seats due to efficiency gains, lower pricing power from AI competition, and reduced new customer bookings. However, believes some software solutions won't be easily replaced and is reviewing opportunities in the wreckage.	SaaS Enterprise Software Pricing Power Competition Valuation
	Home Improvement Floor & Decor represents an attractive long-term opportunity following the Home Depot disruption model in flooring. The company has higher inventory selection and lower prices than competitors, taking market share for years. Current margins are depressed but should scale toward low-to-mid teens as store base builds out.	Retail Flooring Market Share Margins Store Expansion
2025 Q3	Media Warner Bros Discovery was the top contributor, surging 29% on acquisition speculation from Paramount-Skydance. The potential merger could generate meaningful cost synergies and create a scaled competitor with deep content library. The company shows solid recent earnings, renewed distribution deals and growing streaming momentum.	Streaming Content M&A Synergies Distribution
	Beverages Keurig Dr Pepper was the top detractor after announcing acquisition of JDE Peet's coffee brands. The company plans to split into separate coffee and soft drink entities post-acquisition. Management believes the sell-off was overdone given healthy fundamentals and proven deleveraging track record.	Coffee Acquisition Separation Deleveraging Sum-of-parts
2025 Q2	AI Alphabet continues substantial AI investments across business units with potential payoff remaining underappreciated by the market. The company is improving margins while making these investments, suggesting efficient capital allocation in AI development.	Artificial Intelligence Technology Investment Margins Cloud
	Buybacks IQVIA management is stepping up share repurchase levels while trading near all-time low multiples. This capital allocation strategy is viewed as attractive given current valuation levels.	Share Repurchases Capital Allocation Valuation Management
2025 Q1	Capital Markets Intercontinental Exchange reported solid fourth-quarter results with 16% growth in energy futures business. After paying down debt from mortgage acquisitions, management resumed large share repurchases in Q1 2025, which the fund views as attractive capital allocation.	Exchanges Energy Futures Share Repurchases Capital Allocation Financial Services
	Cloud Google Cloud revenue grew 30% year-over-year but fell slightly short of consensus expectations due to short-term capacity constraints. The fund believes the long-term growth outlook for Google Cloud remains robust despite the temporary shortfall.	Cloud Computing Revenue Growth Capacity Constraints Infrastructure Technology
	AI Alphabet's new AI Overviews feature is driving higher engagement with comparable monetization. The fund views Alphabet as a collection of great businesses that can further benefit from the company's world-class AI capabilities.	Artificial Intelligence AI Overviews Engagement Monetization Technology
	Managed Care Molina Healthcare is the fourth largest player in managed Medicaid with industry-leading growth and margins. The fund sees a long runway for growth via continued share gains in Medicaid and untapped opportunities in Medicare and Marketplace segments, despite temporary pressure from redeterminations.	Medicaid Medicare Healthcare Redeterminations Policy Changes
2024 Q4	Value The fund focuses on investing in high-quality businesses at attractive prices with wide spreads in valuation multiples providing opportunities. They believe this approach provides both margin of safety and potential for superior future returns despite broad market valuations being above historic averages.	Intrinsic Value Margin of Safety Valuation Quality Discount
	Cloud Paycom Software is highlighted as a cloud leader in payroll with strong margins and double-digit growth. The company is positioned to take market share from legacy players with a long runway for future growth in the cloud-based human resources space.	SaaS Payroll HR Software Market Share Growth
	Travel Airbnb was added as a new position, benefiting from strong network effects and positioned to capitalize on global travel growth. Alternative accommodations continue taking market share, though short-term macro travel concerns created an attractive entry point.	Online Travel Network Effects Alternative Accommodations Global Travel Marketplace
2024 Q3	Real Estate Services CBRE Group was the top contributor with strong second-quarter results exceeding expectations. Management expressed enthusiasm about prospects and outlined growth avenues including expansion of cyclically resilient business lines.	Real Estate Services Growth Resilience
2024 Q2	Value The fund focuses on purchasing shares in a diversified set of undervalued securities, believing such value investments will generate strong returns over the long term. Management emphasizes buying quality companies at attractive valuations.	Undervalued Intrinsic Value P/E Multiple Cheap Value Investments
	AI Alphabet's new AI-powered features showcased at Google I/O conference are expected to increase the value of its products to users and drive growth.	AI-powered Google I/O Technology Innovation
2024 Q1	Value The fund continues to find attractive opportunities to buy stocks that meet their value investment criteria amid the outperformance of growth stocks. They purchased Deere at a low double-digit multiple of normal earnings power and believe the financials sector offers an unusual number of bargains.	Value Investing Bargains Multiples Earnings Power Undervalued
	Agriculture World population and food demand are expected to increase annually while land and labor devoted to agriculture are expected to decline. This creates a dynamic where farms will have to become more productive, positioning companies like Deere to benefit from increased agricultural equipment demand.	Food Demand Population Growth Farm Productivity Agricultural Equipment
2023 Q4	Value The fund continues to find attractive opportunities to invest in undervalued securities that meet their value investment criteria. They sold Oracle and redeployed capital into stocks they believe offer superior prospective risk-adjusted returns including American Express, Paycom Software, and Phillips 66.	Undervalued Intrinsic Value Risk-adjusted Returns Valuation P/E Multiple
	Refiners Phillips 66 and other U.S.-based oil refiners are currently earning abnormally high profit margins thanks to a tight market for refined products. The fund believes Phillips 66's non-refining segments provide more stable cash flow and they are paying a single-digit multiple of normalized earnings.	Refining Margins Refined Products Gasoline Diesel Jet Fuel
2023 Q3	Value The fund continues its disciplined value approach despite growth outperforming value by 2,300 basis points year to date. The managers expect their investment disciplined approach to stock selection will continue to drive attractive returns in the long term. They were able to add IQVIA near a trough multiple of roughly 15x normal earnings despite the company's prospects for sustainable above-average growth.	Value Investing Stock Selection Multiples Earnings Growth
2023 Q2	Value The fund's outperformance highlights the advantage of focusing on intrinsic value, which enables uncovering undervalued opportunities not captured by traditional value metrics. The underperformance of traditional value indexes is creating new opportunities to invest in strong businesses at cheap prices.	Intrinsic Value Undervalued Value Metrics Cheap Prices
	Oil The pullback in the energy sector has created opportunities for long-term investors as many high-quality oil and gas producers are selling for discounted multiples of their free cash flows. ConocoPhillips was added as a new position, representing one of the largest and most efficient exploration and production companies.	Energy Sector Oil Producers Free Cash Flow Exploration
2023 Q1	Regional Banks The collapse of Silicon Valley Bank and Signature Bank created opportunities in the banking sector. The fund initiated Charles Schwab and increased positions in First Citizens and Wells Fargo, taking advantage of indiscriminate selling to buy quality banks at attractive valuations.	Banking Credit Deposits FDIC
	Value The fund maintains its disciplined value approach, selling positions they believe remain undervalued but buying stocks with better risk-reward profiles. They emphasize buying quality franchises at attractive multiples when market dislocations create opportunities.	Undervalued Intrinsic Value Multiples

QUARTER

THEMES

AI

AI developments from major companies are causing rapid market changes and stock price declines for quality businesses. The manager sees AI creating disruption across white collar work including finance, law, software development, and insurance. Software companies face particular headwinds from fewer seats, lower pricing power, and competition from AI-first upstarts.

Artificial Intelligence Software Disruption White Collar Automation

Software

Software companies are experiencing significant declines as the market reassesses AI impacts. The manager notes three vectors affecting valuations: fewer seats due to efficiency gains, lower pricing power from AI competition, and reduced new customer bookings. However, believes some software solutions won't be easily replaced and is reviewing opportunities in the wreckage.

SaaS Enterprise Software Pricing Power Competition Valuation

Home Improvement

Floor & Decor represents an attractive long-term opportunity following the Home Depot disruption model in flooring. The company has higher inventory selection and lower prices than competitors, taking market share for years. Current margins are depressed but should scale toward low-to-mid teens as store base builds out.

Retail Flooring Market Share Margins Store Expansion

2025 Q3

Media

Warner Bros Discovery was the top contributor, surging 29% on acquisition speculation from Paramount-Skydance. The potential merger could generate meaningful cost synergies and create a scaled competitor with deep content library. The company shows solid recent earnings, renewed distribution deals and growing streaming momentum.

Streaming Content M&A Synergies Distribution

Beverages

Keurig Dr Pepper was the top detractor after announcing acquisition of JDE Peet's coffee brands. The company plans to split into separate coffee and soft drink entities post-acquisition. Management believes the sell-off was overdone given healthy fundamentals and proven deleveraging track record.

Coffee Acquisition Separation Deleveraging Sum-of-parts

2025 Q2

AI

Alphabet continues substantial AI investments across business units with potential payoff remaining underappreciated by the market. The company is improving margins while making these investments, suggesting efficient capital allocation in AI development.

Artificial Intelligence Technology Investment Margins Cloud

Buybacks

IQVIA management is stepping up share repurchase levels while trading near all-time low multiples. This capital allocation strategy is viewed as attractive given current valuation levels.

Share Repurchases Capital Allocation Valuation Management

2025 Q1

Capital Markets

Intercontinental Exchange reported solid fourth-quarter results with 16% growth in energy futures business. After paying down debt from mortgage acquisitions, management resumed large share repurchases in Q1 2025, which the fund views as attractive capital allocation.

Exchanges Energy Futures Share Repurchases Capital Allocation Financial Services

Cloud

Google Cloud revenue grew 30% year-over-year but fell slightly short of consensus expectations due to short-term capacity constraints. The fund believes the long-term growth outlook for Google Cloud remains robust despite the temporary shortfall.

Cloud Computing Revenue Growth Capacity Constraints Infrastructure Technology

AI

Alphabet's new AI Overviews feature is driving higher engagement with comparable monetization. The fund views Alphabet as a collection of great businesses that can further benefit from the company's world-class AI capabilities.

Artificial Intelligence AI Overviews Engagement Monetization Technology

Managed Care

Molina Healthcare is the fourth largest player in managed Medicaid with industry-leading growth and margins. The fund sees a long runway for growth via continued share gains in Medicaid and untapped opportunities in Medicare and Marketplace segments, despite temporary pressure from redeterminations.

Medicaid Medicare Healthcare Redeterminations Policy Changes

2024 Q4

Value

The fund focuses on investing in high-quality businesses at attractive prices with wide spreads in valuation multiples providing opportunities. They believe this approach provides both margin of safety and potential for superior future returns despite broad market valuations being above historic averages.

Intrinsic Value Margin of Safety Valuation Quality Discount

Cloud

Paycom Software is highlighted as a cloud leader in payroll with strong margins and double-digit growth. The company is positioned to take market share from legacy players with a long runway for future growth in the cloud-based human resources space.

SaaS Payroll HR Software Market Share Growth

Travel

Airbnb was added as a new position, benefiting from strong network effects and positioned to capitalize on global travel growth. Alternative accommodations continue taking market share, though short-term macro travel concerns created an attractive entry point.

Online Travel Network Effects Alternative Accommodations Global Travel Marketplace

2024 Q3

Real Estate Services

CBRE Group was the top contributor with strong second-quarter results exceeding expectations. Management expressed enthusiasm about prospects and outlined growth avenues including expansion of cyclically resilient business lines.

Real Estate Services Growth Resilience

2024 Q2

Value

The fund focuses on purchasing shares in a diversified set of undervalued securities, believing such value investments will generate strong returns over the long term. Management emphasizes buying quality companies at attractive valuations.

Undervalued Intrinsic Value P/E Multiple Cheap Value Investments

AI

Alphabet's new AI-powered features showcased at Google I/O conference are expected to increase the value of its products to users and drive growth.

AI-powered Google I/O Technology Innovation

2024 Q1

Value

The fund continues to find attractive opportunities to buy stocks that meet their value investment criteria amid the outperformance of growth stocks. They purchased Deere at a low double-digit multiple of normal earnings power and believe the financials sector offers an unusual number of bargains.

Value Investing Bargains Multiples Earnings Power Undervalued

Agriculture

World population and food demand are expected to increase annually while land and labor devoted to agriculture are expected to decline. This creates a dynamic where farms will have to become more productive, positioning companies like Deere to benefit from increased agricultural equipment demand.

Food Demand Population Growth Farm Productivity Agricultural Equipment

2023 Q4

Value

The fund continues to find attractive opportunities to invest in undervalued securities that meet their value investment criteria. They sold Oracle and redeployed capital into stocks they believe offer superior prospective risk-adjusted returns including American Express, Paycom Software, and Phillips 66.

Undervalued Intrinsic Value Risk-adjusted Returns Valuation P/E Multiple

Refiners

Phillips 66 and other U.S.-based oil refiners are currently earning abnormally high profit margins thanks to a tight market for refined products. The fund believes Phillips 66's non-refining segments provide more stable cash flow and they are paying a single-digit multiple of normalized earnings.

Refining Margins Refined Products Gasoline Diesel Jet Fuel

2023 Q3

Value

The fund continues its disciplined value approach despite growth outperforming value by 2,300 basis points year to date. The managers expect their investment disciplined approach to stock selection will continue to drive attractive returns in the long term. They were able to add IQVIA near a trough multiple of roughly 15x normal earnings despite the company's prospects for sustainable above-average growth.

Value Investing Stock Selection Multiples Earnings Growth

2023 Q2

Value

The fund's outperformance highlights the advantage of focusing on intrinsic value, which enables uncovering undervalued opportunities not captured by traditional value metrics. The underperformance of traditional value indexes is creating new opportunities to invest in strong businesses at cheap prices.

Intrinsic Value Undervalued Value Metrics Cheap Prices

Oil

The pullback in the energy sector has created opportunities for long-term investors as many high-quality oil and gas producers are selling for discounted multiples of their free cash flows. ConocoPhillips was added as a new position, representing one of the largest and most efficient exploration and production companies.

Energy Sector Oil Producers Free Cash Flow Exploration

2023 Q1

Regional Banks

The collapse of Silicon Valley Bank and Signature Bank created opportunities in the banking sector. The fund initiated Charles Schwab and increased positions in First Citizens and Wells Fargo, taking advantage of indiscriminate selling to buy quality banks at attractive valuations.

Banking Credit Deposits FDIC

Value

The fund maintains its disciplined value approach, selling positions they believe remain undervalued but buying stocks with better risk-reward profiles. They emphasize buying quality franchises at attractive multiples when market dislocations create opportunities.

Undervalued Intrinsic Value Multiples

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 13, 2026	Fund Letters	William Nygren	WBD	Warner Bros. Discovery, Inc.	Communication Services	Media	Bull	NASDAQ	media, mergers, spin-off, Streaming, valuation	Login
Jan 13, 2026	Fund Letters	William Nygren	PAYC	Paycom Software, Inc.	Information Technology	Application Software	Neutral	New York Stock Exchange	AI, buybacks, HR, Software, valuation	Login
Jan 13, 2026	Fund Letters	William Nygren	TRGP	Targa Resources Corp.	Energy	Oil & Gas Midstream	Bull	New York Stock Exchange	Barriers, cashflow, infrastructure, midstream, valuation	Login
Jun 30, 2025	Fund Letters	Oakmark Select Fund	IQV	IQVIA Holdings Inc.	Health Care	Life Sciences Tools & Services	Bull	NYSE	All-time Low Multiple, Biopharma Services, contrarian, Cro, life sciences, R&D Outsourcing, share repurchases	Login
Jun 30, 2025	Fund Letters	Oakmark Select Fund	CRL	Charles River Laboratories International Inc.	Health Care	Life Sciences Tools & Services	Bull	NYSE	competitive moat, life sciences, Low Earnings Multiple, Preclinical Research, R&D Outsourcing, Research Models, strategic review	Login
Jun 30, 2025	Fund Letters	Oakmark Select Fund	ICLR	ICON plc	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	11x Earnings, Biopharma Services, Clinical trials, Cro, Historic Low Multiple, Pure-Play, R&D Outsourcing	Login
Jun 30, 2025	Fund Letters	Oakmark Select Fund	CRM	Salesforce Inc.	Information Technology	Application Software	Bull	NYSE	AI Deployment, CRM, Enterprise software, margin expansion, Operating Discipline, Put Writing Strategy, SaaS	Login
Jun 30, 2025	Fund Letters	Oakmark Select Fund	GOOGL	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, Cloud computing, digital advertising, Low-teens P/E, margin expansion, search engine, technology	Login
Mar 31, 2025	Fund Letters	Oakmark Select Fund	MOH	Molina Healthcare	Health Care	Managed Health Care	Bull	NYSE	Government Programs, healthcare, managed care, Medicaid, Medicare, Regulatory, turnaround, Value	Login
Dec 31, 2024	Fund Letters	Oakmark Select Fund	PAYC	Paycom Software	Software & Services	Application Software	Bull	NASDAQ	Cloud software, double-digit growth, high margins, Human Resources, market share gains, Payroll, SaaS	Login
Dec 31, 2024	Fund Letters	Oakmark Select Fund	IQV	IQVIA Holdings	Pharmaceuticals, Biotechnology & Life Sciences	Life Sciences Tools & Services	Bull	NYSE	attractive valuation, Clinical research, cyclical headwinds, life sciences, Mid-teens Multiple, R&D Solutions, Technology Analytics	Login
Dec 31, 2024	Fund Letters	Oakmark Select Fund	ABNB	Airbnb	Consumer Services	Hotels, Restaurants & Leisure	Bull	NASDAQ	Alternative Accommodations, Global Travel, growth investments, network effects, online marketplace, Paid Placement, Two-sided Platform	Login
Dec 31, 2024	Fund Letters	Oakmark Select Fund	EFX	Equifax	Commercial & Professional Services	Research & Consulting Services	Bull	NYSE	Credit Bureau, Cyclical Recovery, Data Assets, Mortgage Cycle, network effects, Triopoly, Workforce Solutions	Login
Dec 31, 2024	Fund Letters	Oakmark Select Fund	KDP	Keurig Dr Pepper	Food, Beverage & Tobacco	Soft Drinks	Bull	NASDAQ	Beverage Company, Flavored Soft Drinks, Household Penetration, Installed base, market share gains, Single-serve Coffee, valuation discount	Login
Sep 30, 2024	Fund Letters	Oakmark Select Fund	CBRE	CBRE Group	Real Estate	Real Estate Services	Bull	NYSE	capital allocation, commercial real estate, Cyclical Resilient, Management Quality, property management, Real Estate Services, Value	Login
Sep 30, 2024	Fund Letters	Oakmark Select Fund	GOOGL	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI, antitrust, Cloud computing, digital advertising, Monopoly, search engine, technology, Value	Login
Jun 30, 2024	Fund Letters	Oakmark Select Fund	CNC	Centene Corporation	Health Care	Health Care Services	Bull	NYSE	Government Programs, health insurance, Healthcare services, market leader, Medicaid, Medicare Advantage, turnaround, Value	Login
Mar 31, 2024	Fund Letters	Oakmark Select Fund	DE	Deere & Company	Industrials	Agricultural & Farm Machinery	Bull	NYSE	Agricultural Equipment, Cyclical, Demographics, Food Demand, machinery, market share, productivity, technology, Value	Login
Dec 31, 2023	Fund Letters	Oakmark Select Fund	AXP	American Express	Financials	Consumer Finance	Bull	NYSE	Closed-Loop, competitive moat, consumer finance, credit cards, High-Spending Customers, Payment Networks, Premium Brand	Login
Dec 31, 2023	Fund Letters	Oakmark Select Fund	PAYC	Paycom Software	Information Technology	Application Software	Bull	NYSE	founder-led, high margins, Human capital management, Payroll Software, SaaS, Software Discount, Temporary Setback	Login
Dec 31, 2023	Fund Letters	Oakmark Select Fund	DIPSX	Phillips 66	Energy	Oil & Gas Refining & Marketing	Bull	NYSE	capital returns, diversified operations, Downstream Energy, Energy Value, Normalized Earnings, oil refining, Stable Cash Flow	Login
Sep 30, 2023	Fund Letters	Oakmark Select Fund	IQV	IQVIA Holdings Inc	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	Biotech, Clinical trials, Cro, Data Analytics, Healthcare Technology, life sciences, Pharmaceutical Services, Real-world Evidence, Value	Login
Jun 30, 2023	Fund Letters	Oakmark Select Fund	COP	ConocoPhillips	Energy	Oil, Gas & Consumable Fuels	Bull	NYSE	capital allocation, dividends, energy, Exploration & Production, Liquified Natural Gas, LNG, Oil & Gas, share repurchases, undervalued, Value	Login
Mar 31, 2023	Fund Letters	Oakmark Select Fund	SCHW	Charles Schwab Corporation	Financials	Investment Banking & Brokerage	Bull	NASDAQ	banking, Discount Brokerage, FDIC Insured, Liquidity Profile, Mark-to-Market Losses, Normalized Earnings, Scale Advantages, Value	Login
Mar 31, 2023	Fund Letters	Oakmark Select Fund	FCNCA	First Citizens BancShares Inc	Financials	Regional Banks	Bull	NASDAQ	Crisis Opportunity, FDIC Acquisition, insider purchases, intrinsic value, management ownership, regional banking, Regulatory Trust, Value	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 13, 2026

Fund Letters

William Nygren

WBD

Warner Bros. Discovery, Inc.

Communication Services

Media

Bull

NASDAQ

media, mergers, spin-off, Streaming, valuation

Jan 13, 2026

Fund Letters

William Nygren

PAYC

Paycom Software, Inc.

Information Technology

Application Software

Neutral

New York Stock Exchange

AI, buybacks, HR, Software, valuation

Jan 13, 2026

Fund Letters

William Nygren

TRGP

Targa Resources Corp.

Energy

Oil & Gas Midstream

Bull

New York Stock Exchange

Barriers, cashflow, infrastructure, midstream, valuation

Jun 30, 2025

Fund Letters

Oakmark Select Fund

IQV

IQVIA Holdings Inc.

Health Care

Life Sciences Tools & Services

Bull

NYSE

All-time Low Multiple, Biopharma Services, contrarian, Cro, life sciences, R&D Outsourcing, share repurchases

Jun 30, 2025

Fund Letters

Oakmark Select Fund

CRL

Charles River Laboratories International Inc.

Health Care

Life Sciences Tools & Services

Bull

NYSE

competitive moat, life sciences, Low Earnings Multiple, Preclinical Research, R&D Outsourcing, Research Models, strategic review

Jun 30, 2025

Fund Letters

Oakmark Select Fund

ICLR

ICON plc

Health Care

Life Sciences Tools & Services

Bull

NASDAQ

11x Earnings, Biopharma Services, Clinical trials, Cro, Historic Low Multiple, Pure-Play, R&D Outsourcing

Jun 30, 2025

Fund Letters

Oakmark Select Fund

CRM

Salesforce Inc.

Information Technology

Application Software

Bull

NYSE

AI Deployment, CRM, Enterprise software, margin expansion, Operating Discipline, Put Writing Strategy, SaaS

Jun 30, 2025

Fund Letters

Oakmark Select Fund

GOOGL

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

AI, Cloud computing, digital advertising, Low-teens P/E, margin expansion, search engine, technology

Mar 31, 2025

Fund Letters

Oakmark Select Fund

MOH

Molina Healthcare

Health Care

Managed Health Care

Bull

NYSE

Government Programs, healthcare, managed care, Medicaid, Medicare, Regulatory, turnaround, Value

Dec 31, 2024

Fund Letters

Oakmark Select Fund

PAYC

Paycom Software

Software & Services

Application Software

Bull

NASDAQ

Cloud software, double-digit growth, high margins, Human Resources, market share gains, Payroll, SaaS

Dec 31, 2024

Fund Letters

Oakmark Select Fund

IQV

IQVIA Holdings

Pharmaceuticals, Biotechnology & Life Sciences

Life Sciences Tools & Services

Bull

NYSE

attractive valuation, Clinical research, cyclical headwinds, life sciences, Mid-teens Multiple, R&D Solutions, Technology Analytics

Dec 31, 2024

Fund Letters

Oakmark Select Fund

ABNB

Airbnb

Consumer Services

Hotels, Restaurants & Leisure

Bull

NASDAQ

Alternative Accommodations, Global Travel, growth investments, network effects, online marketplace, Paid Placement, Two-sided Platform

Dec 31, 2024

Fund Letters

Oakmark Select Fund

EFX

Equifax

Commercial & Professional Services

Research & Consulting Services

Bull

NYSE

Credit Bureau, Cyclical Recovery, Data Assets, Mortgage Cycle, network effects, Triopoly, Workforce Solutions

Dec 31, 2024

Fund Letters

Oakmark Select Fund

KDP

Keurig Dr Pepper

Food, Beverage & Tobacco

Soft Drinks

Bull

NASDAQ

Beverage Company, Flavored Soft Drinks, Household Penetration, Installed base, market share gains, Single-serve Coffee, valuation discount

Sep 30, 2024

Fund Letters

Oakmark Select Fund

CBRE

CBRE Group

Real Estate

Real Estate Services

Bull

NYSE

capital allocation, commercial real estate, Cyclical Resilient, Management Quality, property management, Real Estate Services, Value

Sep 30, 2024

Fund Letters

Oakmark Select Fund

GOOGL

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

AI, antitrust, Cloud computing, digital advertising, Monopoly, search engine, technology, Value

Jun 30, 2024

Fund Letters

Oakmark Select Fund

CNC

Centene Corporation

Health Care

Health Care Services

Bull

NYSE

Government Programs, health insurance, Healthcare services, market leader, Medicaid, Medicare Advantage, turnaround, Value

Mar 31, 2024

Fund Letters

Oakmark Select Fund

Deere & Company

Industrials

Agricultural & Farm Machinery

Bull

NYSE

Agricultural Equipment, Cyclical, Demographics, Food Demand, machinery, market share, productivity, technology, Value

Dec 31, 2023

Fund Letters

Oakmark Select Fund

AXP

American Express

Financials

Consumer Finance

Bull

NYSE

Closed-Loop, competitive moat, consumer finance, credit cards, High-Spending Customers, Payment Networks, Premium Brand

Dec 31, 2023

Fund Letters

Oakmark Select Fund

PAYC

Paycom Software

Information Technology

Application Software

Bull

NYSE

founder-led, high margins, Human capital management, Payroll Software, SaaS, Software Discount, Temporary Setback

Dec 31, 2023

Fund Letters

Oakmark Select Fund

DIPSX

Phillips 66

Energy

Oil & Gas Refining & Marketing

Bull

NYSE

capital returns, diversified operations, Downstream Energy, Energy Value, Normalized Earnings, oil refining, Stable Cash Flow

Sep 30, 2023

Fund Letters

Oakmark Select Fund

IQV

IQVIA Holdings Inc

Health Care

Life Sciences Tools & Services

Bull

NASDAQ

Biotech, Clinical trials, Cro, Data Analytics, Healthcare Technology, life sciences, Pharmaceutical Services, Real-world Evidence, Value

Jun 30, 2023

Fund Letters

Oakmark Select Fund

COP

ConocoPhillips

Energy

Oil, Gas & Consumable Fuels

Bull

NYSE

capital allocation, dividends, energy, Exploration & Production, Liquified Natural Gas, LNG, Oil & Gas, share repurchases, undervalued, Value

Mar 31, 2023

Fund Letters

Oakmark Select Fund

SCHW

Charles Schwab Corporation

Financials

Investment Banking & Brokerage

Bull

NASDAQ

banking, Discount Brokerage, FDIC Insured, Liquidity Profile, Mark-to-Market Losses, Normalized Earnings, Scale Advantages, Value

Mar 31, 2023

Fund Letters

Oakmark Select Fund

FCNCA

First Citizens BancShares Inc

Financials

Regional Banks

Bull

NASDAQ

Crisis Opportunity, FDIC Acquisition, insider purchases, intrinsic value, management ownership, regional banking, Regulatory Trust, Value

TICKER	COMMENTARY
CHTR	Charter Communications Cl A 0%
EFX	Equifax was among the top detractors during the quarter. Equifax 3.4%
GLIBA	GCI Liberty Cl C 0%
GOOGL	Alphabet Cl A was among the top contributors during the quarter. Alphabet Cl A 3.9%
IQV	IQVIA Holdings was among the top contributors during the quarter. IQVIA Holdings 5.8%
LBRDK	Liberty Broadband Cl C was among the top detractors during the quarter. Liberty Broadband Cl C 0%
NFLX	Following several rounds of bidding, WBD announced an agreement to sell its Streaming and Studios business to Netflix. Netflix 0%
PAYC	Paycom Software was the top detractor during the quarter. The U.S.-headquartered human resources and employment services company's stock price declined alongside peers due to broad underperformance in the application software sector. We continue to believe Paycom has a long runway for future growth and that system-of-record software companies like Paycom will not be replaced by AI. We appreciate management's focus on ramping share repurchases, which we believe will add significant per-share value at today's stock price. Paycom Software 3.9%
TRGP	Targa Resources is a leading midstream natural gas and natural gas liquids (NGL) company. Targa is part of a group that controls 90% of the fractionation capacity in the largest hub for NGLs in the world, known as Mont Belvieu. Thanks to the region's unique topography and proximity to the Gulf Coast, Targa benefits from meaningful cost advantages and significant barriers to entry. We like that Targa generates approximately 90% of its earnings through multi-year fee-based arrangements with its customer base, which provides protection against oversupply or re-contracting. Uncertainty around Permian oil production growth has recently weighed on the share price. However, in our view, Targa remains well-positioned to grow, even if the Permian slows dramatically. We were happy to purchase shares at a discount to peers based on normalized earnings power and our estimate of intrinsic value. Targa Resources 2.7%
WBD	Warner Bros Discovery (WBD) was the top contributor during the quarter. The U.S.-headquartered media company's stock price surged as multiple parties submitted offers to acquire all or part of the business. Following several rounds of bidding, WBD announced an agreement to sell its Streaming and Studios business to Netflix, while spinning the Global Networks business to shareholders. Paramount Skydance subsequently made a direct $30 per share offer to shareholders for the entire company. We are pleased with the steps the WBD board has taken thus far to unlock shareholder value. We will continue to closely monitor developments as this bidding war unfolds. Warner Bros Discovery 6.2%

TICKER

COMMENTARY

CHTR

Charter Communications Cl A 0%

EFX

Equifax was among the top detractors during the quarter. Equifax 3.4%

GLIBA

GCI Liberty Cl C 0%

GOOGL

Alphabet Cl A was among the top contributors during the quarter. Alphabet Cl A 3.9%

IQV

IQVIA Holdings was among the top contributors during the quarter. IQVIA Holdings 5.8%

LBRDK

Liberty Broadband Cl C was among the top detractors during the quarter. Liberty Broadband Cl C 0%

NFLX

Following several rounds of bidding, WBD announced an agreement to sell its Streaming and Studios business to Netflix. Netflix 0%

PAYC

Paycom Software was the top detractor during the quarter. The U.S.-headquartered human resources and employment services company's stock price declined alongside peers due to broad underperformance in the application software sector. We continue to believe Paycom has a long runway for future growth and that system-of-record software companies like Paycom will not be replaced by AI. We appreciate management's focus on ramping share repurchases, which we believe will add significant per-share value at today's stock price. Paycom Software 3.9%

TRGP

Targa Resources is a leading midstream natural gas and natural gas liquids (NGL) company. Targa is part of a group that controls 90% of the fractionation capacity in the largest hub for NGLs in the world, known as Mont Belvieu. Thanks to the region's unique topography and proximity to the Gulf Coast, Targa benefits from meaningful cost advantages and significant barriers to entry. We like that Targa generates approximately 90% of its earnings through multi-year fee-based arrangements with its customer base, which provides protection against oversupply or re-contracting. Uncertainty around Permian oil production growth has recently weighed on the share price. However, in our view, Targa remains well-positioned to grow, even if the Permian slows dramatically. We were happy to purchase shares at a discount to peers based on normalized earnings power and our estimate of intrinsic value. Targa Resources 2.7%

WBD

Warner Bros Discovery (WBD) was the top contributor during the quarter. The U.S.-headquartered media company's stock price surged as multiple parties submitted offers to acquire all or part of the business. Following several rounds of bidding, WBD announced an agreement to sell its Streaming and Studios business to Netflix, while spinning the Global Networks business to shareholders. Paramount Skydance subsequently made a direct $30 per share offer to shareholders for the entire company. We are pleased with the steps the WBD board has taken thus far to unlock shareholder value. We will continue to closely monitor developments as this bidding war unfolds. Warner Bros Discovery 6.2%

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
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Shares Bought

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Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

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Shares Sold

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No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

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No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st December 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Software

Home Improvement

Media

Beverages

AI

Buybacks

Capital Markets

Cloud

AI

Managed Care

Value

Cloud

Travel

Real Estate Services

Value

AI

Value

Agriculture

Value

Refiners

Value

Value

Oil

Regional Banks

Value

Investor Pitches

Current Portfolio as of ( 31st December 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

William Nygren Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Oakmark Select Fund