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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Harris Oakmark U.S. Concentrated Strategy outperformed its benchmark in Q4 2025 with an 8.36% net return, initiating a new position in Targa Resources and completely exiting Charter Communications and Liberty Broadband."
In the fourth quarter of 2025, the Harris Oakmark U.S. Concentrated Strategy returned 8.36% net, significantly outperforming the Russell 1000 Value Index's return of 3.81%. Major contributors to performance included Warner Bros Discovery (driven by active bidding/M&A interest), Alphabet (supported by robust Search and Cloud earnings), and First Citizens Bancshares. Detractors included Equifax, Paycom Software, and Liberty Broadband. During the period, the fund initiated a new position in midstream infrastructure leader Targa Resources and fully eliminated its positions in Charter Communications Cl A and Liberty Broadband Cl C.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Harris Oakmark U.S. Concentrated Strategy outperformed its benchmark in Q4 2025 with an 8.36% net return, initiating a new position in Targa Resources and completely exiting Charte...
Growth Outlook
Market outlook remains above average conviction: Harris Oakmark U.S. Concentrated Strategy outperformed its benchmark in Q4 2025 with an 8.36% net return, initiating a new position in Targa Resources and completely exiting Charte...
Risk Appetite
Risk appetite posture is above average conviction: Harris Oakmark U.S. Concentrated Strategy outperformed its benchmark in Q4 2025 with an 8.36% net return, initiating a new position in Targa Resources and completely exiting Charte...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Harris Oakmark U.S. Concentrated Strategy outperformed its benchmark in Q4 2025 with an 8.36% net return, initiating a new position in Targa Resources and completely exiting Charte...
Forward Guidance
Forward guidance signal: Harris Oakmark U.S. Concentrated Strategy outperformed its benchmark in Q4 2025 with an 8.36% net return, initiating a new position in Targa Resources and completely exiting Charte...
Language Signal
Tone analysis indicates above average conviction language: Harris Oakmark U.S. Concentrated Strategy outperformed its benchmark in Q4 2025 with an 8.36% net return, initiating a new position in Targa Resources and completely exiting Charte...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Harris Oakmark U.S. Concentrated Strategy outperformed its benchmark in Q4 2025 with an 8.36% net return, initiating a new position in Targa Resources and completely exiting Charte...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Harris Oakmark U.S. Concentrated Strategy outperformed its benchmark in Q4 2025 with an 8.36% net return, initiating a new position in Targa Resources and completely exiting Charte...
Time Horizon
Investment time horizon reflects a high conviction orientation. Harris Oakmark U.S. Concentrated Strategy outperformed its benchmark in Q4 2025 with an 8.36% net return, initiating a new position in Targa Resources and completely exiting Charte...
