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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Oakmark Select Fund outperformed the S&P 500 in Q4 2025, capitalising on M&A momentum in Warner Bros Discovery and establishing a high-conviction position in Targa Resources while exiting legacy telecom holdings."
In its Q4 2025 commentary, the Oakmark Select Fund reported strong performance, outperforming its S&P 500 benchmark. Top performance contributors included Warner Bros Discovery, which is currently the subject of an active M&A bidding war, Alphabet, and IQVIA Holdings. Conversely, Paycom Software detracted from returns amid software sector headwinds, though the managers remain highly constructive on its secular growth and AI resilience. Significant portfolio modifications included purchasing midstream NGL player Targa Resources and completely liquidating holdings in Charter Communications, GCI Liberty, and Liberty Broadband.
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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: Oakmark Select Fund outperformed the S&P 500 in Q4 2025, capitalising on M&A momentum in Warner Bros Discovery and establishing a high-conviction position in Targa Resources while ...
Growth Outlook
Market outlook remains above average conviction: Oakmark Select Fund outperformed the S&P 500 in Q4 2025, capitalising on M&A momentum in Warner Bros Discovery and establishing a high-conviction position in Targa Resources while ...
Risk Appetite
Risk appetite posture is above average conviction: Oakmark Select Fund outperformed the S&P 500 in Q4 2025, capitalising on M&A momentum in Warner Bros Discovery and establishing a high-conviction position in Targa Resources while ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Oakmark Select Fund outperformed the S&P 500 in Q4 2025, capitalising on M&A momentum in Warner Bros Discovery and establishing a high-conviction position in Targa Resources while ...
Forward Guidance
Forward guidance signal: Oakmark Select Fund outperformed the S&P 500 in Q4 2025, capitalising on M&A momentum in Warner Bros Discovery and establishing a high-conviction position in Targa Resources while ...
Language Signal
Tone analysis indicates above average conviction language: Oakmark Select Fund outperformed the S&P 500 in Q4 2025, capitalising on M&A momentum in Warner Bros Discovery and establishing a high-conviction position in Targa Resources while ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Oakmark Select Fund outperformed the S&P 500 in Q4 2025, capitalising on M&A momentum in Warner Bros Discovery and establishing a high-conviction position in Targa Resources while ...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Oakmark Select Fund outperformed the S&P 500 in Q4 2025, capitalising on M&A momentum in Warner Bros Discovery and establishing a high-conviction position in Targa Resources while ...
Time Horizon
Investment time horizon reflects a high conviction orientation. Oakmark Select Fund outperformed the S&P 500 in Q4 2025, capitalising on M&A momentum in Warner Bros Discovery and establishing a high-conviction position in Targa Resources while ...
