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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Oakmark Global Select Fund underperformed the MSCI World Index in Q4 2025. Key activity included establishing a new position in Sanofi and completely exiting Mercedes-Benz and Roche, while Bayer and Alibaba acted as the quarter's primary driver and detractor, respectively."
The Oakmark Global Select Fund underperformed the MSCI World Index for Q4 2025, the calendar year, and since inception. Top quarterly performance contributors included Bayer, which benefited from positive trial readouts on its stroke drug Asundexian and favorable developments in its Monsanto litigation, alongside IQVIA and Alphabet. Alibaba Group was the top detractor due to earnings compression from Quick Commerce subsidy investments, though managers remain optimistic about its long-term AI and cloud prospects. During the quarter, the fund bought Sanofi, citing long-term pipeline potential and Dupixent's strength, while executing final sales of Mercedes-Benz Group and Roche Holding.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
A conviction score of 0.75 is appropriate given the highly concentrated nature of the fund's holdings (e.g., IQVIA at 6.3% and Sanofi at 5.0%) and the clear, detailed turnaround theses presented for individual positions.
Growth Outlook
A score of 0.50 is assigned because the commentary remains focused on retroactive performance, sector contributions, and specific stock-level turnarounds without offering an explicit directional prediction or general outlook for the global equity markets.
Risk Appetite
The fund displays moderate risk appetite at 0.55, maintaining high-conviction concentrated stock positions like Alibaba and Bayer, while shifting some capital from auto and pharma exits (Mercedes-Benz, Roche) into a new pharmaceutical position (Sanofi).
Capital Deployment
The score is 0.50 as the fund represents a net neutral deployment posture, executing balanced portfolio rotation with one new purchase (Sanofi) and two full liquidations (Mercedes-Benz and Roche).
Forward Guidance
The forward guidance score is set to 0.50 as the managers do not outline any broad future macro capital deployment strategies or macro action biases, focusing instead on retrospective portfolio adjustments.
Language Signal
With a score of 0.55, the language leans slightly positive due to optimistic vocabulary describing portfolio turnarounds (e.g., 'blockbuster', 'excited about', 'well-positioned for long-term growth') despite acknowledging the period's underperformance.
Perceived Risk
Perceived risk is scored at 0.45, reflecting moderate risk acknowledgment centered around stock-specific issues (such as litigation and patent cliffs) rather than any systemic macro or market-wide risk warnings.
Opportunity Density
The opportunity density is scored at 0.55, reflecting a selective environment where the managers identified a clear entry point in Sanofi due to temporary market mispricings, while exiting other names.
Time Horizon
A time horizon of 0.75 reflects the fund's multi-year investment perspective, explicitly focusing on long-term compounders, pipeline normalization, and litigation turnarounds over several years.
