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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Oakmark Select Fund underperformed in Q3 2025 due to its underweight tech posture, but remains highly constructive on core holdings like WBD and KDP, executing no buy or sell transactions during the period."
During Q3 2025, the Oakmark Select Fund underperformed its benchmark, the S&P 500 Index. Underperformance was driven by underweight exposure to information technology and outsized exposure to mid-caps. Communication services and energy were the largest positive sector contributors, while consumer staples and consumer discretionary detracted. WBD was the top individual contributor due to acquisition rumors, while KDP was the top detractor following its JDE Peet's acquisition announcement, which the managers defend as a value-creating move. There were no new purchases or final sales during the quarter.
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