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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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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: 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 t...
Growth Outlook
Market outlook remains above average conviction: 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 t...
Risk Appetite
Risk appetite posture is moderate conviction: 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 t...
Capital Deployment
Capital deployment remained balanced with selective rotation across positions. 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 t...
Forward Guidance
Forward guidance signal: 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 t...
Language Signal
Tone analysis indicates above average conviction language: 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 t...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. 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 t...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. 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 t...
Time Horizon
Investment time horizon reflects a high conviction orientation. 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 t...
