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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Oakmark Fund underperformed the S&P 500 in Q3 2025 due to an IT underweight, but continues to deploy capital into high-quality value names like Targa Resources and Union Pacific."
During Q3 2025, the Oakmark Fund (OAKMX) returned 3.18%, underperforming the S&P 500 Index's return of 8.12% due to its underweight position in information technology. Financials and energy were the strongest sector contributors, while healthcare and consumer staples dragged on returns. Alphabet was the top individual contributor, supported by positive antitrust rulings and strong earnings, while Centene was the largest detractor following downgraded guidance. Portfolio changes included new purchases of Targa Resources and Union Pacific, and complete exits from BlackRock, Centene, and Kenvue.
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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 Fund underperformed the S&P 500 in Q3 2025 due to an IT underweight, but continues to deploy capital into high-quality value names like Targa Resources and Union Pacifi...
Growth Outlook
Market outlook remains above average conviction: The Oakmark Fund underperformed the S&P 500 in Q3 2025 due to an IT underweight, but continues to deploy capital into high-quality value names like Targa Resources and Union Pacifi...
Risk Appetite
Risk appetite posture is above average conviction: The Oakmark Fund underperformed the S&P 500 in Q3 2025 due to an IT underweight, but continues to deploy capital into high-quality value names like Targa Resources and Union Pacifi...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Oakmark Fund underperformed the S&P 500 in Q3 2025 due to an IT underweight, but continues to deploy capital into high-quality value names like Targa Resources and Union Pacifi...
Forward Guidance
Forward guidance signal: The Oakmark Fund underperformed the S&P 500 in Q3 2025 due to an IT underweight, but continues to deploy capital into high-quality value names like Targa Resources and Union Pacifi...
Language Signal
Tone analysis indicates above average conviction language: The Oakmark Fund underperformed the S&P 500 in Q3 2025 due to an IT underweight, but continues to deploy capital into high-quality value names like Targa Resources and Union Pacifi...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Oakmark Fund underperformed the S&P 500 in Q3 2025 due to an IT underweight, but continues to deploy capital into high-quality value names like Targa Resources and Union Pacifi...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Oakmark Fund underperformed the S&P 500 in Q3 2025 due to an IT underweight, but continues to deploy capital into high-quality value names like Targa Resources and Union Pacifi...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Oakmark Fund underperformed the S&P 500 in Q3 2025 due to an IT underweight, but continues to deploy capital into high-quality value names like Targa Resources and Union Pacifi...
