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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Oakmark Global Fund generated a 5.96% return in Q2 2025, lagging its benchmark, but actively capitalized on tariff-driven market volatility to rotate capital into six new high-conviction positions at deep discounts to intrinsic value."
During the second quarter of 2025, the Oakmark Global Fund (Investor Class) returned 5.96%, underperforming the MSCI World Index's return of 11.47%. Industrials and financials were the strongest sector contributors, while health care and energy detracted. Geographically, Denmark, the U.K., and Ireland contributed most, while the U.S., Switzerland, and China detracted. Political events, including President Trump's 'Liberation Day' announcement, triggered significant tariff-related volatility. The fund capitalized on these dislocations to aggressively rebalance, making six new purchases (Adidas, Ashtead Group, BMW, BNP Paribas, Keurig Dr Pepper, and Molina Healthcare) and executing six final sales (Allianz, Anheuser-Busch InBev, Fiserv, Liberty Broadband Cl C, Lloyds Banking Group, and TIS Inc) to tilt the portfolio toward deeply discounted, high-quality leaders.
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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 Global Fund generated a 5.96% return in Q2 2025, lagging its benchmark, but actively capitalized on tariff-driven market volatility to rotate capital into six new high-conv...
Growth Outlook
Market outlook remains above average conviction: Oakmark Global Fund generated a 5.96% return in Q2 2025, lagging its benchmark, but actively capitalized on tariff-driven market volatility to rotate capital into six new high-conv...
Risk Appetite
Risk appetite posture is above average conviction: Oakmark Global Fund generated a 5.96% return in Q2 2025, lagging its benchmark, but actively capitalized on tariff-driven market volatility to rotate capital into six new high-conv...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Oakmark Global Fund generated a 5.96% return in Q2 2025, lagging its benchmark, but actively capitalized on tariff-driven market volatility to rotate capital into six new high-conv...
Forward Guidance
Forward guidance signal: Oakmark Global Fund generated a 5.96% return in Q2 2025, lagging its benchmark, but actively capitalized on tariff-driven market volatility to rotate capital into six new high-conv...
Language Signal
Tone analysis indicates above average conviction language: Oakmark Global Fund generated a 5.96% return in Q2 2025, lagging its benchmark, but actively capitalized on tariff-driven market volatility to rotate capital into six new high-conv...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Oakmark Global Fund generated a 5.96% return in Q2 2025, lagging its benchmark, but actively capitalized on tariff-driven market volatility to rotate capital into six new high-conv...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Oakmark Global Fund generated a 5.96% return in Q2 2025, lagging its benchmark, but actively capitalized on tariff-driven market volatility to rotate capital into six new high-conv...
Time Horizon
Investment time horizon reflects a high conviction orientation. Oakmark Global Fund generated a 5.96% return in Q2 2025, lagging its benchmark, but actively capitalized on tariff-driven market volatility to rotate capital into six new high-conv...
