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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Oakmark Select Fund underperformed the S&P 500 in Q2 2025 but leveraged market volatility and tariff fears to build high-conviction positions in undervalued CROs and technology leaders."
During the second quarter of 2025, the Oakmark Select Fund (Investor Share Class) returned 4.18%, underperforming the benchmark S&P 500 Index's return of 10.94%, but maintaining its outperformance since inception. Financials and consumer discretionary sectors were the strongest contributors to performance, while healthcare and energy sectors dragged on returns. In response to heightened volatility and tariff fears early in the quarter, managers William C. Nygren, Robert F. Bierig, and Alex Fitch actively repositioned the portfolio toward holdings with attractive risk-adjusted return profiles. The fund reduced stakes in relatively stable holdings, including Keurig Dr Pepper and Paycom Software, and redeployed capital into names whose stock prices had declined well below intrinsic value, such as First Citizens Bank and Airbnb. Additionally, the fund initiated three new positions: Charles River Labs, ICON PLC, and Salesforce, using a put writing strategy to lower the entry price for Salesforce. There were no final sales during the quarter. Alphabet Cl A, Capital One, and Charles Schwab were top contributors, while IQVIA Holdings, ConocoPhillips, and Centene were the primary detractors.
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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 the S&P 500 in Q2 2025 but leveraged market volatility and tariff fears to build high-conviction positions in undervalued CROs and technology...
Growth Outlook
Market outlook remains above average conviction: The Oakmark Select Fund underperformed the S&P 500 in Q2 2025 but leveraged market volatility and tariff fears to build high-conviction positions in undervalued CROs and technology...
Risk Appetite
Risk appetite posture is above average conviction: The Oakmark Select Fund underperformed the S&P 500 in Q2 2025 but leveraged market volatility and tariff fears to build high-conviction positions in undervalued CROs and technology...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Oakmark Select Fund underperformed the S&P 500 in Q2 2025 but leveraged market volatility and tariff fears to build high-conviction positions in undervalued CROs and technology...
Forward Guidance
Forward guidance signal: The Oakmark Select Fund underperformed the S&P 500 in Q2 2025 but leveraged market volatility and tariff fears to build high-conviction positions in undervalued CROs and technology...
Language Signal
Tone analysis indicates above average conviction language: The Oakmark Select Fund underperformed the S&P 500 in Q2 2025 but leveraged market volatility and tariff fears to build high-conviction positions in undervalued CROs and technology...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Oakmark Select Fund underperformed the S&P 500 in Q2 2025 but leveraged market volatility and tariff fears to build high-conviction positions in undervalued CROs and technology...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Oakmark Select Fund underperformed the S&P 500 in Q2 2025 but leveraged market volatility and tariff fears to build high-conviction positions in undervalued CROs and technology...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Oakmark Select Fund underperformed the S&P 500 in Q2 2025 but leveraged market volatility and tariff fears to build high-conviction positions in undervalued CROs and technology...
