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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Oakmark Global Select Fund underperformed the MSCI World Index in Q2 2025, returning 4.54% amid tariff-related market volatility. Management capitalized on this volatility by adding four high-conviction positions and fully exiting three holdings."
For the second quarter ending June 30, 2025, the Oakmark Global Select Fund (Investor Share Class) underperformed its benchmark, returning 4.54% compared to 11.47% for the MSCI World Index. At the sector level, financials and industrials were the primary positive contributors, while healthcare and energy detracted. Geographically, top country allocations were the U.S. at 60.8%, Europe ex U.K. at 26.0%, and the U.K. at 9.9%. The quarter was characterized by elevated portfolio turnover due to market volatility triggered by President Trump's 'Liberation Day' announcement. This tariff-related volatility prompted the management team to buy shares where discounts to intrinsic value widened significantly. New additions included Becton, Dickinson and Company (BD), BMW, BNP Paribas, and DSV. Conversely, the fund exited its holdings in Danone, Fiserv, and Lloyds Banking Group. Bayer was the quarter's top contributor, buoyed by strong pharma segment results and positive expectations surrounding its Supreme Court appeal regarding RoundUp litigation. IQVIA Holdings was the leading detractor due to biopharma R&D spending slowdowns, but management remains bullish on its long-term prospects, citing robust buybacks and cheap valuation.
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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 Global Select Fund underperformed the MSCI World Index in Q2 2025, returning 4.54% amid tariff-related market volatility. Management capitalized on this volatility by a...
Growth Outlook
Market outlook remains high conviction: The Oakmark Global Select Fund underperformed the MSCI World Index in Q2 2025, returning 4.54% amid tariff-related market volatility. Management capitalized on this volatility by a...
Risk Appetite
Risk appetite posture is high conviction: The Oakmark Global Select Fund underperformed the MSCI World Index in Q2 2025, returning 4.54% amid tariff-related market volatility. Management capitalized on this volatility by a...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Oakmark Global Select Fund underperformed the MSCI World Index in Q2 2025, returning 4.54% amid tariff-related market volatility. Management capitalized on this volatility by a...
Forward Guidance
Forward guidance signal: The Oakmark Global Select Fund underperformed the MSCI World Index in Q2 2025, returning 4.54% amid tariff-related market volatility. Management capitalized on this volatility by a...
Language Signal
Tone analysis indicates high conviction language: The Oakmark Global Select Fund underperformed the MSCI World Index in Q2 2025, returning 4.54% amid tariff-related market volatility. Management capitalized on this volatility by a...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Oakmark Global Select Fund underperformed the MSCI World Index in Q2 2025, returning 4.54% amid tariff-related market volatility. Management capitalized on this volatility by a...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Oakmark Global Select Fund underperformed the MSCI World Index in Q2 2025, returning 4.54% amid tariff-related market volatility. Management capitalized on this volatility by a...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Oakmark Global Select Fund underperformed the MSCI World Index in Q2 2025, returning 4.54% amid tariff-related market volatility. Management capitalized on this volatility by a...
