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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Oakmark Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Oakmark Fund outperformed the S&P 500 in Q4 and full year 2023 despite severe value headwinds. The managers view current conditions as creating compelling value opportunities similar to early 2022, with higher rates and wider multiple dispersion favoring their approach."
The Oakmark Fund returned 12.92% in Q4 2023 and 30.89% for the full year, outperforming the S&P 500 in both periods despite value facing significant headwinds versus growth. The Russell 1000 Growth Index outperformed Value by 31 percentage points in 2023, completely erasing value's 2022 outperformance. However, the managers believe the current value opportunity is at least as compelling as it was in early 2022, with higher interest rates and wider P/E multiple dispersion creating a favorable backdrop for their investment approach. Key contributors included financials and industrials sectors, with Capital One Financial and KKR leading individual performance. The fund initiated a new position in BlackRock, viewing it as an above-market grower trading at a below-market multiple, while eliminating four positions that approached intrinsic value estimates. The managers remain excited about the long-term value opportunity despite near-term style headwinds.
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