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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The fund underperformed in Q2 2026 as AI enthusiasm drove market returns. BNP Paribas led contributions with strong capital build and attractive valuation despite French economic concerns."
The Oakmark Global Select Fund returned 3.76% in Q2 2026, underperforming the MSCI World Index which returned 13.76%. The fund maintains a concentrated global portfolio with 61.2% in the U.S., 26.0% in Europe ex U.K., and 10.0% in the U.K. BNP Paribas was the top contributor, delivering better-than-expected results with strong capital build positioning the bank to accelerate shareholder returns. The fund views BNP shares as attractive with limited exposure to France's challenged economy. Intercontinental Exchange was the top detractor as the market worried about AI disruption and new competition, concerns the fund views as unfounded given ICE's strong network effects and double-digit earnings growth. The fund added SAP, a global enterprise software leader, at what it views as a considerable discount to intrinsic value. The fund believes market concerns about AI rendering enterprise software obsolete underestimate SAP's irreplaceable role in client technology ecosystems. Health care and consumer staples were the largest sector contributors while consumer discretionary and information technology detracted.
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