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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, Harris Associates Concentrated Strategy. This analysis is provided for institutional research purposes only and is not investment advice.
"Harris Associates' concentrated value strategy underperformed in Q2 2026 as markets favored AI beneficiaries. The manager added Marsh & McLennan on insurance rate weakness and maintained conviction in Salesforce and Intercontinental Exchange despite AI disruption concerns."
Harris Associates' U.S. Concentrated Strategy returned 9.21% net in Q2 2026, underperforming the Russell 1000 Value Index which returned 13.87%. The portfolio benefited from positions in Centene, which rallied on better-than-expected results and signs of stabilizing medical cost trends in managed care; ICON, which reported strong bookings and resumed buybacks after completing an accounting review; and Keurig Dr Pepper, which delivered strong sales led by cold beverages. Detractors included Intercontinental Exchange and Salesforce, both pressured by market concerns about AI disruption that the manager views as overblown. The manager initiated a position in Marsh & McLennan, the world's largest insurance broker, capitalizing on weakness from softening insurance rates despite strong fundamentals and margin expansion opportunities. Deere was eliminated. The strategy continues to emphasize value discipline, focusing on businesses trading at meaningful discounts to intrinsic value rather than chasing the market's narrow AI-driven leadership. The manager sees opportunities in quality companies that have fallen out of favor.
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