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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Harris Oakmark leverages equity research to exploit technical supply indigestion in the corporate bond market, specifically lending to prime technology hyperscalers offering wide credit spreads despite negligible leverage and fortress cash flows."
Harris Oakmark Fixed Income strategy operates on the foundational philosophy that rigorous business and equity valuation research provides a decisive analytical edge in identifying mispriced corporate bonds. During the third quarter of 2026, fixed income markets witnessed record-breaking debt issuance from mega-cap technology hyperscalers funding artificial intelligence infrastructure, which expanded global bond issuance from twenty billion dollars in 2024 to two hundred sixty-nine billion dollars year-to-date. This unprecedented technical supply pressure has created compelling valuation disconnects, pushing corporate bond spreads to one hundred thirty-two basis points over Treasuries—significantly wider than typical BBB-rated credit spreads despite substantially superior balance sheet fundamentals. The strategy maintains concentrated debt exposure to leading hyperscalers boasting forty-seven percent EBITDA margins, rapid revenue expansion, and an average of thirty-three dollars in enterprise value for every dollar of outstanding debt. While heavy bond supply and potential overspending on artificial intelligence represent key market concerns, substantial enterprise cash flow flexibility provides robust credit protection for long-term bondholders.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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