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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Oakmark Global Select Fund returned +5.14% net of fees in Q3 2026, driven by top contribution from IQVIA Holdings and strength in health care and IT, while establishing new positions in Amrize, LVMH, and Willis Towers Watson and exiting BMW and ConocoPhillips."
During the third quarter of 2026, the Oakmark Global Select Fund (Investor Class) delivered strong absolute and relative performance, returning +5.14% net of fees and outperforming its benchmark, the MSCI World Index, which gained +1.88%. Year-to-date, the fund has returned +0.23% net of fees. At the sector level, capital allocation in health care and information technology served as the primary performance contributors, offsetting negative drag from consumer discretionary and industrials holdings. Geographically, the fund maintained significant core exposures with 61.1% allocated to the United States, 22.2% to Europe ex-U.K., 9.5% to the United Kingdom, and 3.0% to emerging markets, with U.S., German, and Chinese positions generating the strongest performance attribution. Macroeconomic conditions continued to reflect pronounced market narrowness, as a small cohort of mega-cap technology and growth companies drove broader U.S. index returns. Simultaneously, international markets faced persistent friction stemming from foreign currency volatility, European economic stagnation, and ongoing macroeconomic softness in China. Oakmark’s investment framework views these macro dislocations and narrow market participation not as structural impediments, but as fertile ground for fundamental value investing. The managers emphasize that broad sentiment skepticism has depressed the market prices of durable, cash-generative global franchises well below their underlying intrinsic business values. Portfolio activity during the quarter reflected proactive capital reallocation into newly identified value opportunities. Oakmark initiated new equity positions in building materials producer Amrize (2.5% weighting), global luxury powerhouse LVMH (1.8% weighting), and commercial insurance broker Willis Towers Watson (2.8% weighting). Top quarterly contributor IQVIA Holdings (6.9% weighting) surged following accelerated bookings growth and AI tool adoption, while Danish freight forwarder DSV (3.6% weighting) detracted due to transitory execution hurdles in European road logistics. To fund new purchases and optimize portfolio concentration, the managers executed complete sales of their holdings in BMW and ConocoPhillips.
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