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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Oakmark Global Fund 2026 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (Oakmark Global Fund)

Primary Source Intelligence • Q3 2026 Letter Analysis

Oakmark Global Fund Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Oakmark Global Fund. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD+1.68%

YTD+3.56%

Annualized+9.32%

Positioning StanceCONSTRUCTIVE

GeographyUS, Global, Europe, Asia, Emerging markets

Digest Analysis

Quick Take

"Oakmark Global Fund returned 1.68% net in Q3 2026, driven by strength in IQVIA and enterprise software, while initiating positions in Meta Platforms and Sugi Holdings alongside four complete exits."

Executive Summary

Oakmark Global Fund (Investor Class) delivered a net return of 1.68% for the third quarter of 2026, bringing its year-to-date net return to 3.56%, trailing the MSCI World Index's quarterly net return of 1.88% and YTD advance of 11.75%. Sector performance was propelled by gains in information technology and financials, while consumer discretionary and industrials acted as primary detractors. Geographically, the fund maintained significant exposures of 50.6% in the United States, 33.9% in Europe ex-U.K., 4.8% in Asia ex-Japan, and 4.8% in emerging markets, with top country-level contributions originating from the U.S., Germany, and Switzerland. The investment team highlighted an ongoing market bifurcation wherein a narrow cohort of mega-cap U.S. technology companies dominated headline index returns, while non-U.S. developed and emerging equity markets grappled with currency headwinds, economic deceleration, and geopolitical friction. Oakmark views these macro-driven divergences constructively, arguing that broad market skittishness has created compelling entry multiples for fundamentally resilient, cash-generative franchises priced at deep discounts to intrinsic business value. Portfolio turnover featured two new long additions and four complete divestitures. The managers initiated positions in Meta Platforms (1.9% of net assets) and Japanese pharmacy operator Sugi Holdings (1.8%), while harvesting gains and fully liquidating stakes in ConocoPhillips, Deere, Gartner, and Prudential. Top contributor IQVIA Holdings (3.3%) rallied on double-digit bookings growth, whereas European freight logistics leader DSV (2.6%) detracted following execution challenges in its Road freight unit.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

68%

CautiousHigh

Moderate (68%)

Market Conviction

Oakmark demonstrates focused conviction by rotating capital into out-of-favor opportunities like Meta Platforms and Sugi Holdings while holding through operational integration setbacks in DSV. The fund maintains disciplined concentration with explicit holding weights across top positions such as Salesforce (3.4%), IQVIA (3.3%), and DSV (2.6%).

62%

BearishBullish

Neutral (62%)

Growth Outlook

The managers express constructive directional sentiment on international equities and discounted value franchises, even while noting macro and currency uncertainties. Their stance is predicated on the belief that wide price-to-value gaps will inevitably narrow in favor of patient fundamental investors.

65%

DefensiveAggressive

Balanced (65%)

Risk Appetite

Positioning remains net long and equity-focused, deploying fresh capital into stocks experiencing near-term sentiment overhangs, such as Meta during peak AI capex skepticism and DSV during European logistics integration. Allocations span global developed and emerging markets without broad defensive cash raises.

52%

De-riskingDeploying

Net Neutral (52%)

Capital Deployment

Capital deployment remained balanced, with fresh purchases in Meta Platforms (1.9%) and Sugi Holdings (1.8%) offset by complete exits in ConocoPhillips, Deere, Gartner, and Prudential. Net portfolio cash posture remained stable without aggressive leverage or drastic exposure swings.

65%

CautiousExpansionary

Expansionary (65%)

Forward Guidance

Guidance reflects active capital recycling into undervalued opportunities, demonstrated by two new strategic initiations alongside four full position liquidations. Management indicates an ongoing commitment to scaling high-conviction holdings whose intrinsic value significantly outpaces market pricing.

66%

BearishBullish

Bullish (66%)

Language Signal

The letter balances optimistic vocabulary regarding double-digit organic growth, cost synergies, and compelling discounts to intrinsic value against measured acknowledgments of macro, currency, and operational challenges. Constructive fundamental terminology decisively outweighs cautious risk language.

52%

Low RiskElevated

Moderate Risk (52%)

Perceived Risk

Perceived macro risk is characterized as moderate, with explicit recognition of currency volatility, economic deceleration, and geopolitical instability in overseas markets. However, these factors are analyzed as cyclical valuation drivers rather than existential systemic threats.

64%

ScarceAbundant

Selective (64%)

Opportunity Density

Opportunity density is selective rather than pervasive, driven by specific dislocations created by extreme market concentration in a few U.S. mega-caps. The investment team successfully identified attractive entry points across Japanese retail and U.S. technology while maintaining high hurdle rates.

76%

Short-TermLong-Term

Decade+ (76%)

Time Horizon

Oakmark adheres to a patient multi-year compounding horizon, emphasizing that the gap between share prices and intrinsic value resolves over extended periods. This long-term framework is evident in their willingness to absorb multi-year integration horizons for DSV's DB Schenker deal and Meta's infrastructure monetization.