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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Manager rejects binary AI predictions, instead seeking fixed income investments that succeed across multiple scenarios. Owns Meta and Oracle bonds for their diversified paths to AI value without betting on specific outcomes."
Harris Oakmark's fixed income team views AI as potentially the most transformative technology since the Industrial Revolution, but emphasizes the wide range of possible outcomes rather than accepting binary predictions of total success or failure. The key distinction from the dot-com era is that today's AI investors generate over half a trillion dollars in annual operating cash flow, giving the technology years to prove its economic value without depending on speculative capital markets. The manager's approach focuses on identifying bonds where today's price compensates for uncertainty across multiple scenarios. Meta bonds offer exposure through the company's 3.56 billion daily active users and multiple paths to AI value creation without depending on one specific model. Oracle bonds provide access to deep enterprise relationships and mission-critical data. The team also selectively invests in investment-grade single-tenant data center bonds with strong structural protections. However, they explicitly avoid high-yield NeoCloud issuers carrying leveraged balance sheets as marginal compute suppliers, drawing parallels to WeWork's collapse when demand disappointed.
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