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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Oakmark Fund underperformed in Q2 2026 as AI-driven market leadership persisted, but the managers remain disciplined value investors. Delta Air Lines led performance on improved airline industry rationality and strong premium travel demand."
The Oakmark Fund underperformed the S&P 500 Index in Q2 2026, returning 2.45% versus 15.20% for the benchmark, as the market's narrow leadership favoring AI-related companies persisted. The fund remains committed to its value investment philosophy, focusing on businesses trading at meaningful discounts to intrinsic value rather than chasing popular themes. Delta Air Lines was the top contributor, benefiting from improved industry rationality in passing through higher fuel costs and strong travel demand in premium segments. ConocoPhillips was the top detractor as crude prices eased after spiking due to the Iran War, though fundamentals remain solid. The fund initiated two new positions: Booking Holdings at a ten-year trough valuation despite overblown AI disruption concerns, and Equitable Holdings at less than 6x estimated 2027 distributable cash flow ahead of its accretive merger with Corebridge Financial. The managers exited Accenture, EOG Resources, Marathon Petroleum, and Warner Bros Discovery. Industrials and financials were the largest contributors at the sector level, while information technology and energy detracted.
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