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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Oakmark Global returned 7.89% in Q2 2026, underperforming on AI enthusiasm but maintaining long-term outperformance. Samsung rallied on AI-driven memory demand while BMW fell on China weakness."
The Oakmark Global Fund returned 7.89% in Q2 2026, underperforming the MSCI World Index but maintaining outperformance since inception. The portfolio remains concentrated in the U.S. (52.1%), Europe ex U.K. (35.5%), and the U.K. (5.6%), with emerging markets at 4.9%. Samsung Electronics was the top contributor, rallying on record profits driven by AI-related semiconductor demand, particularly in high-bandwidth memory where supply trails demand. BMW was the top detractor after cutting guidance on weaker Chinese demand and Middle East impacts, though the managers view the Neue Klasse launch positively long-term. The Fund initiated five new positions in quality businesses trading at discounts: AstraZeneca (pharmaceuticals facing regulatory concerns), Cooper Companies (medical devices), LVMH (luxury goods pressured by China weakness), Owens Corning (building products), and Symrise (specialty chemicals). The managers continue evaluating companies based on competitive advantages and long-term cash flows rather than speculating on AI trends, finding selective opportunities where near-term headwinds have created attractive valuations for patient capital.
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