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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Oakmark Select Fund 2026 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (Oakmark Select Fund)

Primary Source Intelligence • Q1 2026 Letter Analysis

Oakmark Select Fund Quarterly Analysis

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

Fund Returns

QTD-8%

YTD-8%

Annualized+12.08%

Positioning StanceNEUTRAL

Market CapLarge Cap

GeographyUS

Digest Analysis

Quick Take

"Oakmark Select underperformed in Q1 2026 on healthcare and financial detractors, but added quality companies Gartner and Marsh & McLennan at attractive valuations. Energy outperformed led by Phillips 66."

Executive Summary

Oakmark Select underperformed in Q1 2026 on healthcare and financial detractors, but added quality companies Gartner and Marsh & McLennan at attractive valuations. Energy outperformed led by Phillips 66. Managers dismiss AI disruption fears as overstated, maintaining disciplined value approach focused on long-term fundamentals over short-term market noise.

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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

Market Conviction

72%

CautiousHigh

High Conviction (72%)

The fund demonstrates high conviction through concentrated positioning with detailed thesis explanations for individual holdings. Specific position sizing is mentioned (PSX 3.1%, CRM 7.3%, IT 2.6%, MMC 3.5%) and the managers provide clear, falsifiable investment cases for each holding with multi-year time horizons.

Growth Outlook

38%

BearishBullish

Neutral (38%)

The manager acknowledges heightened volatility, geopolitical headlines, and extreme stock dispersion, describing markets as increasingly driven by short-term noise rather than fundamentals. While not explicitly bearish, the tone suggests caution about current market conditions.

Risk Appetite

35%

DefensiveAggressive

Defensive (35%)

The fund made two new purchases (Gartner and Marsh & McLennan) and sold two positions, indicating selective deployment. The emphasis on patience and discipline suggests measured risk-taking rather than aggressive positioning.

Capital Deployment

De-riskingDeploying

De-risking (0%)

The fund made two new purchases and two sales during the quarter, representing portfolio rotation rather than net deployment. No cash level changes are mentioned, suggesting balanced activity with no clear directional bias in capital deployment.

Forward Guidance

20%

CautiousExpansionary

Cautious (20%)

The manager emphasizes patience and discipline going forward, focusing on long-term fundamentals. The guidance suggests selective opportunity-seeking rather than aggressive deployment, with a measured approach to future positioning.

Language Signal

15%

BearishBullish

Bearish (15%)

Language includes positive terms like 'attractive valuations,' 'bargain price,' and 'opportunity' balanced against risk language including 'volatility,' 'noise,' and 'disruption fears.' The net balance is mildly positive but cautious.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

The manager acknowledges heightened volatility, geopolitical headlines, and extreme stock dispersion as current market risks. AI disruption concerns are mentioned for multiple holdings but dismissed as overstated. Risk discussion is present but not central to the letter.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

The manager found two new attractive opportunities (Gartner and Marsh & McLennan) at what they describe as bargain prices and attractive valuations. The emphasis on finding companies at meaningful discounts suggests a reasonably rich opportunity set for selective value investors.

Time Horizon

75%

Short-TermLong-Term

Decade+ (75%)

The manager emphasizes long-term fundamentals over short-term headlines and describes multi-year investment theses. References to companies' long histories, multi-year management efforts, and focus on intrinsic value suggest a multi-year investment horizon with patience for thesis realization.