Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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.
"Oakmark Select underperformed in Q2 2026 as narrow AI-driven market leadership persisted, but the fund maintained its value discipline. Managed care holdings like Centene drove outperformance on stabilizing medical costs and improving reimbursement trends."
The Oakmark Select Fund underperformed the S&P 500 Index during Q2 2026, returning 9.39% versus the benchmark's 15.20%, as the market's narrow leadership favoring AI beneficiaries persisted. The fund's value-oriented approach led it to avoid chasing popular themes, instead focusing on businesses trading at meaningful discounts to intrinsic value. Health care and consumer staples were the largest contributors to performance, while information technology and energy detracted. Centene was the top contributor, rallying sharply on better-than-expected results as medical cost trends show signs of stabilizing after two years of pressure. The managers expect easing medical costs combined with improving reimbursement rates to drive meaningful earnings recovery in managed care. Intercontinental Exchange was the top detractor due to market concerns about AI disruption, which the fund views as unfounded given the company's strong network effects and double-digit earnings growth. The fund made no new purchases during the quarter and exited positions in Deere and Warner Bros Discovery, maintaining its disciplined, concentrated approach.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
