가치가 outperform했는데 왜 더 잘하지 못했나 — Oakmark 1Q 2026 미국 시장 코멘터리
Why didn’t we do better when value outperformed? | U.S. equity market commentary 1Q 2026
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지난 몇 분기 동안 우리는 모멘텀과 성장이 시장 상승을 지배한다고 강조했다. 오르는 종목은 계속 올랐고, 뒤처진 종목은 더 뒤처졌다.
이는 우리 포트폴리오와 S&P 500 간 역사적으로 넓은 P/E 격차를 만들었고 — 더 중요한 건 — Oakmark Fund의 P/E가 Russell 1000 Value 지수보다도 훨씬 낮았다는 점이다.
우리의 가설
우리가 "가치 지수보다도 더 가치"였기 때문에, Russell Value가 마침내 S&P를 outperform할 때 Oakmark는 빛날 거라고 봤다.
실제로 일어난 일
지난 분기 마침내 그것이 일어났다 — S&P 500은 4% 이상 하락했고 Russell 1000 Value는 2% 이상 상승. Oakmark는 기대한 대로 가치 지수를 outperform했나? 아니다. S&P보다는 나았지만, 여전히 하락했다.
무엇이 벌어졌나
가치 지수가 오를 때 그 안의 모든 종목이 오르는 건 아니다. 우리가 보유한 특정 종목들 — Oakmark만의 종목 선정 — 이 가치 지수 평균을 따라가지 못했다. 이는 스타일 노출과 종목 선정이 별개임을 다시 한 번 보여준다.
그러나 우리의 신뢰는 흔들리지 않는다. 우리가 보유한 회사들은 여전히 내재가치 대비 큰 할인에 거래되고 있다. 시장이 단기 노이즈로 가격을 책정하는 동안, 우리는 장기 펀더멘털에 베팅한다.
For several quarters, we’ve highlighted that market gains have been dominated by momentum and growth. Stocks that were rising kept rising, while laggards fell further behind. This created a historically wide gap in P/E multiples between our portfolio and the S&P 500—and, more importantly, left Oakmark Fund’s P/E well below even that of the Russell 1000 Value Index.
Our conclusion was straightforward: since we were “more value” than the value indices, Oakmark should shine when the Russell Value eventually outperformed the S&P. It finally outperformed last quarter: the S&P 500 declined more than 4% while the Russell 1000 Value rose by over 2%. Did Oakmark outperform the value index as expected? No. We did better than the S&P but still declined. What happened?
OPINION PIECE. PLEASE SEE ENDNOTES FOR IMPORTANT DISCLOSURES.
Important Disclosures
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her financial professionals.
The information, data, analyses, and opinions presented herein (including current investment themes, the portfolio managers’ research and investment process, and portfolio characteristics) are for informational purposes only and represent the investments and views of the portfolio managers and Harris Associates L.P. as of the date written and are subject to change and may change based on market and other conditions and without notice. This content is not a recommendation of or an offer to buy or sell a security and is not warranted to be correct, complete or accurate.
Certain comments herein are based on current expectations and are considered “forward-looking statements.” These forward looking statements reflect assumptions and analyses made by the portfolio managers and Harris Associates L.P. based on their experience and perception of historical trends, current conditions, expected future developments, and other factors they believe are relevant. Actual future results are subject to a number of investment and other risks and may prove to be different from expectations. Readers are cautioned not to place undue reliance on the forward-looking statements.
The price-to-earnings ratio (“P/E”) compares a company’s current share price to its per-share earnings. It may also be known as the “price multiple” or “earnings multiple”, and gives a general indication of how expensive or cheap a stock is. Investors should not base investment decisions on any single attribute or characteristic data point.
Reference to the Fund’s forward P/E is based on the weighted average P/E of all underlying stocks in the Fund’s portfolio.
The S&P 500 Index is a float-adjusted, capitalization-weighted index of 500 U.S. large-capitalization stocks representing all major industries. It is a widely recognized index of broad, U.S. equity market performance. Returns reflect the reinvestment of dividends. This index is unmanaged and investors cannot invest directly in this index.
The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® companies with lower price-to-book ratios and lower expected growth values. This index is unmanaged and investors cannot invest directly in this index.
Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objective will be achieved. Value stocks may fall out of favor with investors and underperform growth stocks during given periods. The Fund’s portfolio tends to be invested in a relatively small number of stocks. As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund’s net asset value than it would if the Fund invested in a larger number of securities. Although that strategy has the potential to generate attractive returns over time, it also increases the Fund’s volatility. These and other risk considerations are described in detail in the Fund’s prospectus.
Harris Associates Securities L.P., Distributor, Member FINRA.
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