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U.S. equities: Volatility creates opportunity
In this recent video, Portfolio Manager Michael Nicolas discusses how AI fears have driven sharp selloffs across software—but history suggests broad narratives often miss the nuance. With stock dispersion reaching extremes last seen during COVID, we see a familiar setup: indiscri…
International equities: Surprising market shifts
Tony Coniaris, Co-CIO International Equities, shares insights on the surprising shifts in the market, the dramatic impact of AI innovation, and how global events shaped portfolio performance during the first quarter of 2026. This material is not intended to be a recommendation or…
Harris | Oakmark Announces Investment Team and Leadership Updates
Harris | Oakmark announces investment and leadership team updates reflective of the firm’s ongoing commitment to a disciplined, team-based value investing approach and long-term planning. “Thoughtful leadership development and long-term planning are hallmarks of a well-governed f…
Why didn’t we do better when value outperformed? | U.S. equity market commentary 1Q 2026
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 imp…
Beware of noise, hurry and crowds | International equity market commentary 1Q 2026
In his book Celebration of Discipline , American theologian Richard Foster warned that noise, hurry and crowds were the most significant obstacles to a vibrant spiritual life. The same could be said of successful value investing. When it comes to investing, ignoring the noise, ex…
Painting with a finer brush | Fixed income market commentary 1Q 2026
Since COVID, market narratives seem to form more quickly and be applied more broadly. I suspect passive flows, real-time information, and momentum-driven strategies all contribute to this phenomenon, but the result is really what matters: once a narrative takes hold, it becomes t…
Oakmark Fund: First Quarter 2026
The Fund (Investor Class) outperformed the benchmark, the S&P 500 Index, for the quarter and since inception. At the sector level, the largest contributors to performance were energy and materials, while financials and information technology were the largest detractors. Amid heig…
Oakmark Select Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the S&P 500 Index, for the quarter, but outperformed since inception. At the sector level, the only contributor to performance was energy, while health care and financials were the largest detractors from performance. Amid h…
Oakmark Global Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World Index, for the quarter, but outperformed since inception. At the sector level, the largest contributors to performance were energy and industrials, while information technology and consumer discretionary were …
Oakmark Global Select Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World Index, for the quarter and since inception. At the sector level, the largest contributors to performance were energy and industrials, while health care and consumer discretionary were the largest detractors. G…
Oakmark International Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World ex USA Index, for the quarter, but outperformed since inception. At the sector level, industrials and materials were the largest contributors to performance, while consumer discretionary and information techno…
Oakmark International Small Cap Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World ex USA Small Cap Index (net), for the quarter. At the sector level, consumer staples was the only contributor to performance, while industrials and consumer discretionary were the largest detractors from perfo…