In this recent GuruFocus conversation, Nygren breaks down the three-part test every stock must pass before it enters a Harris | Oakmark portfolio, the parallels between today’s AI boom and the dot-com bubble, and where he’s finding value today.
Performance reflected net of fees. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Total return includes change in share prices and, in each case, includes reinvestment of dividends and capital gain distributions. To obtain most recent month-end performance data, visit oakmark.com/OAKM.
The securities mentioned above comprise the following percentages of the funds as of 7/31/2026:
| Security | Oakmark | Oakmark Select |
|---|---|---|
| Accenture | 0% | 0% |
| Adobe | 1.3% | 0% |
| Airbnb Cl A | 2.9% | 4.7% |
| Alphabet Cl A | 1.3% | 2.0% |
| Alphabet Cl C | 0.9% | 1.5% |
| Amazon.com | 1.4% | 0% |
| American Intl Group | 2.1% | 0% |
| Apple | 0% | 0% |
| AT&T | 0% | 0% |
| Berkshire Hathaway | 0% | 0% |
| Booking | 0.6% | 0% |
| Corebridge Financial | 1.0% | 0% |
| Credit Karma | 0% | 0% |
| Gulf Oil | 0% | 0% |
| Intuit | 0% | 0% |
| Keurig Dr Pepper | 2.6% | 5.9% |
| Micron Technology | 0% | 0% |
| Microsoft | 0% | 0% |
| National Presto | 0% | 0% |
| Netflix | 2.1% | 0% |
| NVIDIA | 0% | 0% |
| Palantir | 0% | 0% |
| Roper Technologies | 1.4% | 0% |
| Salesforce | 2.6% | 0% |
| ServiceNow | 0% | 0% |
| Texaco | 0% | 0% |
| TurboTax | 0% | 0% |
| Uber | 0% | 0% |
| Union Pacific | 2.1% | 0% |
Portfolio holdings are not intended as recommendations of individual stocks and are subject to change. The Funds disclaim any obligation to advise shareholders of such changes. Information about portfolio holdings does not represent a recommendation or an endorsement to Fund shareholders or other members of the public to buy or sell any security contained in the Funds’ portfolios. Portfolio holdings are current to the date listed but are subject to change any time. There are no assurances that the securities will remain in the Funds’ portfolios after the date listed or that the securities that were previously sold may not be repurchased.
Access the full list of holdings for the Oakmark Fund here.
Access the full list of holdings for the Oakmark Select Fund here.
Access the full list of holdings for the Oakmark U.S. Large Cap ETF here.
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 advisors.
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.
According to Morningstar, the Morningstar Manager of the Year award is presented to portfolio managers based on the managers’ (i) “ability to generate exceptional returns;” (ii) “willingness to align their interests with shareholders;” and (iii) “courage to stay with their strategies in order to produce superior risk-adjusted returns in the end.
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.
The NASDAQ Composite Index is a broad-based market-capitalization weighted index of all common type stocks on the NASDAQ Stock Market, including common stocks, American depositary receipts, ordinary shares, shares of beneficial interest or limited partnership interests, and tracking stocks. The index includes all NASDAQ listed stocks that are not derivatives, preferred shares, funds, exchange-traded funds (ETFs) or debentures. This index is unmanaged and investors cannot invest directly in this index.
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.
EPS refers to Earnings Per Share and is calculated by dividing total earnings by the number of shares outstanding.
EBITDA refers to Earnings Before the deduction of payments for Interest, Taxes, Depreciation and Amortization which is a measure of operating income.
The price-to-book Ratio is a stock’s capitalization divided by its book value.
Discounted Cash Flow (DCF) is a method used to figure out how much an investment, project, or company is worth today.
Global Financial Crisis (GFC)
Return on Invested Capital (ROIC) is a financial metric that measures how well a company uses the money from both lenders and shareholders to make after-tax profits.
Operating cash flow (OCF) is the cash a company brings in from its normal, daily business activities.
Free cash flow (FCF) is the cash a company makes from its normal work, minus the money it spends on capital expenditures.
A basis point is a tiny unit of measure used in finance.
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.
