Oakmark’s Q1 Letters Show Energy Boost and New Value Picks

Overview

• Oakmark Funds published first‑quarter 2026 letters reporting mixed results, with the Oakmark Fund down 2.47% versus the S&P 500’s -4.33% and the International Fund down 6.43% versus the MSCI World ex USA’s -0.94%.
• Managers disclosed new stakes in Adobe, Netflix, Coupang, Gartner, and Centene, citing strong franchises and depressed prices driven by concern about AI disruption or, for Coupang, a late‑2025 cyber breach.
• Energy holdings led contributors as ConocoPhillips rose with higher oil prices tied to geopolitical conflict and Phillips 66 gained from wider refining crack spreads, which is the gap between crude oil costs and refined fuel prices, alongside solid earnings.
• IQVIA was named the top detractor in Global Select after its shares fell on AI‑related worries despite in‑line results and encouraging bookings and win‑rate signals.
• The letters also highlighted bargains in Accenture, Roper Technologies, and Marsh & McLennan, and a new position in Raymond James Financial at a low‑teens earnings multiple based on steady advisor growth and rising fee revenue.