Oakmark Select Fund Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

To understand the psychological portrait of the Oakmark Select Fund during this period, one must first reconcile the "Select" nomenclature with the breadth of 167 stocks. Traditionally, "Select" funds imply a high degree of concentration—often 20 to 30 names. However, at a scale of nearly $79 billion, Nygren has managed to maintain a "concentrated core" within a "diversified shell." While the total number of holdings is high, the top-heavy nature of the portfolio—where the top 10 holdings command a significant portion of the total AUM—suggests that Nygren still places his heaviest bets on a few high-conviction ideas, while using the broader list for thematic exposure, tactical positioning, and perhaps managing liquidity in a massive fund.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

Financials remain the undisputed cornerstone of the Oakmark Select portfolio. A weight of nearly 29% is a massive overweight compared to the S&P 500, signaling a deep-seated belief in the resilience and valuation of the banking and financial services sector. However, the internal dynamics of this sector are shifting. While Nygren maintains huge positions in COF (Capital One) and SCHW (Charles Schwab) , he has begun aggressively trimming "legacy" banks like C (Citigroup) and BAC (Bank of America) . This suggests a rotation from "deep value/turnaround" banks toward "specialized financial platforms" that can better navigate a fluctuating interest rate environment. The high concentration in financials indicates that Nygren views the sector as a primary beneficiary of a "higher-for-longer" or "stabilizing" rate environment, where net interest margins remain healthy and capital return programs (buybacks and dividends) provide a floor for valuations.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

The remainder of the Top 10 shows a fascinating mix of sectors. IQV (IQVIA) and ABNB (Airbnb) represent high-quality service platforms. The slight reduction in IQV and the addition to ABNB suggest a preference for consumer-facing travel resilience over the more complex clinical trial market in the short term. ICE (Intercontinental Exchange) saw a massive 52.85% addition, moving it into the core. This is a bet on market volatility and the structural importance of financial exchanges. KDP (Keurig Dr Pepper) and COP (ConocoPhillips) provide the "defensive and energy" balance, with KDP receiving a significant boost as a "valuation trough" play in the consumer staples space. WBD (Warner Bros. Discovery) remains a controversial value play; the 17.83% reduction suggests Nygren’s patience may be thinning, or he is simply managing the position size of a high-volatility asset.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The total estimated buy scale across these top additions exceeds $6 billion . This capital was largely recouped from the reductions in Alphabet and the major banks (Citigroup, Bank of America). This is a clear "inventory reallocation." Nygren is moving capital from "mature value" (where the gap has closed) to "emerging value" (where the gap is wide). This move has increased the portfolio's offensiveness in terms of sector-specific growth (Energy, Software, Med-Tech) while maintaining a strict valuation discipline.

Nygren’s timing suggests he is looking past the immediate noise of interest rate pivots and focusing on "structural growth." By adding to companies like CTVA (Corteva) and DE (Deere) , he is positioning for a world where food security and agricultural efficiency are paramount. By adding to CRM and CDW , he is betting that the "digital transformation" of corporate America is a multi-year trend that still has legs, provided you don't overpay for the exposure.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The overall quality of the reduction operations is high. The majority of the cash was raised from winners (Alphabet, Banks) rather than losers. This is the sign of a healthy investment process—"watering the flowers and pulling the weeds." The fund is not selling its best ideas because they are failing; it is selling them because they have succeeded. This "recycling of capital" is essential for maintaining the fund's value mandate.

The reduction in GM (General Motors) and TEL (TE Connectivity) suggests a cooling of Nygren’s outlook on the automotive and industrial hardware sectors. These are highly cyclical businesses. By trimming them, Nygren is subtly reducing the portfolio's exposure to a potential slowdown in global manufacturing or a cooling of the EV/Auto recovery theme.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

Bill Nygren is executing a sophisticated transition. He is harvesting the massive gains generated by the "digital ad" boom (Alphabet) and the "banking recovery" (Citi, BofA) and redeploying that capital into the "plumbing" of the global economy. This is a bet that in an era of higher structural inflation and technological disruption, the companies that own the essential infrastructure —whether it’s the exchanges that trade the world’s risk (ICE), the pipelines that move its energy (TRGP), the software that runs its enterprises (CRM), or the lessors that provide its aircraft (AER)—will hold their value better than pure-play growth or legacy commodity businesses.

For retail investors, the reference value here is the discipline of the exit . Most investors find it easy to buy, but incredibly difficult to sell a winner like Alphabet. Nygren’s willingness to trim his largest position by 21% simply because the valuation became "less attractive" is a masterclass in professional portfolio management. Furthermore, his move into "boring" infrastructure plays like Targa Resources and AerCap highlights the importance of looking where the market isn't—finding value in the essential services that keep the world running.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.