Oakmark Select Fund Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The Oakmark Select Fund, under the seasoned leadership of Bill Nygren, represents one of the most respected value-investing vehicles in the modern financial landscape. As of the portfolio snapshot dated March 31, 2026, the fund manages a substantial reported market value of approximately $74.88 billion. This scale places the institution in a tier of significant market influence, where its capital allocation decisions serve as a barometer for deep-value sentiment across the global equity markets. Bill Nygren’s investment philosophy is rooted in the classic principles of intrinsic value, yet it has evolved to embrace a more nuanced understanding of "value" that includes high-quality growth companies trading at reasonable multiples—a strategy often described as "growth at a reasonable price" (GARP) but executed with a traditional value investor's discipline.

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II. Sector Allocation Analysis

The most striking feature of the portfolio is the overwhelming concentration in the Financials sector, which accounts for 28.73% of the total value. When combined with the next two largest sectors—Healthcare (12.68%) and Technology (10.58%)—the top three sectors represent approximately 52% of the entire portfolio. This level of concentration indicates a "highly focused" investment strategy. For a value-oriented fund, such a heavy weighting in Financials is a classic signal of confidence in the underlying economy's plumbing. It suggests that the institution views banks, insurance companies, and capital market operators as the primary beneficiaries of the current interest rate environment. In a period of stable or slightly elevated rates, financial institutions often enjoy expanded net interest margins and robust fee income, making them ideal "value" anchors.

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

Salesforce has ascended to the top spot in the portfolio following a massive 52.36% increase in share count this quarter. This move is a classic example of a "conviction holding" being aggressively expanded. The estimated addition of over 5 million shares indicates that the fund sees Salesforce not just as a technology play, but as a fundamental value opportunity. Historically, Salesforce was viewed as a high-growth, low-profit entity, but its recent pivot toward margin expansion and aggressive share buybacks has clearly caught the attention of value-oriented managers like Nygren. The fact that the portfolio weight increased from 3.28% to 3.71% despite the large share addition suggests that the fund is actively "buying the dip" or doubling down on a fundamental breakout. The motivation here appears to be a bet on the company's ability to integrate AI into its CRM platform, thereby increasing its pricing power and "stickiness" with enterprise clients. This is no longer a speculative trade; it is a core pillar of the Oakmark strategy.

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 addition of nearly $957 million into Salesforce is the most significant move of the quarter. This represents a "growth acceleration bet" disguised as a value play. Oakmark is likely looking past the "SaaS" label and focusing on Salesforce’s massive installed base and its potential to monetize AI through its "Agentforce" and Data Cloud initiatives. By increasing their stake by over 50%, the fund is signaling that they believe the company’s transition from a high-spending growth firm to a disciplined, cash-generating machine is permanent. The timing is also crucial; adding so aggressively suggests that Nygren believes the current valuation does not fully reflect the efficiency gains the company has achieved over the last 18 months.

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 most dramatic reduction in terms of dollar value and portfolio impact is the 58.31% cut in Warner Bros. Discovery. The estimated realized amount of $1.26 billion suggests a major loss of confidence in the "streaming turnaround" story. WBD has struggled with a massive debt load and a declining linear TV business that its streaming service, Max, has yet to fully offset. For a value investor like Nygren, who often has a long fuse, this "Major Strategic Contraction" indicates that the fundamental thesis—that the company’s vast content library would eventually lead to a valuation re-rating—is taking too long to materialize or has been permanently impaired by industry shifts. This is an "active rebalancing" away from a high-risk, high-leverage situation.

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

For the individual investor, the reference value here is the fund's focus on "Platform Dominance." Whether it is Salesforce in the office, Netflix in the living room, or Marsh & McLennan in the corporate boardroom, Oakmark is betting on the "winners" who have the scale to crush their competition and the pricing power to withstand inflation. However, investors should note that Oakmark’s entry into these names often comes after a period of consolidation or a shift in corporate strategy (like Salesforce’s pivot to margins), suggesting that "timing the fundamental shift" is just as important as the valuation itself.

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.