Oakmark U.S. Large Value Strategy Q4 2025 Portfolio Review

Harris Associates L.P. was founded in 1976 by dedicated investment professionals who believed that delivering successful investment results for clients requires a consistent investment philosophy, a commitment to superior investment research and a high level of customer service. Our roster of clients has grown over the years, but these basic beliefs remain unchanged. We are value investors who believe that, over time, the price of a stock will rise to reflect the value of the underlying company. In constructing portfolios for our clients, we seek out companies that we believe are trading in the market at significant discounts to their underlying value. These businesses must offer significant profit potential and be run by managers who think and act as owners. We frame the investment process as owing a piece of a business for the long term. We believe in the importance of intensive, fundamental research. Our research process is based on a disciplined quantitative and qualitative screening process. We are independent thinkers who do not look to Wall Street for answers. Our experienced analysts are generalists who evaluate each company on the basis of its fundamental characteristics.