Oakmark Fund Q2 2026 Portfolio Activity

We believe the airline industry will emerge from the recent fuel price shock with improved profitability and see Delta as especially well positioned. We were pleased to initiate a position with Booking Holdings shares near a ten-year trough valuation and at a meaningful discount to our estimate of intrinsic value. With the stock at less than 6x our estimate of 2027 distributable cash flow, we were pleased to initiate a position in Equitable Holdings at a meaningful discount to intrinsic value.

Highlights Top contributors Delta Air Lines ( DAL ) Elevance Health ( ELV ) Keurig Dr Pepper* ( KDP ) Top detractors ConocoPhillips ( COP ) Intercontinental Exchange (

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.