Oakmark Global Fund Q1 2025 Commentary

2025-04-11 12:10:00 ET

Summary

• The Fund’s Investor Share Class returned 4.39% in Q1 2025, outperforming the MSCI World Index's -1.79% return; financials and health care led gains.
• Lloyds Banking Group was the top contributor, driven by strong fiscal-year results and a significant share buyback, while Alphabet was the top detractor due to cloud segment shortfalls.
• New purchases include Airbnb, Brenntag, Pernod Ricard, and Sysco Corporation, each acquired at a discount and poised for long-term growth in their respective markets.
• The portfolio is geographically diversified with significant allocations in the U.S., Germany, and the U.K., while emerging markets accounted for 3.2% of the portfolio.

First-quarter highlights

Top contributors

• Lloyds Banking Group ( LYG )
• Prudential ( PRU )
• American International Group ( AIG )

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