Oakmark Equity And Income Fund Q2 2026 Commentary
The Oakmark Equity And Income Fund (Investor Class) underperformed its 60% S&P 500 / 40% Bloomberg U.S. Aggregate Bond Index benchmark in Q2 2026, with the equity portfolio returning 6.84% versus 15.20% for the S&P 500. The fixed income portfolio returned 1.13% versus 0.67% for the bond index. The fund's allocation was 60.1% equities, 38.9% fixed income, and 1.0% cash. Health care and consumer discretionary were top sector contributors, while information technology and energy detracted. Top stock contributors included Alphabet, Centene, and Keurig Dr Pepper; top detractors were Accenture, Intercontinental Exchange, and Salesforce. The fund purchased Elevance Health and sold Phillips 66. The commentary notes persistent narrow market leadership favoring AI beneficiaries, while the fund remains focused on value investing. Alphabet performed well on strong AI-driven search and cloud results, while Accenture fell on weak bookings, which the fund views as transitory.
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