Oakmark Japan Strategy Q4 2025 Portfolio Review

Core Viewpoint - Harris Associates L.P. emphasizes a consistent investment philosophy focused on value investing, believing that stock prices will eventually reflect the underlying value of companies [1] Investment Philosophy - The company is committed to superior investment research and high levels of customer service, maintaining its foundational beliefs since its inception in 1976 [1] - Harris Associates seeks companies trading at significant discounts to their intrinsic value, which must also demonstrate substantial profit potential and be managed by owner-minded leaders [1] Research Process - The investment process is framed as owning a piece of a business for the long term, highlighting the importance of intensive, fundamental research [1] - The research methodology involves a disciplined quantitative and qualitative screening process, with analysts acting as independent thinkers rather than relying on Wall Street insights [1] - Analysts at Harris Associates are generalists who evaluate companies based on their fundamental characteristics [1]