Oakmark Funds, advised by Harris Associates, released its “Oakmark Select Fund” fourth-quarter 2025 investor letter. Oakmark Select Fund is a non-diversified fund that aims to deliver capital appreciation by investing in mid and large-cap US companies. A copy of the letter can be downloaded here. In the quarter, the fund (investor class) outperformed the S&P 500 Index, returning 8.42% vs. 2.66% for the index. Communication services and financials were the top contributors at the sector level, while industr ...

Group 1 - Oakmark Fund underperformed the S&P 500 Index in Q3 2025 but has outperformed the benchmark since inception [1] - Financials and energy sectors were the largest contributors to the fund's performance, while health care and consumer staples detracted [1] - Targa Resources Corp. (NYSE:TRGP) was highlighted as a significant stock in the fund's portfolio [2][3] Group 2 - Targa Resources Corp. has a one-month return of -3.05% and a 52-week loss of 2.69%, with a market capitalization of $34.71 billion [2] - Targa is a leading midstream natural gas and NGL company, controlling 90% of the fractionation capacity in Mont Belvieu, benefiting from cost advantages and barriers to entry [3] - Approximately 90% of Targa's earnings come from multi-year fee-based arrangements, providing stability against market fluctuations [3] Group 3 - Targa Resources Corp. is not among the 30 most popular stocks among hedge funds, with 48 hedge fund portfolios holding the stock at the end of Q2 2025 [4] - There is a belief that certain AI stocks may offer greater upside potential compared to Targa Resources Corp. [4]