Harris Oakmark recently released its third-quarter 2026 investor letter for its “Oakmark Global Select Fund”. It is a non-diversified fund that focuses on long-term capital appreciation by investing in common stocks of U.S. and non-U.S. companies. The letter can be downloaded here. The Fund (Investor Class) returned 5.14% for the quarter, surpassing the MSCI World Index’s return of 1.88%. Key sectors contributing to performance included health care and information technology, while consumer discretionary and industrials detracted. Regionally, allocations were 61.1% in the U.S., 22.2% in Europe ex U.K., and 9.5% in the U.K., with the U.S., Germany, and China being the top contributors. Denmark, France, and the Netherlands were the largest detractors. Emerging markets represented 3.0% of the portfolio. Despite persistent U.S. market concentration and international currency and geopolitical volatility, the firm remains disciplined in targeting well-managed companies trading at discounts to intrinsic value.
In its Q3 2026 investor letter, Oakmark Global Select Fund highlighted LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) as a new portfolio position. LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) is the world’s leading luxury goods company headquartered in Paris, France. On October 15, 2026, LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) closed at $89.00 per share. Over the past month, LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) declined 3.16%, and its shares lost 37.32% over the past 52 weeks. LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) has a market capitalization of $219.66 billion.
Oakmark Global Select Fund stated the following regarding LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) in its Q3 2026 investor letter:
“LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMUY) is the world’s largest luxury goods company with a portfolio of 75 brands, including prestigious houses Louis Vuitton and Dior. In our view, the company is well diversified by product category and region, which has al lowed LVMH to strategically tier pricing and cater to a wide range of customers. Additionally, we like that the company operates a differentiated model with scarcity coming from limited editions, collaborations and capsule collections with small run times, which has enabled LVMH to grow its market share and de liver attractive organic growth and returns through cycles. Recently, the luxury goods market has come under pressure as a result of U.S. demand moderat ing, European stagnation and a difficult Chinese macro backdrop. We expect the industry to re cover to historical levels and believe LVMH can fur ther benefit from self-help initiatives in the form of product innovation and improved cost discipline. This provided the rare opportunity to purchase shares in LVMH at a discounted valuation to its peers and the company’s own trading history.”
