Harris Associates Investment Trust - Oakmark Fund 13F holdings and portfolio analysis
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Baseline
분석 메시지이 펀드에 대한 사전 생성된 Q&A. 자신의 분석을 위한 참조 컨텍스트로 사용하세요.
Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means broadly spread position sizing: top 5 14.48%, top 10 28.12%, top 20 53.30%, with COP 3.00%, ABNB 2.93%, TRGP 2.92%, MRK 2.84%, CRM 2.79%, ICE 2.77%. The baseline result is return 13.27%, alpha -0.19%, beta 1.06, Sharpe 0.70, Sortino 0.86, max drawdown -42.35%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Financials 35.00%, Health Care 12.76%, Industrials 12.10%, Energy 11.29%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2023-03-31 (12.85% vs SPY 7.90%, excess 4.95%, turnover 18.39%); the weakest was 2022-12-31 (-6.96% vs SPY -0.25%, excess -6.71%, turnover 20.37%). The latest rows (2025-03-31 (3.56% vs SPY 9.22%, excess -5.66%, turnover 15.59%); 2025-06-30 (1.54% vs SPY 4.20%, excess -2.66%, turnover 30.79%); 2025-09-30 (6.08% vs SPY 1.49%, excess 4.59%, turnover 20.68%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether COP 3.00%, ABNB 2.93%, TRGP 2.92%, MRK 2.84% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -42.35% is acceptable for the user's risk budget.