Oakmark Fund underperformed the S&P 500 in Q2 2026, with ConocoPhillips (COP) weighing on returns amid weaker crude prices.
Oakmark Fund’s investor class returned 2.45% in Q2 2026, trailing the S&P 500’s 15.20% gain. Energy stocks, including ConocoPhillips (COP), detracted from performance as crude prices softened, narrowing market leadership to AI-driven sectors.
ConocoPhillips (COP) closed at $112.85 on July 13, 2026, with a market capitalization of $137.48 billion. The stock posted a 1.36% one-month return but gained 21.93% over the past year. The fund cited COP as the top detractor for the quarter.
Industrials and financials contributed positively to Oakmark’s performance, while technology and energy lagged. The fund’s focus on large-cap U.S. equities faced headwinds from sector rotation.