The fund underperformed the MSCI World Index by 10 percentage points while initiating a position in SAP amid cloud growth expectations.
Oakmark Global Select Fund (OAKWX) returned 3.76% in Q2 2026, trailing the MSCI World Index’s 13.76% gain. The 10-percentage-point gap marked a period of relative underperformance for the fund.
The fund initiated a new position in SAP (NYSE: SAP), citing the company’s cloud transition and long-term growth potential as key drivers. SAP’s shift to cloud-based services has been a focus for investors amid broader tech sector trends.
No immediate market reaction details were provided in the release.