HARRIS ASSOCIATES L P

Harris Associates, the value manager behind the Oakmark funds, held $75.0B in a concentrated 224-name book led by Salesforce (3.7%), Intercontinental Exchange (3.4%), Keurig Dr Pepper (3.3%), Airbnb (3.2%) and Alphabet. Financial Services ($19.4B) is the dominant sector. The Q1 activity was reduction-heavy (28 trimmed against 17 added): the largest cuts were Warner Bros. Discovery (-$1.4B), Capital One (-$734M), GM (-$413M) and Alphabet, while Targa Resources (+$392M) and Salesforce (+$191M) were raised. New positions in Netflix, Marsh & McLennan, Sysco, Sunoco and Roper; exits in Deere, Corebridge, TE Connectivity, Masco and Lithia. Assets eased from $79.1B to $75.0B.