Harris Associates Q1 2026: Oakmark's Big Salesforce Add

Harris Associates, the Chicago value shop behind the Oakmark funds, reported a $75.03B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0000813917-26-000038, filed 2026-05-15), down 5.2% from $79.12B the prior quarter. The headline of the filing is not the modest decline in value — it is what the firm bought. Harris lifted its Salesforce (CRM) position by 52% in share terms, pushing it to $2.78B and making the enterprise-software name the single largest holding in a portfolio built by one of the market's most disciplined value managers.

That is a notable thing for a deep-value house to do. Oakmark's process looks for businesses trading well below estimated intrinsic value, and a 52% increase in a large-cap software stock signals that Harris now views Salesforce as a value opportunity rather than a growth premium it would normally avoid. The move came as the firm trimmed energy — cutting ConocoPhillips (COP) by 27% and Targa Resources (TRGP) by 10%.

The result is a diversified, conviction-weighted book where no single position exceeds 3.71%, but the quarter's direction of travel is clear: into software, out of some energy.

A diversified value book

Harris runs a concentrated-by-name but diversified-by-sector portfolio of about 156 positions. After Salesforce, the largest holdings are Intercontinental Exchange (ICE) at 3.43%, Keurig Dr Pepper (KDP) at 3.27%, Airbnb (ABNB) at 3.23%, and Alphabet's GOOGL shares at 3.22%. Exchanges, consumer staples, travel, internet, healthcare via IQVIA (IQV), and financials including Charles Schwab (SCHW) and Capital One (COF) fill out the top ten.

This spread is the signature of a classic value manager: rather than crowd into a single theme, Harris holds a basket of businesses it believes are mispriced across very different industries. The ten largest positions sum to roughly 30.9% of the book, leaving nearly 70% spread across the rest.

The Salesforce conviction

The 52% increase in Salesforce shares is the quarter's clearest signal. For a manager that prizes free-cash-flow yield and a margin of safety, scaling into a large-cap software franchise suggests Harris sees Salesforce's valuation as having compressed to a level its process can underwrite. It is the kind of move that distinguishes a value manager buying a quality business on weakness from a growth manager chasing momentum — the discipline is in the price paid, not the sector.

On the other side, the energy trims are equally telling. Reducing ConocoPhillips by more than a quarter and shaving Targa indicates Harris is taking profits or reducing exposure in a sector that had been a larger part of the book, redeploying toward names it now finds more attractive.

AUM trajectory

Harris's reported 13F value has swung within a roughly $59B-$79B band over the past two years, and the latest $75.03B sits near the top of that range after a strong year-end 2025.

For a diversified value book, quarter-to-quarter value moves blend market performance with active repositioning, so the position-level changes — the Salesforce add, the energy trims — carry more information than the headline total. Track the firm's quarter-over-quarter holdings on the Harris Associates filer page.

FAQ

What is Harris Associates?

Harris Associates is the Chicago-based value manager behind the Oakmark funds. It reported a $75.03B U.S. equity 13F book for the quarter ended March 31, 2026, across about 156 positions.

What was Harris Associates' biggest move in Q1 2026?

Harris increased its Salesforce (CRM) position by 52% in share terms to $2.78B, making it the largest holding, while trimming ConocoPhillips by 27% and Targa Resources by 10%.

What are Harris Associates' largest holdings?

Its five largest positions are Salesforce (3.71%), Intercontinental Exchange (3.43%), Keurig Dr Pepper (3.27%), Airbnb (3.23%), and Alphabet's GOOGL shares (3.22%) — a diversified value spread.

Why did Harris Associates' 13F value fall in Q1 2026?

The reported value fell 5.2% to $75.03B, a mix of market movement and active repositioning. The book remains near the top of its roughly $59B-$79B two-year range.