Harris Associates’ $79.12B Q4 2025 13F Rebounded 26.8% as Oakmark Spread Value Across 167 Positions

Harris Associates, the investment firm behind the Oakmark fund family, delivered one of the cleaner value-style comeback filings of Q4 2025. Reported 13F AUM climbed to $79.12B, up from $62.38B in Q3, a sharp 26.8% sequential rebound. But the more important detail is what Harris did not do: it did not turn the portfolio into a one-stock or one-sector trade. The firm still held 167 positions, and its top five weights totaled only 16.6%.

TL;DR

• Harris Associates reported $79.12B in Q4 2025 13F AUM, up 26.8% quarter over quarter.
• The filing stayed diversified for a value manager: 167 positions, top holding GOOGL at 3.53%, and top five at only 16.6%.
• The top book mixed classic Oakmark contrarian targets and quality-at-a-price holdings such as COF, CRM, IQV, ABNB, ICE, KDP, WBD, COP, and SCHW.
• That profile aligns with late-2025 Oakmark commentary: Harris was not abandoning value. It was finding more attractive prices in higher-quality businesses while staying willing to own controversial names when the discount looked compelling.

Why this filing matters

Oakmark has long been identified with deep value, but its own 2025 commentary made a more precise point: the firm was seeing better prices in quality businesses without changing its process. That distinction matters for reading this quarter. The Q4 2025 filing is not a lurch into growth. It is a disciplined value manager buying a wider set of businesses because valuations finally made the quality spectrum more interesting.

You can see that in the top positions. Alphabet, Salesforce, IQVIA, and Intercontinental Exchange are not stereotypical cigar-butt value names. At the same time, holdings such as Capital One, Warner Bros. Discovery, ConocoPhillips, Phillips 66, and GM preserve the contrarian DNA investors expect from Harris.

What did Oakmark buy in Q4 2025?

The top 10 shows a deliberate spread across business models rather than a narrow macro call. GOOGL led at $2.79B, followed by COF at $2.62B, CRM at $2.59B, IQV at $2.55B, and ABNB at $2.54B. Then came ICE, KDP, WBD, COP, and SCHW.

That list says Harris is doing two things at once. First, it is still leaning into businesses where sentiment can remain messy for a while, like WBD and parts of financials. Second, it is willing to own better-quality compounders if the multiple compresses enough. That is exactly what Oakmark’s late-2025 commentary argued: quality is not a style drift if the price finally clears the value hurdle.

Contrarian, yes — but not recklessly concentrated

Metric	Q4 2025	Interpretation
Reported 13F AUM	$79.12B	A major rebound in disclosed U.S. long assets
Position count	167	Broad idea set for a high-conviction value platform
Top holding	GOOGL at 3.53%	No single name dominates the portfolio
Top five	16.6%	Risk is spread across multiple theses
Top 10	31.3%	Material concentration, but still far from a narrow bet

Those numbers matter because they clarify how Harris is different from both benchmark huggers and ultra-concentrated deep value funds. This is a manager willing to make controversial choices, but not one that wants the entire quarter to depend on a single recovery trade. The portfolio is diversified enough to let valuation discipline work through many positions at once.

The AUM rebound was real and sudden

After dropping to $59.55B in 2025Q1, Harris rebuilt steadily through Q2 and Q3 before surging to $79.12B in Q4. That is not a subtle move. The latest quarter added roughly $16.74B of disclosed 13F value versus Q3. Yet the holdings count in the historical series actually dipped from 235 to 228, suggesting the rebound was not driven by spraying capital across more names. It was a bigger book with slightly tighter selection.

That pattern is consistent with a value manager becoming more confident in the upside embedded in existing ideas. When the market starts to reward discounted holdings again, you often see AUM rise faster than line-item count. Harris’ Q4 filing fits that template.

Value versus growth is the wrong frame here

The easiest lazy take would be that Oakmark suddenly bought growth because GOOGL, CRM, and ABNB sit near the top. That misses the point. Harris has repeatedly argued that value is about price relative to business worth, not about owning only low-quality cyclicals. Its 2025 commentaries made that explicit: the firm was finding more attractively priced quality businesses after a period when quality had been expensive or unloved.

So the better frame is not value versus growth. It is price-sensitive quality selection plus classic contrarian recovery bets. That is why the same top book can contain IQV, ICE, and GOOGL alongside WBD, COP, TRGP, AIG, ELV, and DE.

Analyst’s take

Harris Associates looked more interesting in Q4 2025 precisely because it did not behave like a caricature of a value shop. The firm still bought controversy where discounts remained wide, but it also accepted that some of the best value opportunities had migrated into better businesses with cleaner balance sheets and more durable earnings. That is not style drift. That is disciplined adaptation.

The headline number is the 26.8% AUM rebound. The more durable signal is that Harris achieved that rebound without turning the filing into a concentrated macro bet. For Oakmark investors, that is the most constructive read-through of the quarter: value is working again, and Harris still has a wide enough opportunity set to exploit it.

Frequently asked questions

What did Harris Associates own in Q4 2025?

Its largest disclosed positions included GOOGL, COF, CRM, IQV, ABNB, ICE, KDP, WBD, COP, and SCHW.

How concentrated was Harris Associates in Q4 2025?

Not very concentrated for a value manager this large. The top holding was only 3.53%, the top five were 16.6%, and the top 10 represented 31.3% of the filing.

Was Oakmark still a value investor in Q4 2025?

Yes. The filing suggests Harris was still buying on valuation, but the opportunity set had expanded into higher-quality businesses whose prices had become more attractive.

Why did Harris Associates’ AUM jump so much in Q4 2025?

The disclosed U.S. long portfolio rose from $62.38B to $79.12B, likely reflecting a mix of market appreciation and stronger performance in existing holdings rather than simple position-count expansion.