Harris Associates U.S. Large Value Strategy

What it bought and sold

• New positionEquitable HoldingsJun 2026

  We were pleased to initiate a position at a meaningful discount to intrinsic value.

• ExitedEOG ResourcesJun 2026

  We eliminated the following position(s) during the period: • EOG Resources

• ExitedMarathon PetroleumJun 2026

  We eliminated the following position(s) during the period: • EOG Resources • Marathon Petroleum

• ExitedWarner Bros DiscoveryJun 2026

  We eliminated the following position(s) during the period: • EOG Resources • Marathon Petroleum • Warner Bros Discovery

• ExitedDeere & CompanyMar 2026

  We eliminated the following position(s) during the period: • APA • Baxter • Celanese • Deere

• ExitedBaxter InternationalMar 2026

  We eliminated the following position(s) during the period: • APA • Baxter

• ExitedCelaneseMar 2026

  We eliminated the following position(s) during the period: • APA • Baxter • Celanese

• New positionAccentureMar 2026

  We initiated the following position(s) during the pe- riod: • Accenture is a global leader in consulting and outsourced IT services.

• ExitedAPA CorporationMar 2026

  We eliminated the following position(s) during the period: • APA

• New positionRaymond James FinancialMar 2026

  We were able to initiate a position at a low-teens P/E multiple, which represented a discount to our estimate of intrin- sic value.

• New positionSysco CorporationMar 2026

  we were happy to purchase shares at a discount to peers and the company’s own historical trading multiple.

• New positionSynchrony FinancialMar 2026

  We believe the market un- derappreciates the company’s earnings power and were pleased to purchase shares at a dis- count to our estimate of intrinsic value.

Also held

• IQVIA Holdings
• ConocoPhillips
• Salesforce
• Capital One Financial
• Phillips 66
• Targa Resources

Its investment theses

• Equitable HoldingsJun 2026Equitable Holdings is attractive for its shift toward fee-based capital-light businesses, merger upside, and low valuation.
• AccentureJun 2026Accenture is seen as temporarily pressured but well positioned to benefit from AI-driven transformation, with deep client relationships and a low valuation.
• AccentureMar 2026Accenture combines unmatched scale, embedded enterprise relationships, and cloud-transition tailwinds with a discounted valuation.
• AdobeMar 2026Adobe has durable competitive advantages, a sound AI strategy, and attractive valuation after multiple compression.
• Marsh & McLennanMar 2026Marsh & McLennan benefits from dominant positioning, margin expansion, and efficiency initiatives that support its long-term case.
• Raymond JamesMar 2026Raymond James is gaining share in wealth management with strong EPS growth, sticky advisors, and an attractive valuation.
• Roper TechnologiesMar 2026Roper Technologies offers a deep moat, strong margins, and a cash-generative model with attractive growth prospects.
• Synchrony FinancialMar 2026Synchrony Financial has a data-driven competitive advantage, strong ROE, and a powerful capital allocation record.
• Sysco CorporationMar 2026Sysco benefits from scale, secular food-away-from-home trends, and an improving turnaround with attractive valuation.

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