Harris Associates
Harris Associates U.S. Large Value Strategy
US Large-cap Value
Mar 2026 → Sep 2026
Our archive holds 3 letters from this strategy, behind 12 investment theses and positions in 28 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in a year · follow all of Harris Associates for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Net of Fees
- YTD+3.4%index +19.3%
- 1Y+8.3%index +23.8%
- 3Y · /yr+15.7%index +20.1%
- 5Y · /yr+10.3%index +11.9%
- 10Y · /yr+13.3%index +11.4%
- Inception · /yr+12.5%index +10.3%
Index: Russell 1000 Value Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Harris Associates U.S. Large Value Strategy | +3.4% | +8.3% | +15.7% | +10.3% | +13.3% | +12.5% |
| Russell 1000 Value Index | +19.3% | +23.8% | +20.1% | +11.9% | +11.4% | +10.3% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We initiated the following position(s) during the pe- riod: • American Express is a leading global payments franchise
We eliminated the following position(s) during the period: • Charter Communications Cl A
We were pleased to initiate a position at a meaningful discount to intrinsic value.
We eliminated the following position(s) during the period: • EOG Resources
We eliminated the following position(s) during the period: • EOG Resources • Marathon Petroleum
We eliminated the following position(s) during the period: • EOG Resources • Marathon Petroleum • Warner Bros Discovery
We eliminated the following position(s) during the period: • APA • Baxter • Celanese • Deere
We eliminated the following position(s) during the period: • APA • Baxter
We eliminated the following position(s) during the period: • APA • Baxter • Celanese
We initiated the following position(s) during the pe- riod: • Accenture is a global leader in consulting and outsourced IT services.
We eliminated the following position(s) during the period: • APA
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.
we were happy to purchase shares at a discount to peers and the company’s own historical trading multiple.
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
Its investment theses
- IQVIASep 2026IQVIA combines improving demand, strong bookings, AI-enabled offerings, and a supportive long-term growth outlook.
- American ExpressSep 2026American Express has a durable closed-loop advantage, premium brand strength, high returns, and attractive valuation relative to its growth profile.
- Meta PlatformsSep 2026Meta Platforms combines exceptional core business economics with AI monetization opportunities and an attractive discount to intrinsic value.
- 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.