Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 4.3% compared to a 6.8% return for the MSCI World Index. Year-to-date, the fund returned 15.3% versus 15.1% for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Global Fund highlighted stocks like NOV Inc. (NYSE:NOV) in the Q2 2023 investor letter. Headquartered in Houston, Texas, NOV Inc. (NYSE:NOV) provides equipment and technologies for oil and gas drilling and production. On July 10, 2023, NOV Inc. (NYSE:NOV) stock closed at $17.11 per share. One-month return of NOV Inc. (NYSE:NOV) was 12.94%, and its shares gained 13.91% of their value over the last 52 weeks. NOV Inc. (NYSE:NOV) has a market capitalization of $6.737 billion.
Oakmark Global Fund made the following comment about NOV Inc. (NYSE:NOV) in its second quarter 2023 investor letter:
“During the quarter, we eliminated our positions in Arconic, Cushman & Wakefield, NOV Inc. (NYSE:NOV), and Tenet Healthcare. We believe that NOV is still undervalued, but we opted to exit the position in favor of ConocoPhillips, which we think is a more attractive investment.”
NOV Inc. (NYSE:NOV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held NOV Inc. (NYSE:NOV) at the end of first quarter 2023 which was 29 in the previous quarter.
We discussed NOV Inc. (NYSE:NOV) in another article and shared Michael Big Short Burry’s recent stock purchases. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.