Oakmark Funds, advised by Harris Associates, released its “Oakmark Fund” first-quarter 2026 investor letter. The objective of the fund is to deliver capital appreciation by investing in diverse large-cap US companies. A copy of the letter can be downloaded here. In the quarter, the Fund (investor class) outperformed the S&P 500 Index, returning -2.47% vs. -4.33% for the index. In addition, you can check the Fund’s top five holdings to determine its best picks for 2026.
In its first-quarter 2026 investor letter, Oakmark Fund highlighted ConocoPhillips (NYSE:COP) as a leading contributor. ConocoPhillips (NYSE:COP) is a US-based energy company that produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids. On April 14, 2026, ConocoPhillips (NYSE:COP) closed at $118.79 per share. One-month return of ConocoPhillips (NYSE:COP) was -3.93%, and its shares gained 37.55% over the past 52 weeks. ConocoPhillips (NYSE:COP) has a market capitalization of $145.20 billion.
Oakmark Fund stated the following regarding ConocoPhillips (NYSE:COP) in its Q1 2026 investor letter:
“ConocoPhillips (NYSE:COP) was the top contributor during the quarter. The U.S.-headquartered oil and gas company’s stock price rose as it benefitted from a favorable macroeconomic backdrop and results consistent with our expectations. Rising energy prices due to geopolitical conflict were the most significant driver of the stock performance. We continue to believe Conoco has some of the industry’s highest quality assets managed by a team of strong operators and capital allocators.”
ConocoPhillips (NYSE:COP) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 65 hedge fund portfolios held ConocoPhillips (NYSE:COP) at the end of the fourth quarter, compared to 72 in the previous quarter. While we acknowledge the risk and potential of ConocoPhillips (NYSE:COP) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ConocoPhillips (NYSE:COP) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered ConocoPhillips (NYSE:COP) and shared the list of best blue-chip stocks to buy. In addition, please check out our hedge fund investor letters Q1 2026 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.
