Harris Oakmark recently released its second-quarter 2026 investor letter for the “Oakmark Fund”. A copy of the letter can be downloaded here. The objective of the fund is to deliver capital appreciation by investing in a diverse set of large-cap US companies. In the quarter, the Fund (investor class) underperformed the S&P 500 Index, returning 2.45% vs. 15.20% for the index. The industrials and financials contributed to performance at the sector level, while information technology and energy detracted. Investing in AI-benefited enterprises kept market leadership narrow during the quarter. In addition, you can check the Fund’s top five holdings to determine its best picks for 2026.
In its Q2 2026 investor letter, Oakmark Fund highlighted Delta Air Lines, Inc. (NYSE:DAL) as a leading performance contributor. Delta Air Lines, Inc. (NYSE:DAL) is a US-based airline company that operates through Airline and Refinery segments. On July 13, 2026, Delta Air Lines, Inc. (NYSE:DAL) closed at $86.19 per share, reflecting a market capitalization of $56.68 billion. Delta Air Lines, Inc. (NYSE:DAL) posted a one-month return of 3.67%, while its shares gained 54.71% over the past 52 weeks.
Oakmark Fund stated the following regarding Delta Air Lines, Inc. (NYSE:DAL) in its Q2 2026 investor update:
“Delta Air Lines, Inc. (NYSE:DAL) was the top contributor during the quarter. Fuel prices spiked in March following the onset of the Iran War, creating a near-term headwind for airline profitability. However, first-quarter results showed that the industry was passing through higher fuel costs more quickly than it has historically, which we view as important evidence of the industry becoming more rational. Travel demand also remained healthy, particularly in the premium leisure and corporate customer segments where Delta’s competitive position is strongest. Sentiment continued to improve as oil prices declined toward the end of the second quarter. We believe the airline industry will emerge from the recent fuel price shock with improved profitability and see Delta as especially well positioned given its focus on premium experiences that support greater pricing power.”
Delta Air Lines, Inc. (NYSE:DAL) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 68 hedge fund portfolios held Delta Air Lines, Inc. (NYSE:DAL) at the end of the first quarter, up from 67 in the previous quarter. While we acknowledge the risk and potential of Delta Air Lines, Inc. (NYSE:DAL) 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 Delta Air Lines, Inc. (NYSE:DAL) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Delta Air Lines, Inc. (NYSE:DAL) and shared the list of stocks Jim Cramer discussed. In addition, please check out our hedge fund investor letters Q2 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.
