Harris Oakmark recently released its second-quarter 2026 investor letter for the “Oakmark U.S. Concentrated Strategy”. A copy of the letter can be downloaded here. The strategy returned 9.21% (net) in the second quarter, lagging the Russell 1000 Value Index’s 13.87%. U.S. equities finished higher during the quarter, with nine of eleven GICS sectors posting gains, led by technology and industrials, while energy and utilities detracted. The market showed concentrated leadership, with investors favoring companies that benefit from AI spending. However, the firm continues to focus on value discipline, avoiding AI-driven market fads, prioritizing companies trading below intrinsic value. In addition, please check the Strategy’s top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Oakmark U.S. Concentrated Strategy highlighted ICON Public Limited Company (NASDAQ:ICLR). ICON Public Limited Company (NASDAQ:ICLR) is a clinical research organization that provides outsourced development and commercialization services to the pharmaceutical, biotechnology, and medical device industries. On July 28, 2026, ICON Public Limited Company (NASDAQ:ICLR) stock closed at $180.24 per share. One-month return of ICON Public Limited Company (NASDAQ:ICLR) was 2.96%, and its shares lost 0.69% over the past 52 weeks. ICON Public Limited Company (NASDAQ:ICLR) has a market capitalization of about $13.91 billion.
Oakmark U.S. Concentrated Strategy stated the following regarding ICON Public Limited Company (NASDAQ:ICLR) in its Q2 2026 investor update:
“ICON Public Limited Company (NASDAQ:ICLR) was a contributor during the quarter. The Ireland-headquartered and U.S.-listed clinical research organization reported two sets of results as it caught up following its accounting re view, both in line with expectations against an improving pharma backdrop. Bookings were the standout, with a strong net book-to-bill and sharply lower cancellations than a year ago, led by full-service outsourcing. Given the business’s long-cycle nature, this should support accelerating revenue growth in coming years if sustained. Margins met guidance, and management is confident in further gains from steps al ready underway. With the accounting clean-up behind it, ICON plans to resume buybacks, its top capital priority, after next quarter’s earnings. We continue to see ICON as the leading pure play in an attractive industry with a long runway for future growth.”
ICON Public Limited Company (NASDAQ:ICLR) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 49 hedge fund portfolios held ICON Public Limited Company (NASDAQ:ICLR) at the end of the first quarter, up from 41 in the previous quarter. While we acknowledge the risk and potential of ICON Public Limited Company (NASDAQ:ICLR) 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 ICON Public Limited Company (NASDAQ:ICLR) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered ICON Public Limited Company (NASDAQ:ICLR) and shared City Different Investments’ views on the company. 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.
