Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 26.88% for the fiscal year ended September 30, 2023, outperforming the MSCI World Index’s 21.95% return. The fund returned -5.42% in the recent quarter, compared to the benchmark return of -3.46%. Since its inception on August 4, 1999, the fund returned an average of 9.06% per year. 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 Oracle Corporation (NYSE:ORCL) in the third quarter 2023 investor letter. Headquartered in Austin, Texas, Oracle Corporation (NYSE:ORCL) provides products and services for enterprise information technology environments. On October 9, 2023, Oracle Corporation (NYSE:ORCL) stock closed at $110.32 per share. One-month return of Oracle Corporation (NYSE:ORCL) was 0.65%, and its shares gained 76.77% of their value over the last 52 weeks. Oracle Corporation (NYSE:ORCL) has a market capitalization of $302.208 billion.
Oakmark Global Fund made the following comment about Oracle Corporation (NYSE:ORCL) in its Q3 2023 investor letter:
“Oracle Corporation (NYSE:ORCL) (U.S.), a global software company, was the Fund’s top contributor for the fiscal year, with its share price rising primarily after reporting its fiscal fourth-quarter results. More recently, Oracle announced fiscal first-quarter results, which were in line with consensus expectations. The drivers of the core business are performing well, in our view, and management expressed confidence that annual revenue growth will accelerate as planned based on demand trajectory and its strong bookings trends. For the quarter, total revenue increased 8% in constant currency (9% reported), and operating income grew 12% with margins showing improvement. Cloud and support revenue grew 11% in constant currency, powered by Fusion +20% and Netsuite +21%. The “strategic back office cloud” is now up to $6.9 billion in run-rate revenue. Infrastructure cloud and support revenue grew 14% in constant currency, powered by infrastructure cloud services +72% ex-legacy hosting services to $5.6 billion in run-rate revenue. Momentum is continuing to build as Oracle signed several deals for its cloud business greater than $1 billion in total value during the quarter and booked an additional $1.5 billion in the first week of the second quarter. We continue to believe Oracle is an attractive holding and undervalued due to our perception of its intrinsic value.”
An executive in suit presenting a large touch screen of the company’s cloud-based enterprise platform. Editorial photo for a financial news article. 8k. –ar 16:9
Oracle Corporation (NYSE:ORCL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 84 hedge fund portfolios held Oracle Corporation (NYSE:ORCL) at the end of second quarter which was 67 in the previous quarter.
We discussed Oracle Corporation (NYSE:ORCL) in another article and shared the list of best cloud computing stocks heading into 2024. In addition, please check out our hedge fund investor letters Q3 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.
