Phillips 66 (PSX) Is Expected to Benefit from Rising Crack Spreads

Oakmark Funds, advised by Harris Associates, released its “Oakmark Select Fund” first-quarter 2026 investor letter. A copy of the letter can be downloaded here. Oakmark Select Fund is a non-diversified fund that aims to deliver capital appreciation by investing in mid and large-cap US companies.  In the quarter, the Fund (investor class) trailed the S&P 500 Index, returning -7.99% vs. -4.33% for the index. Energy is the only contributor to performance at the sector level, while health care and financials detracted from the performance. The Fund believes that equity markets are more...