What this manager has argued in its own public filings, claim by claim. Each claim was checked against the document it came from and reviewed by a person before it appeared here. Follow any claim to the filing on sec.gov and read it yourself.
Each claim is the view as filed on its date, not a current recommendation, and a 13F holding is what was reported at that quarter’s end, not a position held today.
After a 35% fall, Harris says Capital One trades at 5.2x forward earnings and 1.07x tangible book, an unreasonably low valuation for an above-average lender, and bought it.
Written by the manager, in the filing
“We believe this is an unreasonably low valuation for what we see as an above-average financial institution.”
Harris argues the market's assumptions on Charter are overly punitive: it remains the dominant broadband provider in 60% of its footprint and should keep growing operating profit.
A faithful compression of what the manager wrote
“Charter remains the dominant broadband provider in 60% of its footprint”
Harris bought Intercontinental Exchange, arguing its three segments should grow earnings well above GDP while the stock trades at roughly the market multiple.
Written by the manager, in the filing
“think Intercontinental Exchange represents a compelling opportunity”
Harris says the market values Meta as if it will barely grow after Apple's privacy changes hit targeted advertising, which it calls misguided, and it sold put options to add exposure.
A faithful compression of what the manager wrote
“We sold put options to add to our economic exposure in Meta to take advantage of the price weakness.”
Harris argues that Netflix's slower subscriber growth and margin pressure, the latter mainly from weak foreign currencies, are likely temporary, and that at 5.5x 2022 revenue and 34x earnings the shares are compelling.
Written by the manager, in the filing
“Weak foreign currencies in the company's international markets were the primary source of margin pressure.”
Harris argues most of Phillips 66's value lies outside refining, so even if refining margins normalise it is paying a single-digit multiple of normalised earnings, with most free cash flow returned to shareholders.
Written by the manager, in the filing
“we believe we are paying a single-digit multiple of normalized earnings”
After the Silicon Valley Bank collapse, Harris argues fears about Schwab's securities losses are overstated, citing deposits spread across more than 34 million mostly insured accounts and strong liquidity, and added it to Oakmark Select.
Written by the manager, in the filing
“We believe these concerns are overstated”
Continue the investment thesis
See the complete claim breakdown (4 more reviewed claims), how each view changed from one filing to the next, and the themes other managers are arguing.
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