The Oakmark Fund, advised by Harris Associates, has released its investor letter for the fourth quarter of 2025. The fund aims for capital appreciation through investments in large-cap U.S. companies. During the quarter, the fund's investor class returned 4.78%, outperforming the S&P 500 Index, which returned 2.66%.
In the letter, the fund highlighted CDW Corporation, a leading information technology solutions provider based in Van Buren, Michigan. On January 13, 2026, CDW stock closed at $134.60 per share. Over the past month, the stock declined 6.33%, but it gained 28.20% over the last 52 weeks. CDW has a market capitalization of $17.641 billion.
Oakmark Fund stated in the letter regarding CDW Corporation: "CDW Corporation is a leading information technology solutions company. Over the past decade, CDW has evolved from a technology hardware reseller to a comprehensive provider of IT solutions with burgeoning software and service businesses. In our view, the company’s strong corporate culture helped make its transformation a success. A prime example of this culture is CDW’s talented account managers and technology consultants that help it attract and retain customers. Focusing on software services has helped CDW expand margins—a trend that should continue as cybersecurity and generative AI require more attention. Despite CDW’s critical place in the IT ecosystem, we believe a difficult backdrop for IT service and hardware resellers has weighed on the company’s share price. This backdrop enabled us to purchase shares in CDW at a compelling valuation."
According to database records, 48 hedge fund portfolios held CDW Corporation at the end of the third quarter of 2025, up from 44 in the previous quarter. In Q3 2025, CDW's consolidated net sales were $5.7 billion, a 4% increase from Q3 2024.