The Oakmark Fund, advised by Harris Associates, released its fourth-quarter 2025 investor letter. The fund aims for capital appreciation by investing in large-cap U.S. companies. In the quarter, the investor class returned 4.78%, outperforming the S&P 500 Index's 2.66%.
In the letter, the fund highlighted Warner Bros. Discovery, Inc. (NASDAQ:WBD), a global media and entertainment company. Warner Bros. Discovery's stock had a one-month return of 2.30% and gained 194.79% over the last 52 weeks. On January 13, 2026, its stock closed at $28.86 per share, with a market capitalization of $71.558 billion.
Oakmark Fund stated regarding Warner Bros. Discovery in the letter: "Warner Bros. Discovery, Inc. (NASDAQ:WBD) was the top contributor during the quarter. The U.S.-headquartered media company’s stock price surged as multiple parties submitted offers to acquire all or part of the business. Following several rounds of bidding, WBD announced an agreement to sell its Streaming and Studios business to Netflix, while spinning the Global Networks business to shareholders. Paramount Skydance subsequently made a direct $30 per share offer to shareholders for the entire company. We are pleased with the steps the WBD board has taken thus far to unlock shareholder value. We will continue to closely monitor developments as this bidding war unfolds."
According to database information, 70 hedge fund portfolios held Warner Bros. Discovery at the end of the third quarter, up from 67 in the previous quarter. Warner Bros. Discovery is not on the list of 30 Most Popular Stocks Among Hedge Funds.