Oakmark Funds, advised by Harris Associates, has released its fourth-quarter 2025 investor letter for the Oakmark Fund. The fund aims for capital appreciation by investing in large-cap U.S. companies.
In the quarter, the fund's investor class returned 4.78%, outperforming the S&P 500 Index, which returned 2.66%.
The letter highlighted Amrize Ltd (NYSE:AMRZ), a North American building materials company. On January 13, 2026, Amrize stock closed at $56.44 per share. Its one-month return was 5.42%, and year-to-date, shares gained 4.36%. The company has a market capitalization of $31.216 billion.
Regarding Amrize Ltd, Oakmark Fund stated in the letter: "Amrize Ltd (NYSE:AMRZ) is a leading producer of building materials and construction solutions, established following Holcim's spin-off of its North American operations in June. As a standalone company, Amrize holds strong market positions—it is the largest cement producer, the second-largest commercial roofing products manufacturer and a top-five aggregates producer in the U.S. and Canada. The company benefits from pricing power due to its scale, advantaged regional footprint and tight supply dynamics. We also see long-term potential in the Building Envelope segment and believe there is a path to narrowing the margin gap to roofing peers. In our view, Amrize is a fundamentally strong business that is flying under the radar of most U.S. investors. This created the opportunity to invest alongside a proven management team focused on unlocking shareholder value."
According to database information, 47 hedge fund portfolios held Amrize Ltd at the end of the third quarter, down from 48 in the previous quarter. Amrize Ltd is not on the list of 30 Most Popular Stocks Among Hedge Funds.