The Oakmark Fund, advised by Harris Associates, released its fourth-quarter 2025 investor letter. The fund aims for capital appreciation through investments in large-cap U.S. companies.
In the quarter, the fund's investor class returned 4.78%, outperforming the S&P 500 Index's 2.66% return.
The letter highlighted Fiserv, Inc. (NASDAQ:FISV), a financial technology company providing payment and fintech services. Fiserv's one-month return was -2.31%, and its shares lost 67.32% of value over the past 52 weeks. On January 12, 2026, Fiserv stock closed at $66.75 per share, with a market capitalization of $36.285 billion.
Oakmark Fund stated regarding Fiserv in the letter: "Fiserv, Inc. (NASDAQ:FISV) was the top detractor during the quarter. The U.S.-headquartered bank software and payment processor’s stock price declined sharply after reporting disappointing third-quarter earnings. Following the completion of a recent strategic review, Fiserv’s new CEO concluded that prior leadership’s medium-term revenue growth and margin targets were unachievable. While we are disappointed by these revelations, we continue to believe that Fiserv is a formidable competitor with attractive assets operating in growing end markets. We are also encouraged by recent upgrades to the executive management team and the board of directors, as well as recent insider stock purchases. The new management team expects Fiserv to deliver mid single-digit organic revenue growth and double-digit earnings per share (EPS) growth on a normalized basis. Accordingly, we believe the risk/reward is attractive with the shares trading at a single-digit multiple of current EPS."
According to database information, 83 hedge fund portfolios held Fiserv at the end of the third quarter, down from 94 in the previous quarter.