Harris Oakmark recently released its second-quarter 2026 investor letter for the “Oakmark Global Fund”. A copy of the letter can be downloaded here. It is a non-diversified fund that focuses on long-term capital appreciation by investing in common stocks of U.S. and non-U.S. companies. In the second quarter, the fund (Investor Class) delivered a return of 7.89%, lagging the benchmark, the MSCI World Index’s 13.76% return. Energy and industrials were the top performance contributors at the sector level, while health care and consumer discretionary detracted from performance. AI remains a key market theme. The firm focuses on evaluating companies based on their competitive advantages, long-term cash flow potential, and valuation, not predictions. In addition, you can check the Fund’s top five holdings to determine its best picks for 2026.
In its Q2 2026 investor letter, Oakmark Global Fund highlighted Owens Corning (NYSE:OC). Owens Corning (NYSE:OC) is a leading building products company that operates through Roofing, Insulation, and Doors segments. On July 14, 2026, Owens Corning (NYSE:OC) closed at $142.86 per share, reflecting a market capitalization of $11.44 billion. Owens Corning (NYSE:OC) posted a one-month return of 15.55%, while its shares gained 1.73% over the past 52 weeks.
Oakmark Global Fund stated the following regarding Owens Corning (NYSE:OC) in its Q2 2026 investor update:
“Owens Corning (NYSE:OC) is one of the world’s largest building products companies, specializing in roofing, insulation, and doors. We like that Owens Corning has a dominant market position in roofing that has historically benefited from attractive pricing, scale advantages, the nondiscretionary nature of the product, and contractor loyalty. In our view, market participants underappreciate the quality of the roofing segment and are overly concerned with the insulation segment’s exposure to new housing starts. Economic uncertainty and cyclical forces have weighed on sentiment for the industry, presenting the opportunity to invest in a quality business with a management team that is taking advantage of their underpriced stock through share buybacks.”
Owens Corning (NYSE:OC) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 43 hedge fund portfolios held Owens Corning (NYSE:OC) at the end of the first quarter, compared to 53 in the previous quarter. In Q1 2026, Owens Corning (NYSE:OC) reported revenue of $2.3 billion, a 10% year-over-year decrease due to market environment. While we acknowledge the potential of Owens Corning (NYSE:OC) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
