Oakmark Fund initiated a new position in Booking Holdings during the second quarter of 2026, citing the online travel platform's strong competitive position and attractive valuation. The fund highlighted Booking's leading global marketplace, high direct traffic, and a loyalty program that accounts for more than half of room nights booked. Despite market concerns that large language models could disrupt the booking funnel, Oakmark noted that observable LLM traffic remains negligible and management has a track record of competing alongside dominant intermediaries. Shares were purchased near a ten-year trough valuation and at a meaningful discount to the fund's intrinsic value estimate. Booking Holdings reported first-quarter 2026 revenue of $5.5 billion, up 16%, and adjusted EBITDA of approximately $1.3 billion, a 19% increase.
Booking Holdings IncOakmark Fund initiated a new position, citing attractive valuation and a discount to intrinsic value.