Bill Nygren Harris Associates
Bill Nygren is a portfolio manager at Harris Associates and a long-time lead voice behind the Oakmark family of funds. He is known for a value philosophy that seeks growing businesses at discounts to intrinsic value rather than statistically cheap “cigar butts” alone. Nygren’s shareholder letters are popular for clear explanations of valuation, portfolio changes, and long-term equity ownership.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Oracle
ORCL
|
+$484M |
| 2 |
NOV
NOV
|
+$251M |
| 3 |
Franklin Templeton, Inc.
BEN
|
+$238M |
| 4 |
Bank of America
BAC
|
+$233M |
| 5 |
General Motors
GM
|
+$187M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Boeing
BA
|
+$436M |
| 2 |
Northrop Grumman
NOC
|
+$396M |
| 3 |
Flowserve
FLS
|
+$388M |
| 4 |
Devon Energy
DVN
|
+$222M |
| 5 |
Range Resources
RRC
|
+$205M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.95% |
| 2 | Technology | 17.96% |
| 3 | Consumer Discretionary | 14.68% |
| 4 | Industrials | 13.89% |
| 5 | Energy | 10.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Parker-Hannifin
PH
$126B
| $559M | 1.09% |
5,142,297
-1,018,108
| -17% | -$105M |
|
|
HOT
27
DELISTED
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
| $534M | 1.04% |
8,038,155
+555,953
| +7% | +$36.8M |
|
|
QVCGA
28
DELISTED
QVC Group Inc Series A
QVCGA
| $524M | 1.02% |
543,630
+8,897
| +2% | +$8.65M |
|
29
Philip Morris
PM
$293B
| $523M | 1.02% |
6,037,127
-4,915
| -0.1% | -$430K |
|
|
BHI
30
DELISTED
Baker Hughes
BHI
| $520M | 1.01% |
10,586,114
+9,525
| +0.1% | +$459K |
|
31
Labcorp
LH
$27.3B
| $516M | 1% |
6,057,671
-97,647
| -2% | -$8.22M |
|
|
DTV
32
DELISTED
DIRECTV COM STK (DE)
DTV
| $509M | 0.99% |
8,514,233
+1,059,400
| +14% | +$65.2M |
|
33
Diageo
DEO
$52.6B
| $495M | 0.96% |
3,893,117
-42,583
| -1% | -$5.33M |
|
34
Cenovus Energy
CVE
$60.7B
| $474M | 0.92% |
15,890,753
-5,511,359
| -26% | -$163M |
|
|
SNI
35
DELISTED
Scripps Networks Interactive, Inc Common Class A
SNI
| $470M | 0.91% |
6,011,033
-7,700
| -0.1% | -$568K |
|
|
FDO
36
DELISTED
FAMILY DOLLAR STORES
FDO
| $454M | 0.88% |
6,309,436
+601,341
| +11% | +$42.2M |
|
|
FRX
37
DELISTED
FOREST LABORATORIES INC
FRX
| $454M | 0.88% |
10,606,175
+22,275
| +0.2% | +$968K |
|
|
TRW
38
DELISTED
TRW AUTOMOTIVE HOLDINGS CORP
TRW
| $450M | 0.88% |
6,308,127
-11,807
| -0.2% | -$830K |
|
|
CMCSK
39
DELISTED
COMCAST CORP SPL A (NEW)
CMCSK
| $435M | 0.85% |
10,029,999
-59,624
| -0.6% | -$2.59M |
|
40
Check Point Software Technologies
CHKP
$13.3B
| $426M | 0.83% |
7,534,067
-2,171,933
| -22% | -$122M |
|
41
Principal Financial Group
PFG
$23.7B
| $415M | 0.81% |
9,681,900
+1,700
| +0% | +$70.9K |
|
42
Aflac
AFL
$58.2B
| $413M | 0.8% |
13,325,470
+306,050
| +2% | +$9.21M |
|
|
TIF
43
DELISTED
Tiffany & Co.
TIF
| $406M | 0.79% |
5,292,656
-194,908
| -4% | -$15.3M |
|
|
XEC
44
DELISTED
CIMAREX ENERGY CO
XEC
| $402M | 0.78% |
4,173,297
-1,623,475
| -28% | -$132M |
|
|
OCR
45
DELISTED
OMNICARE INC
OCR
| $397M | 0.77% |
7,152,990
-245,297
| -3% | -$13.1M |
|
46
ExxonMobil
XOM
$679B
| $364M | 0.71% |
4,236,198
-47,692
| -1% | -$4.3M |
|
|
AMTD
47
DELISTED
TD Ameritrade Holding Corp
AMTD
| $355M | 0.69% |
13,565,510
+25,200
| +0.2% | +$670K |
|
48
BorgWarner
BWA
$13.8B
| $340M | 0.66% |
7,621,876
| – | – |
|
49
Goldman Sachs
GS
$303B
| $336M | 0.65% |
2,123,143
-1,562
| -0.1% | -$251K |
|
50
Unilever
UL
$138B
| $332M | 0.65% |
7,656,141
+2,361,212
| +45% | +$107M |
|
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Bill Nygren's Q3 2013 Portfolio in Review
As of Q3 2013, Bill Nygren held 194 positions worth $51.4B, up 7.8% from $47.6B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Bill Nygren's Q3 2013 filing shows 3 new, 69 increased, 73 reduced and 13 closed positions. Its largest new stake was Qualcomm: 2,111,925 shares worth $142M. The largest sale was Boeing, an estimated $436M.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 23% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q3 2013 buy was Qualcomm: 2,111,925 shares worth $142M.
- Bill Nygren added most to Oracle in Q3 2013, an estimated $484M increase.
- Bill Nygren's biggest Q3 2013 reduction was Boeing, cutting an estimated $436M.
- Bill Nygren fully exited Northrop Grumman in Q3 2013, selling an estimated $396M.
- Bill Nygren's ten largest holdings make up 31% of its $51.4B portfolio in Q3 2013.
- Bill Nygren opened 3 new positions and closed 13 in Q3 2013.
- Bill Nygren's portfolio value rose 7.8% quarter-over-quarter to $51.4B.
Based on Harris Associates's 13F filing for Q3 2013, filed 12 Nov 2013.