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 |
Aon
AON
|
+$544M |
| 2 |
Union Pacific
UNP
|
+$529M |
| 3 |
Gaming and Leisure Properties
GLPI
|
+$209M |
| 4 |
Bank of America
BAC
|
+$183M |
| 5 |
BNY
Bank of New York Mellon
BNY
|
+$179M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Instruments
TXN
|
+$321M |
| 2 |
Illinois Tool Works
ITW
|
+$318M |
| 3 |
Rockwell Automation
ROK
|
+$251M |
| 4 |
PENN Entertainment
PENN
|
+$231M |
| 5 |
Cenovus Energy
CVE
|
+$225M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 28.33% |
| 2 | Technology | 17.42% |
| 3 | Consumer Discretionary | 14.34% |
| 4 | Industrials | 13.49% |
| 5 | Healthcare | 9.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
FRX
26
DELISTED
FOREST LABORATORIES INC
FRX
| $633M | 1.13% |
10,544,150
-62,025
| -0.6% | -$3.12M |
|
|
DTV
27
DELISTED
DIRECTV COM STK (DE)
DTV
| $610M | 1.09% |
8,824,955
+310,722
| +4% | +$19.9M |
|
28
General Dynamics
GD
$104B
| $572M | 1.02% |
5,989,026
-1,108,700
| -16% | -$99M |
|
29
Philip Morris
PM
$293B
| $532M | 0.95% |
6,103,127
+66,000
| +1% | +$5.76M |
|
30
Parker-Hannifin
PH
$126B
| $532M | 0.95% |
4,132,737
-1,009,560
| -20% | -$117M |
|
|
CMCSK
31
DELISTED
COMCAST CORP SPL A (NEW)
CMCSK
| $522M | 0.93% |
10,461,251
+431,252
| +4% | +$21.5M |
|
|
HOT
32
DELISTED
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
HOT
| $514M | 0.92% |
6,473,893
-1,564,262
| -19% | -$114M |
|
33
Diageo
DEO
$52.6B
| $514M | 0.92% |
3,881,323
-11,794
| -0.3% | -$1.51M |
|
|
BHI
34
DELISTED
Baker Hughes
BHI
| $506M | 0.9% |
9,153,884
-1,432,230
| -14% | -$78.4M |
|
35
Aflac
AFL
$58.2B
| $500M | 0.89% |
14,961,790
+1,636,320
| +12% | +$53.7M |
|
36
Principal Financial Group
PFG
$23.7B
| $473M | 0.85% |
9,600,414
-81,486
| -0.8% | -$3.87M |
|
|
TRW
37
DELISTED
TRW AUTOMOTIVE HOLDINGS CORP
TRW
| $470M | 0.84% |
6,316,622
+8,495
| +0.1% | +$639K |
|
|
38
Rockwell Automation
ROK
$48.5B
| $469M | 0.84% |
3,972,989
-2,256,935
| -36% | -$251M |
|
39
Labcorp
LH
$27.3B
| $459M | 0.82% |
5,850,037
-207,634
| -3% | -$17.7M |
|
|
TIF
40
DELISTED
Tiffany & Co.
TIF
| $444M | 0.79% |
4,783,615
-509,041
| -10% | -$42.3M |
|
41
ExxonMobil
XOM
$679B
| $440M | 0.79% |
4,343,682
+107,484
| +3% | +$9.94M |
|
|
SNI
42
DELISTED
Scripps Networks Interactive, Inc Common Class A
SNI
| $426M | 0.76% |
4,930,004
-1,081,029
| -18% | -$84.7M |
|
|
FDO
43
DELISTED
FAMILY DOLLAR STORES
FDO
| $422M | 0.75% |
6,493,480
+184,044
| +3% | +$12.6M |
|
|
AMTD
44
DELISTED
TD Ameritrade Holding Corp
AMTD
| $415M | 0.74% |
13,537,835
-27,675
| -0.2% | -$788K |
|
|
OCR
45
DELISTED
OMNICARE INC
OCR
| $398M | 0.71% |
6,586,079
-566,911
| -8% | -$32.5M |
|
46
CVS Health
CVS
$119B
| $395M | 0.71% |
5,513,713
| – | – |
|
47
APA Corp
APA
$15.2B
| $388M | 0.69% |
4,516,030
+1,913,930
| +74% | +$170M |
|
|
BNY
48
Bank of New York Mellon
BNY
$108B
| $379M | 0.68% |
10,859,911
+5,506,892
| +103% | +$179M |
|
49
Goldman Sachs
GS
$303B
| $379M | 0.68% |
2,135,717
+12,574
| +0.6% | +$2.07M |
|
50
Unilever
UL
$138B
| $376M | 0.67% |
8,114,862
+458,721
| +6% | +$20.5M |
|
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Bill Nygren's Q4 2013 Portfolio in Review
As of Q4 2013, Bill Nygren held 191 positions worth $56B, up 9% from $51.4B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bill Nygren's Q4 2013 filing shows 10 new, 69 increased, 73 reduced and 4 closed positions. Its largest new stake was Gaming and Leisure Properties: 4,402,618 shares worth $224M. The largest sale was Texas Instruments, an estimated $321M.
By sector, the portfolio is most concentrated in Financials at 28% of assets, up from 25% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q4 2013 buy was Gaming and Leisure Properties: 4,402,618 shares worth $224M.
- Bill Nygren added most to Aon in Q4 2013, an estimated $544M increase.
- Bill Nygren's biggest Q4 2013 reduction was Texas Instruments, cutting an estimated $321M.
- Bill Nygren fully exited Staples Inc in Q4 2013, selling an estimated $88.2M.
- Bill Nygren's ten largest holdings make up 33% of its $56B portfolio in Q4 2013.
- Bill Nygren opened 10 new positions and closed 4 in Q4 2013.
- Bill Nygren's portfolio value rose 9% quarter-over-quarter to $56B.
Based on Harris Associates's 13F filing for Q4 2013, filed 10 Feb 2014.