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 |
Amazon
AMZN
|
+$917M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$601M |
| 3 |
Citigroup
C
|
+$525M |
| 4 |
General Motors
GM
|
+$264M |
| 5 |
Bank of America
BAC
|
+$247M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DTV
DIRECTV COM STK (DE)
DTV
|
+$714M |
| 2 |
Applied Materials
AMAT
|
+$451M |
| 3 |
Devon Energy
DVN
|
+$414M |
| 4 |
ExxonMobil
XOM
|
+$284M |
| 5 |
Cummins
CMI
|
+$267M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.99% |
| 2 | Technology | 18.24% |
| 3 | Consumer Discretionary | 15.44% |
| 4 | Industrials | 9.31% |
| 5 | Healthcare | 6.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
QVCGA
26
DELISTED
QVC Group Inc Series A
QVCGA
| $704M | 1.19% |
584,048
+9,064
| +2% | +$10.8M |
|
27
Illinois Tool Works
ITW
$80.4B
| $702M | 1.18% |
8,017,222
-2,043,835
| -20% | -$176M |
|
28
APA Corp
APA
$15.2B
| $693M | 1.17% |
6,888,984
+52,904
| +0.8% | +$4.79M |
|
29
Dover
DOV
$27.2B
| $635M | 1.07% |
8,638,599
-588,092
| -6% | -$41.1M |
|
|
TRW
30
DELISTED
TRW AUTOMOTIVE HOLDINGS CORP
TRW
| $574M | 0.97% |
6,414,343
-8,280
| -0.1% | -$691K |
|
31
Aflac
AFL
$58.2B
| $558M | 0.94% |
17,926,418
+1,465,220
| +9% | +$45.7M |
|
32
Ralph Lauren
RL
$22.2B
| $551M | 0.93% |
3,430,180
+1,563,116
| +84% | +$241M |
|
33
Principal Financial Group
PFG
$23.7B
| $512M | 0.86% |
10,144,011
+107,848
| +1% | +$5.08M |
|
|
BNY
34
Bank of New York Mellon
BNY
$108B
| $512M | 0.86% |
13,655,111
+777,300
| +6% | +$26.9M |
|
35
Philip Morris
PM
$293B
| $510M | 0.86% |
6,047,827
| – | – |
|
36
CBRE Group
CBRE
$44B
| $481M | 0.81% |
15,011,282
+402,714
| +3% | +$11.6M |
|
37
Blackrock
BLK
$179B
| $470M | 0.79% |
1,469,715
+123,393
| +9% | +$37.8M |
|
38
Goldman Sachs
GS
$303B
| $464M | 0.78% |
2,772,785
+607,875
| +28% | +$98.1M |
|
39
Unilever
UL
$138B
| $463M | 0.78% |
9,088,252
+10,071
| +0.1% | +$505K |
|
|
BHI
40
DELISTED
Baker Hughes
BHI
| $462M | 0.78% |
6,202,215
-1,765,985
| -22% | -$123M |
|
41
Parker-Hannifin
PH
$126B
| $461M | 0.78% |
3,669,387
-490,150
| -12% | -$61.1M |
|
42
CVS Health
CVS
$119B
| $459M | 0.77% |
6,086,149
-1,334
| -0% | -$101K |
|
|
AMTD
43
DELISTED
TD Ameritrade Holding Corp
AMTD
| $426M | 0.72% |
13,572,985
+35,782
| +0.3% | +$1.11M |
|
|
FDO
44
DELISTED
FAMILY DOLLAR STORES
FDO
| $414M | 0.7% |
6,254,295
+41,146
| +0.7% | +$2.48M |
|
45
Lear
LEA
$8.56B
| $414M | 0.7% |
4,630,154
-200
| -0% | -$17.2K |
|
|
FL
46
DELISTED
Foot Locker
FL
| $412M | 0.69% |
8,131,936
-4,600
| -0.1% | -$220K |
|
47
BorgWarner
BWA
$13.8B
| $411M | 0.69% |
7,159,660
-462,125
| -6% | -$25.4M |
|
48
General Dynamics
GD
$104B
| $407M | 0.69% |
3,493,202
-1,018,774
| -23% | -$116M |
|
49
McDonald's
MCD
$192B
| $392M | 0.66% |
3,890,086
+155,739
| +4% | +$15.7M |
|
|
CMCSK
50
DELISTED
COMCAST CORP SPL A (NEW)
CMCSK
| $374M | 0.63% |
7,007,879
-2,748,430
| -28% | -$147M |
|
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Bill Nygren's Q2 2014 Portfolio in Review
As of Q2 2014, Bill Nygren held 182 positions worth $59.4B, up 6.4% from $55.8B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q2 2014 filing shows 6 new, 60 increased, 84 reduced and 5 closed positions. Its largest new stake was Amazon: 57,950,720 shares worth $941M. The largest sale was DIRECTV COM STK (DE), an estimated $714M.
By sector, the portfolio is most concentrated in Financials at 32% of assets, up from 30% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q2 2014 buy was Amazon: 57,950,720 shares worth $941M.
- Bill Nygren added most to Alphabet (Google) Class C in Q2 2014, an estimated $601M increase.
- Bill Nygren's biggest Q2 2014 reduction was DIRECTV COM STK (DE), cutting an estimated $714M.
- Bill Nygren fully exited Kennametal in Q2 2014, selling an estimated $131M.
- Bill Nygren's ten largest holdings make up 34% of its $59.4B portfolio in Q2 2014.
- Bill Nygren opened 6 new positions and closed 5 in Q2 2014.
- Bill Nygren's portfolio value rose 6.4% quarter-over-quarter to $59.4B.
Based on Harris Associates's 13F filing for Q2 2014, filed 12 Aug 2014.