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 |
Caterpillar
CAT
|
+$586M |
| 2 |
Microsoft
MSFT
|
+$573M |
| 3 |
GE Aerospace
GE
|
+$541M |
| 4 |
PCP
PRECISION CASTPARTS CORP
PCP
|
+$419M |
| 5 |
Flowserve
FLS
|
+$375M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$638M |
| 2 |
Apple
AAPL
|
+$576M |
| 3 |
Ralph Lauren
RL
|
+$412M |
| 4 |
Home Depot
HD
|
+$385M |
| 5 |
Walmart Inc
WMT
|
+$324M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.65% |
| 2 | Technology | 16.74% |
| 3 | Consumer Discretionary | 14.17% |
| 4 | Industrials | 9.86% |
| 5 | Healthcare | 6.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Goldman Sachs
GS
$303B
| $779M | 1.23% |
4,142,079
+34,004
| +0.8% | +$6.32M |
|
27
Capital One
COF
$134B
| $716M | 1.13% |
9,087,887
+50,780
| +0.6% | +$3.99M |
|
|
QVCGA
28
DELISTED
QVC Group Inc Series A
QVCGA
| $698M | 1.1% |
492,831
+1,644
| +0.3% | +$2.29M |
|
29
Applied Materials
AMAT
$391B
| $693M | 1.09% |
30,730,487
-9,409,086
| -23% | -$225M |
|
|
30
Caterpillar
CAT
$381B
| $646M | 1.02% |
8,066,269
+7,057,099
| +699% | +$586M |
|
31
Aflac
AFL
$58.2B
| $630M | 0.99% |
19,684,472
+76,704
| +0.4% | +$2.34M |
|
32
CBRE Group
CBRE
$44B
| $619M | 0.98% |
15,997,727
-175,120
| -1% | -$6.04M |
|
33
Halliburton
HAL
$29.4B
| $594M | 0.94% |
13,532,972
+8,262,942
| +157% | +$344M |
|
34
Fidelity National Financial
FNF
$12.7B
| $590M | 0.93% |
23,124,866
-2,737
| -0% | -$69K |
|
35
Dover
DOV
$27.2B
| $585M | 0.92% |
10,482,222
+23,755
| +0.2% | +$1.37M |
|
36
CVS Health
CVS
$119B
| $566M | 0.89% |
5,482,499
-578,607
| -10% | -$58.5M |
|
37
Melco Resorts & Entertainment
MLCO
$2.09B
| $562M | 0.89% |
26,206,600
+5,143,100
| +24% | +$123M |
|
38
Blackrock
BLK
$179B
| $552M | 0.87% |
1,508,137
+11,747
| +0.8% | +$4.26M |
|
|
39
FedEx
FDX
$76.9B
| $545M | 0.86% |
3,294,387
-3,674,511
| -53% | -$638M |
|
|
CHK
40
DELISTED
Chesapeake Energy Corporation
CHK
| $537M | 0.85% |
189,520
+45,718
| +32% | +$161M |
|
41
Principal Financial Group
PFG
$23.7B
| $525M | 0.83% |
10,215,227
-500
| -0% | -$25.1K |
|
|
AMTD
42
DELISTED
TD Ameritrade Holding Corp
AMTD
| $506M | 0.8% |
13,577,279
+89,126
| +0.7% | +$3.17M |
|
|
BNY
43
Bank of New York Mellon
BNY
$108B
| $493M | 0.78% |
12,250,311
-1,538,300
| -11% | -$59.9M |
|
|
FL
44
DELISTED
Foot Locker
FL
| $487M | 0.77% |
7,725,625
-3,400
| -0% | -$193K |
|
45
Illinois Tool Works
ITW
$80.4B
| $467M | 0.74% |
4,802,690
-1,993,502
| -29% | -$192M |
|
46
Unilever
UL
$138B
| $456M | 0.72% |
9,725,066
+130,039
| +1% | +$6.23M |
|
47
Parker-Hannifin
PH
$126B
| $442M | 0.7% |
3,722,157
+1,200
| +0% | +$145K |
|
|
IPG
48
DELISTED
Interpublic Group of Companies
IPG
| $440M | 0.69% |
19,880,695
-679,900
| -3% | -$14.4M |
|
49
Texas Instruments
TXN
$241B
| $424M | 0.67% |
7,421,230
-155,686
| -2% | -$8.74M |
|
|
PCP
50
DELISTED
PRECISION CASTPARTS CORP
PCP
| $415M | 0.66% |
+1,975,378
| New | +$419M |
|
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Bill Nygren's Q1 2015 Portfolio in Review
As of Q1 2015, Bill Nygren held 191 positions worth $63.3B, down 1.7% from $64.4B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q1 2015 filing shows 9 new, 55 increased, 88 reduced and 24 closed positions. Its largest new stake was PRECISION CASTPARTS CORP: 1,975,378 shares worth $415M. The largest sale was FedEx, an estimated $638M.
By sector, the portfolio is most concentrated in Financials at 36% of assets, up from 36% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q1 2015 buy was PRECISION CASTPARTS CORP: 1,975,378 shares worth $415M.
- Bill Nygren added most to Caterpillar in Q1 2015, an estimated $586M increase.
- Bill Nygren's biggest Q1 2015 reduction was FedEx, cutting an estimated $638M.
- Bill Nygren fully exited FAMILY DOLLAR STORES in Q1 2015, selling an estimated $219M.
- Bill Nygren's ten largest holdings make up 34% of its $63.3B portfolio in Q1 2015.
- Bill Nygren opened 9 new positions and closed 24 in Q1 2015.
- Bill Nygren's portfolio value fell 1.7% quarter-over-quarter to $63.3B.
Based on Harris Associates's 13F filing for Q1 2015, filed 14 May 2015.