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 |
Baidu
BIDU
|
+$1.54B |
| 2 |
APC
Anadarko Petroleum
APC
|
+$915M |
| 3 |
Cummins
CMI
|
+$597M |
| 4 |
Caterpillar
CAT
|
+$359M |
| 5 |
GE Aerospace
GE
|
+$214M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$895M |
| 2 |
NOV
NOV
|
+$545M |
| 3 |
Franklin Templeton, Inc.
BEN
|
+$503M |
| 4 |
Visa
V
|
+$425M |
| 5 |
OCR
OMNICARE INC
OCR
|
+$330M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 35.32% |
| 2 | Technology | 16.72% |
| 3 | Consumer Discretionary | 13.03% |
| 4 | Industrials | 11.52% |
| 5 | Communication Services | 7.75% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
QVCGA
26
DELISTED
QVC Group Inc Series A
QVCGA
| $653M | 1.14% |
512,890
+20,311
| +4% | +$27.8M |
|
27
Capital One
COF
$134B
| $652M | 1.14% |
8,984,688
-89,077
| -1% | -$7.15M |
|
28
Diageo
DEO
$52.6B
| $650M | 1.14% |
6,033,957
-483,454
| -7% | -$53.7M |
|
|
MON
29
DELISTED
Monsanto Co
MON
| $638M | 1.12% |
7,478,306
+644,418
| +9% | +$63.7M |
|
30
Applied Materials
AMAT
$391B
| $618M | 1.08% |
42,065,524
+11,428,649
| +37% | +$191M |
|
31
Blackrock
BLK
$179B
| $581M | 1.02% |
1,952,208
+424,615
| +28% | +$137M |
|
32
Fidelity National Financial
FNF
$12.7B
| $566M | 0.99% |
22,994,044
-136,007
| -0.6% | -$3.56M |
|
|
FL
33
DELISTED
Foot Locker
FL
| $543M | 0.95% |
7,544,075
-175,150
| -2% | -$12.5M |
|
34
APA Corp
APA
$15.2B
| $532M | 0.93% |
13,578,093
-1,854,423
| -12% | -$84.3M |
|
35
CBRE Group
CBRE
$44B
| $499M | 0.87% |
15,594,647
-267,211
| -2% | -$9.48M |
|
36
CVS Health
CVS
$119B
| $498M | 0.87% |
5,164,629
-316,370
| -6% | -$33.3M |
|
37
FedEx
FDX
$76.9B
| $494M | 0.86% |
3,427,974
+151,640
| +5% | +$24.2M |
|
38
Melco Resorts & Entertainment
MLCO
$2.09B
| $488M | 0.85% |
35,436,027
+4,142,027
| +13% | +$79.8M |
|
39
Principal Financial Group
PFG
$23.7B
| $483M | 0.85% |
10,212,029
+102
| +0% | +$5.29K |
|
|
BNY
40
Bank of New York Mellon
BNY
$108B
| $480M | 0.84% |
12,253,611
+3,800
| +0% | +$158K |
|
|
41
Franklin Templeton, Inc.
BEN
$17.4B
| $476M | 0.83% |
12,768,045
-11,613,597
| -48% | -$503M |
|
42
Medtronic
MDT
$119B
| $467M | 0.82% |
6,973,542
-405,790
| -5% | -$29.9M |
|
43
Aflac
AFL
$58.2B
| $463M | 0.81% |
15,916,596
-3,765,562
| -19% | -$114M |
|
44
Dover
DOV
$27.2B
| $443M | 0.77% |
9,594,027
-884,864
| -8% | -$44.8M |
|
45
American Express
AXP
$227B
| $434M | 0.76% |
5,855,268
+2,677,563
| +84% | +$206M |
|
|
AMTD
46
DELISTED
TD Ameritrade Holding Corp
AMTD
| $430M | 0.75% |
13,509,321
-33,414
| -0.2% | -$1.17M |
|
47
Texas Instruments
TXN
$241B
| $407M | 0.71% |
8,218,950
+822,120
| +11% | +$40.1M |
|
48
Parker-Hannifin
PH
$126B
| $391M | 0.68% |
4,022,857
+300,700
| +8% | +$32.7M |
|
|
TIF
49
DELISTED
Tiffany & Co.
TIF
| $387M | 0.68% |
5,018,038
+711,007
| +17% | +$62.2M |
|
50
Stellantis
STLA
$20.4B
| $374M | 0.65% |
43,430,217
+6,243,428
| +17% | +$59.7M |
|
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Bill Nygren's Q3 2015 Portfolio in Review
As of Q3 2015, Bill Nygren held 143 positions worth $57.2B, down 8.7% from $62.6B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Bill Nygren's Q3 2015 filing shows 5 new, 48 increased, 66 reduced and 22 closed positions. Its largest new stake was Baidu: 9,325,265 shares worth $1.28B. The largest sale was Amazon, an estimated $895M.
By sector, the portfolio is most concentrated in Financials at 35% of assets, down from 37% a quarter earlier, followed by Technology and Consumer Discretionary.
- Bill Nygren's largest Q3 2015 buy was Baidu: 9,325,265 shares worth $1.28B.
- Bill Nygren added most to Cummins in Q3 2015, an estimated $597M increase.
- Bill Nygren's biggest Q3 2015 reduction was Amazon, cutting an estimated $895M.
- Bill Nygren fully exited OMNICARE INC in Q3 2015, selling an estimated $330M.
- Bill Nygren's ten largest holdings make up 35% of its $57.2B portfolio in Q3 2015.
- Bill Nygren opened 5 new positions and closed 22 in Q3 2015.
- Bill Nygren's portfolio value fell 8.7% quarter-over-quarter to $57.2B.
Based on Harris Associates's 13F filing for Q3 2015, filed 13 Nov 2015.