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 |
Televisa
TV
|
+$253M |
| 2 |
Baxter International
BAX
|
+$195M |
| 3 |
Ally Financial
ALLY
|
+$138M |
| 4 |
State Street
STT
|
+$135M |
| 5 |
Goldman Sachs
GS
|
+$130M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Express
AXP
|
+$372M |
| 2 |
Union Pacific
UNP
|
+$371M |
| 3 |
Apple
AAPL
|
+$323M |
| 4 |
HNT
HEALTH NET INC
HNT
|
+$295M |
| 5 |
Aon
AON
|
+$252M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.25% |
| 2 | Technology | 16.63% |
| 3 | Industrials | 12.36% |
| 4 | Consumer Discretionary | 12.23% |
| 5 | Communication Services | 10.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Alphabet (Google) Class A
GOOGL
$4.22T
| $611M | 1.15% |
16,027,420
-1,633,260
| -9% | -$60.1M |
|
27
Capital One
COF
$134B
| $607M | 1.14% |
8,752,746
-200,150
| -2% | -$13.2M |
|
28
Willis Towers Watson
WTW
$31.8B
| $606M | 1.14% |
5,106,124
-802,996
| -14% | -$92.4M |
|
|
APC
29
DELISTED
Anadarko Petroleum
APC
| $562M | 1.06% |
12,067,045
-5,097,735
| -30% | -$207M |
|
30
Fidelity National Financial
FNF
$12.7B
| $544M | 1.02% |
23,100,346
-610,657
| -3% | -$13.7M |
|
31
Blackrock
BLK
$179B
| $537M | 1.01% |
1,575,554
-324,696
| -17% | -$103M |
|
32
CVS Health
CVS
$119B
| $536M | 1.01% |
5,163,089
-1,365
| -0% | -$133K |
|
33
Principal Financial Group
PFG
$23.7B
| $489M | 0.92% |
12,401,653
+2,194,285
| +21% | +$84.4M |
|
34
Melco Resorts & Entertainment
MLCO
$2.09B
| $485M | 0.91% |
29,353,401
-9,110,380
| -24% | -$138M |
|
35
CBRE Group
CBRE
$44B
| $480M | 0.9% |
16,660,322
+1,285,905
| +8% | +$35.4M |
|
36
Texas Instruments
TXN
$241B
| $471M | 0.89% |
8,197,790
-11,985
| -0.1% | -$636K |
|
|
37
Union Pacific
UNP
$183B
| $470M | 0.88% |
5,907,296
-4,793,940
| -45% | -$371M |
|
38
Aflac
AFL
$58.2B
| $460M | 0.87% |
14,557,028
-784,706
| -5% | -$23.3M |
|
39
FedEx
FDX
$76.9B
| $456M | 0.86% |
2,804,286
-604,385
| -18% | -$84.1M |
|
40
Dover
DOV
$27.2B
| $452M | 0.85% |
8,703,015
-54,262
| -0.6% | -$2.63M |
|
|
41
State Street
STT
$51.4B
| $450M | 0.85% |
7,684,829
+2,369,584
| +45% | +$135M |
|
|
BNY
42
Bank of New York Mellon
BNY
$108B
| $446M | 0.84% |
12,117,191
-132,560
| -1% | -$4.81M |
|
|
MON
43
DELISTED
Monsanto Co
MON
| $442M | 0.83% |
5,032,156
-172,540
| -3% | -$15.6M |
|
|
44
Ally Financial
ALLY
$13.1B
| $438M | 0.82% |
23,409,750
+8,016,497
| +52% | +$138M |
|
|
FL
45
DELISTED
Foot Locker
FL
| $431M | 0.81% |
6,686,197
-4,948
| -0.1% | -$321K |
|
46
Parker-Hannifin
PH
$126B
| $426M | 0.8% |
3,835,427
-506,870
| -12% | -$50.9M |
|
47
Whirlpool
WHR
$2.63B
| $416M | 0.78% |
2,308,220
-32,175
| -1% | -$4.8M |
|
|
48
Apple
AAPL
$4.51T
| $401M | 0.75% |
14,713,208
-12,971,696
| -47% | -$323M |
|
49
Automatic Data Processing
ADP
$112B
| $387M | 0.73% |
4,310,940
-336,430
| -7% | -$28.2M |
|
|
IPG
50
DELISTED
Interpublic Group of Companies
IPG
| $383M | 0.72% |
16,672,186
-1,733,212
| -9% | -$37.5M |
|
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Bill Nygren's Q1 2016 Portfolio in Review
As of Q1 2016, Bill Nygren held 134 positions worth $53.1B, down 10% from $59B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bill Nygren withdrew a net $4.51B in Q1 2016, closing 11 positions and reducing 82 holdings. Its most notable exit was HEALTH NET INC, an estimated $295M position sold in full.
By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 35% a quarter earlier, followed by Technology and Industrials.
Against the trend, Bill Nygren opened a new position in Baxter International worth $210M.
- Bill Nygren's largest Q1 2016 buy was Baxter International: 5,106,845 shares worth $210M.
- Bill Nygren added most to Televisa in Q1 2016, an estimated $253M increase.
- Bill Nygren's biggest Q1 2016 reduction was American Express, cutting an estimated $372M.
- Bill Nygren fully exited HEALTH NET INC in Q1 2016, selling an estimated $295M.
- Bill Nygren's ten largest holdings make up 33% of its $53.1B portfolio in Q1 2016.
- Bill Nygren opened 10 new positions and closed 11 in Q1 2016.
- Bill Nygren's portfolio value fell 10% quarter-over-quarter to $53.1B.
Based on Harris Associates's 13F filing for Q1 2016, filed 11 May 2016.