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 |
LNKD
LinkedIn Corporation
LNKD
|
+$374M |
| 2 |
Harley-Davidson
HOG
|
+$226M |
| 3 |
IQVIA
IQV
|
+$222M |
| 4 |
CarMax
KMX
|
+$149M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$142M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Intel
INTC
|
+$594M |
| 2 |
Applied Materials
AMAT
|
+$333M |
| 3 |
MON
Monsanto Co
MON
|
+$325M |
| 4 |
APC
Anadarko Petroleum
APC
|
+$281M |
| 5 |
GE Aerospace
GE
|
+$235M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 33.87% |
| 2 | Technology | 15.15% |
| 3 | Industrials | 12.16% |
| 4 | Consumer Discretionary | 12.15% |
| 5 | Communication Services | 12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Applied Materials
AMAT
$391B
| $573M | 1.15% |
23,905,923
-15,096,572
| -39% | -$333M |
|
27
Capital One
COF
$134B
| $526M | 1.06% |
8,276,231
-476,515
| -5% | -$33.2M |
|
28
Aflac
AFL
$58.2B
| $514M | 1.04% |
14,258,618
-298,410
| -2% | -$10.2M |
|
|
LNKD
29
DELISTED
LinkedIn Corporation
LNKD
| $511M | 1.03% |
+2,700,650
| New | +$374M |
|
30
Principal Financial Group
PFG
$23.7B
| $511M | 1.03% |
12,419,677
+18,024
| +0.1% | +$761K |
|
31
Texas Instruments
TXN
$241B
| $508M | 1.02% |
8,110,695
-87,095
| -1% | -$5.18M |
|
32
Dover
DOV
$27.2B
| $487M | 0.98% |
8,692,548
-10,467
| -0.1% | -$564K |
|
33
CVS Health
CVS
$119B
| $487M | 0.98% |
5,082,289
-80,800
| -2% | -$8.05M |
|
34
Willis Towers Watson
WTW
$31.8B
| $476M | 0.96% |
3,832,561
-1,273,563
| -25% | -$157M |
|
35
Blackrock
BLK
$179B
| $476M | 0.96% |
1,388,768
-186,786
| -12% | -$65.6M |
|
|
BNY
36
Bank of New York Mellon
BNY
$108B
| $471M | 0.95% |
12,118,431
+1,240
| +0% | +$49.3K |
|
37
Charter Communications
CHTR
$17.9B
| $469M | 0.94% |
2,049,200
+283,013
| +16% | +$60.8M |
|
38
NOV
NOV
$7.28B
| $466M | 0.94% |
13,846,836
+1,841,631
| +15% | +$59.2M |
|
39
Melco Resorts & Entertainment
MLCO
$2.09B
| $465M | 0.94% |
36,969,470
+7,616,069
| +26% | +$112M |
|
40
Union Pacific
UNP
$183B
| $464M | 0.94% |
5,321,203
-586,093
| -10% | -$49.6M |
|
|
41
Alphabet (Google) Class A
GOOGL
$4.22T
| $444M | 0.9% |
12,631,420
-3,396,000
| -21% | -$125M |
|
|
42
CarMax
KMX
$8.82B
| $433M | 0.87% |
8,828,352
+2,894,787
| +49% | +$149M |
|
43
CBRE Group
CBRE
$44B
| $425M | 0.86% |
16,040,837
-619,485
| -4% | -$18.1M |
|
44
FedEx
FDX
$76.9B
| $421M | 0.85% |
2,772,970
-31,316
| -1% | -$5.08M |
|
45
State Street
STT
$51.4B
| $408M | 0.82% |
7,562,975
-121,854
| -2% | -$7.28M |
|
46
Ally Financial
ALLY
$13.1B
| $401M | 0.81% |
23,512,030
+102,280
| +0.4% | +$1.77M |
|
47
Philip Morris
PM
$293B
| $373M | 0.75% |
3,665,227
-93,000
| -2% | -$9.28M |
|
48
Automatic Data Processing
ADP
$112B
| $369M | 0.74% |
4,020,025
-290,915
| -7% | -$25.7M |
|
|
IPG
49
DELISTED
Interpublic Group of Companies
IPG
| $369M | 0.74% |
15,958,306
-713,880
| -4% | -$16.8M |
|
|
FL
50
DELISTED
Foot Locker
FL
| $367M | 0.74% |
6,689,530
+3,333
| +0% | +$193K |
|
Similar funds
Bill Nygren's Q2 2016 Portfolio in Review
As of Q2 2016, Bill Nygren held 127 positions worth $49.6B, down 6.6% from $53.1B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Bill Nygren withdrew a net $3.08B in Q2 2016, closing 9 positions and reducing 77 holdings. Its most notable exit was Franklin Templeton, Inc., an estimated $211M position sold in full.
By sector, the portfolio is most concentrated in Financials at 34% of assets, down from 34% a quarter earlier, followed by Technology and Industrials.
Against the trend, Bill Nygren opened a new position in LinkedIn Corporation worth $511M.
- Bill Nygren's largest Q2 2016 buy was LinkedIn Corporation: 2,700,650 shares worth $511M.
- Bill Nygren added most to Harley-Davidson in Q2 2016, an estimated $226M increase.
- Bill Nygren's biggest Q2 2016 reduction was Intel, cutting an estimated $594M.
- Bill Nygren fully exited Franklin Templeton, Inc. in Q2 2016, selling an estimated $211M.
- Bill Nygren's ten largest holdings make up 32% of its $49.6B portfolio in Q2 2016.
- Bill Nygren opened 4 new positions and closed 9 in Q2 2016.
- Bill Nygren's portfolio value fell 6.6% quarter-over-quarter to $49.6B.
Based on Harris Associates's 13F filing for Q2 2016, filed 10 Aug 2016.