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 |
MGM Resorts International
MGM
|
+$370M |
| 2 |
HCA Healthcare
HCA
|
+$338M |
| 3 |
Televisa
TV
|
+$206M |
| 4 |
CHK
Chesapeake Energy Corporation
CHK
|
+$175M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$139M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Applied Materials
AMAT
|
+$568M |
| 2 |
LNKD
LinkedIn Corporation
LNKD
|
+$511M |
| 3 |
Microsoft
MSFT
|
+$419M |
| 4 |
Goldman Sachs
GS
|
+$270M |
| 5 |
MON
Monsanto Co
MON
|
+$181M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 34.51% |
| 2 | Technology | 14.07% |
| 3 | Consumer Discretionary | 13.1% |
| 4 | Industrials | 11.96% |
| 5 | Communication Services | 11.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
NOV
NOV
$7.28B
| $571M | 1.13% |
15,538,489
+1,691,653
| +12% | +$56.8M |
|
27
Melco Resorts & Entertainment
MLCO
$2.09B
| $541M | 1.07% |
33,573,130
-3,396,340
| -9% | -$47.8M |
|
28
Union Pacific
UNP
$183B
| $519M | 1.03% |
5,316,873
-4,330
| -0.1% | -$405K |
|
|
29
Microsoft
MSFT
$3.59T
| $515M | 1.02% |
8,934,248
-7,431,683
| -45% | -$419M |
|
30
Charter Communications
CHTR
$17.9B
| $497M | 0.98% |
1,840,134
-209,066
| -10% | -$52.8M |
|
31
Texas Instruments
TXN
$241B
| $495M | 0.98% |
7,053,953
-1,056,742
| -13% | -$72M |
|
32
CBRE Group
CBRE
$44B
| $494M | 0.98% |
17,642,329
+1,601,492
| +10% | +$45.7M |
|
33
Dover
DOV
$27.2B
| $490M | 0.97% |
8,232,241
-460,307
| -5% | -$26.6M |
|
|
QVCGA
34
DELISTED
QVC Group Inc Series A
QVCGA
| $488M | 0.97% |
501,934
+10,937
| +2% | +$12.1M |
|
35
Fidelity National Financial
FNF
$12.7B
| $487M | 0.97% |
19,010,150
-3,438,991
| -15% | -$88.9M |
|
|
BNY
36
Bank of New York Mellon
BNY
$108B
| $483M | 0.96% |
12,113,726
-4,705
| -0% | -$188K |
|
37
FedEx
FDX
$76.9B
| $468M | 0.93% |
2,679,621
-93,349
| -3% | -$15.3M |
|
38
Aflac
AFL
$58.2B
| $464M | 0.92% |
12,922,066
-1,336,552
| -9% | -$48.6M |
|
39
Ally Financial
ALLY
$13.1B
| $461M | 0.91% |
23,686,392
+174,362
| +0.7% | +$3.24M |
|
|
FL
40
DELISTED
Foot Locker
FL
| $453M | 0.9% |
6,689,080
-450
| -0% | -$28.1K |
|
41
CVS Health
CVS
$119B
| $452M | 0.89% |
5,073,792
-8,497
| -0.2% | -$802K |
|
42
Blackrock
BLK
$179B
| $451M | 0.89% |
1,245,417
-143,351
| -10% | -$52.2M |
|
43
CarMax
KMX
$8.82B
| $447M | 0.89% |
8,377,047
-451,305
| -5% | -$25.6M |
|
44
State Street
STT
$51.4B
| $446M | 0.88% |
6,408,165
-1,154,810
| -15% | -$75.5M |
|
45
Qualcomm
QCOM
$169B
| $424M | 0.84% |
6,183,306
+15,251
| +0.2% | +$927K |
|
|
46
MGM Resorts International
MGM
$11B
| $423M | 0.84% |
16,243,974
+15,244,874
| +1,526% | +$370M |
|
47
Apple
AAPL
$4.51T
| $418M | 0.83% |
14,798,360
-162,628
| -1% | -$4.3M |
|
48
Harley-Davidson
HOG
$2.93B
| $417M | 0.83% |
7,922,449
+3,855
| +0% | +$199K |
|
|
APC
49
DELISTED
Anadarko Petroleum
APC
| $413M | 0.82% |
6,519,695
-4,895
| -0.1% | -$273K |
|
|
50
HCA Healthcare
HCA
$92.9B
| $385M | 0.76% |
5,086,931
+4,410,239
| +652% | +$338M |
|
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Bill Nygren's Q3 2016 Portfolio in Review
As of Q3 2016, Bill Nygren held 122 positions worth $50.5B, up 1.7% from $49.6B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren withdrew a net $3.15B in Q3 2016, closing 5 positions and reducing 84 holdings. Its most notable exit was LinkedIn Corporation, an estimated $511M position sold in full.
By sector, the portfolio is most concentrated in Financials at 35% of assets, up from 34% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in Vistance Networks Inc worth $103M.
- Bill Nygren's largest Q3 2016 buy was Vistance Networks Inc: 3,423,840 shares worth $103M.
- Bill Nygren added most to MGM Resorts International in Q3 2016, an estimated $370M increase.
- Bill Nygren's biggest Q3 2016 reduction was Applied Materials, cutting an estimated $568M.
- Bill Nygren fully exited LinkedIn Corporation in Q3 2016, selling an estimated $511M.
- Bill Nygren's ten largest holdings make up 34% of its $50.5B portfolio in Q3 2016.
- Bill Nygren opened 4 new positions and closed 5 in Q3 2016.
- Bill Nygren's portfolio value rose 1.7% quarter-over-quarter to $50.5B.
Based on Harris Associates's 13F filing for Q3 2016, filed 9 Nov 2016.