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 |
Charter Communications
CHTR
|
+$598M |
| 2 |
Regeneron Pharmaceuticals
REGN
|
+$453M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$420M |
| 4 |
Hilton Worldwide
HLT
|
+$363M |
| 5 |
Liberty Global Class C
LBTYK
|
+$304M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baidu
BIDU
|
+$364M |
| 2 |
Aflac
AFL
|
+$199M |
| 3 |
BUFF
Blue Buffalo Pet Products, Inc
BUFF
|
+$198M |
| 4 |
Intel
INTC
|
+$196M |
| 5 |
Oracle
ORCL
|
+$187M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 27.67% |
| 2 | Communication Services | 19.84% |
| 3 | Consumer Discretionary | 11.87% |
| 4 | Technology | 11.61% |
| 5 | Healthcare | 9.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
UnitedHealth
UNH
$350B
| $719M | 1.16% |
2,931,856
-495,140
| -14% | -$119M |
|
27
Capital One
COF
$134B
| $717M | 1.16% |
7,804,606
-95,145
| -1% | -$9M |
|
|
28
Baidu
BIDU
$31.6B
| $707M | 1.14% |
2,910,492
-1,460,205
| -33% | -$364M |
|
29
Apple
AAPL
$4.51T
| $687M | 1.11% |
14,842,732
-412,572
| -3% | -$18.7M |
|
30
Netflix
NFLX
$331B
| $669M | 1.08% |
17,090,500
-2,633,860
| -13% | -$89.8M |
|
31
Moody's
MCO
$87.2B
| $666M | 1.08% |
3,903,333
-24,088
| -0.6% | -$4.08M |
|
|
APC
32
DELISTED
Anadarko Petroleum
APC
| $660M | 1.07% |
9,009,363
+15,135
| +0.2% | +$1.03M |
|
33
American Airlines Group
AAL
$9.15B
| $655M | 1.06% |
17,262,654
+3,972,072
| +30% | +$175M |
|
34
CBRE Group
CBRE
$44B
| $648M | 1.05% |
13,583,119
-1,279,915
| -9% | -$60.5M |
|
35
MGM Resorts International
MGM
$11B
| $635M | 1.03% |
21,887,621
-317,048
| -1% | -$10.2M |
|
36
Liberty Global Class A
LBTYA
$3.63B
| $607M | 0.98% |
22,039,201
+3,153,781
| +17% | +$95.1M |
|
|
QVCGA
37
DELISTED
QVC Group Inc Series A
QVCGA
| $605M | 0.98% |
587,456
-723
| -0.1% | -$800K |
|
38
State Street
STT
$51.4B
| $594M | 0.96% |
6,378,155
+2,080
| +0% | +$206K |
|
39
Booking.com
BKNG
$158B
| $576M | 0.93% |
7,099,975
-356,375
| -5% | -$30M |
|
|
BNY
40
Bank of New York Mellon
BNY
$108B
| $524M | 0.85% |
9,711,639
+4,185
| +0% | +$231K |
|
|
41
Intel
INTC
$476B
| $515M | 0.83% |
10,362,636
-3,686,798
| -26% | -$196M |
|
42
Baxter International
BAX
$13.6B
| $509M | 0.82% |
6,899,053
-19,768
| -0.3% | -$1.39M |
|
43
Automatic Data Processing
ADP
$112B
| $470M | 0.76% |
3,507,102
-3,770
| -0.1% | -$478K |
|
|
44
Bristol-Myers Squibb
BMY
$137B
| $466M | 0.75% |
8,413,076
+7,772,870
| +1,214% | +$420M |
|
45
Unilever
UL
$138B
| $448M | 0.72% |
7,200,106
+10,702
| +0.1% | +$665K |
|
46
Texas Instruments
TXN
$241B
| $428M | 0.69% |
3,885,658
-21,372
| -0.5% | -$2.31M |
|
47
Johnson Controls International
JCI
$86.7B
| $426M | 0.69% |
12,732,661
-40,179
| -0.3% | -$1.4M |
|
48
Parker-Hannifin
PH
$126B
| $388M | 0.63% |
2,490,585
+1,815
| +0.1% | +$309K |
|
49
Meta Platforms (Facebook)
META
$1.4T
| $388M | 0.63% |
1,997,119
+647,024
| +48% | +$117M |
|
50
Ryanair
RYAAY
$28.9B
| $381M | 0.62% |
8,336,853
+5,777,118
| +226% | +$269M |
|
Similar funds
Bill Nygren's Q2 2018 Portfolio in Review
As of Q2 2018, Bill Nygren held 134 positions worth $61.9B, up 3.3% from $59.9B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Bill Nygren's Q2 2018 filing shows 5 new, 44 increased, 71 reduced and 9 closed positions. Its largest new stake was Gartner: 1,701,640 shares worth $226M. The largest sale was Baidu, an estimated $364M.
By sector, the portfolio is most concentrated in Financials at 28% of assets, down from 29% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Bill Nygren's largest Q2 2018 buy was Gartner: 1,701,640 shares worth $226M.
- Bill Nygren added most to Charter Communications in Q2 2018, an estimated $598M increase.
- Bill Nygren's biggest Q2 2018 reduction was Baidu, cutting an estimated $364M.
- Bill Nygren fully exited Aflac in Q2 2018, selling an estimated $199M.
- Bill Nygren's ten largest holdings make up 35% of its $61.9B portfolio in Q2 2018.
- Bill Nygren opened 5 new positions and closed 9 in Q2 2018.
- Bill Nygren's portfolio value rose 3.3% quarter-over-quarter to $61.9B.
Based on Harris Associates's 13F filing for Q2 2018, filed 14 Aug 2018.