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 |
Ryanair
RYAAY
|
+$722M |
| 2 |
Cenovus Energy
CVE
|
+$427M |
| 3 |
DXC Technology
DXC
|
+$249M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$240M |
| 5 |
Hilton Worldwide
HLT
|
+$182M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HCA Healthcare
HCA
|
+$344M |
| 2 |
Oracle
ORCL
|
+$278M |
| 3 |
Mastercard
MA
|
+$246M |
| 4 |
Baidu
BIDU
|
+$188M |
| 5 |
Willis Towers Watson
WTW
|
+$186M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.8% |
| 2 | Communication Services | 19.36% |
| 3 | Technology | 12.06% |
| 4 | Consumer Discretionary | 11.18% |
| 5 | Healthcare | 10.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Diageo
DEO
$52.6B
| $845M | 1.33% |
5,966,285
-35,982
| -0.6% | -$5.17M |
|
27
Apple
AAPL
$4.51T
| $833M | 1.31% |
14,758,368
-84,364
| -0.6% | -$4.39M |
|
28
UnitedHealth
UNH
$350B
| $725M | 1.14% |
2,724,321
-207,535
| -7% | -$54M |
|
29
Capital One
COF
$134B
| $720M | 1.13% |
7,588,215
-216,391
| -3% | -$21M |
|
30
American Airlines Group
AAL
$9.15B
| $687M | 1.08% |
16,622,725
-639,929
| -4% | -$25M |
|
|
31
Cenovus Energy
CVE
$60.7B
| $674M | 1.06% |
67,192,709
+43,703,207
| +186% | +$427M |
|
32
Liberty Global Class A
LBTYA
$3.63B
| $672M | 1.06% |
23,236,699
+1,197,498
| +5% | +$33.4M |
|
33
Moody's
MCO
$87.2B
| $642M | 1.01% |
3,839,722
-63,611
| -2% | -$11.2M |
|
|
QVCGA
34
DELISTED
QVC Group Inc Series A
QVCGA
| $619M | 0.97% |
573,800
-13,656
| -2% | -$14.4M |
|
35
Netflix
NFLX
$331B
| $610M | 0.96% |
16,298,970
-791,530
| -5% | -$28.7M |
|
|
APC
36
DELISTED
Anadarko Petroleum
APC
| $608M | 0.95% |
9,014,830
+5,467
| +0.1% | +$369K |
|
37
MGM Resorts International
MGM
$11B
| $608M | 0.95% |
21,772,023
-115,598
| -0.5% | -$3.35M |
|
38
CBRE Group
CBRE
$44B
| $592M | 0.93% |
13,427,940
-155,179
| -1% | -$7.4M |
|
|
39
Hilton Worldwide
HLT
$73.5B
| $571M | 0.9% |
7,071,701
+2,315,301
| +49% | +$182M |
|
40
State Street
STT
$51.4B
| $570M | 0.9% |
6,799,715
+421,560
| +7% | +$37M |
|
41
Booking.com
BKNG
$158B
| $557M | 0.88% |
7,017,950
-82,025
| -1% | -$6.46M |
|
42
Automatic Data Processing
ADP
$112B
| $527M | 0.83% |
3,496,348
-10,754
| -0.3% | -$1.52M |
|
43
Baxter International
BAX
$13.6B
| $525M | 0.82% |
6,810,284
-88,769
| -1% | -$6.59M |
|
|
BNY
44
Bank of New York Mellon
BNY
$108B
| $524M | 0.82% |
10,273,504
+561,865
| +6% | +$29.6M |
|
45
Bristol-Myers Squibb
BMY
$137B
| $498M | 0.78% |
8,024,109
-388,967
| -5% | -$23.1M |
|
46
Intel
INTC
$476B
| $483M | 0.76% |
10,212,903
-149,733
| -1% | -$7.29M |
|
|
47
Baidu
BIDU
$31.6B
| $482M | 0.76% |
2,109,122
-801,370
| -28% | -$188M |
|
48
Parker-Hannifin
PH
$126B
| $458M | 0.72% |
2,491,350
+765
| +0% | +$131K |
|
49
Unilever
UL
$138B
| $445M | 0.7% |
7,202,131
+2,025
| +0% | +$128K |
|
50
Howmet Aerospace
HWM
$108B
| $428M | 0.67% |
25,341,487
-1,643,888
| -6% | -$26.2M |
|
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Bill Nygren's Q3 2018 Portfolio in Review
As of Q3 2018, Bill Nygren held 129 positions worth $63.6B, up 2.8% from $61.9B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q3 2018 filing shows 4 new, 44 increased, 72 reduced and 6 closed positions. Its largest new stake was Charles Schwab: 4,691,626 shares worth $231M. The largest sale was HCA Healthcare, an estimated $344M.
By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 28% a quarter earlier, followed by Communication Services and Technology.
- Bill Nygren's largest Q3 2018 buy was Charles Schwab: 4,691,626 shares worth $231M.
- Bill Nygren added most to Ryanair in Q3 2018, an estimated $722M increase.
- Bill Nygren's biggest Q3 2018 reduction was HCA Healthcare, cutting an estimated $344M.
- Bill Nygren fully exited IQVIA in Q3 2018, selling an estimated $96.4M.
- Bill Nygren's ten largest holdings make up 34% of its $63.6B portfolio in Q3 2018.
- Bill Nygren opened 4 new positions and closed 6 in Q3 2018.
- Bill Nygren's portfolio value rose 2.8% quarter-over-quarter to $63.6B.
Based on Harris Associates's 13F filing for Q3 2018, filed 14 Nov 2018.