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 |
Netflix
NFLX
|
+$443M |
| 2 |
Hilton Worldwide
HLT
|
+$443M |
| 3 |
Halliburton
HAL
|
+$427M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$418M |
| 5 |
Ryanair
RYAAY
|
+$319M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Oracle
ORCL
|
+$880M |
| 2 |
HCA Healthcare
HCA
|
+$783M |
| 3 |
Willis Towers Watson
WTW
|
+$736M |
| 4 |
UnitedHealth
UNH
|
+$396M |
| 5 |
Unilever
UL
|
+$392M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.58% |
| 2 | Communication Services | 20.87% |
| 3 | Consumer Discretionary | 14.15% |
| 4 | Technology | 10.39% |
| 5 | Industrials | 10.26% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
American Airlines Group
AAL
$9.15B
| $609M | 1.23% |
18,951,352
+2,328,627
| +14% | +$81M |
|
27
Apple
AAPL
$4.51T
| $600M | 1.21% |
15,223,176
+464,808
| +3% | +$22.5M |
|
28
Diageo
DEO
$52.6B
| $598M | 1.21% |
4,219,074
-1,747,211
| -29% | -$246M |
|
|
APC
29
DELISTED
Anadarko Petroleum
APC
| $592M | 1.2% |
13,514,955
+4,500,125
| +50% | +$254M |
|
30
NOV
NOV
$7.28B
| $586M | 1.18% |
22,820,259
+412,852
| +2% | +$14.3M |
|
|
SCHW
31
Charles Schwab
SCHW
$194B
| $579M | 1.17% |
13,940,097
+9,248,471
| +197% | +$418M |
|
32
CBRE Group
CBRE
$44B
| $578M | 1.17% |
14,433,299
+1,005,359
| +7% | +$41.6M |
|
33
Booking.com
BKNG
$158B
| $558M | 1.13% |
8,099,700
+1,081,750
| +15% | +$79.3M |
|
34
Visa
V
$693B
| $554M | 1.12% |
4,195,267
-1,497,102
| -26% | -$207M |
|
35
Liberty Global Class A
LBTYA
$3.63B
| $540M | 1.09% |
25,294,509
+2,057,810
| +9% | +$50.5M |
|
|
QVCGA
36
DELISTED
QVC Group Inc Series A
QVCGA
| $539M | 1.09% |
568,778
-5,022
| -0.9% | -$5.28M |
|
37
Moody's
MCO
$87.2B
| $533M | 1.08% |
3,805,977
-33,745
| -0.9% | -$5.09M |
|
38
Cenovus Energy
CVE
$60.7B
| $519M | 1.05% |
73,886,985
+6,694,276
| +10% | +$55.1M |
|
39
State Street
STT
$51.4B
| $517M | 1.04% |
8,200,705
+1,400,990
| +21% | +$100M |
|
40
APA Corp
APA
$15.2B
| $516M | 1.04% |
19,644,841
+1,075,776
| +6% | +$39.7M |
|
|
BNY
41
Bank of New York Mellon
BNY
$108B
| $510M | 1.03% |
10,826,019
+552,515
| +5% | +$26.8M |
|
42
Baidu
BIDU
$31.6B
| $500M | 1.01% |
3,155,245
+1,046,123
| +50% | +$195M |
|
43
Intel
INTC
$476B
| $475M | 0.96% |
10,131,163
-81,740
| -0.8% | -$3.83M |
|
44
MGM Resorts International
MGM
$11B
| $465M | 0.94% |
19,165,903
-2,606,120
| -12% | -$68M |
|
45
Caterpillar
CAT
$381B
| $448M | 0.9% |
3,529,388
+987,103
| +39% | +$128M |
|
46
Lear
LEA
$8.56B
| $421M | 0.85% |
3,424,807
+1,360,164
| +66% | +$182M |
|
47
Bristol-Myers Squibb
BMY
$137B
| $376M | 0.76% |
7,242,366
-781,743
| -10% | -$42M |
|
48
Meta Platforms (Facebook)
META
$1.4T
| $372M | 0.75% |
2,839,715
+876,194
| +45% | +$127M |
|
49
Parker-Hannifin
PH
$126B
| $371M | 0.75% |
2,490,145
-1,205
| -0% | -$195K |
|
50
Baxter International
BAX
$13.6B
| $368M | 0.74% |
5,585,064
-1,225,220
| -18% | -$82.3M |
|
Similar funds
Bill Nygren's Q4 2018 Portfolio in Review
As of Q4 2018, Bill Nygren held 130 positions worth $49.6B, down 22% from $63.6B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren withdrew a net $2.92B in Q4 2018, closing 5 positions and reducing 73 holdings. Its most notable exit was Adient, an estimated $217M position sold in full.
By sector, the portfolio is most concentrated in Financials at 27% of assets, down from 27% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in Halliburton worth $337M.
- Bill Nygren's largest Q4 2018 buy was Halliburton: 12,660,135 shares worth $337M.
- Bill Nygren added most to Netflix in Q4 2018, an estimated $443M increase.
- Bill Nygren's biggest Q4 2018 reduction was Oracle, cutting an estimated $880M.
- Bill Nygren fully exited Adient in Q4 2018, selling an estimated $217M.
- Bill Nygren's ten largest holdings make up 34% of its $49.6B portfolio in Q4 2018.
- Bill Nygren opened 7 new positions and closed 5 in Q4 2018.
- Bill Nygren's portfolio value fell 22% quarter-over-quarter to $49.6B.
Based on Harris Associates's 13F filing for Q4 2018, filed 14 Feb 2019.