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 |
Alphabet (Google) Class A
GOOGL
|
+$922M |
| 2 |
Berkshire Hathaway Class B
BRK.B
|
+$192M |
| 3 |
Liberty Global Class C
LBTYK
|
+$160M |
| 4 |
Open Text
OTEX
|
+$137M |
| 5 |
Trip.com Group
TCOM
|
+$114M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$968M |
| 2 |
GE Aerospace
GE
|
+$206M |
| 3 |
Apple
AAPL
|
+$167M |
| 4 |
Ryanair
RYAAY
|
+$164M |
| 5 |
Citigroup
C
|
+$162M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 26.13% |
| 2 | Communication Services | 21.33% |
| 3 | Consumer Discretionary | 15.18% |
| 4 | Industrials | 10.6% |
| 5 | Technology | 9.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
CBRE Group
CBRE
$44B
| $724M | 1.28% |
11,804,632
-423,699
| -3% | -$23.5M |
|
27
Constellation Brands
STZ
$23.2B
| $684M | 1.21% |
3,606,633
+213,190
| +6% | +$40.3M |
|
28
Cenovus Energy
CVE
$60.7B
| $663M | 1.18% |
65,164,463
+5,585,034
| +9% | +$50.7M |
|
|
29
GE Aerospace
GE
$361B
| $622M | 1.1% |
11,181,894
-3,993,133
| -26% | -$206M |
|
30
MGM Resorts International
MGM
$11B
| $614M | 1.09% |
18,456,044
-321,890
| -2% | -$9.81M |
|
31
Wells Fargo
WFC
$254B
| $593M | 1.05% |
11,030,253
-95,761
| -0.9% | -$5.02M |
|
32
State Street
STT
$51.4B
| $593M | 1.05% |
7,491,642
-404,952
| -5% | -$28.5M |
|
33
Meta Platforms (Facebook)
META
$1.4T
| $586M | 1.04% |
2,854,538
+101,715
| +4% | +$19.7M |
|
34
Oracle
ORCL
$422B
| $585M | 1.04% |
11,034,367
-432,482
| -4% | -$23.8M |
|
35
Caterpillar
CAT
$381B
| $537M | 0.95% |
3,638,656
+63,374
| +2% | +$8.84M |
|
36
Lear
LEA
$8.56B
| $536M | 0.95% |
3,907,645
-105,017
| -3% | -$13M |
|
37
APA Corp
APA
$15.2B
| $526M | 0.93% |
20,563,519
+1,658,943
| +9% | +$37.5M |
|
38
Howmet Aerospace
HWM
$108B
| $523M | 0.93% |
22,184,064
-285,148
| -1% | -$6.37M |
|
|
39
Apple
AAPL
$4.51T
| $501M | 0.89% |
6,830,972
-2,596,016
| -28% | -$167M |
|
40
American Airlines Group
AAL
$9.15B
| $485M | 0.86% |
16,925,979
-1,072,162
| -6% | -$30.6M |
|
41
Visa
V
$693B
| $483M | 0.86% |
2,569,883
-212,621
| -8% | -$38.3M |
|
|
CXO
42
DELISTED
CONCHO RESOURCES INC.
CXO
| $460M | 0.82% |
5,252,326
+290,514
| +6% | +$21M |
|
43
Intel
INTC
$476B
| $457M | 0.81% |
7,630,592
-1,141,111
| -13% | -$63.9M |
|
|
44
Liberty Global Class C
LBTYK
$3.55B
| $456M | 0.81% |
20,909,960
+7,110,145
| +52% | +$160M |
|
45
Parker-Hannifin
PH
$126B
| $400M | 0.71% |
1,942,835
-218,103
| -10% | -$42.3M |
|
46
Southwest Airlines
LUV
$19.8B
| $381M | 0.68% |
7,054,643
+190,331
| +3% | +$10.6M |
|
|
BNY
47
Bank of New York Mellon
BNY
$108B
| $338M | 0.6% |
6,723,239
-942,969
| -12% | -$45M |
|
48
Humana
HUM
$45.5B
| $328M | 0.58% |
894,296
+57,711
| +7% | +$18.3M |
|
49
Cummins
CMI
$80.9B
| $325M | 0.58% |
1,815,080
-37,904
| -2% | -$6.67M |
|
50
Philip Morris
PM
$293B
| $323M | 0.57% |
3,800,935
+7,090
| +0.2% | +$584K |
|
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Bill Nygren's Q4 2019 Portfolio in Review
As of Q4 2019, Bill Nygren held 136 positions worth $56.4B, up 9.5% from $51.5B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bill Nygren's Q4 2019 filing shows 7 new, 36 increased, 79 reduced and 6 closed positions. Its largest new stake was Berkshire Hathaway Class B: 885,859 shares worth $201M. The largest sale was Alphabet (Google) Class C, an estimated $968M.
By sector, the portfolio is most concentrated in Financials at 26% of assets, down from 27% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Bill Nygren's largest Q4 2019 buy was Berkshire Hathaway Class B: 885,859 shares worth $201M.
- Bill Nygren added most to Alphabet (Google) Class A in Q4 2019, an estimated $922M increase.
- Bill Nygren's biggest Q4 2019 reduction was Alphabet (Google) Class C, cutting an estimated $968M.
- Bill Nygren fully exited Chesapeake Energy Corporation in Q4 2019, selling an estimated $87M.
- Bill Nygren's ten largest holdings make up 36% of its $56.4B portfolio in Q4 2019.
- Bill Nygren opened 7 new positions and closed 6 in Q4 2019.
- Bill Nygren's portfolio value rose 9.5% quarter-over-quarter to $56.4B.
Based on Harris Associates's 13F filing for Q4 2019, filed 14 Feb 2020.