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 |
Keurig Dr Pepper
KDP
|
+$519M |
| 2 |
Automatic Data Processing
ADP
|
+$287M |
| 3 |
HCA Healthcare
HCA
|
+$149M |
| 4 |
Flowserve
FLS
|
+$86.8M |
| 5 |
CBRE Group
CBRE
|
+$75.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Regeneron Pharmaceuticals
REGN
|
+$340M |
| 2 |
Pinterest
PINS
|
+$326M |
| 3 |
Ryanair
RYAAY
|
+$262M |
| 4 |
Citigroup
C
|
+$236M |
| 5 |
CLGX
Corelogic, Inc.
CLGX
|
+$216M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 24.93% |
| 2 | Financials | 24.71% |
| 3 | Consumer Discretionary | 14.17% |
| 4 | Technology | 9.62% |
| 5 | Healthcare | 8.86% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SCHW
26
Charles Schwab
SCHW
$194B
| $512M | 1.25% |
14,139,130
-974,474
| -6% | -$33.9M |
|
27
Visa
V
$693B
| $489M | 1.19% |
2,447,365
-91,627
| -4% | -$18.3M |
|
|
28
Keurig Dr Pepper
KDP
$43.6B
| $489M | 1.19% |
+17,719,296
| New | +$519M |
|
29
CVS Health
CVS
$119B
| $468M | 1.14% |
8,007,633
-73,953
| -0.9% | -$4.6M |
|
30
Caterpillar
CAT
$381B
| $455M | 1.11% |
3,051,200
-123,334
| -4% | -$17.3M |
|
31
Oracle
ORCL
$422B
| $415M | 1.01% |
6,946,761
-157,655
| -2% | -$8.96M |
|
|
32
Automatic Data Processing
ADP
$112B
| $410M | 1% |
2,942,608
+2,048,970
| +229% | +$287M |
|
33
Baidu
BIDU
$31.6B
| $402M | 0.98% |
3,172,049
-662,120
| -17% | -$82M |
|
34
Lear
LEA
$8.56B
| $399M | 0.97% |
3,658,379
-72,698
| -2% | -$8.29M |
|
35
Televisa
TV
$1.47B
| $391M | 0.95% |
63,260,536
-1,490,437
| -2% | -$9.08M |
|
36
Reinsurance Group of America
RGA
$15.9B
| $374M | 0.91% |
3,931,585
+218,925
| +6% | +$19.7M |
|
|
37
Regeneron Pharmaceuticals
REGN
$85.9B
| $373M | 0.91% |
666,295
-560,926
| -46% | -$340M |
|
38
Cenovus Energy
CVE
$60.7B
| $354M | 0.86% |
91,118,307
+685,431
| +0.8% | +$3.15M |
|
39
Humana
HUM
$45.5B
| $350M | 0.85% |
845,155
-8,855
| -1% | -$3.56M |
|
40
MGM Resorts International
MGM
$11B
| $323M | 0.79% |
14,854,349
-59,354
| -0.4% | -$1.18M |
|
41
State Street
STT
$51.4B
| $322M | 0.78% |
5,418,930
-157,558
| -3% | -$10.2M |
|
42
Parker-Hannifin
PH
$126B
| $290M | 0.71% |
1,432,970
-241
| -0% | -$47.4K |
|
43
Howmet Aerospace
HWM
$108B
| $281M | 0.69% |
16,824,509
-77,005
| -0.5% | -$1.29M |
|
44
GE Aerospace
GE
$361B
| $280M | 0.68% |
9,011,575
+378,303
| +4% | +$12.3M |
|
45
Open Text
OTEX
$5.97B
| $276M | 0.67% |
6,539,715
-268,385
| -4% | -$11.7M |
|
46
Wells Fargo
WFC
$254B
| $274M | 0.67% |
11,652,283
+1,117,798
| +11% | +$27.5M |
|
47
Cummins
CMI
$80.9B
| $274M | 0.67% |
1,295,729
-256,789
| -17% | -$51.2M |
|
|
LBRDK
48
DELISTED
Liberty Broadband Class C
LBRDK
| $272M | 0.66% |
1,905,570
-48,968
| -3% | -$6.73M |
|
|
49
Pinterest
PINS
$13.3B
| $271M | 0.66% |
6,526,569
-9,995,763
| -60% | -$326M |
|
50
Goldman Sachs
GS
$303B
| $270M | 0.66% |
1,343,218
-13,028
| -1% | -$2.65M |
|
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Bill Nygren's Q3 2020 Portfolio in Review
As of Q3 2020, Bill Nygren held 136 positions worth $41.1B, down 0.1% from $41.1B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren withdrew a net $3.07B in Q3 2020, closing 4 positions and reducing 90 holdings. Its most notable exit was Match Group, an estimated $165M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 25% of assets, down from 25% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Bill Nygren opened a new position in Keurig Dr Pepper worth $489M.
- Bill Nygren's largest Q3 2020 buy was Keurig Dr Pepper: 17,719,296 shares worth $489M.
- Bill Nygren added most to Automatic Data Processing in Q3 2020, an estimated $287M increase.
- Bill Nygren's biggest Q3 2020 reduction was Regeneron Pharmaceuticals, cutting an estimated $340M.
- Bill Nygren fully exited Match Group in Q3 2020, selling an estimated $165M.
- Bill Nygren's ten largest holdings make up 34% of its $41.1B portfolio in Q3 2020.
- Bill Nygren opened 4 new positions and closed 4 in Q3 2020.
- Bill Nygren's portfolio value fell 0.1% quarter-over-quarter to $41.1B.
Based on Harris Associates's 13F filing for Q3 2020, filed 16 Nov 2020.