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 |
Humana
HUM
|
+$848M |
| 2 |
FISV
Fiserv Inc
FISV
|
+$811M |
| 3 |
General Dynamics
GD
|
+$325M |
| 4 |
Keurig Dr Pepper
KDP
|
+$282M |
| 5 |
Regeneron Pharmaceuticals
REGN
|
+$246M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CNH
CNH Industrial
CNH
|
+$731M |
| 2 |
Agilent Technologies
A
|
+$513M |
| 3 |
TE Connectivity
TEL
|
+$444M |
| 4 |
Mastercard
MA
|
+$310M |
| 5 |
Aptiv
APTV
|
+$272M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.26% |
| 2 | Communication Services | 20.46% |
| 3 | Consumer Discretionary | 13.48% |
| 4 | Industrials | 11.64% |
| 5 | Technology | 9.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
EOG Resources
EOG
$80.3B
| $691M | 1.18% |
9,528,380
-2,802
| -0% | -$179K |
|
27
Ryanair
RYAAY
$28.9B
| $659M | 1.13% |
14,327,098
+559,613
| +4% | +$24.1M |
|
|
28
General Dynamics
GD
$104B
| $653M | 1.12% |
3,598,164
+1,989,699
| +124% | +$325M |
|
29
CVS Health
CVS
$119B
| $644M | 1.1% |
8,554,249
+213,293
| +3% | +$15.5M |
|
30
Lear
LEA
$8.56B
| $617M | 1.05% |
3,403,384
-260,119
| -7% | -$43.8M |
|
31
Cenovus Energy
CVE
$60.7B
| $592M | 1.01% |
78,859,707
-19,427,600
| -20% | -$137M |
|
32
Televisa
TV
$1.47B
| $583M | 1% |
65,749,939
+1,564,679
| +2% | +$13.3M |
|
33
Workday
WDAY
$49.4B
| $576M | 0.98% |
2,318,515
-478,158
| -17% | -$118M |
|
|
34
Mastercard
MA
$509B
| $558M | 0.95% |
1,567,637
-888,726
| -36% | -$310M |
|
35
GE Aerospace
GE
$361B
| $554M | 0.95% |
8,459,082
-551,713
| -6% | -$33.4M |
|
36
Automatic Data Processing
ADP
$112B
| $550M | 0.94% |
2,918,198
+59,480
| +2% | +$10.3M |
|
37
Oracle
ORCL
$422B
| $533M | 0.91% |
7,599,994
+473,113
| +7% | +$30.6M |
|
38
MGM Resorts International
MGM
$11B
| $528M | 0.9% |
13,901,860
-1,559,238
| -10% | -$54.4M |
|
39
Howmet Aerospace
HWM
$108B
| $515M | 0.88% |
16,041,776
-1,195,353
| -7% | -$34.4M |
|
40
Open Text
OTEX
$5.97B
| $512M | 0.88% |
10,743,315
+2,546,200
| +31% | +$119M |
|
41
Alibaba
BABA
$286B
| $503M | 0.86% |
2,216,365
+906,720
| +69% | +$223M |
|
42
Wells Fargo
WFC
$254B
| $498M | 0.85% |
12,738,450
+394,728
| +3% | +$14M |
|
43
Reinsurance Group of America
RGA
$15.9B
| $495M | 0.85% |
3,923,936
+2,058
| +0.1% | +$245K |
|
|
44
Regeneron Pharmaceuticals
REGN
$85.9B
| $489M | 0.84% |
1,033,578
+505,448
| +96% | +$246M |
|
45
Visa
V
$693B
| $460M | 0.79% |
2,174,881
-40,125
| -2% | -$8.45M |
|
46
Moody's
MCO
$87.2B
| $456M | 0.78% |
1,525,538
+72,987
| +5% | +$20.6M |
|
47
Goldman Sachs
GS
$303B
| $434M | 0.74% |
1,327,388
-7,357
| -0.6% | -$2.29M |
|
48
State Street
STT
$51.4B
| $415M | 0.71% |
4,942,927
-502,670
| -9% | -$38.9M |
|
49
Caterpillar
CAT
$381B
| $394M | 0.67% |
1,700,522
-940,504
| -36% | -$195M |
|
|
IPG
50
DELISTED
Interpublic Group of Companies
IPG
| $390M | 0.67% |
13,367,116
+1,038,786
| +8% | +$27.4M |
|
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Bill Nygren's Q1 2021 Portfolio in Review
As of Q1 2021, Bill Nygren held 147 positions worth $58.5B, up 13% from $51.7B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bill Nygren's Q1 2021 filing shows 14 new, 54 increased, 66 reduced and 10 closed positions. Its largest new stake was NOV: 15,092,965 shares worth $207M. The largest sale was CNH Industrial, an estimated $731M.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 24% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Bill Nygren's largest Q1 2021 buy was NOV: 15,092,965 shares worth $207M.
- Bill Nygren added most to Humana in Q1 2021, an estimated $848M increase.
- Bill Nygren's biggest Q1 2021 reduction was CNH Industrial, cutting an estimated $731M.
- Bill Nygren fully exited Aptiv in Q1 2021, selling an estimated $272M.
- Bill Nygren's ten largest holdings make up 34% of its $58.5B portfolio in Q1 2021.
- Bill Nygren opened 14 new positions and closed 10 in Q1 2021.
- Bill Nygren's portfolio value rose 13% quarter-over-quarter to $58.5B.
Based on Harris Associates's 13F filing for Q1 2021, filed 17 May 2021.